Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Long Investments 541.9% | ||||||||
Common Stocks 517.7% | ||||||||
Aerospace & Defense 3.6% | ||||||||
Howmet Aerospace, Inc.(1),(2) | 47,523 | $ | 794,585 | |||||
Kratos Defense & Security Solutions, Inc.(1),(2) | 126,177 | 2,432,692 | ||||||
TransDigm Group, Inc.(1),(2) | 2,190 | 1,040,513 | ||||||
Virgin Galactic Holdings, Inc.(2) | 62,599 | 1,203,779 | ||||||
|
| |||||||
5,471,569 | ||||||||
|
| |||||||
Air Freight & Logistics 4.6% | ||||||||
FedEx Corp. | 1,352 | 340,055 | ||||||
Hub Group, Inc., Class A(1),(2) | 40,512 | 2,033,500 | ||||||
United Parcel Service, Inc., Class B | 1,015 | 169,130 | ||||||
XPO Logistics, Inc.(1),(2) | 52,017 | 4,403,759 | ||||||
|
| |||||||
6,946,444 | ||||||||
|
| |||||||
Airlines 1.6% | ||||||||
American Airlines Group, Inc.(1),(2) | 6,690 | 82,220 | ||||||
Southwest Airlines Co. | 26,443 | 991,613 | ||||||
Spirit Airlines, Inc.(1),(2) | 55,092 | 886,981 | ||||||
United Airlines Holdings, Inc.(1),(2) | 15,176 | 527,518 | ||||||
|
| |||||||
2,488,332 | ||||||||
|
| |||||||
Auto Components 4.1% | ||||||||
Adient PLC(1),(2),(3) | 36,721 | 636,375 | ||||||
Aptiv PLC(1),(2),(3) | 10,396 | 953,105 | ||||||
BorgWarner, Inc.(1) | 83,551 | 3,236,766 | ||||||
Magna International, Inc.(1),(3) | 31,279 | 1,431,014 | ||||||
|
| |||||||
6,257,260 | ||||||||
|
| |||||||
Automobiles 3.6% | ||||||||
Fiat Chrysler Automobiles N.V.(1),(2),(3) | 42,108 | 514,560 | ||||||
General Motors Co.(1) | 102,945 | 3,046,142 | ||||||
Tesla, Inc.(1),(2) | 3,814 | 1,636,244 | ||||||
Winnebago Industries, Inc.(1) | 4,721 | 243,934 | ||||||
|
| |||||||
5,440,880 | ||||||||
|
| |||||||
Banks 2.1% | ||||||||
First Republic Bank(1) | 15,878 | 1,731,655 | ||||||
JPMorgan Chase & Co.(1) | 11,728 | 1,129,055 | ||||||
Wells Fargo & Co.(1) | 12,650 | 297,401 | ||||||
|
| |||||||
3,158,111 | ||||||||
|
| |||||||
Beverages 7.1% | ||||||||
Coca-Cola European Partners PLC(1),(3) | 37,202 | 1,443,810 | ||||||
Constellation Brands, Inc., Class A(1) | 8,286 | 1,570,280 | ||||||
Keurig Dr Pepper, Inc.(1) | 279,069 | 7,702,304 | ||||||
|
| |||||||
10,716,394 | ||||||||
|
| |||||||
Biotechnology 4.2% | ||||||||
ACADIA Pharmaceuticals, Inc.(2) | 2,133 | 87,986 | ||||||
Acceleron Pharma, Inc.(1),(2) | 7,666 | 862,655 | ||||||
Alder Biopharmaceuticals, Inc. | 6,157 | 6,157 | ||||||
Alexion Pharmaceuticals, Inc.(1),(2) | 1,595 | 182,516 | ||||||
Applied Genetic Technologies Corp.(2) | 847 | 4,116 | ||||||
Argenx SE, ADR(1),(2),(3) | 393 | 103,170 | ||||||
Arrowhead Pharmaceuticals, Inc.(2) | 1,304 | 56,150 | ||||||
Ascendis Pharma A/S, ADR(1),(2),(3) | 1,386 | 213,887 | ||||||
Aurinia Pharmaceuticals, Inc.(1),(2),(3) | 6,894 | 101,549 | ||||||
Autolus Therapeutics PLC, ADR(1),(2),(3) | 1,012 | 11,780 | ||||||
BELLUS Health, Inc.(2),(3) | 22 | 50 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.(2),(3) | 1,326 | 86,203 | ||||||
BioMarin Pharmaceutical, Inc.(1),(2) | 615 | 46,789 | ||||||
BioNTech SE, ADR(1),(2),(3) | 8,794 | 608,809 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Biotechnology | ||||||||
Bioxcel Therapeutics, Inc.(1),(2) | 1,415 | 61,354 | ||||||
Clovis Oncology, Inc.(1),(2) | 1,329 | 7,748 | ||||||
Deciphera Pharmaceuticals, Inc.(2) | 1,617 | 82,952 | ||||||
Dynavax Technologies Corp.(2) | 3,785 | 16,351 | ||||||
Eiger BioPharmaceuticals, Inc.(2) | 13,284 | 108,132 | ||||||
Epizyme, Inc.(2) | 2,107 | 25,136 | ||||||
Esperion Therapeutics, Inc.(2) | 3,321 | 123,442 | ||||||
Exact Sciences Corp.(2) | 849 | 86,556 | ||||||
Exelixis, Inc.(2) | 5,136 | 125,575 | ||||||
Fate Therapeutics, Inc.(1),(2) | 4,378 | 174,989 | ||||||
Fennec Pharmaceuticals, Inc.(2),(3) | 515 | 3,121 | ||||||
FibroGen, Inc.(1),(2) | 3,649 | 150,047 | ||||||
Galera Therapeutics, Inc.(2) | 1,481 | 13,388 | ||||||
Global Blood Therapeutics, Inc.(1),(2) | 1,632 | 89,988 | ||||||
Heron Therapeutics, Inc.(1),(2) | 102 | 1,512 | ||||||
Immunomedics, Inc.(2) | 1,531 | 130,181 | ||||||
Insmed, Inc.(1),(2) | 6,786 | 218,102 | ||||||
Intercept Pharmaceuticals, Inc.(2) | 263 | 10,904 | ||||||
Iovance Biotherapeutics, Inc.(1),(2) | 10,004 | 329,332 | ||||||
KalVista Pharmaceuticals, Inc.(2) | 408 | 5,137 | ||||||
Karyopharm Therapeutics, Inc.(2) | 3,687 | 53,830 | ||||||
Legend Biotech Corp., ADR(1),(2),(3) | 276 | 8,520 | ||||||
Merus N.V.(2),(3) | 422 | 5,064 | ||||||
Mirati Therapeutics, Inc.(1),(2) | 1,015 | 168,541 | ||||||
Molecular Templates, Inc.(1),(2) | 3,904 | 42,632 | ||||||
Momenta Pharmaceuticals, Inc.(1),(2) | 1,537 | 80,662 | ||||||
Natera, Inc.(1),(2) | 270 | 19,505 | ||||||
Neurocrine Biosciences, Inc.(2) | 150 | 14,424 | ||||||
Pandion Therapeutics, Inc.(2) | 4,860 | 55,696 | ||||||
PMV Pharmaceuticals, Inc.(2) | 1,691 | 60,030 | ||||||
Regeneron Pharmaceuticals, Inc.(1),(2) | 1,015 | 568,177 | ||||||
Rigel Pharmaceuticals, Inc.(2) | 10,137 | 24,329 | ||||||
Rocket Pharmaceuticals, Inc.(1),(2) | 248 | 5,669 | ||||||
Sage Therapeutics, Inc.(2) | 102 | 6,234 | ||||||
Sangamo Therapeutics, Inc.(1),(2) | 387 | 3,657 | ||||||
Sarepta Therapeutics, Inc.(2) | 278 | 39,040 | ||||||
Seattle Genetics, Inc.(1),(2) | 681 | 133,265 | ||||||
Turning Point Therapeutics, Inc.(1),(2) | 22 | 1,922 | ||||||
Twist Bioscience Corp.(1),(2) | 7,798 | 592,414 | ||||||
uniQure N.V.(1),(2),(3) | 92 | 3,388 | ||||||
United Therapeutics Corp.(1),(2) | 2,336 | 235,936 | ||||||
Vertex Pharmaceuticals, Inc.(1),(2) | 537 | 146,128 | ||||||
Zymeworks, Inc.(1),(2),(3) | 445 | 20,728 | ||||||
|
| |||||||
6,425,555 | ||||||||
|
| |||||||
Building Products 3.9% | ||||||||
AZEK Co., Inc. (The)(1),(2) | 35,213 | 1,225,764 | ||||||
Carrier Global Corp.(1) | 69,979 | 2,137,159 | ||||||
Fortune Brands Home & Security, Inc. | 12,809 | 1,108,235 | ||||||
Johnson Controls International PLC(1),(3) | 11,837 | 483,541 | ||||||
Lennox International, Inc. | 1,788 | 487,427 | ||||||
Masco Corp. | 7,225 | 398,314 | ||||||
Trane Technologies PLC(1),(3) | 237 | 28,736 | ||||||
|
| |||||||
5,869,176 | ||||||||
|
| |||||||
Capital Markets 4.8% | ||||||||
E*TRADE Financial Corp.(1) | 97,457 | 4,877,723 | ||||||
Morgan Stanley | 1,611 | 77,892 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Capital Markets | ||||||||
TD Ameritrade Holding Corp.(1) | 59,960 | 2,347,434 | ||||||
|
| |||||||
7,303,049 | ||||||||
|
| |||||||
Chemicals 6.1% | ||||||||
Axalta Coating Systems Ltd.(2),(3) | 4,272 | 94,710 | ||||||
Celanese Corp., Series A(1) | 7,637 | 820,596 | ||||||
CF Industries Holdings, Inc.(1) | 5,766 | 177,074 | ||||||
DuPont de Nemours, Inc.(1) | 88,537 | 4,912,033 | ||||||
Linde PLC(1),(3) | 2,737 | 651,762 | ||||||
PPG Industries, Inc. | 8,454 | 1,032,064 | ||||||
RPM International, Inc. | 5,429 | 449,738 | ||||||
Sherwin-Williams Co. (The)(1) | 1,570 | 1,093,882 | ||||||
|
| |||||||
9,231,859 | ||||||||
|
| |||||||
Commercial Services & Supplies 1.9% | ||||||||
Clean Harbors, Inc.(1),(2) | 8,421 | 471,829 | ||||||
Covanta Holding Corp. | 22,081 | 171,128 | ||||||
Waste Management, Inc.(1) | 20,286 | 2,295,766 | ||||||
|
| |||||||
2,938,723 | ||||||||
|
| |||||||
Communications Equipment 2.5% | ||||||||
Calix, Inc.(1),(2) | 8,328 | 148,072 | ||||||
Ciena Corp.(1),(2) | 11,615 | 461,000 | ||||||
CommScope Holding Co., Inc.(1),(2) | 208,320 | 1,874,880 | ||||||
F5 Networks, Inc.(1),(2) | 10,560 | 1,296,451 | ||||||
Nokia Oyj, ADR(2),(3) | 17,219 | 67,326 | ||||||
|
| |||||||
3,847,729 | ||||||||
|
| |||||||
Construction & Engineering 1.5% | ||||||||
AECOM(2) | 10,971 | 459,027 | ||||||
WillScot Mobile Mini Holdings Corp.(1),(2) | 108,984 | 1,817,853 | ||||||
|
| |||||||
2,276,880 | ||||||||
|
| |||||||
Containers & Packaging 1.4% | ||||||||
Berry Global Group, Inc.(2) | 21,042 | 1,016,750 | ||||||
WestRock Co. | 33,788 | 1,173,795 | ||||||
|
| |||||||
2,190,545 | ||||||||
|
| |||||||
Distributors 0.0% | ||||||||
Pool Corp.(1) | 118 | 39,476 | ||||||
|
| |||||||
Diversified Consumer Services 0.6% | ||||||||
Terminix Global Holdings, Inc.(2) | 6,403 | 255,351 | ||||||
WW International, Inc.(2) | 31,248 | 589,650 | ||||||
|
| |||||||
845,001 | ||||||||
|
| |||||||
Diversified Financial Services 8.0% | ||||||||
8i Enterprises Acquisition Corp.(2),(3) | 32,535 | 292,815 | ||||||
Artius Acquisition, Inc.(2),(3) | 15,973 | 165,959 | ||||||
Burgundy Technology Acquisition Corp.(2),(3) | 2,908 | 28,964 | ||||||
Churchill Capital Corp. IV(2) | 28,379 | 284,357 | ||||||
CM Life Sciences, Inc.(2) | 912,605 | 9,554,974 | ||||||
dMY Technology Group, Inc., Class A(2) | 13,569 | 173,140 | ||||||
Flying Eagle Acquisition Corp., Class A(2) | 5,080 | 61,773 | ||||||
Foley Trasimene Acquisition Corp. II(2) | 17,689 | 180,428 | ||||||
GS Acquisition Holdings Corp. II(2) | 27,753 | 311,666 | ||||||
HPX Corp.(2),(3) | 5,896 | 60,139 | ||||||
Oaktree Acquisition Corp. II(2),(3) | 32,569 | 335,135 | ||||||
Peridot Acquisition Corp.(2),(3) | 18,282 | 182,546 | ||||||
Social Capital Hedosophia Holdings Corp. III(2),(3) | 13,244 | 182,635 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Diversified Financial Services | ||||||||
Starboard Value Acquisition Corp.(2) | 14,940 | 150,894 | ||||||
Sustainable Opportunities Acquisition Corp.(2),(3) | 8,093 | 89,428 | ||||||
|
| |||||||
12,054,853 | ||||||||
|
| |||||||
Diversified Telecommunication Services 0.1% | ||||||||
AT&T, Inc. | 1,240 | 35,353 | ||||||
|
| |||||||
Electric Utilities 24.8% | ||||||||
Alliant Energy Corp.(1) | 125,060 | 6,459,349 | ||||||
Duke Energy Corp.(1) | 28,747 | 2,545,834 | ||||||
Entergy Corp.(1) | 23,674 | 2,332,599 | ||||||
Evergy, Inc.(1) | 123,370 | 6,269,664 | ||||||
Eversource Energy(1) | 25,358 | 2,118,661 | ||||||
NextEra Energy, Inc.(1) | 28,872 | 8,013,712 | ||||||
Pinnacle West Capital Corp.(1) | 28,747 | 2,143,089 | ||||||
PNM Resources, Inc.(1) | 58,864 | 2,432,849 | ||||||
PPL Corp. | 131,820 | 3,586,822 | ||||||
Xcel Energy, Inc. | 25,350 | 1,749,404 | ||||||
|
| |||||||
37,651,983 | ||||||||
|
| |||||||
Electrical Equipment 8.1% | ||||||||
ABB Ltd., ADR(1),(3) | 35,334 | 899,250 | ||||||
AMETEK, Inc.(1) | 19,214 | 1,909,872 | ||||||
Eaton Corp. PLC(1),(3) | 15,975 | 1,629,929 | ||||||
Generac Holdings, Inc.(1),(2) | 2,214 | 428,719 | ||||||
Regal Beloit Corp.(1) | 9,664 | 907,160 | ||||||
Rockwell Automation, Inc. | 3,788 | 835,936 | ||||||
Vertiv Holdings Co.(1),(2) | 326,157 | 5,649,039 | ||||||
|
| |||||||
12,259,905 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components 11.5% | ||||||||
Amphenol Corp., Class A(1) | 24,003 | 2,598,805 | ||||||
II-VI, Inc.(1),(2) | 21,977 | 891,387 | ||||||
Jabil, Inc.(1) | 169,100 | 5,793,366 | ||||||
SYNNEX Corp.(1) | 58,072 | 8,133,564 | ||||||
|
| |||||||
17,417,122 | ||||||||
|
| |||||||
Energy Equipment & Services 2.7% | ||||||||
ChampionX Corp.(1),(2) | 210,934 | 1,685,363 | ||||||
Helix Energy Solutions Group, Inc.(2) | 34,379 | 82,853 | ||||||
Liberty Oilfield Services, Inc., Class A(2) | 50,655 | 404,733 | ||||||
TechnipFMC PLC(1),(3) | 313,671 | 1,979,264 | ||||||
|
| |||||||
4,152,213 | ||||||||
|
| |||||||
Entertainment 10.5% | ||||||||
Activision Blizzard, Inc.(1) | 111,092 | 8,992,897 | ||||||
Live Nation Entertainment, Inc.(2) | 149 | 8,028 | ||||||
Sciplay Corp., Class A(2) | 42,275 | 685,701 | ||||||
Take-Two Interactive Software, Inc.(1),(2) | 1,963 | 324,327 | ||||||
Walt Disney Co. (The)(1),(2) | 30,948 | 3,840,028 | ||||||
Zynga, Inc., Class A(1),(2) | 232,927 | 2,124,294 | ||||||
|
| |||||||
15,975,275 | ||||||||
|
| |||||||
Food & Staples Retailing 6.7% | ||||||||
Casey’s General Stores, Inc.(1) | 19,987 | 3,550,690 | ||||||
Costco Wholesale Corp.(1) | 5,204 | 1,847,420 | ||||||
Kroger Co. (The) | 11,581 | 392,712 | ||||||
Sysco Corp. | 16,910 | 1,052,140 | ||||||
US Foods Holding Corp.(2) | 22,503 | 500,017 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Food & Staples Retailing | ||||||||
Walmart, Inc.(1) | 20,258 | 2,834,297 | ||||||
|
| |||||||
10,177,276 | ||||||||
|
| |||||||
Food Products 19.5% | ||||||||
Bunge Ltd.(1),(3) | 78,997 | 3,610,163 | ||||||
Cal-Maine Foods, Inc.(1),(2) | 45,562 | 1,748,214 | ||||||
Hershey Co. (The)(1) | 61,545 | 8,821,860 | ||||||
Lancaster Colony Corp.(1) | 2,310 | 413,028 | ||||||
McCormick & Co., Inc. | 2,028 | 393,635 | ||||||
Mondelez International, Inc., Class A(1) | 221,239 | 12,710,180 | ||||||
Tyson Foods, Inc., Class A(1) | 30,820 | 1,833,174 | ||||||
|
| |||||||
29,530,254 | ||||||||
|
| |||||||
Gas Utilities 1.2% | ||||||||
South Jersey Industries, Inc.(1) | 38,916 | 749,911 | ||||||
Spire, Inc. | 20,975 | 1,115,870 | ||||||
|
| |||||||
1,865,781 | ||||||||
|
| |||||||
Health Care Equipment & Supplies 4.1% | ||||||||
ABIOMED, Inc.(2) | 355 | 98,356 | ||||||
Boston Scientific Corp.(1),(2) | 7,475 | 285,620 | ||||||
Cardiovascular Systems, Inc.(1),(2) | 397 | 15,622 | ||||||
Danaher Corp.(1) | 5,483 | 1,180,654 | ||||||
DexCom, Inc.(1),(2) | 1,619 | 667,400 | ||||||
Edwards Lifesciences Corp.(1),(2) | 8,681 | 692,917 | ||||||
Envista Holdings Corp.(1),(2) | 24,012 | 592,616 | ||||||
GenMark Diagnostics, Inc.(1),(2) | 511 | 7,256 | ||||||
Glaukos Corp.(1),(2) | 10 | 495 | ||||||
Haemonetics Corp.(1),(2) | 2,617 | 228,333 | ||||||
Hologic, Inc.(1),(2) | 2,296 | 152,615 | ||||||
iRhythm Technologies, Inc.(1),(2) | 32 | 7,620 | ||||||
Outset Medical, Inc.(2) | 1,150 | 57,500 | ||||||
Penumbra, Inc.(2) | 170 | 33,045 | ||||||
Silk Road Medical, Inc.(1),(2) | 1,691 | 113,652 | ||||||
STAAR Surgical Co.(1),(2) | 1,112 | 62,895 | ||||||
Tactile Systems Technology, Inc.(1),(2) | 205 | 7,501 | ||||||
Tandem Diabetes Care, Inc.(1),(2) | 1,887 | 214,175 | ||||||
ViewRay, Inc.(2) | 527 | 1,845 | ||||||
Wright Medical Group N.V.(2),(3) | 55,637 | 1,699,154 | ||||||
Zimmer Biomet Holdings, Inc.(1) | 357 | 48,602 | ||||||
|
| |||||||
6,167,873 | ||||||||
|
| |||||||
Health Care Providers & Services 1.1% | ||||||||
1Life Healthcare, Inc.(1),(2) | 338 | 9,586 | ||||||
Centene Corp.(2) | 1,673 | 97,586 | ||||||
Guardant Health, Inc.(1),(2) | 676 | 75,563 | ||||||
Humana, Inc.(1) | 3,376 | 1,397,293 | ||||||
Progyny, Inc.(2) | 1,072 | 31,549 | ||||||
|
| |||||||
1,611,577 | ||||||||
|
| |||||||
Health Care Technology 0.0% | ||||||||
Icad, Inc.(2) | 3,125 | 27,531 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure 18.4% | ||||||||
Bloomin’ Brands, Inc.(1),(2) | 104,749 | 1,599,517 | ||||||
Boyd Gaming Corp.(2) | 77,786 | 2,387,252 | ||||||
Caesars Entertainment, Inc.(1),(2) | 24,761 | 1,388,102 | ||||||
Cracker Barrel Old Country Store, Inc.(1),(2) | 2,806 | 321,736 | ||||||
Darden Restaurants, Inc.(1) | 12,381 | 1,247,262 | ||||||
DraftKings, Inc., Class A(1),(2) | 2,813 | 165,517 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Hotels, Restaurants & Leisure | ||||||||
Hilton Grand Vacations, Inc.(1),(2) | 47,366 | 993,739 | ||||||
Hilton Worldwide Holdings, Inc.(1) | 13,865 | 1,182,962 | ||||||
Jack in the Box, Inc.(1) | 38,509 | 3,054,149 | ||||||
Las Vegas Sands Corp.(1) | 82,014 | 3,826,773 | ||||||
Marriott Vacations Worldwide Corp.(1),(2) | 14,570 | 1,323,102 | ||||||
McDonald’s Corp.(1) | 11,599 | 2,545,864 | ||||||
Melco Resorts & Entertainment Ltd., ADR(1),(2),(3) | 161,063 | 2,681,699 | ||||||
Norwegian Cruise Line Holdings Ltd.(1),(2),(3) | 101,832 | 1,742,345 | ||||||
Starbucks Corp.(1) | 11,379 | 977,684 | ||||||
Texas Roadhouse, Inc., Class A | 7,580 | 460,788 | ||||||
Wingstop, Inc.(1) | 10,128 | 1,383,991 | ||||||
Wynn Resorts Ltd.(1) | 9,191 | 660,006 | ||||||
|
| |||||||
27,942,488 | ||||||||
|
| |||||||
Household Durables 6.0% | ||||||||
DR Horton, Inc. | 13,233 | 1,000,812 | ||||||
Installed Building Products, Inc.(2) | 2,669 | 271,571 | ||||||
KB Home(1) | 33,760 | 1,296,046 | ||||||
Newell Brands, Inc.(1) | 104,244 | 1,788,827 | ||||||
NVR, Inc.(1),(2) | 203 | 828,873 | ||||||
PulteGroup, Inc.(1) | 45,376 | 2,100,455 | ||||||
TopBuild Corp.(1),(2) | 5,034 | 859,253 | ||||||
Whirlpool Corp. | 5,214 | 958,803 | ||||||
|
| |||||||
9,104,640 | ||||||||
|
| |||||||
Household Products 8.9% | ||||||||
Colgate-Palmolive Co.(1) | 22,764 | 1,756,242 | ||||||
Energizer Holdings, Inc.(1) | 33,820 | 1,323,715 | ||||||
Procter & Gamble Co. (The)(1) | 64,408 | 8,952,068 | ||||||
Spectrum Brands Holdings, Inc.(1) | 25,068 | 1,432,887 | ||||||
|
| |||||||
13,464,912 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers 5.4% | ||||||||
AES Corp. (The)(1) | 191,088 | 3,460,604 | ||||||
Clearway Energy, Inc. | 24,353 | 656,557 | ||||||
NextEra Energy Partners L.P.(1) | 25,541 | 1,531,438 | ||||||
Ormat Technologies, Inc. | 11,823 | 698,858 | ||||||
Vistra Corp.(1) | 101,633 | 1,916,798 | ||||||
|
| |||||||
8,264,255 | ||||||||
|
| |||||||
Industrial Conglomerates 1.4% | ||||||||
Honeywell International, Inc. | 9,162 | 1,508,157 | ||||||
Roper Technologies, Inc. | 1,521 | 600,962 | ||||||
|
| |||||||
2,109,119 | ||||||||
|
| |||||||
Insurance 2.2% | ||||||||
GoHealth, Inc., Class A(2) | 99 | 1,289 | ||||||
Syncora Holdings Ltd.(3) | 56,504 | 16,245 | ||||||
Willis Towers Watson PLC(1),(3) | 16,218 | 3,386,643 | ||||||
|
| |||||||
3,404,177 | ||||||||
|
| |||||||
Interactive Media & Services 3.4% | ||||||||
Facebook, Inc., Class A(1),(2) | 1,705 | 446,540 | ||||||
IAC/InterActiveCorp(1),(2) | 18,472 | 2,212,576 | ||||||
Pinterest, Inc., Class A(1),(2) | 4,993 | 207,259 | ||||||
QuinStreet, Inc.(1),(2) | 55,991 | 886,898 | ||||||
Snap, Inc., Class A(1),(2) | 50,175 | 1,310,069 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Interactive Media & Services | ||||||||
ZoomInfo Technologies, Inc., Class A(1),(2) | 796 | 34,220 | ||||||
|
| |||||||
5,097,562 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail 13.8% | ||||||||
Alibaba Group Holding Ltd., ADR(2),(3) | 844 | 248,119 | ||||||
Altaba, Inc. | 148,076 | 3,339,114 | ||||||
Amazon.com, Inc.(1),(2) | 2,809 | 8,844,783 | ||||||
Booking Holdings, Inc.(1),(2) | 1,930 | 3,301,613 | ||||||
eBay, Inc.(1) | 26,411 | 1,376,013 | ||||||
Expedia Group, Inc.(1) | 31,909 | 2,925,736 | ||||||
MercadoLibre, Inc.(2) | 855 | 925,520 | ||||||
|
| |||||||
20,960,898 | ||||||||
|
| |||||||
IT Services 14.2% | ||||||||
Akamai Technologies, Inc.(1),(2) | 1,354 | 149,671 | ||||||
Conduent, Inc.(2) | 54,230 | 172,451 | ||||||
DXC Technology Co.(1) | 287,099 | 5,124,717 | ||||||
Fidelity National Information Services, Inc. | 10,412 | 1,532,751 | ||||||
Global Payments, Inc.(1) | 16,920 | 3,004,654 | ||||||
KBR, Inc.(1) | 25,346 | 566,737 | ||||||
LiveRamp Holdings, Inc.(1),(2) | 59,035 | 3,056,242 | ||||||
Mastercard, Inc., Class A(1) | 1,785 | 603,633 | ||||||
PayPal Holdings, Inc.(1),(2) | 13,558 | 2,671,333 | ||||||
Sabre Corp.(1),(2) | 60,840 | 396,068 | ||||||
Shift4 Payments, Inc., Class A(1),(2) | 15,624 | 755,577 | ||||||
Shopify, Inc., Class A(1),(2),(3) | 1,137 | 1,163,117 | ||||||
Snowflake, Inc., Class A(1),(2) | 337 | 84,587 | ||||||
Square, Inc., Class A(1),(2) | 5,046 | 820,227 | ||||||
Twilio, Inc., Class A(1),(2) | 3,174 | 784,264 | ||||||
Visa, Inc., Class A(1) | 3,023 | 604,509 | ||||||
|
| |||||||
21,490,538 | ||||||||
|
| |||||||
Leisure Products 0.2% | ||||||||
Peloton Interactive, Inc., Class A(1),(2) | 2,629 | 260,902 | ||||||
|
| |||||||
Life Sciences Tools & Services 1.5% | ||||||||
Adaptive Biotechnologies Corp.(1),(2) | 49 | 2,383 | ||||||
Berkeley Lights, Inc.(1),(2) | 5,130 | 391,727 | ||||||
Fluidigm Corp.(1),(2) | 39 | 290 | ||||||
NanoString Technologies, Inc.(1),(2) | 739 | 33,033 | ||||||
Pacific Biosciences of California, Inc.(2) | 4,563 | 45,037 | ||||||
PPD, Inc.(1),(2) | 17,794 | 658,200 | ||||||
QIAGEN N.V.(1),(2),(3) | 17,571 | 918,260 | ||||||
Repligen Corp.(2) | 1,890 | 278,851 | ||||||
|
| |||||||
2,327,781 | ||||||||
|
| |||||||
Machinery 10.2% | ||||||||
AGCO Corp.(1) | 153 | 11,363 | ||||||
Caterpillar, Inc.(1) | 5,421 | 808,542 | ||||||
Chart Industries, Inc.(1),(2) | 3,398 | 238,777 | ||||||
Cummins, Inc.(1) | 12,014 | 2,536,876 | ||||||
Dover Corp.(1) | 7,841 | 849,494 | ||||||
Fortive Corp. | 6,760 | 515,180 | ||||||
Illinois Tool Works, Inc. | 3,274 | 632,570 | ||||||
ITT, Inc.(1) | 4,829 | 285,152 | ||||||
Otis Worldwide Corp.(1) | 4,891 | 305,296 | ||||||
PACCAR, Inc.(1) | 21,143 | 1,803,075 | ||||||
Parker-Hannifin Corp.(1) | 20,396 | 4,126,927 | ||||||
Rexnord Corp.(1) | 65,284 | 1,948,075 | ||||||
Terex Corp.(1),(2) | 213 | 4,124 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Machinery | ||||||||
Timken Co. (The)(1) | 24,813 | 1,345,361 | ||||||
|
| |||||||
15,410,812 | ||||||||
|
| |||||||
Media 7.7% | ||||||||
Comcast Corp., Class A(1) | 79,618 | 3,683,129 | ||||||
comScore, Inc.(2) | 527,475 | 1,076,049 | ||||||
Discovery, Inc., Class A(1),(2) | 4,578 | 99,663 | ||||||
DISH Network Corp., Class A(1),(2) | 2,943 | 85,435 | ||||||
Nexstar Media Group, Inc., Class A(1) | 43,589 | 3,919,959 | ||||||
Sinclair Broadcast Group, Inc., Class A(1) | 42,225 | 811,987 | ||||||
TEGNA, Inc.(1) | 168,580 | 1,980,815 | ||||||
|
| |||||||
11,657,037 | ||||||||
|
| |||||||
Metals & Mining 6.8% | ||||||||
Barrick Gold Corp.(1),(3) | 24,782 | 696,622 | ||||||
Freeport-McMoRan, Inc.(1) | 444,540 | 6,952,605 | ||||||
Steel Dynamics, Inc.(1) | 4,882 | 139,772 | ||||||
Vale S.A., ADR(3) | 235,631 | 2,492,976 | ||||||
|
| |||||||
10,281,975 | ||||||||
|
| |||||||
Multi-Utilities 26.0% | ||||||||
Ameren Corp.(1) | 36,493 | 2,885,866 | ||||||
CenterPoint Energy, Inc.(1) | 309,393 | 5,986,754 | ||||||
CMS Energy Corp.(1) | 138,621 | 8,512,716 | ||||||
Dominion Energy, Inc.(1) | 123,370 | 9,737,594 | ||||||
NiSource, Inc.(1) | 118,160 | 2,599,520 | ||||||
Public Service Enterprise Group, Inc. | 93,005 | 5,106,905 | ||||||
Sempra Energy(1) | 39,099 | 4,627,758 | ||||||
|
| |||||||
39,457,113 | ||||||||
|
| |||||||
Multiline Retail 1.4% | ||||||||
Dollar Tree, Inc.(1),(2) | 22,677 | 2,071,317 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels 38.6% | ||||||||
Apache Corp.(1) | 510,353 | 4,833,043 | ||||||
Ardmore Shipping Corp.(3) | 101,016 | 359,617 | ||||||
Canadian Natural Resources Ltd.(1),(3) | 251,700 | 4,029,717 | ||||||
CNX Resources Corp.(1),(2) | 257,909 | 2,434,661 | ||||||
Concho Resources, Inc.(1) | 114,493 | 5,051,431 | ||||||
EQT Corp.(1),(2) | 380,142 | 4,915,236 | ||||||
Golar LNG Ltd.(2),(3) | 4,456 | 26,981 | ||||||
Hess Corp.(1) | 130,507 | 5,341,652 | ||||||
HollyFrontier Corp.(1) | 51,607 | 1,017,174 | ||||||
Marathon Petroleum Corp.(1) | 2,564 | 75,228 | ||||||
Matador Resources Co.(1),(2) | 568,175 | 4,693,126 | ||||||
Murphy Oil Corp.(1) | 145,208 | 1,295,255 | ||||||
Noble Energy, Inc.(1) | 25,299 | 216,306 | ||||||
Nordic American Tankers Ltd.(3) | 88,389 | 308,478 | ||||||
Northern Oil and Gas, Inc.(2) | 277,365 | 1,592,075 | ||||||
Ovintiv, Inc.(1) | 384,443 | �� | 3,137,055 | |||||
Parsley Energy, Inc., Class A(1) | 569,134 | 5,327,094 | ||||||
PDC Energy, Inc.(2) | 298,937 | 3,705,324 | ||||||
Phillips 66(1) | 13,592 | 704,609 | ||||||
Pioneer Natural Resources Co. | 58,653 | 5,043,572 | ||||||
Valero Energy Corp. | 35,423 | 1,534,524 | ||||||
World Fuel Services Corp.(1) | 86,643 | 1,835,965 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Oil, Gas & Consumable Fuels | ||||||||
WPX Energy, Inc.(2) | 201,700 | 988,330 | ||||||
|
| |||||||
58,466,453 | ||||||||
|
| |||||||
Paper & Forest Products 0.3% | ||||||||
Louisiana-Pacific Corp.(1) | 14,145 | 417,419 | ||||||
|
| |||||||
Personal Products 0.3% | ||||||||
Estee Lauder Cos., Inc. (The), Class A(1) | 2,029 | 442,829 | ||||||
|
| |||||||
Pharmaceuticals 5.3% | ||||||||
Aerie Pharmaceuticals, Inc.(1),(2) | 395 | 4,649 | ||||||
AstraZeneca PLC, ADR(1),(3) | 30,617 | 1,677,812 | ||||||
Axsome Therapeutics, Inc.(1),(2) | 2,968 | 211,470 | ||||||
Bristol-Myers Squibb Co.(1) | 43,682 | 2,633,588 | ||||||
Cara Therapeutics, Inc.(1),(2) | 5,233 | 66,590 | ||||||
Green Thumb Industries, Inc.(1),(2),(3) | 134,707 | 1,745,129 | ||||||
GW Pharmaceuticals PLC, ADR(1),(2),(3) | 809 | 78,756 | ||||||
Horizon Therapeutics PLC(1),(2),(3) | 3,924 | 304,816 | ||||||
Intersect ENT, Inc.(1),(2) | 3,717 | 60,624 | ||||||
Intra-Cellular Therapies, Inc.(1),(2) | 456 | 11,701 | ||||||
Merck & Co., Inc.(1) | 8,455 | 701,342 | ||||||
MyoKardia, Inc.(1),(2) | 1,981 | 270,070 | ||||||
Reata Pharmaceuticals, Inc., Class A(1),(2) | 1,467 | 142,915 | ||||||
Relmada Therapeutics, Inc.(1),(2) | 590 | 22,196 | ||||||
TherapeuticsMD, Inc.(2) | 3,148 | 4,974 | ||||||
Zogenix, Inc.(2) | 1,745 | 31,288 | ||||||
|
| |||||||
7,967,920 | ||||||||
|
| |||||||
Professional Services 1.2% | ||||||||
Dun & Bradstreet Holdings, Inc.(1),(2) | 62,625 | 1,606,957 | ||||||
ManpowerGroup, Inc.(1) | 2,421 | 177,532 | ||||||
|
| |||||||
1,784,489 | ||||||||
|
| |||||||
Real Estate Investment Trusts 79.0% | ||||||||
Acadia Realty Trust(1),(2) | 546,905 | 5,742,503 | ||||||
Agree Realty Corp.(1) | 74,058 | 4,713,051 | ||||||
Brixmor Property Group, Inc.(1),(2) | 224,012 | 2,618,700 | ||||||
CareTrust REIT, Inc.(1) | 386,913 | 6,885,117 | ||||||
Columbia Property Trust, Inc.(1) | 100,708 | 1,098,724 | ||||||
CyrusOne, Inc.(1) | 2,124 | 148,744 | ||||||
Digital Realty Trust, Inc.(1) | 3,996 | 586,453 | ||||||
Duke Realty Corp.(1) | 176,776 | 6,523,034 | ||||||
Equity LifeStyle Properties, Inc.(1) | 29,018 | 1,778,803 | ||||||
Equity Residential(1) | 42,512 | 2,182,141 | ||||||
Front Yard Residential Corp.(2) | 19,511 | 170,526 | ||||||
Healthcare Realty Trust, Inc.(1) | 97,841 | 2,946,971 | ||||||
Highwoods Properties, Inc.(1) | 185,672 | 6,233,009 | ||||||
Host Hotels & Resorts, Inc.(1) | 57,555 | 621,018 | ||||||
Invitation Homes, Inc.(1) | 178,961 | 5,009,118 | ||||||
Jernigan Capital, Inc. | 171,061 | 2,931,986 | ||||||
Life Storage, Inc.(1) | 33,512 | 3,527,808 | ||||||
Mid-America Apartment Communities, Inc.(1) | 44,425 | 5,151,079 | ||||||
Piedmont Office Realty Trust, Inc., Class A(1) | 627,607 | 8,516,627 | ||||||
Plymouth Industrial REIT, Inc. | 188,126 | 2,321,475 | ||||||
Rexford Industrial Realty, Inc.(1) | 39,336 | 1,800,015 | ||||||
RPT Realty | 908,659 | 4,943,105 | ||||||
Sabra Health Care REIT, Inc.(1) | 258,986 | 3,570,122 | ||||||
Spirit Realty Capital, Inc.(1) | 221,086 | 7,461,653 | ||||||
Sun Communities, Inc. | 9,774 | 1,374,322 | ||||||
UDR, Inc.(1) | 189,697 | 6,186,019 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Real Estate Investment Trusts | ||||||||
Urban Edge Properties(1) | 321,708 | 3,127,002 | ||||||
Ventas, Inc.(1) | 82,454 | 3,459,770 | ||||||
VICI Properties, Inc.(1) | 483,213 | 11,292,688 | ||||||
Welltower, Inc. | 111,982 | 6,169,088 | ||||||
Weyerhaeuser Co.(1),(2) | 21,838 | 622,820 | ||||||
|
| |||||||
119,713,491 | ||||||||
|
| |||||||
Road & Rail 22.9% | ||||||||
Canadian National Railway Co.(3) | 3,382 | 360,048 | ||||||
CSX Corp.(1) | 2,584 | 200,699 | ||||||
Heartland Express, Inc. | 13,532 | 251,695 | ||||||
Kansas City Southern(1) | 75,737 | 13,695,522 | ||||||
Knight-Swift Transportation Holdings, Inc.(1) | 113,250 | 4,609,275 | ||||||
Landstar System, Inc.(1) | 25,365 | 3,183,054 | ||||||
Lyft, Inc., Class A(2) | 3,309 | 91,163 | ||||||
Old Dominion Freight Line, Inc.(1) | 27,934 | 5,053,819 | ||||||
Ryder System, Inc.(1) | 21,983 | 928,562 | ||||||
Uber Technologies, Inc.(1),(2) | 46,724 | 1,704,492 | ||||||
Union Pacific Corp.(1) | 6,714 | 1,321,785 | ||||||
Werner Enterprises, Inc.(1) | 77,258 | 3,244,063 | ||||||
|
| |||||||
34,644,177 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment 39.5% | ||||||||
Advanced Micro Devices, Inc.(1),(2) | 13,825 | 1,133,512 | ||||||
Ambarella, Inc.(1),(2),(3) | 15,016 | 783,535 | ||||||
ASML Holding N.V.(1),(3) | 7,271 | 2,684,962 | ||||||
Broadcom, Inc.(1) | 8,455 | 3,080,326 | ||||||
Daqo New Energy Corp., ADR(2),(3) | 2,469 | 333,908 | ||||||
Inphi Corp.(2) | 8,221 | 922,807 | ||||||
Lam Research Corp. | �� | 3,380 | 1,121,315 | |||||
MACOM Technology Solutions Holdings, Inc.(1),(2) | 17,371 | 590,788 | ||||||
Maxim Integrated Products, Inc.(1),(2) | 47,353 | 3,201,536 | ||||||
Micron Technology, Inc.(1),(2) | 72,855 | 3,421,271 | ||||||
NVIDIA Corp. | 8,465 | 4,581,427 | ||||||
NXP Semiconductors N.V.(1),(3) | 74,545 | 9,303,961 | ||||||
ON Semiconductor Corp.(1),(2) | 3,128 | 67,846 | ||||||
QUALCOMM, Inc.(1) | 139,940 | 16,468,139 | ||||||
Skyworks Solutions, Inc.(1) | 60,269 | 8,769,140 | ||||||
Synaptics, Inc.(1),(2) | 20,832 | 1,675,309 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd., ADR(3) | 20,298 | 1,645,559 | ||||||
|
| |||||||
59,785,341 | ||||||||
|
| |||||||
Software 31.2% | ||||||||
2U, Inc.(1),(2) | 14,351 | 485,925 | ||||||
Adobe, Inc.(1),(2) | 8,680 | 4,256,932 | ||||||
Atlassian Corp. PLC, Class A(1),(2),(3) | 64 | 11,635 | ||||||
Avaya Holdings Corp.(1),(2) | 391,361 | 5,948,687 | ||||||
Box, Inc., Class A(1),(2) | 5,901 | 102,441 | ||||||
Cadence Design Systems, Inc.(2) | 14,990 | 1,598,384 | ||||||
Check Point Software Technologies Ltd.(2),(3) | 25,380 | 3,054,229 | ||||||
Cloudera, Inc.(1),(2) | 33,820 | 368,300 | ||||||
Crowdstrike Holdings, Inc., Class A(1),(2) | 10,146 | 1,393,249 | ||||||
DocuSign, Inc.(1),(2) | 2,037 | 438,444 | ||||||
Dynatrace, Inc.(1),(2) | 16,920 | 694,058 | ||||||
Elastic N.V.(1),(2),(3) | 2,215 | 238,976 | ||||||
Everbridge, Inc.(2) | 1,083 | 136,166 | ||||||
FireEye, Inc.(1),(2) | 167,013 | 2,061,776 | ||||||
Manhattan Associates, Inc.(2) | 8,617 | 822,837 | ||||||
Microsoft Corp.(1) | 68,365 | 14,379,210 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Software | ||||||||
MobileIron, Inc.(2) | 12,438 | 87,190 | ||||||
NortonLifeLock, Inc. | 29,877 | 622,637 | ||||||
Oracle Corp.(1) | 14,558 | 869,113 | ||||||
Palo Alto Networks, Inc.(1),(2) | 14,206 | 3,476,919 | ||||||
Pluralsight, Inc., Class A(1),(2) | 270 | 4,625 | ||||||
PTC, Inc.(1),(2) | 535 | 44,255 | ||||||
RingCentral, Inc., Class A(2) | 5,800 | 1,592,738 | ||||||
salesforce.com, Inc.(1),(2) | 9,014 | 2,265,399 | ||||||
ServiceNow, Inc.(1),(2) | 2,614 | 1,267,790 | ||||||
Tenable Holdings, Inc.(1),(2) | 17,255 | 651,376 | ||||||
Unity Software, Inc.(1),(2) | 3,604 | 314,557 | ||||||
Zendesk, Inc.(1),(2) | 423 | 43,535 | ||||||
|
| |||||||
47,231,383 | ||||||||
|
| |||||||
Specialty Retail 7.6% |
| |||||||
Aaron’s, Inc.(1) | 59,353 | 3,362,347 | ||||||
Best Buy Co., Inc. | 3,594 | 399,976 | ||||||
Burlington Stores, Inc.(2) | 4,059 | 836,519 | ||||||
Dick’s Sporting Goods, Inc.(1) | 3,477 | 201,249 | ||||||
GameStop Corp., Class A(2) | 13,520 | 137,904 | ||||||
Gap, Inc. (The) | 15,057 | 256,421 | ||||||
GrowGeneration Corp.(2) | 3,909 | 62,466 | ||||||
Home Depot, Inc. (The) | 934 | 259,381 | ||||||
Lowe’s Cos., Inc.(1) | 28,238 | 4,683,555 | ||||||
Tiffany & Co.(1) | 5,812 | 673,320 | ||||||
TJX Cos., Inc. (The) | 3,382 | 188,208 | ||||||
Williams-Sonoma, Inc.(1) | 4,263 | 385,546 | ||||||
|
| |||||||
11,446,892 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals 6.9% |
| |||||||
Apple, Inc.(1) | 84,790 | 9,819,530 | ||||||
Dell Technologies, Class C(1),(2) | 10,185 | 689,423 | ||||||
|
| |||||||
10,508,953 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods 1.1% |
| |||||||
NIKE, Inc., Class B(1) | 13,449 | 1,688,387 | ||||||
|
| |||||||
Trading Companies & Distributors 4.0% |
| |||||||
AerCap Holdings N.V.(2),(3) | 77,316 | 1,947,590 | ||||||
Beacon Roofing Supply, Inc.(1),(2) | 2,651 | 82,367 | ||||||
GATX Corp.(1) | 28,764 | 1,833,705 | ||||||
United Rentals, Inc.(1),(2) | 8,118 | 1,416,591 | ||||||
WW Grainger, Inc.(1) | 2,177 | 776,688 | ||||||
|
| |||||||
6,056,941 | ||||||||
|
| |||||||
Wireless Telecommunication Services 0.4% |
| |||||||
NII Holdings, Inc. | 174,048 | 374,203 | ||||||
T-Mobile U.S., Inc.(1),(2) | 2,229 | 254,908 | ||||||
|
| |||||||
629,111 | ||||||||
|
| |||||||
Total Common Stocks (Cost $781,367,488) |
| 784,463,291 | ||||||
|
| |||||||
Exchange-Traded Funds 24.0% |
| |||||||
Energy Select Sector SPDR Fund(1) | 26,170 | 783,791 | ||||||
Financial Select Sector SPDR Fund | 86,241 | 2,075,821 | ||||||
Invesco QQQ Trust, Series 1 | 26,699 | 7,418,050 | ||||||
iShares 20+ Year Treasury Bond ETF | 10,697 | 1,746,392 | ||||||
iShares MSCI Germany ETF(1) | 3,151 | 91,789 | ||||||
iShares Russell 2000 ETF | 11,834 | 1,772,615 | ||||||
iShares U.S. Home Construction ETF(1) | 21,053 | 1,192,652 | ||||||
ProShares VIX Short-Term Futures ETF(1),(2) | 97,812 | 1,996,343 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Exchange-Traded Funds | ||||||||
SPDR Gold Shares(1),(2) | 20,905 | 3,702,694 | ||||||
SPDR S&P 500 ETF Trust | 21,201 | 7,100,003 | ||||||
SPDR S&P Homebuilders ETF(1) | 12,484 | 672,638 | ||||||
SPDR S&P Metals & Mining ETF(1) | 218,811 | 5,085,168 | ||||||
SPDR S&P Retail ETF(1) | 11,872 | 589,563 | ||||||
VanEck Vectors Junior Gold Miners ETF(1) | 39,634 | 2,194,138 | ||||||
VanEck Vectors Semiconductor ETF | 73 | 12,717 | ||||||
|
| |||||||
Total Exchange-Traded Funds (Cost $36,525,363) | 36,434,374 | |||||||
|
| |||||||
Rights 0.2% | ||||||||
Pharmaceuticals 0.2% | ||||||||
Bristol-Myers Squibb Co.(2) | 140,118 | 315,265 | ||||||
|
| |||||||
Total Rights (Cost $333,895) | 315,265 | |||||||
|
| |||||||
Warrants 0.0% | ||||||||
Churchill Capital Corp. III(2) | 32,790 | 66,400 | ||||||
|
| |||||||
Total Warrants (Cost $64,283) | 66,400 | |||||||
|
| |||||||
Total Long Investments (Cost $818,291,029) | 821,279,330 | |||||||
|
| |||||||
Securities Sold Short (4)(475.7)% | ||||||||
Common Stocks (339.4)% | ||||||||
Aerospace & Defense (4.8)% | ||||||||
Boeing Co. (The) | 14,295 | (2,362,392 | ) | |||||
General Dynamics Corp. | 8,246 | (1,141,494 | ) | |||||
Hexcel Corp. | 8,074 | (270,882 | ) | |||||
Textron, Inc. | 16,439 | (593,283 | ) | |||||
TransDigm Group, Inc. | 6,115 | (2,905,359 | ) | |||||
|
| |||||||
(7,273,410 | ) | |||||||
|
| |||||||
Air Freight & Logistics (3.2)% | ||||||||
Atlas Air Worldwide Holdings, Inc. | 5,070 | (308,763 | ) | |||||
C.H. Robinson Worldwide, Inc. | 21,983 | (2,246,443 | ) | |||||
Expeditors International of Washington, Inc. | 13,377 | (1,210,886 | ) | |||||
FedEx Corp. | 3,430 | (862,713 | ) | |||||
United Parcel Service, Inc., Class B | 1,308 | (217,952 | ) | |||||
|
| |||||||
(4,846,757 | ) | |||||||
|
| |||||||
Airlines (0.9)% | ||||||||
Copa Holdings S.A., Class A(3) | 17,309 | (871,335 | ) | |||||
SkyWest, Inc. | 14,213 | (424,400 | ) | |||||
|
| |||||||
(1,295,735 | ) | |||||||
|
| |||||||
Auto Components (1.1)% | ||||||||
Autoliv, Inc. | 21,932 | (1,598,404 | ) | |||||
|
| |||||||
Automobiles (2.1)% | ||||||||
Ferrari N.V.(3) | 359 | (66,088 | ) | |||||
Ford Motor Co. | 462,192 | (3,078,199 | ) | |||||
|
| |||||||
(3,144,287 | ) | |||||||
|
| |||||||
Beverages (6.2)% | ||||||||
Anheuser-Busch InBev S.A., ADR(3) | 92,515 | (4,984,708 | ) | |||||
Brown-Forman Corp., Class B | 26,481 | (1,994,549 | ) | |||||
Coca-Cola Co. (The) | 21,067 | (1,040,078 | ) | |||||
Molson Coors Beverage Co., Class B | 41,326 | (1,386,900 | ) | |||||
|
| |||||||
(9,406,235 | ) | |||||||
|
| |||||||
Biotechnology (3.2)% | ||||||||
AbbVie, Inc. | 26,464 | (2,317,982 | ) | |||||
Amgen, Inc. | �� | 8,592 | (2,183,743 | ) | ||||
Denali Therapeutics, Inc. | 964 | (34,540 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Biotechnology | ||||||||
Moderna, Inc. | 3,899 | (275,854 | ) | |||||
|
| |||||||
(4,812,119 | ) | |||||||
|
| |||||||
Building Products (1.3)% | ||||||||
Allegion PLC(3) | 2,976 | (294,356 | ) | |||||
Apogee Enterprises, Inc. | 406 | (8,676 | ) | |||||
Armstrong World Industries, Inc. | 6,459 | (444,444 | ) | |||||
JELD-WEN Holding, Inc. | 75 | (1,695 | ) | |||||
Lennox International, Inc. | 2,245 | (612,010 | ) | |||||
Owens Corning | 8,798 | (605,390 | ) | |||||
|
| |||||||
(1,966,571 | ) | |||||||
|
| |||||||
Capital Markets (5.4)% | ||||||||
BlackRock, Inc. | 359 | (202,315 | ) | |||||
Charles Schwab Corp. (The) | 66,433 | (2,406,868 | ) | |||||
FactSet Research Systems, Inc. | 2,198 | (736,066 | ) | |||||
Morgan Stanley | 99,384 | (4,805,216 | ) | |||||
|
| |||||||
(8,150,465 | ) | |||||||
|
| |||||||
Chemicals (4.8)% | ||||||||
Albemarle Corp. | 30,416 | (2,715,540 | ) | |||||
Dow, Inc. | 5,385 | (253,364 | ) | |||||
International Flavors & Fragrances, Inc. | 13,285 | (1,626,748 | ) | |||||
LyondellBasell Industries N.V., Class A(3) | 73 | (5,146 | ) | |||||
Olin Corp. | 13,528 | (167,477 | ) | |||||
PPG Industries, Inc. | 12,166 | (1,485,225 | ) | |||||
Sherwin-Williams Co. (The) | 1,574 | (1,096,669 | ) | |||||
|
| |||||||
(7,350,169 | ) | |||||||
|
| |||||||
Commercial Services & Supplies (0.4)% | ||||||||
Interface, Inc. | 157 | (961 | ) | |||||
Republic Services, Inc. | 6,678 | (623,391 | ) | |||||
|
| |||||||
(624,352 | ) | |||||||
|
| |||||||
Communications Equipment (1.8)% | ||||||||
Arista Networks, Inc. | 2,047 | (423,586 | ) | |||||
Cisco Systems, Inc. | 28,310 | (1,115,131 | ) | |||||
Nokia Oyj, ADR(3) | 319,910 | (1,250,848 | ) | |||||
|
| |||||||
(2,789,565 | ) | |||||||
|
| |||||||
Construction Materials (1.8)% | ||||||||
Cemex S.A.B. de C.V., ADR(3) | 1,726 | (6,559 | ) | |||||
Eagle Materials, Inc. | 3,512 | (303,156 | ) | |||||
Martin Marietta Materials, Inc. | 1,354 | (318,677 | ) | |||||
Vulcan Materials Co. | 15,592 | (2,113,340 | ) | |||||
|
| |||||||
(2,741,732 | ) | |||||||
|
| |||||||
Consumer Finance (0.1)% | ||||||||
Credit Acceptance Corp. | 302 | (102,269 | ) | |||||
|
| |||||||
Containers & Packaging (1.2)% | ||||||||
Amcor PLC(3) | 121,735 | (1,345,172 | ) | |||||
O-I Glass, Inc. | 21,686 | (229,655 | ) | |||||
Sealed Air Corp. | 48 | (1,863 | ) | |||||
Silgan Holdings, Inc. | 6,751 | (248,234 | ) | |||||
|
| |||||||
(1,824,924 | ) | |||||||
|
| |||||||
Diversified Telecommunication Services (3.1)% | ||||||||
AT&T, Inc. | 31,107 | (886,861 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Diversified Telecommunication Services | ||||||||
Verizon Communications, Inc. | 62,876 | (3,740,493 | ) | |||||
|
| |||||||
(4,627,354 | ) | |||||||
|
| |||||||
Electric Utilities (14.6)% | ||||||||
American Electric Power Co., Inc. | 67,820 | (5,542,928 | ) | |||||
Avangrid, Inc. | 113,008 | (5,702,384 | ) | |||||
Edison International | 30,402 | (1,545,638 | ) | |||||
Exelon Corp. | 108,540 | (3,881,390 | ) | |||||
Hawaiian Electric Industries, Inc. | 101,087 | (3,360,132 | ) | |||||
IDACORP, Inc. | 4,822 | (385,278 | ) | |||||
OGE Energy Corp. | 59,150 | (1,773,908 | ) | |||||
|
| |||||||
(22,191,658 | ) | |||||||
|
| |||||||
Electrical Equipment (2.8)% | ||||||||
Acuity Brands, Inc. | 1,412 | (144,518 | ) | |||||
Emerson Electric Co. | 43,256 | (2,836,296 | ) | |||||
Hubbell, Inc. | 7,232 | (989,627 | ) | |||||
Sunrun, Inc. | 3,783 | (291,556 | ) | |||||
|
| |||||||
(4,261,997 | ) | |||||||
|
| |||||||
Electronic Equipment, Instruments & Components (1.0)% | ||||||||
TE Connectivity Ltd.(3) | 15,742 | (1,538,623 | ) | |||||
|
| |||||||
Energy Equipment & Services (7.6)% | ||||||||
Baker Hughes Co. | 177,535 | (2,359,440 | ) | |||||
Halliburton Co. | 157,506 | (1,897,947 | ) | |||||
Helmerich & Payne, Inc. | 128,469 | (1,882,071 | ) | |||||
Nabors Industries Ltd.(3) | 10,265 | (250,877 | ) | |||||
National Oilwell Varco, Inc. | 147,410 | (1,335,535 | ) | |||||
Patterson-UTI Energy, Inc. | 368,638 | (1,050,618 | ) | |||||
Schlumberger N.V.(3) | 134,738 | (2,096,523 | ) | |||||
Tenaris S.A., ADR(3) | 65,536 | (645,530 | ) | |||||
|
| |||||||
(11,518,541 | ) | |||||||
|
| |||||||
Entertainment (6.1)% | ||||||||
Electronic Arts, Inc. | 28,674 | (3,739,376 | ) | |||||
Netflix, Inc. | 7,116 | (3,558,214 | ) | |||||
Roku, Inc. | 10,715 | (2,022,992 | ) | |||||
|
| |||||||
(9,320,582 | ) | |||||||
|
| |||||||
Food Products (19.2)% | ||||||||
Archer-Daniels-Midland Co. | 27,293 | (1,268,852 | ) | |||||
Calavo Growers, Inc. | 2,536 | (168,061 | ) | |||||
Conagra Brands, Inc. | 22,781 | (813,509 | ) | |||||
Flowers Foods, Inc. | 179,449 | (4,365,994 | ) | |||||
General Mills, Inc. | 47,909 | (2,955,027 | ) | |||||
Hormel Foods Corp. | 120,150 | (5,874,133 | ) | |||||
Ingredion, Inc. | 19,279 | (1,459,035 | ) | |||||
JM Smucker Co. (The) | 44,883 | (5,184,884 | ) | |||||
Kellogg Co. | 74,841 | (4,833,980 | ) | |||||
Kraft Heinz Co. (The) | 22,447 | (672,288 | ) | |||||
Lamb Weston Holdings, Inc. | 11,110 | (736,260 | ) | |||||
McCormick & Co., Inc. | 3,998 | (776,012 | ) | |||||
|
| |||||||
(29,108,035 | ) | |||||||
|
| |||||||
Gas Utilities (2.5)% | ||||||||
Atmos Energy Corp. | 22,452 | (2,146,187 | ) | |||||
New Jersey Resources Corp. | 45,161 | (1,220,250 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Gas Utilities | ||||||||
ONE Gas, Inc. | 5,074 | (350,157 | ) | |||||
|
| |||||||
(3,716,594 | ) | |||||||
|
| |||||||
Health Care Equipment & Supplies (2.2)% | ||||||||
Baxter International, Inc. | 10,068 | (809,669 | ) | |||||
Hill-Rom Holdings, Inc. | 3,505 | (292,702 | ) | |||||
Medtronic PLC(3) | 10,096 | (1,049,176 | ) | |||||
Nevro Corp. | 1,513 | (210,761 | ) | |||||
STERIS PLC(3) | 5,335 | (939,974 | ) | |||||
|
| |||||||
(3,302,282 | ) | |||||||
|
| |||||||
Health Care Providers & Services (7.1)% | ||||||||
Acadia Healthcare Co., Inc. | 27,286 | (804,391 | ) | |||||
Centene Corp. | 6,894 | (402,127 | ) | |||||
Cigna Corp. | 540 | (91,482 | ) | |||||
CVS Health Corp. | 8,106 | (473,390 | ) | |||||
DaVita, Inc. | 9,997 | (856,243 | ) | |||||
HCA Healthcare, Inc. | 21,281 | (2,653,315 | ) | |||||
Molina Healthcare, Inc. | 9,147 | (1,674,267 | ) | |||||
Quest Diagnostics, Inc. | 5,073 | (580,808 | ) | |||||
UnitedHealth Group, Inc. | 10,307 | (3,213,413 | ) | |||||
|
| |||||||
(10,749,436 | ) | |||||||
|
| |||||||
Health Care Technology (1.4)% | ||||||||
Cerner Corp. | 24,510 | (1,771,828 | ) | |||||
Teladoc Health, Inc. | 1,262 | (276,681 | ) | |||||
|
| |||||||
(2,048,509 | ) | |||||||
|
| |||||||
Hotels, Restaurants & Leisure (11.3)% | ||||||||
Aramark | 1,904 | (50,361 | ) | |||||
Carnival Corp.(3) | 3,628 | (55,073 | ) | |||||
Cheesecake Factory, Inc. (The) | 8,455 | (234,542 | ) | |||||
Chipotle Mexican Grill, Inc. | 590 | (733,789 | ) | |||||
Domino’s Pizza, Inc. | 3,243 | (1,379,183 | ) | |||||
Dunkin’ Brands Group, Inc. | 7,580 | (620,878 | ) | |||||
Hyatt Hotels Corp., Class A | 35,439 | (1,891,379 | ) | |||||
Marriott International, Inc., Class A | 16,315 | (1,510,443 | ) | |||||
MGM Resorts International | 82,826 | (1,801,465 | ) | |||||
Papa John’s International, Inc. | 19,751 | (1,625,112 | ) | |||||
Planet Fitness, Inc., Class A | 292 | (17,993 | ) | |||||
Red Rock Resorts, Inc., Class A | 30,420 | (520,182 | ) | |||||
Royal Caribbean Cruises Ltd.(3) | 5,067 | (327,987 | ) | |||||
Vail Resorts, Inc. | 14,599 | (3,123,748 | ) | |||||
Wyndham Destinations, Inc. | 21,957 | (675,397 | ) | |||||
Wyndham Hotels & Resorts, Inc. | 51,075 | (2,579,288 | ) | |||||
|
| |||||||
(17,146,820 | ) | |||||||
|
| |||||||
Household Durables (1.4)% | ||||||||
Leggett & Platt, Inc. | 2,975 | (122,481 | ) | |||||
Lennar Corp., Class A | 4,551 | (371,726 | ) | |||||
Mohawk Industries, Inc. | 1,217 | (118,767 | ) | |||||
Toll Brothers, Inc. | 30,611 | (1,489,531 | ) | |||||
|
| |||||||
(2,102,505 | ) | |||||||
|
| |||||||
Household Products (13.0)% | ||||||||
Church & Dwight Co., Inc. | 51,894 | (4,862,987 | ) | |||||
Clorox Co. (The) | 19,625 | (4,124,586 | ) | |||||
Colgate-Palmolive Co. | 1,961 | (151,291 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Household Products | ||||||||
Kimberly-Clark Corp. | 71,386 | (10,540,857 | ) | |||||
|
| |||||||
(19,679,721 | ) | |||||||
|
| |||||||
Industrial Conglomerates (6.2)% | ||||||||
3M Co. | 30,425 | (4,873,476 | ) | |||||
General Electric Co. | 38,824 | (241,874 | ) | |||||
Honeywell International, Inc. | 17,372 | (2,859,605 | ) | |||||
Roper Technologies, Inc. | 3,595 | (1,420,420 | ) | |||||
|
| |||||||
(9,395,375 | ) | |||||||
|
| |||||||
Insurance (2.4)% | ||||||||
Aon PLC, Class A(3) | 17,512 | (3,612,726 | ) | |||||
|
| |||||||
Interactive Media & Services (2.8)% | ||||||||
Alphabet, Inc., Class A | 1,766 | (2,588,250 | ) | |||||
Twitter, Inc. | 37,092 | (1,650,594 | ) | |||||
|
| |||||||
(4,238,844 | ) | |||||||
|
| |||||||
Internet & Direct Marketing Retail (2.6)% | ||||||||
Chewy, Inc., Class A | 12,420 | (680,989 | ) | |||||
eBay, Inc. | 27,588 | (1,437,335 | ) | |||||
Overstock.com, Inc. | 7,474 | (542,986 | ) | |||||
Wayfair, Inc., Class A | 4,510 | (1,312,455 | ) | |||||
|
| |||||||
(3,973,765 | ) | |||||||
|
| |||||||
IT Services (8.0)% | ||||||||
Accenture PLC, Class A(3) | 2,442 | (551,868 | ) | |||||
Automatic Data Processing, Inc. | 19,079 | (2,661,330 | ) | |||||
International Business Machines Corp. | 43,947 | (5,347,031 | ) | |||||
Okta, Inc. | 16,406 | (3,508,423 | ) | |||||
|
| |||||||
(12,068,652 | ) | |||||||
|
| |||||||
Leisure Products (0.6)% | ||||||||
Brunswick Corp. | 14,231 | (838,348 | ) | |||||
|
| |||||||
Life Sciences Tools & Services (2.6)% | ||||||||
Thermo Fisher Scientific, Inc. | 9,079 | (4,008,560 | ) | |||||
|
| |||||||
Machinery (6.0)% | ||||||||
Allison Transmission Holdings, Inc. | 2,286 | (80,330 | ) | |||||
Deere & Co. | 7,353 | (1,629,645 | ) | |||||
Donaldson Co., Inc. | 25 | (1,161 | ) | |||||
Flowserve Corp. | 12,672 | (345,819 | ) | |||||
Fortive Corp. | 16,065 | (1,224,314 | ) | |||||
IDEX Corp. | 2,557 | (466,422 | ) | |||||
Ingersoll Rand, Inc. | 45,132 | (1,606,699 | ) | |||||
Kennametal, Inc. | 8,486 | (245,585 | ) | |||||
Lincoln Electric Holdings, Inc. | 7,027 | (646,765 | ) | |||||
Oshkosh Corp. | 11,263 | (827,831 | ) | |||||
Pentair PLC(3) | 6,545 | (299,565 | ) | |||||
Terex Corp. | 6,764 | (130,951 | ) | |||||
Westinghouse Air Brake Technologies Corp. | 1,148 | (71,038 | ) | |||||
Xylem, Inc. | 18,579 | (1,562,865 | ) | |||||
|
| |||||||
(9,138,990 | ) | |||||||
|
| |||||||
Marine (0.0)% | ||||||||
Golden Ocean Group Ltd.(3) | 4,335 | (16,560 | ) | |||||
Star Bulk Carriers Corp.(3) | 7,018 | (48,354 | ) | |||||
|
| |||||||
(64,914 | ) | |||||||
|
| |||||||
Media (1.8)% | ||||||||
Fox Corp., Class A | 7,779 | (216,490 | ) | |||||
Interpublic Group of Cos., Inc. (The) | 5,892 | (98,220 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Media | ||||||||
Meredith Corp. | 5,073 | (66,558 | ) | |||||
MSG Networks, Inc., Class A | 12,942 | (123,855 | ) | |||||
National CineMedia, Inc. | 2,588 | (7,026 | ) | |||||
Omnicom Group, Inc. | 20,015 | (990,742 | ) | |||||
ViacomCBS, Inc., Class B | 45,580 | (1,276,696 | ) | |||||
|
| |||||||
(2,779,587 | ) | |||||||
|
| |||||||
Metals & Mining (0.1)% | ||||||||
Allegheny Technologies, Inc. | 16,928 | (147,612 | ) | |||||
|
| |||||||
Multi-Utilities (12.1)% | ||||||||
Avista Corp. | 50,856 | (1,735,207 | ) | |||||
Consolidated Edison, Inc. | 48,182 | (3,748,560 | ) | |||||
National Grid PLC, ADR(3) | 118,395 | (6,842,047 | ) | |||||
NorthWestern Corp. | 16,890 | (821,529 | ) | |||||
WEC Energy Group, Inc. | 54,234 | (5,255,275 | ) | |||||
|
| |||||||
(18,402,618 | ) | |||||||
|
| |||||||
Multiline Retail (2.6)% | ||||||||
Dollar General Corp. | 5,030 | (1,054,388 | ) | |||||
Target Corp. | 18,545 | (2,919,354 | ) | |||||
|
| |||||||
(3,973,742 | ) | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels (32.9)% | ||||||||
Antero Resources Corp. | 226,592 | (623,128 | ) | |||||
BP PLC, ADR(3) | 170,435 | (2,975,795 | ) | |||||
Cabot Oil & Gas Corp. | 218,205 | (3,788,039 | ) | |||||
Callon Petroleum Co. | 15,519 | (74,802 | ) | |||||
Centennial Resource Development, Inc., Class A | 161,658 | (97,383 | ) | |||||
Chevron Corp. | 51,197 | (3,686,184 | ) | |||||
Cimarex Energy Co. | 114,330 | (2,781,649 | ) | |||||
Comstock Resources, Inc. | 67,640 | (296,263 | ) | |||||
ConocoPhillips | 154,372 | (5,069,576 | ) | |||||
Continental Resources, Inc. | 254,050 | (3,119,734 | ) | |||||
Devon Energy Corp. | 425,944 | (4,029,430 | ) | |||||
Diamondback Energy, Inc. | 112,764 | (3,396,452 | ) | |||||
EOG Resources, Inc. | 95,199 | (3,421,452 | ) | |||||
Euronav N.V.(3) | 15,438 | (136,318 | ) | |||||
Exxon Mobil Corp. | 159,303 | (5,468,872 | ) | |||||
Marathon Oil Corp. | 968,984 | (3,963,145 | ) | |||||
Occidental Petroleum Corp. | 263,896 | (2,641,599 | ) | |||||
Range Resources Corp. | 205,562 | (1,360,820 | ) | |||||
Royal Dutch Shell PLC, Class A, ADR(3) | 24,791 | (623,989 | ) | |||||
SM Energy Co. | 444,603 | (706,919 | ) | |||||
Southwestern Energy Co. | 333,450 | (783,607 | ) | |||||
TOTAL S.E., ADR(3) | 25,137 | (862,199 | ) | |||||
|
| |||||||
(49,907,355 | ) | |||||||
|
| |||||||
Pharmaceuticals (3.4)% | ||||||||
Eli Lilly & Co. | 26,285 | (3,890,706 | ) | |||||
GlaxoSmithKline PLC, ADR(3) | 3,382 | (127,298 | ) | |||||
Novartis AG, ADR(3) | 6,760 | (587,850 | ) | |||||
Pfizer, Inc. | 15,406 | (565,400 | ) | |||||
Royalty Pharma PLC, Class A(3) | 676 | (28,439 | ) | |||||
|
| |||||||
(5,199,693 | ) | |||||||
|
| |||||||
Professional Services (0.6)% | ||||||||
Nielsen Holdings PLC(3) | 66,901 | (948,656 | ) | |||||
|
| |||||||
Real Estate Investment Trusts (78.0)% | ||||||||
American Homes 4 Rent, Class A | 190,085 | (5,413,621 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Real Estate Investment Trusts | ||||||||
American Tower Corp. | 1,192 | (288,142 | ) | |||||
AvalonBay Communities, Inc. | 47,273 | (7,059,750 | ) | |||||
Boston Properties, Inc. | 13,311 | (1,068,873 | ) | |||||
Brandywine Realty Trust | 405,027 | (4,187,979 | ) | |||||
Camden Property Trust | 25,139 | (2,236,868 | ) | |||||
Cousins Properties, Inc. | 87,658 | (2,506,142 | ) | |||||
Douglas Emmett, Inc. | 55,977 | (1,405,023 | ) | |||||
Essential Properties Realty Trust, Inc. | 217,978 | (3,993,357 | ) | |||||
Essex Property Trust, Inc. | 22,697 | (4,557,331 | ) | |||||
Extra Space Storage, Inc. | 36,954 | (3,953,708 | ) | |||||
Federal Realty Investment Trust | 46,343 | (3,403,430 | ) | |||||
Gaming and Leisure Properties, Inc. | 205,730 | (7,597,609 | ) | |||||
Healthpeak Properties, Inc. | 108,550 | (2,947,133 | ) | |||||
Hudson Pacific Properties, Inc. | 81,797 | (1,793,808 | ) | |||||
Kite Realty Group Trust | 611,004 | (7,075,426 | ) | |||||
LTC Properties, Inc. | 82,144 | (2,863,540 | ) | |||||
Medical Properties Trust, Inc. | 169,755 | (2,992,781 | ) | |||||
National Health Investors, Inc. | 49,053 | (2,956,424 | ) | |||||
Omega Healthcare Investors, Inc. | 123,526 | (3,698,368 | ) | |||||
Park Hotels & Resorts, Inc. | 84,400 | (843,156 | ) | |||||
Pebblebrook Hotel Trust | 101,400 | (1,270,542 | ) | |||||
Physicians Realty Trust | 341,591 | (6,117,895 | ) | |||||
Prologis, Inc. | 64,902 | (6,530,439 | ) | |||||
Realty Income Corp. | 82,119 | (4,988,729 | ) | |||||
Regency Centers Corp. | 56,964 | (2,165,771 | ) | |||||
Retail Properties of America, Inc., Class A | 345,729 | (2,008,686 | ) | |||||
SITE Centers Corp. | 315,183 | (2,269,318 | ) | |||||
SL Green Realty Corp. | 52,690 | (2,443,235 | ) | |||||
STORE Capital Corp. | 279,892 | (7,677,438 | ) | |||||
Tanger Factory Outlet Centers, Inc. | 325,828 | (1,964,743 | ) | |||||
Terreno Realty Corp. | 33,177 | (1,816,773 | ) | |||||
Vornado Realty Trust | 142,964 | (4,819,316 | ) | |||||
Washington Real Estate Investment Trust | 62,317 | (1,254,441 | ) | |||||
|
| |||||||
(118,169,795 | ) | |||||||
|
| |||||||
Real Estate Management & Development (0.1)% | ||||||||
Realogy Holdings Corp. | 21,957 | (207,274 | ) | |||||
|
| |||||||
Road & Rail (9.0)% | ||||||||
ArcBest Corp. | 82,911 | (2,575,216 | ) | |||||
Canadian National Railway Co.(3) | 354 | (37,687 | ) | |||||
Canadian Pacific Railway Ltd.(3) | 6,764 | (2,059,164 | ) | |||||
Covenant Logistics Group, Inc. | 36,105 | (631,476 | ) | |||||
CSX Corp. | 17,219 | (1,337,400 | ) | |||||
JB Hunt Transport Services, Inc. | 11,860 | (1,498,867 | ) | |||||
Norfolk Southern Corp. | 5,331 | (1,140,781 | ) | |||||
Saia, Inc. | 6,486 | (818,144 | ) | |||||
Schneider National, Inc., Class B | 132,222 | (3,269,850 | ) | |||||
TFI International, Inc.(3) | 5,073 | (212,203 | ) | |||||
Uber Technologies, Inc. | 2,225 | (81,168 | ) | |||||
|
| |||||||
(13,661,956 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (16.3)% | ||||||||
Analog Devices, Inc. | 29,633 | (3,459,356 | ) | |||||
Applied Materials, Inc. | 3,440 | (204,508 | ) | |||||
Intel Corp. | 14,074 | (728,752 | ) | |||||
Lam Research Corp. | 904 | (299,902 | ) | |||||
Microchip Technology, Inc. | 5,076 | (521,610 | ) | |||||
STMicroelectronics N.V.(3) | 33,390 | (1,024,739 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Semiconductors & Semiconductor Equipment | ||||||||
Teradyne, Inc. | 76,083 | (6,045,555 | ) | |||||
Texas Instruments, Inc. | 40,205 | (5,740,872 | ) | |||||
Xilinx, Inc. | 63,513 | (6,620,595 | ) | |||||
|
| |||||||
(24,645,889 | ) | |||||||
|
| |||||||
Software (12.0)% |
| |||||||
Appian Corp. | 2,532 | (163,947 | ) | |||||
Autodesk, Inc. | 134 | (30,955 | ) | |||||
Blackline, Inc. | 2,629 | (235,637 | ) | |||||
Ceridian HCM Holding, Inc. | 995 | (82,237 | ) | |||||
Citrix Systems, Inc. | 30,134 | (4,149,753 | ) | |||||
CyberArk Software Ltd.(3) | 984 | (101,765 | ) | |||||
Fortinet, Inc. | 14,182 | (1,670,782 | ) | |||||
Intuit, Inc. | 5,384 | (1,756,315 | ) | |||||
PagerDuty, Inc. | 93,580 | (2,536,954 | ) | |||||
Palantir Technologies, Inc., Class A | 9,076 | (86,222 | ) | |||||
Paycom Software, Inc. | 131 | (40,780 | ) | |||||
Paylocity Holding Corp. | 1,014 | (163,680 | ) | |||||
SAP SE, ADR(3) | 15,026 | (2,341,201 | ) | |||||
Slack Technologies, Inc., Class A | 16,920 | (454,471 | ) | |||||
SolarWinds Corp. | 479 | (9,743 | ) | |||||
Splunk, Inc. | 3,382 | (636,256 | ) | |||||
Trade Desk, Inc. (The), Class A | 5,701 | (2,957,565 | ) | |||||
Workday, Inc., Class A | 480 | (103,262 | ) | |||||
Zoom Video Communications, Inc., Class A | 1,281 | (602,211 | ) | |||||
|
| |||||||
(18,123,736 | ) | |||||||
|
| |||||||
Specialty Retail (1.4)% |
| |||||||
Carvana Co. | 225 | (50,188 | ) | |||||
Foot Locker, Inc. | 32,129 | (1,061,221 | ) | |||||
TJX Cos., Inc. (The) | 5,423 | (301,790 | ) | |||||
Tractor Supply Co. | 888 | (127,286 | ) | |||||
Ulta Beauty, Inc. | 2,367 | (530,161 | ) | |||||
|
| |||||||
(2,070,646 | ) | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (3.1)% |
| |||||||
Hewlett Packard Enterprise Co. | 141,021 | (1,321,367 | ) | |||||
NetApp, Inc. | 50,771 | (2,225,800 | ) | |||||
Seagate Technology PLC(3) | 23,936 | (1,179,327 | ) | |||||
|
| |||||||
(4,726,494 | ) | |||||||
|
| |||||||
Trading Companies & Distributors (2.6)% |
| |||||||
Air Lease Corp. | 91,652 | (2,696,402 | ) | |||||
Fastenal Co. | 10,105 | (455,634 | ) | |||||
HD Supply Holdings, Inc. | 2,538 | (104,667 | ) | |||||
MSC Industrial Direct Co., Inc., Class A | 3,561 | (225,340 | ) | |||||
Watsco, Inc. | 1,604 | (373,556 | ) | |||||
WESCO International, Inc. | 481 | (21,174 | ) | |||||
|
| |||||||
(3,876,773 | ) | |||||||
|
| |||||||
Water Utilities (0.1)% |
| |||||||
American Water Works Co., Inc. | 1,173 | (169,944 | ) | |||||
|
| |||||||
Wireless Telecommunication Services (0.5)% |
| |||||||
T-Mobile U.S., Inc. | 6,588 | (753,404 | ) | |||||
|
| |||||||
Total Common Stocks (Proceeds $529,153,319) |
| (514,344,999 | ) | |||||
|
| |||||||
Exchange-Traded Funds (136.3)% |
| |||||||
Communication Services Select Sector SPDR Fund | 67,577 | (4,014,074 | ) | |||||
Consumer Discretionary Select Sector SPDR Fund | 15,966 | (2,346,683 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
Investments | Shares | Value | ||||||
Exchange-Traded Funds | ||||||||
Consumer Staples Select Sector SPDR Fund | 102,283 | (6,556,340 | ) | |||||
ETFMG Prime Cyber Security ETF | 59,178 | (2,754,144 | ) | |||||
Financial Select Sector SPDR Fund | 128,611 | (3,095,667 | ) | |||||
Health Care Select Sector SPDR Fund | 39,373 | (4,153,064 | ) | |||||
Industrial Select Sector SPDR Fund | 107,510 | (8,276,120 | ) | |||||
Invesco QQQ Trust, Series 1 | 95,622 | (26,567,616 | ) | |||||
Invesco S&P 500 Low Volatility ETF | 9,348 | (501,427 | ) | |||||
iShares 20+ Year Treasury Bond ETF | 44 | (7,183 | ) | |||||
iShares China Large-Cap ETF | 70,418 | (2,957,556 | ) | |||||
iShares Expanded Tech-Software Sector ETF | 51,914 | (16,151,484 | ) | |||||
iShares MSCI Emerging Markets ETF | 3,511 | (154,800 | ) | |||||
iShares MSCI India ETF | 4,936 | (167,133 | ) | |||||
iShares Nasdaq Biotechnology ETF | 13,568 | (1,837,243 | ) | |||||
iShares Russell 2000 ETF | 160,642 | (24,062,565 | ) | |||||
iShares Russell 2000 Value ETF | 23,713 | (2,355,412 | ) | |||||
iShares S&P 500 Value ETF | 5,091 | (572,483 | ) | |||||
iShares Transportation Average ETF | 11,382 | (2,264,221 | ) | |||||
iShares U.S. Real Estate ETF | 79,833 | (6,373,867 | ) | |||||
iShares U.S. Technology ETF | 62,567 | (18,837,047 | ) | |||||
Materials Select Sector SPDR Fund | 9,193 | (585,042 | ) | |||||
SPDR S&P 500 ETF Trust | 93,041 | (31,158,500 | ) | |||||
SPDR S&P Biotech ETF | 22,055 | (2,457,589 | ) | |||||
SPDR S&P Retail ETF | 1,402 | (69,623 | ) | |||||
SPDR S&P Semiconductor ETF | 54,585 | (6,862,972 | ) | |||||
United States Oil Fund L.P. | 42,647 | (1,206,484 | ) | |||||
Utilities Select Sector SPDR Fund | 282,333 | (16,764,934 | ) | |||||
VanEck Vectors Semiconductor ETF | 54,506 | (9,494,945 | ) | |||||
Vanguard Real Estate ETF | 50,594 | (3,994,902 | ) | |||||
|
| |||||||
Total Exchange-Traded Funds (Proceeds $201,097,039) |
| (206,601,120 | ) | |||||
|
| |||||||
Total Securities Sold Short (Proceeds $730,250,358) |
| (720,946,119 | ) | |||||
|
| |||||||
Total Investments, net of securities sold short (Cost $88,040,671) 66.2% |
| 100,333,211 | ||||||
Other assets, less liabilities 33.8% |
| 51,195,660 | ||||||
|
| |||||||
Net Assets 100.0% |
| $ | 151,528,871 | |||||
|
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s.
(1) | 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 September 30, 2020, is $532,761,598. |
(2) | Non-income producing. |
(3) | Foreign security. |
(4) | 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 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2020
At September 30, 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: GBP / Sell: USD | State Street Bank & Trust Co. | Buy | 7,358,000 | 9,477,191 | 10/30/20 | $ | 28,153 | $ | — | |||||||||||||||
Buy: EUR / Sell: USD | State Street Bank & Trust Co. | Buy | 1,496,000 | 1,746,533 | 10/30/20 | 8,315 | — | |||||||||||||||||
Buy: CHF / Sell: USD | State Street Bank & Trust Co. | Buy | 405,000 | 440,667 | 10/30/20 | 324 | — | |||||||||||||||||
Buy: CHF / Sell: USD | State Street Bank & Trust Co. | Buy | 136,000 | 147,717 | 10/30/20 | 368 | — | |||||||||||||||||
Buy: GBP / Sell: USD | State Street Bank & Trust Co. | Buy | 114,000 | 146,562 | 10/30/20 | 708 | — | |||||||||||||||||
Buy: EUR / Sell: USD | State Street Bank & Trust Co. | Buy | 18,000 | 21,140 | 10/30/20 | — | (25 | ) | ||||||||||||||||
Buy: USD / Sell: EUR | State Street Bank & Trust Co. | Sell | 156,000 | 182,851 | 10/30/20 | — | (141 | ) | ||||||||||||||||
Total Forward Currency Exchange Contracts | $ | 37,868 | $ | (166 | ) | |||||||||||||||||||
Net unrealized appreciation (depreciation) | $ | 37,702 | ||||||||||||||||||||||
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
September 30, 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 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”), 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 the ex-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
September 30, 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.
Notes to Schedule of Investments
September 30, 2020 (unaudited)
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 September 30, 2020, for valuing the Fund’s assets and liabilities.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
| ||||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: |
| |||||||||||||||
Common Stocks(1) | $ | 780,743,817 | $ | 3,719,474 | $ | — | $ | 784,463,291 | ||||||||
Exchange-Traded Funds | 36,434,374 | — | — | 36,434,374 | ||||||||||||
Rights | 315,265 | — | — | 315,265 | ||||||||||||
Warrants | — | 66,400 | — | 66,400 | ||||||||||||
|
|
| ||||||||||||||
Total Investments in Securities | 817,493,456 | 3,785,874 | — | 821,279,330 | ||||||||||||
Derivative Contracts: | ||||||||||||||||
Forward Exchange Contracts(2) | — | 37,868 | — | 37,868 | ||||||||||||
|
|
| ||||||||||||||
Total | $ | 817,493,456 | $ | 3,823,742 | $ | — | $ | 821,317,198 | ||||||||
|
|
| ||||||||||||||
Liabilities: | ||||||||||||||||
Securities Sold Short: |
| |||||||||||||||
Common Stocks(1) | $ | (514,344,999) | $ | — | $ | — | $ | (514,344,999) | ||||||||
Exchange-Traded Funds | (206,601,120) | — | — | (206,601,120) | ||||||||||||
|
|
| ||||||||||||||
Total Securities Sold Short | (720,946,119) | — | — | (720,946,119) | ||||||||||||
|
|
| ||||||||||||||
Derivative Contracts: | ||||||||||||||||
Forward Exchange Contracts(2) | — | (166) | — | (166) | ||||||||||||
|
|
| ||||||||||||||
Total | $ | (720,946,119) | $ | (166) | $ | — | $ | (720,946,285) | ||||||||
|
|
|
(1) Please refer to the Schedule 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 September 30, 2020 was 14,402,833 and 15,785,930, 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
September 30, 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 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 now 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 Adviser 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).
Notes to Schedule of Investments
September 30, 2020 (unaudited)
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.
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 September 30, 2020.
As of September 30, 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 $583,915 (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 period ended September 30, 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 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.
8. Subsequent Events
From October 1, 2020 through October 29, 2020, the Fund had two additional subscriptions totaling $75,000,000.