Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Long Investments 367.2% | ||||||||
Common Stocks 357.6% | ||||||||
Aerospace & Defense 3.2% | ||||||||
Curtiss-Wright Corp.(1),(2) | 6,345 | $ | 882,970 | |||||
General Dynamics Corp.(1),(2) | 4,036 | 856,318 | ||||||
Howmet Aerospace, Inc.(1) | 2,423 | 74,944 | ||||||
TransDigm Group, Inc.(1) | 8,357 | 4,385,921 | ||||||
|
|
| ||||||
6,200,153 | ||||||||
|
|
| ||||||
Air Freight & Logistics 8.8% | ||||||||
C.H. Robinson Worldwide, Inc.(1),(2) | 77,153 | 7,430,606 | ||||||
FedEx Corp.(1) | 26,856 | 3,987,310 | ||||||
Forward Air Corp.(1) | 59,826 | 5,399,895 | ||||||
|
|
| ||||||
16,817,811 | ||||||||
|
|
| ||||||
Airlines 1.4% | ||||||||
Allegiant Travel Co.(1),(3) | 14,540 | 1,061,129 | ||||||
Copa Holdings S.A., Class A(3),(4) | 15,927 | 1,067,268 | ||||||
Delta Air Lines, Inc.(1),(3) | 23,210 | 651,273 | ||||||
|
|
| ||||||
2,779,670 | ||||||||
|
|
| ||||||
Auto Components 1.9% | ||||||||
Aptiv PLC(1),(3),(4) | 22,796 | 1,782,875 | ||||||
Autoliv, Inc.(1),(2) | 21,693 | 1,445,405 | ||||||
Luminar Technologies, Inc.(1),(2),(3) | 14,635 | 106,616 | ||||||
Tenneco, Inc., Class A(1),(3) | 18,357 | 319,228 | ||||||
|
|
| ||||||
3,654,124 | ||||||||
|
|
| ||||||
Automobiles 5.4% | ||||||||
General Motors Co.(1) | 185,368 | 5,948,459 | ||||||
Tesla, Inc.(1),(3) | 17,049 | 4,522,247 | ||||||
|
|
| ||||||
10,470,706 | ||||||||
|
|
| ||||||
Banks 26.9% | ||||||||
Banner Corp.(1) | 36,286 | 2,143,777 | ||||||
BOK Financial Corp.(1) | 22,537 | 2,002,638 | ||||||
Cadence Bank(1),(2) | 80,354 | 2,041,795 | ||||||
Citizens Financial Group, Inc.(1),(2) | 120,096 | 4,126,498 | ||||||
Columbia Banking System, Inc.(1),(2) | 83,345 | 2,407,837 | ||||||
Cullen/Frost Bankers, Inc.(1) | 10,178 | 1,345,735 | ||||||
First Horizon Corp.(1) | 139,667 | 3,198,374 | ||||||
FNB Corp.(1) | 232,076 | 2,692,082 | ||||||
Hancock Whitney Corp.(1) | 58,142 | 2,663,485 | ||||||
JPMorgan Chase & Co.(1),(2) | 53,151 | 5,554,279 | ||||||
M&T Bank Corp.(1),(2) | 30,776 | 5,426,424 | ||||||
Old National Bancorp(1) | 92,763 | 1,527,807 | ||||||
Renasant Corp.(1),(2) | 40,956 | 1,281,104 | ||||||
Texas Capital Bancshares, Inc.(1),(3) | 8,824 | 520,881 | ||||||
Umpqua Holdings Corp.(1) | 17,851 | 305,074 | ||||||
Veritex Holdings, Inc.(1) | 25,895 | 688,548 | ||||||
Webster Financial Corp.(1),(2) | 46,768 | 2,113,914 | ||||||
Wells Fargo & Co.(1) | 85,258 | 3,429,077 | ||||||
Wintrust Financial Corp.(1) | 57,620 | 4,698,911 | ||||||
Zions Bancorp NA(1),(2) | 66,999 | 3,407,569 | ||||||
|
|
| ||||||
51,575,809 | ||||||||
|
|
| ||||||
Beverages 6.3% | ||||||||
Celsius Holdings, Inc.(3) | 2,923 | 265,057 | ||||||
Constellation Brands, Inc., Class A(1) | 18,151 | 4,168,922 | ||||||
Monster Beverage Corp.(1),(2),(3) | 43,000 | 3,739,280 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Beverages |
| |||||||
PepsiCo, Inc.(1),(2) | 24,434 | 3,989,095 | ||||||
|
|
| ||||||
12,162,354 | ||||||||
|
|
| ||||||
Biotechnology 6.3% | ||||||||
AbbVie, Inc.(1) | 24,073 | 3,230,837 | ||||||
Albireo Pharma, Inc.(3) | 172 | 3,330 | ||||||
Aldeyra Therapeutics, Inc.(3) | 22,580 | 120,577 | ||||||
Altimmune, Inc.(1),(2),(3) | 4,187 | 53,468 | ||||||
Apellis Pharmaceuticals, Inc.(1),(2),(3) | 1,731 | 118,227 | ||||||
Argenx SE, ADR(1),(3),(4) | 581 | 205,122 | ||||||
Aurinia Pharmaceuticals, Inc.(1),(2),(3),(4) | 5,209 | 39,172 | ||||||
Autolus Therapeutics PLC, ADR(3),(4) | 907 | 1,941 | ||||||
AVEO Pharmaceuticals, Inc.(2),(3) | 16,892 | 139,021 | ||||||
BELLUS Health, Inc.(1),(3),(4) | 834 | 8,807 | ||||||
Biogen, Inc.(1),(3) | 2,385 | 636,795 | ||||||
BioMarin Pharmaceutical, Inc.(1),(3) | 3,109 | 263,550 | ||||||
BioNTech SE, ADR(1),(4) | 2,484 | 335,042 | ||||||
Dynavax Technologies Corp.(1),(2),(3) | 3,674 | 38,357 | ||||||
Eiger BioPharmaceuticals, Inc.(2),(3) | 21,332 | 160,630 | ||||||
Exact Sciences Corp.(2),(3) | 14,226 | 462,203 | ||||||
Exelixis, Inc.(1),(3) | 41,452 | 649,967 | ||||||
FibroGen, Inc.(1),(3) | 762 | 9,914 | ||||||
Gilead Sciences, Inc.(1) | 28,482 | 1,757,055 | ||||||
Heron Therapeutics, Inc.(2),(3) | 13,369 | 56,417 | ||||||
Horizon Therapeutics PLC(1),(3),(4) | 2,887 | 178,676 | ||||||
Incyte Corp.(1),(3) | 326 | 21,725 | ||||||
Insmed, Inc.(2),(3) | 25,369 | 546,448 | ||||||
Karyopharm Therapeutics, Inc.(3) | 5,864 | 32,017 | ||||||
Merus N.V.(1),(3),(4) | 185 | 3,705 | ||||||
Natera, Inc.(1),(3) | 12,378 | 542,404 | ||||||
Prometheus Biosciences, Inc.(1),(3) | 302 | 17,821 | ||||||
Regeneron Pharmaceuticals, Inc.(1),(3) | 906 | 624,116 | ||||||
Rigel Pharmaceuticals, Inc.(3) | 13,388 | 15,798 | ||||||
Sage Therapeutics, Inc.(1),(3) | 591 | 23,144 | ||||||
Seagen, Inc.(1),(2),(3) | 2,753 | 376,693 | ||||||
Travere Therapeutics, Inc.(1),(3) | 15,448 | 380,639 | ||||||
United Therapeutics Corp.(1),(3) | 1,342 | 280,988 | ||||||
Vertex Pharmaceuticals, Inc.(1),(3) | 2,157 | 624,538 | ||||||
Viridian Therapeutics, Inc.(1),(3) | 8,810 | 180,693 | ||||||
|
|
| ||||||
12,139,837 | ||||||||
|
|
| ||||||
Building Products 2.3% | ||||||||
Fortune Brands Home & Security, Inc.(1) | 13,036 | 699,903 | ||||||
Johnson Controls International PLC(1) | 13,004 | 640,057 | ||||||
Lennox International, Inc.(1) | 3,291 | 732,807 | ||||||
Masco Corp.(1),(2) | 10,534 | 491,832 | ||||||
Owens Corning(1) | 2,236 | 175,772 | ||||||
Trane Technologies PLC(1),(4) | 11,001 | 1,593,055 | ||||||
|
|
| ||||||
4,333,426 | ||||||||
|
|
| ||||||
Capital Markets 13.7% | ||||||||
Affiliated Managers Group, Inc.(1),(2) | 23,963 | 2,680,262 | ||||||
Ameriprise Financial, Inc.(1) | 10,633 | 2,678,984 | ||||||
Blue Owl Capital, Inc., Class A(1),(2) | 217,827 | 2,010,543 | ||||||
Carlyle Group, Inc. (The)(1),(2) | 78,832 | 2,037,019 | ||||||
Cowen, Inc., Class A | 12,369 | 477,938 | ||||||
Interactive Brokers Group, Inc., Class A(1) | 64,358 | 4,113,120 | ||||||
Lazard Ltd., Class A(1) | 69,398 | 2,208,938 | ||||||
Northern Trust Corp.(1),(2) | 39,278 | 3,360,626 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Capital Markets |
| |||||||
Robinhood Markets, Inc., Class A(3) | 65,542 | 661,974 | ||||||
State Street Corp.(1),(2) | 99,478 | 6,049,257 | ||||||
|
|
| ||||||
26,278,661 | ||||||||
|
|
| ||||||
Chemicals 2.4% | ||||||||
Albemarle Corp.(1) | 174 | 46,013 | ||||||
CF Industries Holdings, Inc.(1) | 674 | 64,872 | ||||||
Corteva, Inc.(1),(2) | 20,569 | 1,175,518 | ||||||
DuPont de Nemours, Inc.(1),(2) | 17,929 | 903,622 | ||||||
Nutrien Ltd.(1),(4) | 15,308 | 1,276,381 | ||||||
RPM International, Inc.(2) | 3,240 | 269,924 | ||||||
Sociedad Quimica y Minera de Chile S.A., ADR(4) | 8,700 | 789,525 | ||||||
|
|
| ||||||
4,525,855 | ||||||||
|
|
| ||||||
Commercial Services & Supplies 1.8% | ||||||||
ACV Auctions, Inc., Class A(1),(2),(3) | 219,949 | 1,581,433 | ||||||
Driven Brands Holdings, Inc.(1),(3) | 16,802 | 470,120 | ||||||
IAA, Inc.(1),(2),(3) | 45,127 | 1,437,295 | ||||||
|
|
| ||||||
3,488,848 | ||||||||
|
|
| ||||||
Communications Equipment 4.9% | ||||||||
ADTRAN Holdings, Inc.(1),(2) | 101,728 | 1,991,834 | ||||||
Calix, Inc.(1),(2),(3) | 1,430 | 87,430 | ||||||
Ciena Corp.(1),(2),(3) | 23,593 | 953,865 | ||||||
CommScope Holding Co., Inc.(1),(2),(3) | 654,621 | 6,029,060 | ||||||
Telefonaktiebolaget LM Ericsson, ADR(1),(4) | 50,966 | 292,545 | ||||||
|
|
| ||||||
9,354,734 | ||||||||
|
|
| ||||||
Construction & Engineering 0.5% | ||||||||
MasTec, Inc.(1),(2),(3) | 1,212 | 76,962 | ||||||
Quanta Services, Inc.(1),(2) | 4,700 | 598,733 | ||||||
WillScot Mobile Mini Holdings Corp.(1),(3) | 5,677 | 228,953 | ||||||
|
|
| ||||||
904,648 | ||||||||
|
|
| ||||||
Construction Materials 0.5% | ||||||||
Cemex S.A.B. de C.V., ADR(2),(3),(4) | 273,417 | 937,821 | ||||||
Vulcan Materials Co.(1) | 430 | 67,815 | ||||||
|
|
| ||||||
1,005,636 | ||||||||
|
|
| ||||||
Consumer Finance 4.3% | ||||||||
American Express Co.(1) | 20,065 | 2,706,969 | ||||||
Discover Financial Services(1) | 43,981 | 3,998,752 | ||||||
Encore Capital Group, Inc.(3) | 1,492 | 67,856 | ||||||
PRA Group, Inc.(3) | 4,446 | 146,096 | ||||||
SoFi Technologies, Inc.(2),(3) | 276,735 | 1,350,467 | ||||||
|
|
| ||||||
8,270,140 | ||||||||
|
|
| ||||||
Containers & Packaging 2.4% | ||||||||
Ardagh Metal Packaging S.A.(4) | 782,613 | 3,787,847 | ||||||
Avery Dennison Corp.(2) | 3,129 | 509,088 | ||||||
Graphic Packaging Holding Co.(1),(2) | 14,500 | 286,230 | ||||||
|
|
| ||||||
4,583,165 | ||||||||
|
|
| ||||||
Diversified Consumer Services 0.4% | ||||||||
2U, Inc.(3) | 48,945 | 305,906 | ||||||
European Wax Center, Inc., Class A(1) | 711 | 13,118 | ||||||
New Oriental Education & Technology Group, Inc., ADR(1),(3),(4) | 17,635 | 422,711 | ||||||
|
|
| ||||||
741,735 | ||||||||
|
|
| ||||||
Diversified Financial Services 9.5% | ||||||||
Aequi Acquisition Corp.(3) | 55,839 | 557,273 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Diversified Financial Services | ||||||||
Aequi Acquisition Corp., Class A(3) | 26,623 | 265,697 | ||||||
Anzu Special Acquisition Corp. I, Class A(1),(3) | 11,398 | 111,928 | ||||||
Apollo Global Management, Inc.(1),(2) | 101,227 | 4,707,055 | ||||||
Apollo Strategic Growth Capital II(1),(3),(4) | 1,043 | 10,326 | ||||||
Argus Capital Corp., Class A(3) | 52,664 | 529,273 | ||||||
Atlas Crest Investment Corp. II(3) | 9,270 | 91,217 | ||||||
Aurora Acquisition Corp., Class A(3),(4) | 21,157 | 209,243 | ||||||
Beard Energy Transition Acquisition Corp.(3) | 11,996 | 120,920 | ||||||
Broadscale Acquisition Corp., Class A(3) | 22,768 | 224,265 | ||||||
Carney Technology Acquisition Corp. II(3) | 9,695 | 96,368 | ||||||
CENAQ Energy Corp., Class A(3) | 13,736 | 138,596 | ||||||
Churchill Capital Corp. VI(3) | 10,205 | 100,825 | ||||||
Churchill Capital Corp. VII(3) | 17,791 | 175,243 | ||||||
Conyers Park III Acquisition Corp.(3) | 416,606 | 4,074,407 | ||||||
Direct Selling Acquisition Corp.(3) | 8,360 | 84,770 | ||||||
Edify Acquisition Corp.(3) | 1,794 | 17,779 | ||||||
Everest Consolidator Acquisition Corp.(3) | 16,822 | 169,397 | ||||||
Financial Strategies Acquisition Corp., Class A(3) | 40,406 | 405,272 | ||||||
Fortress Capital Acquisition Corp.(3),(4) | 4,669 | 46,457 | ||||||
Fortress Value Acquisition Corp. IV(3) | 4,666 | 45,867 | ||||||
Frazier Lifesciences Acquisition Corp.(3),(4) | 4,797 | 48,690 | ||||||
GigCapital5, Inc.(3) | 12,536 | 126,990 | ||||||
Global Partner Acquisition Corp. II(3),(4) | 4,148 | 41,273 | ||||||
Golden Falcon Acquisition Corp.(3) | 5,530 | 55,300 | ||||||
Gores Holdings VII, Inc.(3) | 7,971 | 78,435 | ||||||
Gores Technology Partners II, Inc., Class A(1),(3) | 15,960 | 156,727 | ||||||
Gores Technology Partners, Inc.(3) | 11,400 | 112,176 | ||||||
Hudson Executive Investment Corp. II(3) | 4,362 | 43,028 | ||||||
Hudson Executive Investment Corp. III(3) | 10,361 | 101,849 | ||||||
HumanCo Acquisition Corp., Class A(3) | 278,581 | 2,771,881 | ||||||
Lazard Growth Acquisition Corp. I(3),(4) | 5,700 | 56,544 | ||||||
Longview Acquisition Corp. II(3) | 11,188 | 109,866 | ||||||
MDH Acquisition Corp., Class A(3) | 21,005 | 206,899 | ||||||
North Mountain Merger Corp., Class A(3) | 14,010 | 140,240 | ||||||
Northern Star Investment Corp. III(3) | 11,398 | 112,156 | ||||||
Pine Technology Acquisition Corp., Class A(3) | 21,014 | 206,357 | ||||||
Pontem Corp.(3),(4) | 4,781 | 47,571 | ||||||
Priveterra Acquisition Corp.(3) | 5,669 | 55,726 | ||||||
PropTech Investment Corp. II(3) | 7,044 | 70,229 | ||||||
Revolution Healthcare Acquisition Corp.(3) | 5,698 | 55,954 | ||||||
RMG Acquisition Corp. III(3) | 4,165 | 41,442 | ||||||
Schultze Special Purpose Acquisition Corp. II(3) | 22,559 | 224,462 | ||||||
ScION Tech Growth I(3),(4) | 6,940 | 69,122 | ||||||
ScION Tech Growth II(3),(4) | 7,587 | 75,339 | ||||||
Senior Connect Acquisition Corp. I, Class A(1),(3) | 7,744 | 77,014 | ||||||
Simon Property Group Acquisition Holdings, Inc.(3) | 20,433 | 201,061 | ||||||
Tishman Speyer Innovation Corp. II(3) | 10,753 | 106,025 | ||||||
TLG Acquisition One Corp.(3) | 4,852 | 47,841 | ||||||
Turmeric Acquisition Corp.(3),(4) | 6,073 | 61,277 | ||||||
Vector Acquisition Corp. II, Class A(1),(3),(4) | 10,946 | 108,475 | ||||||
Velocity Acquisition Corp., Class A(3) | 14,633 | 143,842 | ||||||
Warburg Pincus Capital Corp. I-A(3),(4) | 11,400 | 113,202 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Diversified Financial Services |
| |||||||
Williams Rowland Acquisition Corp.(3) | 13,602 | 137,448 | ||||||
|
|
| ||||||
18,186,619 | ||||||||
|
|
| ||||||
Diversified Telecommunication Services 0.4% | ||||||||
AT&T, Inc.(1),(2) | 52,548 | 806,086 | ||||||
|
|
| ||||||
Electric Utilities 0.2% | ||||||||
NextEra Energy, Inc.(1) | 4,677 | 366,724 | ||||||
PG&E Corp.(1),(3) | 902 | 11,275 | ||||||
|
|
| ||||||
377,999 | ||||||||
|
|
| ||||||
Electrical Equipment 4.7% | ||||||||
AMETEK, Inc.(1) | 24,144 | 2,738,171 | ||||||
Eaton Corp. PLC(1),(4) | 23,391 | 3,119,424 | ||||||
Emerson Electric Co.(1),(2) | 3,582 | 262,274 | ||||||
Enovix Corp.(1),(2),(3) | 5,821 | 106,728 | ||||||
Generac Holdings, Inc.(1),(2),(3) | 1,745 | 310,854 | ||||||
Hubbell, Inc., Class B(1) | 513 | 114,399 | ||||||
nVent Electric PLC(1),(4) | 9,280 | 293,341 | ||||||
Regal Rexnord Corp.(1),(2) | 4,760 | 668,114 | ||||||
Rockwell Automation, Inc.(1) | 6,263 | 1,347,234 | ||||||
|
|
| ||||||
8,960,539 | ||||||||
|
|
| ||||||
Electronic Equipment, Instruments & Components 0.5% | ||||||||
Coherent Corp.(1),(2),(3) | 4,388 | 152,922 | ||||||
Mirion Technologies, Inc.(1),(2),(3) | 11,064 | 82,648 | ||||||
Rogers Corp.(1),(2),(3) | 2,626 | 635,177 | ||||||
|
|
| ||||||
870,747 | ||||||||
|
|
| ||||||
Energy Equipment & Services 6.4% | ||||||||
ChampionX Corp.(2) | 213,063 | 4,169,643 | ||||||
Core Laboratories N.V.(4) | 1,217 | 16,405 | ||||||
Halliburton Co.(1) | 59,905 | 1,474,861 | ||||||
Patterson-UTI Energy, Inc. | 62,543 | 730,502 | ||||||
Schlumberger N.V.(1),(2),(4) | 87,098 | 3,126,818 | ||||||
TechnipFMC PLC(3),(4) | 221,927 | 1,877,503 | ||||||
Tenaris S.A., ADR(1),(4) | 25,467 | 658,067 | ||||||
Transocean Ltd.(3),(4) | 118,633 | 293,024 | ||||||
|
|
| ||||||
12,346,823 | ||||||||
|
|
| ||||||
Entertainment 4.9% | ||||||||
Activision Blizzard, Inc.(1) | 20,600 | 1,531,404 | ||||||
Electronic Arts, Inc. | 1,225 | 141,745 | ||||||
Liberty Media Corp-Liberty Formula One, Class C(1),(2),(3) | 14,353 | 839,651 | ||||||
Netflix, Inc.(1),(3) | 13,059 | 3,074,611 | ||||||
Take-Two Interactive Software, Inc.(1),(3) | 9,777 | 1,065,693 | ||||||
Walt Disney Co. (The)(1),(3) | 6,895 | 650,405 | ||||||
Warner Bros Discovery, Inc.(1),(3) | 33,730 | 387,895 | ||||||
Warner Music Group Corp., Class A(1) | 18,111 | 420,356 | ||||||
World Wrestling Entertainment, Inc., Class A(1),(2) | 17,484 | 1,226,852 | ||||||
|
|
| ||||||
9,338,612 | ||||||||
|
|
| ||||||
Food & Staples Retailing 0.8% | ||||||||
Albertsons Cos., Inc., Class A(1) | 23,547 | 585,379 | ||||||
US Foods Holding Corp.(1),(3) | 2,975 | 78,659 | ||||||
Walmart, Inc.(1) | 6,766 | 877,550 | ||||||
|
|
| ||||||
1,541,588 | ||||||||
|
|
| ||||||
Food Products 16.7% | ||||||||
Bunge Ltd.(1),(4) | 43,707 | 3,608,887 | ||||||
Conagra Brands, Inc.(1) | 62,254 | 2,031,348 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Food Products |
| |||||||
Darling Ingredients, Inc.(1),(3) | 20,366 | 1,347,211 | ||||||
Hershey Co. (The)(1) | 25,898 | 5,709,732 | ||||||
Hostess Brands, Inc., Class A(1),(2),(3) | 147,153 | 3,419,836 | ||||||
Ingredion, Inc.(1) | 14,565 | 1,172,774 | ||||||
JM Smucker Co. (The)(2) | 11,552 | 1,587,360 | ||||||
Kraft Heinz Co. (The)(1),(2) | 189,866 | 6,332,031 | ||||||
Lamb Weston Holdings, Inc.(1),(2) | 7,810 | 604,338 | ||||||
Post Holdings, Inc.(1),(3) | 18,427 | 1,509,356 | ||||||
Simply Good Foods Co. (The)(1),(3) | 51,516 | 1,647,997 | ||||||
Sovos Brands, Inc.(1),(2),(3) | 64,309 | 915,760 | ||||||
TreeHouse Foods, Inc.(1),(2),(3) | 30,355 | 1,287,659 | ||||||
Utz Brands, Inc.(1),(2) | 53,791 | 812,244 | ||||||
|
|
| ||||||
31,986,533 | ||||||||
|
|
| ||||||
Health Care Equipment & Supplies 6.6% | ||||||||
Abbott Laboratories(1) | 11,722 | 1,134,221 | ||||||
ABIOMED, Inc.(1),(2),(3) | 1,179 | 289,633 | ||||||
Baxter International, Inc.(1),(2) | 32,985 | 1,776,572 | ||||||
Boston Scientific Corp.(1),(3) | 29,490 | 1,142,148 | ||||||
Cardiovascular Systems, Inc.(1),(3) | 91 | 1,261 | ||||||
CVRX, Inc.(3) | 14,118 | 131,721 | ||||||
DexCom, Inc.(1),(2),(3) | 25,217 | 2,030,977 | ||||||
Edwards Lifesciences Corp.(1),(3) | 12,741 | 1,052,789 | ||||||
Haemonetics Corp.(1),(3) | 3,347 | 247,778 | ||||||
IDEXX Laboratories, Inc.(1),(2),(3) | 1,551 | 505,316 | ||||||
Inari Medical, Inc.(1),(2),(3) | 5,835 | 423,854 | ||||||
Insulet Corp.(1),(2),(3) | 1,542 | 353,735 | ||||||
Medtronic PLC(1),(4) | 3,120 | 251,940 | ||||||
Outset Medical, Inc.(2),(3) | 705 | 11,231 | ||||||
Penumbra, Inc.(1),(2),(3) | 6,290 | 1,192,584 | ||||||
Shockwave Medical, Inc.(1),(3) | 262 | 72,854 | ||||||
STAAR Surgical Co.(1),(2),(3) | 2,764 | 195,000 | ||||||
Tandem Diabetes Care, Inc.(2),(3) | 3,019 | 144,459 | ||||||
Teleflex, Inc.(1),(2) | 2,910 | 586,249 | ||||||
Zimmer Biomet Holdings, Inc.(1),(2) | 11,100 | 1,160,505 | ||||||
|
|
| ||||||
12,704,827 | ||||||||
|
|
| ||||||
Health Care Providers & Services 9.7% | ||||||||
AMN Healthcare Services, Inc.(1),(3) | 2,065 | 218,807 | ||||||
Cano Health, Inc.(1),(2),(3) | 42,637 | 369,663 | ||||||
Cardinal Health, Inc.(1) | 9,006 | 600,520 | ||||||
Chemed Corp.(1),(2) | 1,645 | 718,141 | ||||||
Cigna Corp.(1),(2) | 5,586 | 1,549,948 | ||||||
CVS Health Corp.(1),(2) | 20,452 | 1,950,507 | ||||||
Encompass Health Corp.(1) | 19,071 | 862,581 | ||||||
Enhabit, Inc.(1),(2),(3) | 9,003 | 126,402 | ||||||
Guardant Health, Inc.(1),(2),(3) | 409 | 22,017 | ||||||
HCA Healthcare, Inc.(1) | 537 | 98,695 | ||||||
HealthEquity, Inc.(1),(3) | 14,687 | 986,526 | ||||||
Humana, Inc.(1) | 8,907 | 4,321,587 | ||||||
McKesson Corp.(1),(2) | 4,696 | 1,596,030 | ||||||
Molina Healthcare, Inc.(1),(3) | 7,925 | 2,613,982 | ||||||
Oak Street Health, Inc.(2),(3) | 10,293 | 252,384 | ||||||
Option Care Health, Inc.(1),(2),(3) | 18,242 | 574,076 | ||||||
Pennant Group, Inc. (The)(3) | 2,840 | 29,564 | ||||||
Privia Health Group, Inc.(1),(2),(3) | 5,272 | 179,564 | ||||||
Signify Health, Inc., Class A(1),(2),(3) | 3,442 | 100,334 | ||||||
Surgery Partners, Inc.(1),(2),(3) | 14,279 | 334,129 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Health Care Providers & Services |
| |||||||
Tenet Healthcare Corp.(1),(3) | 20,520 | 1,058,422 | ||||||
|
|
| ||||||
18,563,879 | ||||||||
|
|
| ||||||
Health Care Technology 0.9% | ||||||||
Change Healthcare, Inc.(1),(3) | 41,936 | 1,152,821 | ||||||
Evolent Health, Inc., Class A(1),(3) | 12,910 | 463,856 | ||||||
Inspire Medical Systems, Inc.(1),(3) | 582 | 103,229 | ||||||
|
|
| ||||||
1,719,906 | ||||||||
|
|
| ||||||
Hotels, Restaurants & Leisure 23.3% | ||||||||
Airbnb, Inc., Class A(1),(2),(3) | 4,966 | 521,629 | ||||||
BJ’s Restaurants, Inc.(1),(2),(3) | 30,381 | 724,587 | ||||||
Boyd Gaming Corp.(1) | 82,409 | 3,926,789 | ||||||
Brinker International, Inc.(1),(3) | 42,166 | 1,053,307 | ||||||
Dave & Buster’s Entertainment, Inc.(1),(3) | 14,475 | 449,159 | ||||||
Domino’s Pizza, Inc.(1),(2) | 6,252 | 1,939,370 | ||||||
DraftKings, Inc., Class A(1),(2),(3) | 44,111 | 667,841 | ||||||
Hilton Worldwide Holdings, Inc.(1),(2) | 74,887 | 9,032,870 | ||||||
Hyatt Hotels Corp., Class A(1),(3) | 17,575 | 1,422,872 | ||||||
Jack in the Box, Inc.(1) | 24,115 | 1,786,198 | ||||||
Las Vegas Sands Corp.(1),(2),(3) | 189,613 | 7,114,280 | ||||||
Marriott Vacations Worldwide Corp.(1) | 527 | 64,220 | ||||||
Norwegian Cruise Line Holdings Ltd.(3) | 5,381 | 61,128 | ||||||
Planet Fitness, Inc., Class A(1),(2),(3) | 21,818 | 1,258,026 | ||||||
Restaurant Brands International, Inc.(1),(2),(4) | 36,714 | 1,952,450 | ||||||
Royal Caribbean Cruises Ltd.(1),(3),(4) | 159,476 | 6,044,140 | ||||||
Sweetgreen, Inc., Class A(1),(2),(3) | 12,602 | 233,137 | ||||||
Texas Roadhouse, Inc., Class A(1) | 27,501 | 2,399,737 | ||||||
Travel + Leisure Co.(1) | 2,432 | 82,980 | ||||||
Wyndham Hotels & Resorts, Inc.(1) | 508 | 31,166 | ||||||
Wynn Resorts Ltd.(3) | 6,691 | 421,734 | ||||||
Yum! Brands, Inc.(1) | 33,979 | 3,613,327 | ||||||
|
|
| ||||||
44,800,947 | ||||||||
|
|
| ||||||
Household Durables 0.1% | ||||||||
Vizio Holding Corp., Class A(1),(2),(3) | 20,480 | 178,995 | ||||||
|
|
| ||||||
Household Products 4.8% | ||||||||
Clorox Co. (The)(1) | 4,653 | 597,399 | ||||||
Colgate-Palmolive Co.(1) | 50,884 | 3,574,601 | ||||||
Procter & Gamble Co. (The)(1),(2) | 40,380 | 5,097,975 | ||||||
|
|
| ||||||
9,269,975 | ||||||||
|
|
| ||||||
Industrial Conglomerates 0.0% | ||||||||
Honeywell International, Inc.(1) | 264 | 44,080 | ||||||
|
|
| ||||||
Insurance 0.0% | ||||||||
Syncora Holdings Ltd.(4) | 56,504 | 2,034 | ||||||
|
|
| ||||||
Interactive Media & Services 2.0% | ||||||||
Alphabet, Inc., Class A(1),(3) | 11,431 | 1,093,375 | ||||||
Match Group, Inc.(1),(3) | 6,783 | 323,888 | ||||||
Meta Platforms, Inc., Class A(1),(3) | 13,389 | 1,816,620 | ||||||
Pinterest, Inc., Class A(1),(2),(3) | 16,007 | 372,963 | ||||||
Vimeo, Inc.(1),(3) | 55,248 | 220,992 | ||||||
|
|
| ||||||
3,827,838 | ||||||||
|
|
| ||||||
Internet & Direct Marketing Retail 1.7% | ||||||||
Alibaba Group Holding Ltd., ADR(1),(3),(4) | 7,612 | 608,884 | ||||||
Altaba, Inc.(3) | 148,076 | 555,285 | ||||||
Amazon.com, Inc.(1),(3) | 17,342 | 1,959,646 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Internet & Direct Marketing Retail |
| |||||||
Xometry, Inc., Class A(1),(2),(3) | 2,870 | 162,987 | ||||||
|
|
| ||||||
3,286,802 | ||||||||
|
|
| ||||||
IT Services 3.3% | ||||||||
Akamai Technologies, Inc.(1),(2),(3) | 3,491 | 280,397 | ||||||
DXC Technology Co.(3) | 863 | 21,126 | ||||||
EPAM Systems, Inc.(1),(3) | 1,461 | 529,160 | ||||||
MoneyGram International, Inc.(3) | 23,166 | 240,927 | ||||||
Okta, Inc.(2),(3) | 16,110 | 916,176 | ||||||
PayPal Holdings, Inc.(1),(3) | 40,533 | 3,488,675 | ||||||
Snowflake, Inc., Class A(1),(3) | 610 | 103,676 | ||||||
Switch, Inc., Class A(1),(2) | 22,715 | 765,268 | ||||||
Twilio, Inc., Class A(1),(3) | 674 | 46,600 | ||||||
|
|
| ||||||
6,392,005 | ||||||||
|
|
| ||||||
Leisure Products 0.7% | ||||||||
Callaway Golf Co.(1),(2),(3) | 51,813 | 997,918 | ||||||
Peloton Interactive, Inc., Class A(1),(2),(3) | 44,351 | 307,353 | ||||||
|
|
| ||||||
1,305,271 | ||||||||
|
|
| ||||||
Life Sciences Tools & Services 3.1% | ||||||||
Bio-Rad Laboratories, Inc., Class A(1),(3) | 1,234 | 514,751 | ||||||
Charles River Laboratories International, Inc.(1),(3) | 3,502 | 689,193 | ||||||
Danaher Corp.(1),(2) | 10,030 | 2,590,649 | ||||||
IQVIA Holdings, Inc.(1),(3) | 2,434 | 440,895 | ||||||
Pacific Biosciences of California, Inc.(1),(2),(3) | 11,567 | 67,146 | ||||||
QIAGEN N.V.(1),(3),(4) | 11,928 | 492,388 | ||||||
Repligen Corp.(1),(2),(3) | 1,989 | 372,162 | ||||||
SomaLogic, Inc.(1),(2),(3) | 206,121 | 597,751 | ||||||
Standard BioTools, Inc.(3) | 181 | 199 | ||||||
Syneos Health, Inc.(1),(3) | 4,017 | 189,401 | ||||||
|
|
| ||||||
5,954,535 | ||||||||
|
|
| ||||||
Machinery 7.1% | ||||||||
Cummins, Inc.(1),(2) | 11,006 | 2,239,831 | ||||||
Deere & Co.(1) | 4,918 | 1,642,071 | ||||||
Flowserve Corp.(1),(2) | 73,544 | 1,787,119 | ||||||
Fortive Corp.(1),(2) | 19,520 | 1,138,016 | ||||||
Ingersoll Rand, Inc.(1),(2) | 20,127 | 870,694 | ||||||
Otis Worldwide Corp.(1) | 5,812 | 370,806 | ||||||
Parker-Hannifin Corp.(1) | 8,596 | 2,082,897 | ||||||
Proto Labs, Inc.(1),(2),(3) | 15,041 | 547,944 | ||||||
Timken Co. (The)(1) | 7,338 | 433,235 | ||||||
Trinity Industries, Inc.(1),(2) | 118,343 | 2,526,623 | ||||||
|
|
| ||||||
13,639,236 | ||||||||
|
|
| ||||||
Marine 0.2% | ||||||||
Star Bulk Carriers Corp.(4) | 18,528 | 323,869 | ||||||
|
|
| ||||||
Media 2.9% | ||||||||
comScore, Inc.(2),(3) | 2,186,975 | 3,608,509 | ||||||
Criteo S.A., ADR(1),(3),(4) | 6,226 | 168,289 | ||||||
DISH Network Corp., Class A(2),(3) | 4,499 | 62,221 | ||||||
Fox Corp., Class A(1),(2) | 16,408 | 503,398 | ||||||
Gray Television, Inc.(1),(2) | 16,917 | 242,251 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A(1),(3) | 1,720 | 65,480 | ||||||
Nexstar Media Group, Inc., Class A(1),(2) | 1,899 | 316,848 | ||||||
Shaw Communications, Inc., Class B(1),(4) | 13,185 | 320,659 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Media |
| |||||||
TEGNA, Inc.(1) | 14,775 | 305,547 | ||||||
|
|
| ||||||
5,593,202 | ||||||||
|
|
| ||||||
Metals & Mining 4.9% | ||||||||
Alcoa Corp.(1),(2) | 24,760 | 833,422 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 9,779 | 1,338,158 | ||||||
Barrick Gold Corp.(4) | 1,702 | 26,381 | ||||||
Carpenter Technology Corp.(2) | 77,590 | 2,416,153 | ||||||
Cleveland-Cliffs, Inc.(1),(2),(3) | 21,727 | 292,663 | ||||||
MP Materials Corp.(1),(2),(3) | 14,485 | 395,440 | ||||||
Sigma Lithium Corp.(3),(4) | 24,780 | 673,768 | ||||||
Teck Resources Ltd., Class B(1),(4) | 32,156 | 977,864 | ||||||
Vale S.A., ADR(1),(4) | 57,940 | 771,761 | ||||||
Warrior Met Coal, Inc.(1) | 60,891 | 1,731,740 | ||||||
Yamana Gold, Inc.(1),(4) | 8,325 | 37,712 | ||||||
|
|
| ||||||
9,495,062 | ||||||||
|
|
| ||||||
Multi-Utilities 0.1% | ||||||||
Sempra Energy(1),(2) | 1,145 | 171,681 | ||||||
|
|
| ||||||
Multiline Retail 0.7% | ||||||||
Dollar Tree, Inc.(2),(3) | 5,799 | 789,244 | ||||||
Kohl’s Corp.(1),(2) | 20,344 | 511,652 | ||||||
|
|
| ||||||
1,300,896 | ||||||||
|
|
| ||||||
Oil, Gas & Consumable Fuels 32.7% | ||||||||
Alliance Resource Partners L.P. | 67,390 | 1,543,231 | ||||||
Antero Resources Corp.(2),(3) | 68,124 | 2,079,826 | ||||||
Arch Resources, Inc. | 15,513 | 1,839,842 | ||||||
Chesapeake Energy Corp. | 37,826 | 3,563,588 | ||||||
Chord Energy Corp.(2) | 13,747 | 1,880,177 | ||||||
ConocoPhillips(1),(2) | 60,741 | 6,216,234 | ||||||
CONSOL Energy, Inc. | 32,596 | 2,096,575 | ||||||
Devon Energy Corp.(1),(2) | 54,604 | 3,283,339 | ||||||
Diamondback Energy, Inc.(1),(2) | 26,292 | 3,167,134 | ||||||
EOG Resources, Inc.(1) | 36,454 | 4,073,005 | ||||||
Exxon Mobil Corp.(1),(2) | 3,015 | 263,240 | ||||||
Magnolia Oil & Gas Corp., Class A(2) | 43,130 | 854,405 | ||||||
Marathon Oil Corp.(1),(2) | 155,644 | 3,514,442 | ||||||
Marathon Petroleum Corp.(1) | 13,058 | 1,297,051 | ||||||
Matador Resources Co.(2) | 46,399 | 2,269,839 | ||||||
Murphy Oil Corp. | 107,585 | 3,783,764 | ||||||
Northern Oil and Gas, Inc.(1) | 98,120 | 2,689,469 | ||||||
Occidental Petroleum Corp.(1) | 52,031 | 3,197,305 | ||||||
PDC Energy, Inc.(2) | 18,583 | 1,073,912 | ||||||
Peabody Energy Corp.(2),(3) | 130,954 | 3,250,278 | ||||||
Petroleo Brasileiro S.A., ADR(1),(4) | 59,846 | 738,500 | ||||||
Phillips 66(1) | 10,039 | 810,348 | ||||||
Pioneer Natural Resources Co.(1),(2) | 14,029 | 3,037,699 | ||||||
Range Resources Corp.(2) | 97,905 | 2,473,080 | ||||||
SM Energy Co. | 77,581 | 2,917,821 | ||||||
Southwestern Energy Co.(2),(3) | 46,077 | 281,991 | ||||||
Valero Energy Corp.(1),(2) | 4,893 | 522,817 | ||||||
|
|
| ||||||
62,718,912 | ||||||||
|
|
| ||||||
Paper & Forest Products 0.1% | ||||||||
Louisiana-Pacific Corp. | 4,952 | 253,493 | ||||||
|
|
| ||||||
Personal Products 2.2% | ||||||||
Coty, Inc., Class A(1),(2),(3) | 146,148 | 923,655 | ||||||
elf Beauty, Inc.(1),(3) | 40,851 | 1,536,815 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Personal Products |
| |||||||
Estee Lauder Cos., Inc. (The), Class A(1) | 7,775 | 1,678,623 | ||||||
|
|
| ||||||
4,139,093 | ||||||||
|
|
| ||||||
Pharmaceuticals 6.5% | ||||||||
AstraZeneca PLC, ADR(1),(4) | 58,589 | 3,213,021 | ||||||
Bausch Health Cos., Inc.(1),(3) | 5,936 | 40,899 | ||||||
Catalent, Inc.(1),(2),(3) | 9,132 | 660,791 | ||||||
Contra Zogenix, Inc.(3) | 40,508 | 30,381 | ||||||
Eli Lilly & Co.(1) | 12,099 | 3,912,212 | ||||||
Intra-Cellular Therapies, Inc.(1),(3) | 564 | 26,243 | ||||||
Jazz Pharmaceuticals PLC(1),(3),(4) | 7,751 | 1,033,131 | ||||||
Merck & Co., Inc.(1) | 19,877 | 1,711,807 | ||||||
Relmada Therapeutics, Inc.(1),(3) | 1,163 | 43,054 | ||||||
Royalty Pharma PLC, Class A(4) | 1,442 | 57,940 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(1),(2),(3),(4) | 45,754 | 369,235 | ||||||
Tricida, Inc.(1),(3) | 2,925 | 30,654 | ||||||
Zoetis, Inc.(1),(2) | 9,229 | 1,368,568 | ||||||
|
|
| ||||||
12,497,936 | ||||||||
|
|
| ||||||
Professional Services 1.6% | ||||||||
KBR, Inc.(1),(2) | 3,833 | 165,662 | ||||||
Nielsen Holdings PLC(1),(4) | 103,679 | 2,873,982 | ||||||
|
|
| ||||||
3,039,644 | ||||||||
|
|
| ||||||
Real Estate Investment Trusts 74.0% | ||||||||
Acadia Realty Trust(1),(2) | 278,426 | 3,513,736 | ||||||
American Homes 4 Rent, Class A(1) | 205,838 | 6,753,545 | ||||||
Americold Realty Trust, Inc.(1) | 169,333 | 4,165,592 | ||||||
AvalonBay Communities, Inc.(1),(2) | 16,404 | 3,021,453 | ||||||
Boston Properties, Inc.(1),(2) | 113,656 | 8,520,790 | ||||||
Brandywine Realty Trust(1) | 149,639 | 1,010,063 | ||||||
Brixmor Property Group, Inc.(1) | 246,544 | 4,553,668 | ||||||
Broadstone Net Lease, Inc.(1) | 337,558 | 5,242,276 | ||||||
Cousins Properties, Inc.(1),(2) | 124,189 | 2,899,813 | ||||||
CubeSmart(1),(2) | 108,510 | 4,346,911 | ||||||
Douglas Emmett, Inc.(1) | 199,980 | 3,585,641 | ||||||
Duke Realty Corp.(1) | 35,511 | 1,711,630 | ||||||
Essential Properties Realty Trust, Inc.(1) | 323,932 | 6,300,477 | ||||||
Federal Realty OP L.P.(1),(2) | 14,118 | 1,272,314 | ||||||
Healthpeak Properties, Inc.(1) | 271,558 | 6,224,109 | ||||||
Highwoods Properties, Inc.(1),(2) | 507,494 | 13,682,038 | ||||||
LXP Industrial Trust(1),(2) | 4,105 | 37,602 | ||||||
National Health Investors, Inc.(1),(2) | 16,043 | 906,911 | ||||||
National Retail Properties, Inc.(1),(2) | 169,069 | 6,739,090 | ||||||
Paramount Group, Inc.(1) | 14,760 | 91,955 | ||||||
Prologis, Inc.(1),(2) | 52,899 | 5,374,538 | ||||||
Public Storage(1) | 19,431 | 5,689,591 | ||||||
Regency Centers Corp.(1) | 68,646 | 3,696,587 | ||||||
Retail Opportunity Investments Corp. | 353,694 | 4,866,829 | ||||||
Rexford Industrial Realty, Inc.(1) | 35,697 | 1,856,244 | ||||||
Sabra Health Care REIT, Inc.(1),(2) | 583,788 | 7,659,299 | ||||||
Spirit Realty Capital, Inc.(1) | 171,853 | 6,214,205 | ||||||
STORE Capital Corp.(1) | 20,596 | 645,273 | ||||||
Sun Communities, Inc.(1),(2) | 5,826 | 788,433 | ||||||
UDR, Inc.(1),(2) | 148,804 | 6,206,615 | ||||||
Ventas, Inc.(1),(2) | 267,362 | 10,739,932 | ||||||
VICI Properties, Inc.(2) | 45,074 | 1,345,459 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Real Estate Investment Trusts |
| |||||||
Washington Real Estate Investment Trust(1),(2) | 135,547 | 2,380,205 | ||||||
|
|
| ||||||
142,042,824 | ||||||||
|
|
| ||||||
Road & Rail 5.4% | ||||||||
ArcBest Corp.(1),(2) | 2,847 | 207,062 | ||||||
Canadian Pacific Railway Ltd.(1),(2),(4) | 20,910 | 1,395,115 | ||||||
CSX Corp.(1),(2) | 109,941 | 2,928,828 | ||||||
FTAI Infrastructure, Inc.(3) | 3,004 | 7,210 | ||||||
Heartland Express, Inc.(1) | 5,629 | 80,551 | ||||||
Hertz Global Holdings, Inc.(1),(2),(3) | 20,555 | 334,635 | ||||||
JB Hunt Transport Services, Inc.(1),(2) | 2,078 | 325,041 | ||||||
Old Dominion Freight Line, Inc.(1),(2) | 1,453 | 361,463 | ||||||
Ryder System, Inc.(1),(2) | 45,754 | 3,453,969 | ||||||
Saia, Inc.(1),(2),(3) | 1,168 | 221,920 | ||||||
Uber Technologies, Inc.(1),(3) | 23,384 | 619,676 | ||||||
XPO Logistics, Inc.(1),(3) | 11,626 | 517,590 | ||||||
|
|
| ||||||
10,453,060 | ||||||||
|
|
| ||||||
Semiconductors & Semiconductor Equipment 2.3% | ||||||||
Advanced Micro Devices, Inc.(1),(2),(3) | 21,987 | 1,393,096 | ||||||
GLOBALFOUNDRIES, Inc.(1),(3),(4) | 1,486 | 71,848 | ||||||
MACOM Technology Solutions Holdings, Inc.(1),(3) | 752 | 38,946 | ||||||
QUALCOMM, Inc.(1) | 21,743 | 2,456,524 | ||||||
Ultra Clean Holdings, Inc.(1),(2),(3) | 2,782 | 71,637 | ||||||
Wolfspeed, Inc.(1),(2),(3) | 4,401 | 454,888 | ||||||
|
|
| ||||||
4,486,939 | ||||||||
|
|
| ||||||
Software 10.8% | ||||||||
Adobe, Inc.(3) | 683 | 187,962 | ||||||
Atlassian Corp. PLC, Class A(1),(3),(4) | 638 | 134,356 | ||||||
Avalara, Inc.(1),(3) | 2,071 | 190,118 | ||||||
Bill.com Holdings, Inc.(1),(2),(3) | 1,717 | 227,279 | ||||||
BTRS Holdings, Inc.(3) | 33,612 | 311,247 | ||||||
Cipher Mining, Inc.(3) | 371,278 | 467,810 | ||||||
Citrix Systems, Inc.(1),(2) | 2,976 | 309,206 | ||||||
Descartes Systems Group, Inc. (The)(1),(3),(4) | 5,061 | 321,525 | ||||||
Domo, Inc., Class B(3) | 38,430 | 691,356 | ||||||
ForgeRock, Inc., Class A(3) | 38,418 | 558,214 | ||||||
Freshworks, Inc., Class A(1),(3) | 4,432 | 57,483 | ||||||
Gitlab, Inc., Class A(1),(3) | 3,426 | 175,480 | ||||||
HubSpot, Inc.(1),(3) | 731 | 197,458 | ||||||
Intuit, Inc.(1),(2) | 1,529 | 592,212 | ||||||
KnowBe4, Inc., Class A(1),(3) | 21,817 | 454,012 | ||||||
LiveRamp Holdings, Inc.(3) | 2,905 | 52,755 | ||||||
Manhattan Associates, Inc.(1),(3) | 11,923 | 1,586,117 | ||||||
Microsoft Corp.(1) | 14,299 | 3,330,237 | ||||||
Monday.com Ltd.(1),(3),(4) | 1,451 | 164,456 | ||||||
Nutanix, Inc., Class A(1),(3) | 5,535 | 115,294 | ||||||
Oracle Corp.(1),(2) | 24,239 | 1,480,276 | ||||||
Paycom Software, Inc.(1),(3) | 1,077 | 355,399 | ||||||
Paylocity Holding Corp.(1),(2),(3) | 4,362 | 1,053,772 | ||||||
RingCentral, Inc., Class A(1),(3) | 498 | 19,900 | ||||||
Riskified Ltd., Class A(3),(4) | 25,540 | 100,628 | ||||||
Roper Technologies, Inc.(2) | 836 | 300,659 | ||||||
Salesforce, Inc.(1),(3) | 6,253 | 899,432 | ||||||
SentinelOne, Inc., Class A(1),(3) | 3,714 | 94,930 | ||||||
ServiceNow, Inc.(1),(2),(3) | 2,410 | 910,040 | ||||||
Sumo Logic, Inc.(2),(3) | 109,870 | 824,025 | ||||||
Tenable Holdings, Inc.(1),(3) | 7,634 | 265,663 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Software |
| |||||||
Trade Desk, Inc. (The), Class A(2),(3) | 13,994 | 836,142 | ||||||
Varonis Systems, Inc., Class B(2),(3) | 5,831 | 154,638 | ||||||
Verint Systems, Inc.(1),(2),(3) | 20,356 | 683,554 | ||||||
Workday, Inc., Class A(1),(3) | 11,375 | 1,731,502 | ||||||
Workiva, Inc.(3) | 5,816 | 452,485 | ||||||
Zscaler, Inc.(1),(2),(3) | 3,271 | 537,654 | ||||||
|
|
| ||||||
20,825,276 | ||||||||
|
|
| ||||||
Specialty Retail 4.5% |
| |||||||
AutoZone, Inc.(1),(2),(3) | 1,306 | 2,797,361 | ||||||
Burlington Stores, Inc.(3) | 10,182 | 1,139,264 | ||||||
Home Depot, Inc. (The)(1) | 3,078 | 849,343 | ||||||
Lithia Motors, Inc., Class A(1) | 3,419 | 733,546 | ||||||
Sonic Automotive, Inc., Class A(1),(2) | 30,029 | 1,300,256 | ||||||
TJX Cos., Inc. (The)(1) | 28,945 | 1,798,063 | ||||||
|
|
| ||||||
8,617,833 | ||||||||
|
|
| ||||||
Technology Hardware, Storage & Peripherals 0.4% |
| |||||||
Apple, Inc.(1) | 3,846 | 531,517 | ||||||
Pure Storage, Inc., Class A(1),(3) | 12,294 | 336,487 | ||||||
|
|
| ||||||
868,004 | ||||||||
|
|
| ||||||
Textiles, Apparel & Luxury Goods 0.1% |
| |||||||
Tapestry, Inc.(1),(2) | 8,698 | 247,284 | ||||||
|
|
| ||||||
Thrifts & Mortgage Finance 1.5% |
| |||||||
Mr. Cooper Group, Inc.(1),(3) | 72,876 | 2,951,478 | ||||||
|
|
| ||||||
Trading Companies & Distributors 5.2% |
| |||||||
Air Lease Corp., Class A(1),(2) | 110,490 | 3,426,295 | ||||||
Beacon Roofing Supply, Inc.(1),(3) | 4,816 | 263,531 | ||||||
Ferguson PLC(1),(4) | 18,946 | 1,950,112 | ||||||
Fortress Transportation and Infrastructure Investors LLC, Class A(1) | 117,381 | 1,760,128 | ||||||
MRC Global, Inc.(1),(3) | 75,608 | 543,621 | ||||||
United Rentals, Inc.(1),(3) | 5,055 | 1,365,457 | ||||||
WESCO International, Inc.(1),(2),(3) | 5,336 | 637,012 | ||||||
|
|
| ||||||
9,946,156 | ||||||||
|
|
| ||||||
Wireless Telecommunication Services 0.7% |
| |||||||
NII Holdings, Inc.(3) | 174,048 | 60,917 | ||||||
T-Mobile U.S., Inc.(1),(2),(3) | 8,959 | 1,202,029 | ||||||
|
|
| ||||||
1,262,946 | ||||||||
|
|
| ||||||
Total Common Stocks (Cost $746,703,310) | 686,628,776 | |||||||
|
|
| ||||||
Exchange-Traded Funds 8.5% |
| |||||||
ARK Innovation ETF(1) | 59,797 | 2,256,141 | ||||||
Direxion Daily MSCI Brazil Bull 2X Shares, Class B(1) | 1,000 | 72,580 | ||||||
Invesco S&P 500 Equal Weight ETF(1) | 19,546 | 2,487,815 | ||||||
Invesco S&P 500 Low Volatility ETF(1) | 4,697 | 271,627 | ||||||
iShares 20+ Year Treasury Bond ETF(1) | 64,746 | 6,633,228 | ||||||
iShares Russell 2000 ETF | 4,126 | 680,460 | ||||||
iShares U.S. Real Estate ETF | 1,722 | 140,205 | ||||||
ProShares UltraPro QQQ(1) | 900 | 17,388 | ||||||
ProShares UltraShort 20+ Year Treasury ETF(3) | 1,588 | 50,514 | ||||||
ProShares VIX Short-Term Futures ETF(3) | 130,479 | 2,231,191 | ||||||
SPDR S&P Oil & Gas Exploration & Production ETF | 882 | 110,003 |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Exchange-Traded Funds |
| |||||||
United States Oil Fund L.P.(3) | 20,010 | 1,306,253 | ||||||
|
|
| ||||||
Total Exchange-Traded Funds (Cost $16,389,349) | 16,257,405 | |||||||
|
|
| ||||||
Limited Partnerships 0.6% |
| |||||||
Chemicals 0.6% |
| |||||||
CVR Partners, L.P. | 4,784 | 547,433 | ||||||
CVR Partners, L.P.(1) | 5,410 | 619,066 | ||||||
|
|
| ||||||
Total Limited Partnerships (Cost $1,250,590) | 1,166,499 | |||||||
|
|
| ||||||
Closed-End Mutual Funds 0.4% |
| |||||||
Closed-End Mutual Funds 0.4% |
| |||||||
Sprott Physical Gold Trust(3),(4) | 59,379 | 760,051 | ||||||
|
|
| ||||||
Total Closed-End Mutual Funds (Cost $868,313) | 760,051 | |||||||
|
|
| ||||||
Warrants 0.1% |
| |||||||
Biotechnology 0.0% |
| |||||||
EQRx, Inc.(3) | 33,681 | 26,945 | ||||||
|
|
| ||||||
Diversified Financial Services 0.0% |
| |||||||
Aequi Acquisition Corp., Class A(3) | 8,874 | 333 | ||||||
Argus Capital Corp., Class A(3) | 50,166 | 7,470 | ||||||
CENAQ Energy Corp., Class A(3),(4) | 10,302 | 1,875 | ||||||
Financial Strategies Acquisition Corp.(3) | 40,406 | 1,818 | ||||||
Gores Technology Partners II, Inc.(3) | 3,126 | 500 | ||||||
HumanCo Acquisition Corp., Class A(3) | 150,043 | 16,475 | ||||||
|
|
| ||||||
28,471 | ||||||||
|
|
| ||||||
Health Care Providers & Services 0.0% |
| |||||||
Sema4 Holdings Corp.(3) | 304,201 | 54,771 | ||||||
|
|
| ||||||
Health Care Technology 0.0% |
| |||||||
Multiplan Corp.(3) | 4,362 | 1,036 | ||||||
|
|
| ||||||
Life Sciences Tools & Services 0.1% |
| |||||||
SomaLogic, Inc.(3) | 120,844 | 56,193 | ||||||
|
|
| ||||||
Total Warrants (Cost $1,400,906) | 167,416 | |||||||
|
|
| ||||||
Rights 0.0% |
| |||||||
Diversified Financial Services 0.0% |
| |||||||
Financial Strategies Acquisition Corp.(3) | 40,406 | 2,212 | ||||||
|
|
| ||||||
Total Rights (Cost $9,509) | 2,212 | |||||||
|
|
| ||||||
Total Long Investments (Cost $766,621,977) | 704,982,359 | |||||||
|
|
| ||||||
Securities Sold Short (5)(301.2)% |
| |||||||
Common Stocks (243.0)% |
| |||||||
Aerospace & Defense (2.4)% |
| |||||||
Boeing Co. (The) | 37,282 | (4,514,105 | ) | |||||
|
|
| ||||||
Air Freight & Logistics (4.0)% |
| |||||||
Atlas Air Worldwide Holdings, Inc. | 6,676 | (638,025 | ) | |||||
Expeditors International of Washington, Inc. | 44,807 | (3,956,906 | ) | |||||
GXO Logistics, Inc. | 8,463 | (296,713 | ) | |||||
Hub Group, Inc., Class A | 2,858 | (197,145 | ) | |||||
United Parcel Service, Inc., Class B | 15,782 | (2,549,424 | ) | |||||
|
|
| ||||||
(7,638,213 | ) | |||||||
|
|
| ||||||
Airlines (0.0)% |
| |||||||
JetBlue Airways Corp. | 9,434 | (62,547 | ) | |||||
|
|
| ||||||
Auto Components (0.5)% |
| |||||||
Lear Corp. | 6,371 | (762,545 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Auto Components |
| |||||||
QuantumScape Corp. | 33,134 | (278,657 | ) | |||||
|
|
| ||||||
(1,041,202 | ) | |||||||
|
|
| ||||||
Automobiles (2.6)% | ||||||||
Ford Motor Co. | 194,684 | (2,180,461 | ) | |||||
Stellantis N.V.(4) | 169,125 | (2,002,440 | ) | |||||
Tesla, Inc. | 2,835 | (751,983 | ) | |||||
|
|
| ||||||
(4,934,884 | ) | |||||||
|
|
| ||||||
Banks (20.4)% | ||||||||
Ameris Bancorp | 23,663 | (1,057,973 | ) | |||||
Bank OZK | 44,419 | (1,757,216 | ) | |||||
BankUnited, Inc. | 33,708 | (1,151,802 | ) | |||||
Citigroup, Inc. | 116,186 | (4,841,471 | ) | |||||
Comerica, Inc. | 28,402 | (2,019,382 | ) | |||||
East West Bancorp, Inc. | 40,330 | (2,707,756 | ) | |||||
Fifth Third Bancorp | 21,780 | (696,089 | ) | |||||
First Citizens BancShares, Inc., Class A | 582 | (464,104 | ) | |||||
First Hawaiian, Inc. | 28,455 | (700,847 | ) | |||||
First Republic Bank | 25,640 | (3,347,302 | ) | |||||
Hilltop Holdings, Inc. | 53,713 | (1,334,768 | ) | |||||
Home BancShares, Inc. | 58,000 | (1,305,580 | ) | |||||
Huntington Bancshares, Inc. | 203,630 | (2,683,843 | ) | |||||
KeyCorp | 255,162 | (4,087,695 | ) | |||||
Prosperity Bancshares, Inc. | 39,204 | (2,614,123 | ) | |||||
Simmons First National Corp., Class A | 28,611 | (623,434 | ) | |||||
SVB Financial Group | 10,348 | (3,474,651 | ) | |||||
Truist Financial Corp. | 97,904 | (4,262,740 | ) | |||||
|
|
| ||||||
(39,130,776 | ) | |||||||
|
|
| ||||||
Beverages (7.7)% | ||||||||
Anheuser-Busch InBev S.A., ADR(4) | 15,383 | (694,696 | ) | |||||
Brown-Forman Corp., Class B | 21,727 | (1,446,367 | ) | |||||
Coca-Cola Co. (The) | 132,799 | (7,439,400 | ) | |||||
Keurig Dr Pepper, Inc. | 35,739 | (1,280,171 | ) | |||||
Molson Coors Beverage Co., Class B | 40,782 | (1,957,128 | ) | |||||
National Beverage Corp. | 49,820 | (1,920,063 | ) | |||||
|
|
| ||||||
(14,737,825 | ) | |||||||
|
|
| ||||||
Biotechnology (2.2)% | ||||||||
ADC Therapeutics S.A.(4) | 2,368 | (11,414 | ) | |||||
Amgen, Inc. | 2,525 | (569,135 | ) | |||||
Arcturus Therapeutics Holdings, Inc. | 9,712 | (143,932 | ) | |||||
Arcus Biosciences, Inc. | 2,817 | (73,693 | ) | |||||
Avidity Biosciences, Inc. | 5,342 | (87,235 | ) | |||||
Beam Therapeutics, Inc. | 1,753 | (83,513 | ) | |||||
BeiGene Ltd., ADR(4) | 1,412 | (190,366 | ) | |||||
Caribou Biosciences, Inc. | 8,582 | (90,540 | ) | |||||
Compass Pathways PLC, ADR(4) | 6,689 | (71,773 | ) | |||||
Design Therapeutics, Inc. | 10,171 | (170,059 | ) | |||||
Editas Medicine, Inc., Class A | 10,799 | (132,180 | ) | |||||
Erasca, Inc. | 20,828 | (162,458 | ) | |||||
Graphite Bio, Inc. | 5,639 | (17,876 | ) | |||||
IGM Biosciences, Inc. | 3,561 | (80,977 | ) | |||||
Ionis Pharmaceuticals, Inc. | 4,064 | (179,751 | ) | |||||
iTeos Therapeutics, Inc. | 4,230 | (80,581 | ) | |||||
Kodiak Sciences, Inc. | 15,972 | (123,623 | ) | |||||
Krystal Biotech, Inc. | 343 | (23,907 | ) | |||||
Kymera Therapeutics, Inc. | 2,115 | (46,044 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Biotechnology |
| |||||||
Moderna, Inc. | 7,263 | (858,850 | ) | |||||
Nkarta, Inc. | 10,172 | (133,863 | ) | |||||
Novavax, Inc. | 7,566 | (137,701 | ) | |||||
Praxis Precision Medicines, Inc. | 2,816 | (6,392 | ) | |||||
Recursion Pharmaceuticals, Inc., Class A | 10,097 | (107,432 | ) | |||||
Rhythm Pharmaceuticals, Inc. | 4,356 | (106,722 | ) | |||||
Rocket Pharmaceuticals, Inc. | 6,494 | (103,644 | ) | |||||
Seres Therapeutics, Inc. | 9,884 | (63,455 | ) | |||||
SQZ Biotechnologies Co. | 2,247 | (5,123 | ) | |||||
Stoke Therapeutics, Inc. | 5,575 | (71,583 | ) | |||||
Taysha Gene Therapies, Inc. | 4,230 | (8,164 | ) | |||||
uniQure N.V.(4) | 4,538 | (85,133 | ) | |||||
Vaxcyte, Inc. | 557 | (13,368 | ) | |||||
Verve Therapeutics, Inc. | 3,782 | (129,912 | ) | |||||
Y-mAbs Therapeutics, Inc. | 5,800 | (83,636 | ) | |||||
Zentalis Pharmaceuticals, Inc. | 2,903 | (62,879 | ) | |||||
|
|
| ||||||
(4,316,914 | ) | |||||||
|
|
| ||||||
Building Products (0.9)% | ||||||||
Allegion PLC(4) | 6,520 | (584,714 | ) | |||||
Carlisle Cos., Inc. | 2,928 | (821,040 | ) | |||||
JELD-WEN Holding, Inc. | 13,108 | (114,695 | ) | |||||
Lennox International, Inc. | 424 | (94,412 | ) | |||||
Owens Corning | 257 | (20,203 | ) | |||||
|
|
| ||||||
(1,635,064 | ) | |||||||
|
|
| ||||||
Capital Markets (11.9)% | ||||||||
Bank of New York Mellon Corp. (The) | 21,862 | (842,124 | ) | |||||
BlackRock, Inc. | 9,145 | (5,032,311 | ) | |||||
Blackstone Group, Inc. (The), Class A | 57,586 | (4,819,948 | ) | |||||
Evercore, Inc., Class A | 8,727 | (717,796 | ) | |||||
Goldman Sachs Group, Inc. (The) | 9,176 | (2,689,027 | ) | |||||
Janus Henderson Group PLC(4) | 66,739 | (1,355,469 | ) | |||||
KKR & Co., Inc., Class A | 16,104 | (692,472 | ) | |||||
Moelis & Co., Class A | 40,652 | (1,374,444 | ) | |||||
SEI Investments Co. | 13,366 | (655,602 | ) | |||||
State Street Corp. | 10,905 | (663,133 | ) | |||||
Stifel Financial Corp. | 36,250 | (1,881,738 | ) | |||||
T Rowe Price Group, Inc. | 19,546 | (2,052,525 | ) | |||||
|
|
| ||||||
(22,776,589 | ) | |||||||
|
|
| ||||||
Chemicals (0.5)% | ||||||||
Dow, Inc. | 9,798 | (430,426 | ) | |||||
Scotts Miracle-Gro Co. (The) | 3,595 | (153,686 | ) | |||||
Sherwin-Williams Co. (The) | 1,456 | (298,116 | ) | |||||
|
|
| ||||||
(882,228 | ) | |||||||
|
|
| ||||||
Commercial Services & Supplies (2.0)% | ||||||||
Clean Harbors, Inc. | 584 | (64,228 | ) | |||||
KAR Auction Services, Inc. | 93,397 | (1,043,244 | ) | |||||
Ritchie Bros Auctioneers, Inc.(4) | 14,308 | (893,964 | ) | |||||
Tetra Tech, Inc. | 10,796 | (1,387,610 | ) | |||||
Waste Connections, Inc.(4) | 2,614 | (353,230 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Commercial Services & Supplies |
| |||||||
Waste Management, Inc. | 875 | (140,184 | ) | |||||
|
|
| ||||||
(3,882,460 | ) | |||||||
|
|
| ||||||
Communications Equipment (0.6)% | ||||||||
Cisco Systems, Inc. | 26,452 | (1,058,080 | ) | |||||
|
|
| ||||||
Construction & Engineering (1.5)% | ||||||||
AECOM | 41,673 | (2,849,183 | ) | |||||
|
|
| ||||||
Consumer Finance (5.6)% | ||||||||
Ally Financial, Inc. | 97,226 | (2,705,799 | ) | |||||
American Express Co. | 9,869 | (1,331,427 | ) | |||||
Capital One Financial Corp. | 21,775 | (2,007,002 | ) | |||||
Navient Corp. | 49,864 | (732,502 | ) | |||||
OneMain Holdings, Inc. | 69,587 | (2,054,208 | ) | |||||
Synchrony Financial | 70,167 | (1,978,008 | ) | |||||
|
|
| ||||||
(10,808,946 | ) | |||||||
|
|
| ||||||
Containers & Packaging (0.9)% | ||||||||
Ball Corp. | 16,519 | (798,198 | ) | |||||
Crown Holdings, Inc. | 11,711 | (948,942 | ) | |||||
|
|
| ||||||
(1,747,140 | ) | |||||||
|
|
| ||||||
Distributors (2.1)% | ||||||||
Genuine Parts Co. | 24,604 | (3,673,869 | ) | |||||
Pool Corp. | 898 | (285,753 | ) | |||||
|
|
| ||||||
(3,959,622 | ) | |||||||
|
|
| ||||||
Diversified Consumer Services (0.2)% | ||||||||
Chegg, Inc. | 18,651 | (392,977 | ) | |||||
|
|
| ||||||
Diversified Telecommunication Services (0.9)% | ||||||||
Frontier Communications Parent, Inc. | 14,590 | (341,844 | ) | |||||
Lumen Technologies, Inc. | 96,446 | (702,127 | ) | |||||
Verizon Communications, Inc. | 15,965 | (606,191 | ) | |||||
|
|
| ||||||
(1,650,162 | ) | |||||||
|
|
| ||||||
Electric Utilities (0.0)% | ||||||||
PG&E Corp. | 902 | (11,275 | ) | |||||
|
|
| ||||||
Electrical Equipment (0.3)% | ||||||||
Acuity Brands, Inc. | 2,515 | (396,037 | ) | |||||
Vertiv Holdings Co., Class A | 10,779 | (104,772 | ) | |||||
|
|
| ||||||
(500,809 | ) | |||||||
|
|
| ||||||
Electronic Equipment, Instruments & Components (0.4)% | ||||||||
Amphenol Corp., Class A | 2,897 | (193,983 | ) | |||||
Corning, Inc. | 19,082 | (553,760 | ) | |||||
|
|
| ||||||
(747,743 | ) | |||||||
|
|
| ||||||
Energy Equipment & Services (2.1)% | ||||||||
Baker Hughes Co., Class A | 75,508 | (1,582,648 | ) | |||||
Halliburton Co. | 35,330 | (869,825 | ) | |||||
Nov, Inc. | 99,386 | (1,608,065 | ) | |||||
ProPetro Holding Corp. | 839 | (6,754 | ) | |||||
|
|
| ||||||
(4,067,292 | ) | |||||||
|
|
| ||||||
Entertainment (1.0)% | ||||||||
Electronic Arts, Inc. | 3,430 | (396,885 | ) | |||||
Endeavor Group Holdings, Inc., Class A | 20,912 | (423,677 | ) | |||||
Live Nation Entertainment, Inc. | 661 | (50,263 | ) | |||||
ROBLOX Corp., Class A | 15,970 | (572,365 | ) | |||||
Roku, Inc. | 2,525 | (142,410 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Entertainment |
| |||||||
Spotify Technology S.A.(4) | 2,913 | (251,392 | ) | |||||
|
|
| ||||||
(1,836,992 | ) | |||||||
|
|
| ||||||
Food & Staples Retailing (3.5)% | ||||||||
Casey’s General Stores, Inc. | 8,198 | (1,660,259 | ) | |||||
Costco Wholesale Corp. | 1,737 | (820,333 | ) | |||||
Kroger Co. (The) | 15,467 | (676,681 | ) | |||||
Performance Food Group Co. | 5,785 | (248,466 | ) | |||||
Sysco Corp. | 38,895 | (2,750,266 | ) | |||||
Walgreens Boots Alliance, Inc. | 17,676 | (555,026 | ) | |||||
|
|
| ||||||
(6,711,031 | ) | |||||||
|
|
| ||||||
Food Products (13.1)% | ||||||||
Archer-Daniels-Midland Co. | 44,001 | (3,539,880 | ) | |||||
B&G Foods, Inc. | 16,594 | (273,635 | ) | |||||
Campbell Soup Co. | 61,641 | (2,904,524 | ) | |||||
Flowers Foods, Inc. | 103,548 | (2,556,600 | ) | |||||
General Mills, Inc. | 42,289 | (3,239,760 | ) | |||||
Hain Celestial Group, Inc. (The) | 56,860 | (959,797 | ) | |||||
Kellogg Co. | 34,266 | (2,386,970 | ) | |||||
McCormick & Co., Inc. | 48,497 | (3,456,381 | ) | |||||
Mondelez International, Inc., Class A | 85,637 | (4,695,477 | ) | |||||
Tyson Foods, Inc., Class A | 17,094 | (1,127,007 | ) | |||||
|
|
| ||||||
(25,140,031 | ) | |||||||
|
|
| ||||||
Health Care Equipment & Supplies (2.4)% | ||||||||
Align Technology, Inc. | 2,249 | (465,790 | ) | |||||
Becton Dickinson and Co. | 8,573 | (1,910,322 | ) | |||||
Enovis Corp. | 4,800 | (221,136 | ) | |||||
Inmode Ltd.(4) | 6,468 | (188,284 | ) | |||||
Intuitive Surgical, Inc. | 3,807 | (713,584 | ) | |||||
Lantheus Holdings, Inc. | 813 | (57,178 | ) | |||||
Medtronic PLC(4) | 1,761 | (142,201 | ) | |||||
Novocure Ltd.(4) | 1,450 | (110,171 | ) | |||||
Stryker Corp. | 4,360 | (883,074 | ) | |||||
|
|
| ||||||
(4,691,740 | ) | |||||||
|
|
| ||||||
Health Care Providers & Services (6.9)% | ||||||||
1Life Healthcare, Inc. | 8,481 | (145,449 | ) | |||||
Acadia Healthcare Co., Inc. | 2,133 | (166,758 | ) | |||||
Alignment Healthcare, Inc. | 5,833 | (69,063 | ) | |||||
Amedisys, Inc. | 2,960 | (286,498 | ) | |||||
AmerisourceBergen Corp., Class A | 12,823 | (1,735,336 | ) | |||||
Centene Corp. | 9,090 | (707,293 | ) | |||||
DaVita, Inc. | 10,362 | (857,663 | ) | |||||
Elevance Health, Inc. | 3,421 | (1,553,955 | ) | |||||
Fresenius Medical Care AG & Co. KGaA, ADR(4) | 6,123 | (85,967 | ) | |||||
Laboratory Corp. of America Holdings | 11,757 | (2,407,951 | ) | |||||
LHC Group, Inc. | 3,539 | (579,193 | ) | |||||
Progyny, Inc. | 4,529 | (167,845 | ) | |||||
Quest Diagnostics, Inc. | 7,217 | (885,454 | ) | |||||
R1 RCM, Inc. | 10,569 | (195,843 | ) | |||||
UnitedHealth Group, Inc. | 6,316 | (3,189,833 | ) | |||||
Universal Health Services, Inc., Class B | 3,467 | (305,720 | ) | |||||
|
|
| ||||||
(13,339,821 | ) | |||||||
|
|
| ||||||
Health Care Technology (0.1)% | ||||||||
Certara, Inc. | 4,149 | (55,099 | ) | |||||
Doximity, Inc., Class A | 1,217 | (36,778 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Health Care Technology |
| |||||||
Schrodinger, Inc. | 3,379 | (84,407 | ) | |||||
|
|
| ||||||
(176,284 | ) | |||||||
|
|
| ||||||
Hotels, Restaurants & Leisure (10.5)% | ||||||||
Bally’s Corp. | 30,874 | (610,070 | ) | |||||
Booking Holdings, Inc. | 18 | (29,578 | ) | |||||
Carnival Corp.(4) | 460,094 | (3,234,461 | ) | |||||
Chipotle Mexican Grill, Inc. | 2,175 | (3,268,503 | ) | |||||
Choice Hotels International, Inc. | 23,164 | (2,536,921 | ) | |||||
Cracker Barrel Old Country Store, Inc. | 11,769 | (1,089,574 | ) | |||||
Dine Brands Global, Inc. | 21,170 | (1,345,565 | ) | |||||
Marriott International, Inc., Class A | 20,048 | (2,809,527 | ) | |||||
McDonald’s Corp. | 2,102 | (485,015 | ) | |||||
Papa John’s International, Inc. | 18,984 | (1,329,070 | ) | |||||
Penn National Gaming, Inc. | 19,590 | (538,921 | ) | |||||
Red Rock Resorts, Inc., Class A | 12,583 | (431,094 | ) | |||||
Ruth’s Hospitality Group, Inc. | 24,368 | (410,844 | ) | |||||
Scientific Games Corp., Class A | 12,305 | (527,638 | ) | |||||
SeaWorld Entertainment, Inc. | 8,739 | (397,712 | ) | |||||
Shake Shack, Inc., Class A | 11,791 | (530,359 | ) | |||||
Starbucks Corp. | 3,480 | (293,225 | ) | |||||
Wendy’s Co. (The) | 17,221 | (321,861 | ) | |||||
|
|
| ||||||
(20,189,938 | ) | |||||||
|
|
| ||||||
Household Durables (0.7)% | ||||||||
Helen of Troy Ltd.(4) | 2,634 | (254,023 | ) | |||||
Lennar Corp., Class A | 2,034 | (151,635 | ) | |||||
Mohawk Industries, Inc. | 1,991 | (181,559 | ) | |||||
Newell Brands, Inc. | 39,158 | (543,905 | ) | |||||
TopBuild Corp. | 436 | (71,844 | ) | |||||
Whirlpool Corp. | 1,409 | (189,947 | ) | |||||
|
|
| ||||||
(1,392,913 | ) | |||||||
|
|
| ||||||
Household Products (4.5)% | ||||||||
Church & Dwight Co., Inc. | 15,215 | (1,086,960 | ) | |||||
Kimberly-Clark Corp. | 67,389 | (7,583,958 | ) | |||||
|
|
| ||||||
(8,670,918 | ) | |||||||
|
|
| ||||||
Industrial Conglomerates (1.1)% | ||||||||
3M Co. | 6,554 | (724,217 | ) | |||||
General Electric Co. | 12,162 | (752,950 | ) | |||||
Honeywell International, Inc. | 3,490 | (582,725 | ) | |||||
|
|
| ||||||
(2,059,892 | ) | |||||||
|
|
| ||||||
Insurance (1.1)% | ||||||||
First American Financial Corp. | 43,649 | (2,012,219 | ) | |||||
Oscar Health, Inc., Class A | 8,579 | (42,809 | ) | |||||
|
|
| ||||||
(2,055,028 | ) | |||||||
|
|
| ||||||
Interactive Media & Services (0.7)% | ||||||||
Bumble, Inc., Class A | 7,505 | (161,282 | ) | |||||
fuboTV, Inc. | 30,458 | (108,126 | ) | |||||
Snap, Inc., Class A | 16,335 | (160,410 | ) | |||||
Twitter, Inc. | 15,589 | (683,422 | ) | |||||
ZoomInfo Technologies, Inc. | 4,171 | (173,764 | ) | |||||
|
|
| ||||||
(1,287,004 | ) | |||||||
|
|
| ||||||
Internet & Direct Marketing Retail (2.4)% | ||||||||
DoorDash, Inc., Class A | 8,435 | (417,111 | ) | |||||
eBay, Inc. | 90,817 | (3,342,974 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Internet & Direct Marketing Retail |
| |||||||
Trip.com Group Ltd., ADR(4) | 32,859 | (897,379 | ) | |||||
|
|
| ||||||
(4,657,464 | ) | |||||||
|
|
| ||||||
IT Services (1.4)% | ||||||||
Booz Allen Hamilton Holding Corp. | 14,411 | (1,330,856 | ) | |||||
International Business Machines Corp. | 2,251 | (267,441 | ) | |||||
MongoDB, Inc. | 5,790 | (1,149,663 | ) | |||||
|
|
| ||||||
(2,747,960 | ) | |||||||
|
|
| ||||||
Leisure Products (0.8)% | ||||||||
Brunswick Corp. | 23,643 | (1,547,434 | ) | |||||
|
|
| ||||||
Life Sciences Tools & Services (2.7)% | ||||||||
Adaptive Biotechnologies Corp. | 11,539 | (82,158 | ) | |||||
Agilent Technologies, Inc. | 2,875 | (349,456 | ) | |||||
Avantor, Inc. | 7,331 | (143,688 | ) | |||||
Bruker Corp. | 7,619 | (404,264 | ) | |||||
ICON PLC, ADR(4) | 5,026 | (923,678 | ) | |||||
Illumina, Inc. | 1,457 | (277,981 | ) | |||||
Olink Holding AB, ADR(4) | 9,379 | (113,861 | ) | |||||
PerkinElmer, Inc. | 7,140 | (859,156 | ) | |||||
Quanterix Corp. | 3,548 | (39,099 | ) | |||||
Seer, Inc., Class A | 5,631 | (43,584 | ) | |||||
Thermo Fisher Scientific, Inc. | 3,929 | (1,992,750 | ) | |||||
|
|
| ||||||
(5,229,675 | ) | |||||||
|
|
| ||||||
Machinery (4.9)% | ||||||||
AGCO Corp. | 2,233 | (214,748 | ) | |||||
Allison Transmission Holdings, Inc. | 4,944 | (166,909 | ) | |||||
Caterpillar, Inc. | 2,761 | (453,025 | ) | |||||
Chart Industries, Inc. | 3,324 | (612,779 | ) | |||||
Dover Corp. | 5,837 | (680,477 | ) | |||||
Gates Industrial Corp. PLC(4) | 30,948 | (302,053 | ) | |||||
IDEX Corp. | 2,362 | (472,046 | ) | |||||
Illinois Tool Works, Inc. | 10,723 | (1,937,110 | ) | |||||
Kennametal, Inc. | 21,689 | (446,360 | ) | |||||
Lincoln Electric Holdings, Inc. | 10,638 | (1,337,409 | ) | |||||
PACCAR, Inc. | 11,684 | (977,834 | ) | |||||
Pentair PLC(4) | 6,824 | (277,259 | ) | |||||
RBC Bearings, Inc. | 1,743 | (362,213 | ) | |||||
Snap-on, Inc. | 3,920 | (789,292 | ) | |||||
Stanley Black & Decker, Inc. | 3,782 | (284,444 | ) | |||||
Westinghouse Air Brake Technologies Corp. | 1,760 | (143,176 | ) | |||||
|
|
| ||||||
(9,457,134 | ) | |||||||
|
|
| ||||||
Marine (0.6)% | ||||||||
Kirby Corp. | 12,636 | (767,890 | ) | |||||
ZIM Integrated Shipping Services Ltd.(4) | 14,540 | (341,690 | ) | |||||
|
|
| ||||||
(1,109,580 | ) | |||||||
|
|
| ||||||
Media (2.1)% | ||||||||
Charter Communications, Inc., Class A | 3,519 | (1,067,489 | ) | |||||
Comcast Corp., Class A | 24,409 | (715,916 | ) | |||||
Integral Ad Science Holding Corp. | 3,294 | (23,848 | ) | |||||
New York Times Co. (The), Class A | 27,941 | (803,304 | ) | |||||
Omnicom Group, Inc. | 6,341 | (400,054 | ) | |||||
Paramount Global, Class B | 45,114 | (858,970 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Media |
| |||||||
Sinclair Broadcast Group, Inc., Class A | 12,537 | (226,794 | ) | |||||
|
|
| ||||||
(4,096,375 | ) | |||||||
|
|
| ||||||
Metals & Mining (3.5)% | ||||||||
BHP Group Ltd., ADR(4) | 44,602 | (2,231,884 | ) | |||||
Freeport-McMoRan, Inc. | 36,212 | (989,674 | ) | |||||
Hudbay Minerals, Inc.(4) | 74,341 | (299,594 | ) | |||||
Rio Tinto PLC, ADR(4) | 33,697 | (1,855,357 | ) | |||||
Southern Copper Corp. | 16,007 | (717,754 | ) | |||||
Steel Dynamics, Inc. | 4,152 | (294,585 | ) | |||||
United States Steel Corp. | 14,485 | (262,468 | ) | |||||
|
|
| ||||||
(6,651,316 | ) | |||||||
|
|
| ||||||
Mortgage Real Estate Investment (1.4)% | ||||||||
AGNC Investment Corp. | 159,995 | (1,347,158 | ) | |||||
Annaly Capital Management, Inc. | 78,651 | (1,349,651 | ) | |||||
|
|
| ||||||
(2,696,809 | ) | |||||||
|
|
| ||||||
Multiline Retail (0.2)% | ||||||||
Dollar General Corp. | 1,041 | (249,694 | ) | |||||
Target Corp. | 1,134 | (168,274 | ) | |||||
|
|
| ||||||
(417,968 | ) | |||||||
|
|
| ||||||
Oil, Gas & Consumable Fuels (20.6)% | ||||||||
APA Corp. | 89,619 | (3,064,074 | ) | |||||
BP PLC, ADR(4) | 93,936 | (2,681,873 | ) | |||||
Canadian Natural Resources Ltd.(4) | 63,001 | (2,933,956 | ) | |||||
Cenovus Energy, Inc.(4) | 148,810 | (2,287,210 | ) | |||||
Chevron Corp. | 25,452 | (3,656,689 | ) | |||||
CNX Resources Corp. | 174,166 | (2,704,798 | ) | |||||
Comstock Resources, Inc. | 92,014 | (1,590,922 | ) | |||||
Coterra Energy, Inc. | 62,516 | (1,632,918 | ) | |||||
Delek US Holdings, Inc. | 1,203 | (32,649 | ) | |||||
EQT Corp. | 46,496 | (1,894,712 | ) | |||||
Equinor ASA, ADR(4) | 37,094 | (1,228,182 | ) | |||||
Green Plains, Inc. | 67,226 | (1,954,260 | ) | |||||
Hess Corp. | 21,916 | (2,388,625 | ) | |||||
HF Sinclair Corp. | 8,490 | (457,102 | ) | |||||
Laredo Petroleum, Inc. | 13,162 | (827,232 | ) | |||||
Ovintiv, Inc. | 57,439 | (2,642,194 | ) | |||||
PBF Energy, Inc., Class A | 9,053 | (318,303 | ) | |||||
Shell PLC, ADR(4) | 31,006 | (1,542,858 | ) | |||||
Suncor Energy, Inc.(4) | 101,853 | (2,867,162 | ) | |||||
TotalEnergies S.E., ADR(4) | 55,648 | (2,588,745 | ) | |||||
Woodside Energy Group Ltd., ADR(4) | 10,129 | (204,201 | ) | |||||
|
|
| ||||||
(39,498,665 | ) | |||||||
|
|
| ||||||
Personal Products (1.5)% | ||||||||
Edgewell Personal Care Co. | 79,283 | (2,965,184 | ) | |||||
|
|
| ||||||
Pharmaceuticals (4.6)% | ||||||||
Athira Pharma, Inc. | 1,408 | (4,182 | ) | |||||
Bristol-Myers Squibb Co. | 13,266 | (943,080 | ) | |||||
Elanco Animal Health, Inc. | 9,932 | (123,256 | ) | |||||
GSK PLC, ADR(4) | 39,758 | (1,170,078 | ) | |||||
Johnson & Johnson | 3,485 | (569,310 | ) | |||||
Nektar Therapeutics, Class A | 3,969 | (12,701 | ) | |||||
Novartis AG, ADR(4) | 8,831 | (671,244 | ) | |||||
Novo Nordisk A/S, ADR(4) | 8,725 | (869,272 | ) | |||||
Organon & Co. | 29,181 | (682,835 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Pharmaceuticals |
| |||||||
Perrigo Co. PLC(4) | 10,772 | (384,130 | ) | |||||
Pfizer, Inc. | 33,469 | (1,464,603 | ) | |||||
Reata Pharmaceuticals, Inc., Class A | 2,901 | (72,902 | ) | |||||
Royalty Pharma PLC, Class A(4) | 13,363 | (536,925 | ) | |||||
Sanofi, ADR(4) | 27,351 | (1,039,885 | ) | |||||
Viatris, Inc. | 36,125 | (307,785 | ) | |||||
|
|
| ||||||
(8,852,188 | ) | |||||||
|
|
| ||||||
Professional Services (0.1)% | ||||||||
Exponent, Inc. | 3,214 | (281,771 | ) | |||||
|
|
| ||||||
Real Estate Investment Trusts (63.1)% | ||||||||
Agree Realty Corp. | 35,054 | (2,368,949 | ) | |||||
Apartment Income REIT Corp. | 3,503 | (135,286 | ) | |||||
Camden Property Trust | 28,119 | (3,358,815 | ) | |||||
CareTrust REIT, Inc. | 125,106 | (2,265,670 | ) | |||||
Corporate Office Properties Trust | 455,397 | (10,578,872 | ) | |||||
EastGroup Properties, Inc. | 28,404 | (4,099,833 | ) | |||||
Equity LifeStyle Properties, Inc. | 19,113 | (1,201,061 | ) | |||||
Equity Residential | 2,330 | (156,623 | ) | |||||
Essex Property Trust, Inc. | 20,782 | (5,034,024 | ) | |||||
Extra Space Storage, Inc. | 45,395 | (7,840,170 | ) | |||||
First Industrial Realty Trust, Inc. | 36,536 | (1,637,178 | ) | |||||
Four Corners Property Trust, Inc. | 43,367 | (1,049,048 | ) | |||||
Healthcare Realty Trust, Inc. | 274,072 | (5,714,401 | ) | |||||
Invitation Homes, Inc. | 102,159 | (3,449,909 | ) | |||||
JBG SMITH Properties | 200,480 | (3,724,918 | ) | |||||
Kilroy Realty Corp. | 143,926 | (6,060,724 | ) | |||||
Kimco Realty Corp. | 297,613 | (5,479,055 | ) | |||||
Kite Realty Group Trust | 304,595 | (5,245,126 | ) | |||||
Life Storage, Inc. | 25,691 | (2,845,535 | ) | |||||
LTC Properties, Inc. | 24,044 | (900,448 | ) | |||||
National Health Investors, Inc. | 3,053 | (172,586 | ) | |||||
National Storage Affiliates Trust | 42,337 | (1,760,373 | ) | |||||
NETSTREIT Corp. | 62,974 | (1,121,567 | ) | |||||
Omega Healthcare Investors, Inc. | 115,024 | (3,392,058 | ) | |||||
Park Hotels & Resorts, Inc. | 30,722 | (345,930 | ) | |||||
Pebblebrook Hotel Trust | 71,351 | (1,035,303 | ) | |||||
Phillips Edison & Co., Inc. | 160,746 | (4,508,925 | ) | |||||
Physicians Realty Trust | 311,645 | (4,687,141 | ) | |||||
Piedmont Office Realty Trust, Inc., Class A | 142,707 | (1,506,986 | ) | |||||
Rayonier, Inc. | 8,727 | (261,548 | ) | |||||
Realty Income Corp. | 191,901 | (11,168,638 | ) | |||||
RLJ Lodging Trust | 40,056 | (405,367 | ) | |||||
Simon Property Group, Inc. | 1,087 | (97,558 | ) | |||||
SL Green Realty Corp. | 48,309 | (1,940,089 | ) | |||||
Urban Edge Properties | 170,508 | (2,274,577 | ) | |||||
Vornado Realty Trust | 267,245 | (6,189,394 | ) | |||||
Welltower, Inc. | 45,738 | (2,941,868 | ) | |||||
WP Carey, Inc. | 61,607 | (4,300,169 | ) | |||||
|
|
| ||||||
(121,255,722 | ) | |||||||
|
|
| ||||||
Real Estate Management & Development (0.0)% | ||||||||
Compass, Inc., Class A | 29,080 | (67,466 | ) | |||||
|
|
| ||||||
Road & Rail (3.6)% | ||||||||
Canadian National Railway Co.(4) | 11,043 | (1,192,533 | ) | |||||
Covenant Logistics Group, Inc., Class A | 8,493 | (243,749 | ) | |||||
Knight-Swift Transportation Holdings, Inc. | 49,448 | (2,419,491 | ) | |||||
Schneider National, Inc., Class B | 18,850 | (382,655 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks |
| |||||||
Road & Rail |
| |||||||
TFI International, Inc.(4) | 594 | (53,745 | ) | |||||
Uber Technologies, Inc. | 14,540 | (385,310 | ) | |||||
Union Pacific Corp. | 4,718 | (919,161 | ) | |||||
Werner Enterprises, Inc. | 33,307 | (1,252,343 | ) | |||||
|
|
| ||||||
(6,848,987 | ) | |||||||
|
|
| ||||||
Semiconductors & Semiconductor Equipment (2.1)% | ||||||||
Applied Materials, Inc. | 16,132 | (1,321,695 | ) | |||||
ASML Holding N.V.(4) | 347 | (144,127 | ) | |||||
Broadcom, Inc. | 718 | (318,799 | ) | |||||
Lam Research Corp. | 1,496 | (547,536 | ) | |||||
Micron Technology, Inc. | 2,913 | (145,941 | ) | |||||
NVIDIA Corp. | 7,282 | (883,962 | ) | |||||
Teradyne, Inc. | 2,899 | (217,860 | ) | |||||
Tower Semiconductor Ltd.(4) | 8,947 | (393,131 | ) | |||||
|
|
| ||||||
(3,973,051 | ) | |||||||
|
|
| ||||||
Software (0.6)% | ||||||||
Crowdstrike Holdings, Inc., Class A | 4,048 | (667,151 | ) | |||||
DocuSign, Inc. | 3,036 | (162,335 | ) | |||||
Palantir Technologies, Inc., Class A | 12,123 | (98,560 | ) | |||||
Palo Alto Networks, Inc. | 1,110 | (181,807 | ) | |||||
Pegasystems, Inc. | 1,241 | (39,885 | ) | |||||
UiPath, Inc., Class A | 5,946 | (74,979 | ) | |||||
|
|
| ||||||
(1,224,717 | ) | |||||||
|
|
| ||||||
Specialty Retail (6.0)% | ||||||||
Advance Auto Parts, Inc. | 2,611 | (408,204 | ) | |||||
AutoNation, Inc. | 8,619 | (878,017 | ) | |||||
Best Buy Co., Inc. | 21,981 | (1,392,276 | ) | |||||
CarMax, Inc. | 10,832 | (715,129 | ) | |||||
Carvana Co., Class A | 137,877 | (2,798,903 | ) | |||||
Dick’s Sporting Goods, Inc. | 3,680 | (385,075 | ) | |||||
Five Below, Inc. | 5,226 | (719,463 | ) | |||||
Lithia Motors, Inc. | 6,674 | (1,431,907 | ) | |||||
Lowe’s Cos., Inc. | 3,327 | (624,844 | ) | |||||
O’Reilly Automotive, Inc. | 1,473 | (1,036,035 | ) | |||||
Penske Automotive Group, Inc. | 1,868 | (183,867 | ) | |||||
Tractor Supply Co. | 5,203 | (967,134 | ) | |||||
|
|
| ||||||
(11,540,854 | ) | |||||||
|
|
| ||||||
Technology Hardware, Storage & Peripherals (0.6)% | ||||||||
Apple, Inc. | 5,826 | (805,153 | ) | |||||
Dell Technologies, Inc., Class C | 11,385 | (389,026 | ) | |||||
|
|
| ||||||
(1,194,179 | ) | |||||||
|
|
| ||||||
Thrifts & Mortgage Finance (0.7)% | ||||||||
New York Community Bancorp, Inc. | 160,483 | (1,368,920 | ) | |||||
|
|
| ||||||
Tobacco (0.3)% | ||||||||
Philip Morris International, Inc. | 6,134 | (509,183 | ) | |||||
|
|
| ||||||
Trading Companies & Distributors (3.9)% | ||||||||
AerCap Holdings N.V.(4) | 71,037 | (3,006,996 | ) | |||||
Fastenal Co. | 7,430 | (342,077 | ) | |||||
GATX Corp. | 8,451 | (719,603 | ) | |||||
MSC Industrial Direct Co., Inc., Class A | 2,617 | (190,544 | ) | |||||
Triton International Ltd.(4) | 55,238 | (3,023,176 | ) |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
Investments | Shares | Value | ||||||
Common Stocks | ||||||||
Trading Companies & Distributors | ||||||||
WW Grainger, Inc. | 290 | (141,865 | ) | |||||
|
|
| ||||||
(7,424,261 | ) | |||||||
|
|
| ||||||
Total Common Stocks (Proceeds $508,675,379) |
| (466,514,491 | ) | |||||
|
|
| ||||||
Exchange-Traded Funds (58.2)% |
| |||||||
ARK Genomic Revolution ETF | 8,792 | (288,993 | ) | |||||
ARK Innovation ETF | 26,407 | (996,336 | ) | |||||
Communication Services Select Sector SPDR Fund | 15,606 | (747,371 | ) | |||||
Consumer Discretionary Select Sector SPDR Fund | 10,556 | (1,503,702 | ) | |||||
Consumer Staples Select Sector SPDR Fund | 122,933 | (8,203,319 | ) | |||||
Energy Select Sector SPDR Fund | 21,227 | (1,528,769 | ) | |||||
First Trust NASDAQ Cybersecurity ETF | 412 | (15,866 | ) | |||||
Health Care Select Sector SPDR Fund | 52,462 | (6,353,673 | ) | |||||
Industrial Select Sector SPDR Fund | 51,008 | (4,225,503 | ) | |||||
Invesco QQQ Trust, Series 1 | 25,465 | (6,805,776 | ) | |||||
iShares Biotechnology ETF | 12,174 | (1,423,871 | ) | |||||
iShares China Large-Cap ETF | 32,394 | (837,709 | ) | |||||
iShares Expanded Tech-Software Sector ETF | 15,798 | (3,951,554 | ) | |||||
iShares MSCI Eurozone ETF | 72,536 | (2,319,701 | ) | |||||
iShares MSCI Germany ETF | 62,624 | (1,236,198 | ) | |||||
iShares MSCI Mexico ETF | 17,729 | (784,154 | ) | |||||
iShares Russell 1000 Growth ETF | 4,844 | (1,019,178 | ) | |||||
iShares Russell 2000 ETF | 41,054 | (6,770,626 | ) | |||||
iShares Russell 2000 Growth ETF | 5,320 | (1,099,059 | ) | |||||
iShares U.S. Home Construction ETF | 11,720 | (609,909 | ) | |||||
iShares U.S. Technology ETF | 11,763 | (863,051 | ) | |||||
iShares U.S. Transportation ETF | 12,497 | (2,456,410 | ) | |||||
KraneShares CSI China Internet ETF | 63,766 | (1,571,194 | ) | |||||
Materials Select Sector SPDR Fund | 6,430 | (437,304 | ) | |||||
SPDR S&P 500 ETF Trust | 64,130 | (22,905,953 | ) | |||||
SPDR S&P Biotech ETF | 18,476 | (1,465,516 | ) | |||||
SPDR S&P Homebuilders ETF | 45,718 | (2,500,318 | ) | |||||
SPDR S&P Metals & Mining ETF | 83,237 | (3,536,740 | ) | |||||
SPDR S&P MidCap 400 ETF Trust | 2,538 | (1,019,413 | ) | |||||
SPDR S&P Oil & Gas Exploration & Production ETF | 47,088 | (5,872,815 | ) | |||||
SPDR S&P Regional Banking ETF | 949 | (55,877 | ) | |||||
SPDR S&P Retail ETF | 42,537 | (2,400,788 | ) | |||||
Technology Select Sector SPDR Fund | 7,072 | (840,012 | ) | |||||
U.S. Global Jets ETF | 158,370 | (2,377,134 | ) | |||||
Utilities Select Sector SPDR Fund | 8,417 | (551,398 | ) | |||||
VanEck Gold Miners ETF | 9,052 | (218,334 | ) | |||||
VanEck Semiconductor ETF | 12,227 | (2,263,462 | ) | |||||
Vanguard Real Estate ETF | 120,134 | (9,631,143 | ) | |||||
|
|
| ||||||
Total Exchange-Traded Funds (Proceeds $119,671,670) |
| (111,688,129 | ) | |||||
|
|
| ||||||
Total Securities Sold Short (Proceeds $628,347,049) |
| (578,202,620 | ) | |||||
|
|
| ||||||
Total Investments, net of securities sold short (Cost $138,274,928) 66.0% |
| 126,779,739 | ||||||
Other assets, less liabilities 34.0% |
| 65,249,066 | ||||||
|
|
| ||||||
Net Assets 100.0% |
| $ | 192,028,805 | |||||
|
|
|
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, 2022, is $442,540,815. |
(2) | All or a portion of this security is on loan. |
(3) | Non-income producing. |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
(4) | Foreign security. |
(5) | Securities sold short are not owned by the Fund and cannot produce income. |
ADR | American Depository Receipt | |
ETF | Exchange-Traded Fund | |
REIT | Real Estate Investment Trust |
See Notes to Schedule of Investments.
Schedule of Investments (unaudited)
Weiss Strategic Interval Fund
September 30, 2022
At September 30, 2022, 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: EUR / Sell: USD | State Street Bank & Trust Co. | Buy | 1,352,000 | 1,318,118 | 10/31/22 | $ | 6,796 | $ | — | |||||||||||||||
Buy: USD / Sell: CNY | State Street Bank & Trust Co. | Sell | 2,987,000 | 428,121 | 10/31/22 | 6,587 | — | |||||||||||||||||
Buy: USD / Sell: CNY | State Street Bank & Trust Co. | Sell | 4,395,000 | 619,232 | 10/31/22 | — | (1,003 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||
Total Forward Currency Exchange Contracts |
| $ | 13,383 | $ | (1,003 | ) | ||||||||||||||||||
|
|
aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.
See Notes to Schedule of Investments.
Notes to Financial Statements
September 30, 2022 (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”), a Bermuda-based reinsurance company, Somerset will pay all expenses incurred by the Fund in connection with the organization and offering of shares of the Fund. The sole shareholder is not entitled to the reimbursement of these costs from the Fund. During the period ended September 30, 2022, the Fund did not incur any organization or offering costs.
Federal Income Taxes
It is the Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes is required.
Guarantees and Indemnifications
In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, management expects the risk of loss to be remote.
Security Transactions, Investment Income and Expenses
The Fund records security transactions on the trade date. Realized gains and losses on sales of securities are determined using cost calculated on the basis of specific identification. Dividend income and expense are recorded on the ex-dividend date, or when the Fund first learns of the ex-date dividend notification, and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and regulations. The Fund invests in real estate investment trusts (REITs) which report information on the source of their distributions annually. The Fund’s policy is to record all REIT distributions initially as dividend income on the ex-dividend date and then re-designate them as return of capital and/or capital gain distributions at the end of the reporting period based on information provided annually by each REIT, and management estimates such re-designations when actual information has not yet been reported.
Offsetting of Amounts Related to Certain Contracts
Amounts due from and to brokers are presented on a gross basis, by counterparty, even if the Fund has the legal right to offset. The Fund presents on a gross basis the fair value amounts recognized for OTC derivatives executed with the same counterparty under the same master netting agreement, even though such positions may qualify for net presentation. Fair value amounts recognized for exchange traded future contracts executed with the same broker are presented on a gross basis even if the Fund has the legal right to offset. The Fund has elected not to offset fair value amounts recognized for cash collateral receivables and payables against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement.
Transactions with Brokers
The Fund’s receivables from brokers for proceeds on securities sold short and deposits at brokers for securities sold short are with one securities dealer. The Fund does not require the brokers to maintain collateral in support of the receivables from the brokers for proceeds on securities sold short. The Fund is required by the brokers to maintain collateral at the brokers or in a segregated account at the Fund’s custodian for securities sold short. Certain securities held at September 30, 2022 are pledged as collateral for securities sold short. The Fund may maintain cash deposits at brokers beyond the receivables for securities sold short.
Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions that require the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used. The Fund considers deposits at broker for shorts to be restricted cash.
The Fund’s foreign currency exchange contracts’ cash deposits are monitored daily by the Adviser and counterparty. Cash deposits beyond the short sale proceeds by the Fund would be presented as deposits at brokers on the Statement of Assets and Liabilities. These transactions may involve market risk in excess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities.
Share Valuation
The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on days which the New York Stock Exchange is closed for trading.
Distributions
The Fund intends to declare income dividends and distribute them to the sole shareholder monthly at rates that reflect the past and projected net income of the Fund. Subject to applicable law, the Fund may fund a portion of its distributions with gains from the sale of portfolio securities and other sources. The Fund will pay the sole shareholder at least annually all or substantially all of its net investment income after the payment of interest, fees or dividends, if any, owed with respect to any forms of leverage utilized by the Fund. The Fund intends to pay any capital gains distributions at least annually. Distributions received from real estate investment trusts may be classified as dividends, capital gains, and/or return of capital.
Fair Value – Definition and Hierarchy
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Fund uses various valuation approaches. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. The fair value hierarchy is categorized into three levels based on the inputs as follows:
Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Valuations based on inputs, other than quoted prices included in Level 1 that are observable either directly or indirectly.
Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.
The availability of valuation techniques and observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
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, 2022, for valuing the Fund’s assets and liabilities.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
| |||||||||||||||
Assets: | ||||||||||||||||
Investments in Securities: |
| |||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | 6,200,153 | $ | — | $ | — | $ | 6,200,153 | ||||||||
Air Freight & Logistics | 16,817,811 | — | — | 16,817,811 | ||||||||||||
Airlines | 2,779,670 | — | — | 2,779,670 | ||||||||||||
Auto Components | 3,645,124 | — | — | 3,645,124 | ||||||||||||
Automobiles | 10,470,706 | — | — | 10,470,706 | ||||||||||||
Banks | 51,575,809 | — | — | 51,575,809 | ||||||||||||
Beverages | 12,162,354 | — | — | 12,162,354 | ||||||||||||
Biotechnology | 12,139,837 | — | — | 12,139,837 | ||||||||||||
Building Products | 4,333,426 | — | — | 4,333,426 | ||||||||||||
Capital Markets | 26,278,661 | — | — | 26,278,661 | ||||||||||||
Chemicals | 4,525,855 | — | — | 4,525,855 | ||||||||||||
Commercial Services & Supplies | 3,488,848 | — | — | 3,488,848 | ||||||||||||
Communications Equipment | 9,354,734 | — | — | 9,354,734 | ||||||||||||
Construction & Engineering | 904,648 | — | — | 904,648 | ||||||||||||
Construction Materials | 1,005,636 | — | — | 1,005,636 | ||||||||||||
Consumer Finance | 8,270,140 | — | — | 8,270,140 | ||||||||||||
Containers & Packaging | 4,583,165 | — | — | 4,583,165 | ||||||||||||
Diversified Consumer Services | 741,735 | — | — | 741,735 | ||||||||||||
Diversified Financial Services | 18,186,619 | — | — | 18,186,619 | ||||||||||||
Diversified Telecommunication Services | 806,086 | — | — | 806,086 | ||||||||||||
Electric Utilities | 377,999 | — | — | 377,999 | ||||||||||||
Electrical Equipment | 8,960,539 | — | — | 8,960,539 | ||||||||||||
Electronic Equipment, Instruments & Components | 870,747 | — | — | 870,747 | ||||||||||||
Energy Equipment & Services | 12,346,823 | — | — | 12,346,823 | ||||||||||||
Entertainment | 9,338,612 | — | — | 9,338,612 | ||||||||||||
Food & Staples Retailing | 1,541,588 | — | — | 1,541,588 | ||||||||||||
Food Products | 31,986,533 | — | — | 31,986,533 | ||||||||||||
Health Care Equipment & Supplies | 12,704,827 | — | — | 12,704,827 | ||||||||||||
Health Care Providers & Services | 18,563,879 | — | — | 18,563,879 | ||||||||||||
Health Care Technology | 1,719,906 | — | — | 1,719,906 | ||||||||||||
Hotels, Restaurants & Leisure | 44,800,947 | — | — | 44,800,947 | ||||||||||||
Household Durables | 178,995 | — | — | 178,995 | ||||||||||||
Household Products | 9,269,975 | — | — | 9,269,975 | ||||||||||||
Industrial Conglomerates | 44,080 | — | — | 44,080 | ||||||||||||
Insurance | 2,034 | — | — | 2,034 | ||||||||||||
Interactive Media & Services | 3,827,838 | — | — | 3,827,838 | ||||||||||||
Internet & Direct Marketing Retail | 2,731,517 | — | 555,285 | 3,286,802 | ||||||||||||
IT Services | 6,392,005 | — | — | 6,392,005 | ||||||||||||
Leisure Products | 1,305,271 | — | — | 1,305,271 | ||||||||||||
Life Sciences Tools & Services | 5,954,535 | — | — | 5,954,535 | ||||||||||||
Machinery | 13,639,236 | — | — | 13,639,236 | ||||||||||||
Marine | 323,869 | — | — | 323,869 | ||||||||||||
Media | 5,593,202 | — | — | 5,593,202 | ||||||||||||
Metals & Mining | 9,495,062 | — | — | 9,495,062 | ||||||||||||
Multi-Utilities | 171,681 | — | — | 171,681 | ||||||||||||
Multiline Retail | 1,300,896 | — | — | 1,300,896 | ||||||||||||
Oil, Gas & Consumable Fuels | 62,718,912 | — | — | 62,718,912 | ||||||||||||
Paper & Forest Products | 253,493 | — | — | 253,493 | ||||||||||||
Personal Products | 4,139,093 | — | — | 4,139,093 | ||||||||||||
Pharmaceuticals | 12,467,555 | 30,381 | — | 12,497,936 | ||||||||||||
Professional Services | 3,039,644 | — | — | 3,039,644 | ||||||||||||
Real Estate Investment Trusts | 142,042,824 | — | — | 142,042,824 | ||||||||||||
Road & Rail | 10,453,060 | — | — | 10,453,060 | ||||||||||||
Semiconductors & Semiconductor Equipment | 4,486,939 | — | — | 4,486,939 |
Software | 20,825,276 | — | — | 20,825,276 | ||||||||||||
Specialty Retail | 8,617,833 | — | — | 8,617,833 | ||||||||||||
Technology Hardware, Storage & Peripherals | 868,004 | — | — | 868,004 | ||||||||||||
Textiles, Apparel & Luxury Goods | 247,284 | — | — | 247,284 | ||||||||||||
Thrifts & Mortgage Finance | 2,951,478 | — | — | 2,951,478 | ||||||||||||
Trading Companies & Distributors | 9,946,156 | — | — | 9,946,156 | ||||||||||||
Wireless Telecommunication Services | 1,202,029 | — | 60,917 | 1,262,946 | ||||||||||||
Exchange-Traded Funds | 16,257,405 | — | — | 16,257,405 | ||||||||||||
Limited Partnerships | 1,166,499 | — | — | 1,166,499 | ||||||||||||
Closed-End Mutual Funds | 760,051 | — | — | 760,051 | ||||||||||||
Warrants | ||||||||||||||||
Biotechnology | 26,945 | — | — | 26,945 | ||||||||||||
Diversified Financial Services | 28,471 | — | — | 28,471 | ||||||||||||
Health Care Providers & Services | 54,771 | — | — | 54,771 | ||||||||||||
Health Care Technology | 1,036 | — | — | 1,036 | ||||||||||||
Life Sciences Tools & Services | 56,193 | — | — | 56,193 | ||||||||||||
Rights | ||||||||||||||||
Diversified Financial Services | 2,212 | — | — | 2,212 | ||||||||||||
Total Investments in Securities | $ | 704,335,776 | $ | 30,381 | $ | 616,202 | $ | 704,982,359 | ||||||||
Derivative Contracts: | ||||||||||||||||
Forward Exchange Contracts(1) | $ | — | $ | 13,383 | $ | — | $ | 13,383 | ||||||||
Total | $ | 704,335,776 | $ | 43,764 | $ | 616,202 | $ | 704,995,742 | ||||||||
Liabilities: | ||||||||||||||||
Securities Sold Short: |
| |||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | $ | (4,514,105 | ) | $ | — | $ | — | $ | (4,514,105 | ) | ||||||
Air Freight & Logistics | (7,638,213 | ) | — | — | (7,638,213 | ) | ||||||||||
Airlines | (62,547 | ) | — | — | (62,547 | ) | ||||||||||
Auto Components | (1,041,202 | ) | — | — | (1,041,202 | ) | ||||||||||
Automobiles | (4,934,884 | ) | — | — | (4,934,884 | ) | ||||||||||
Banks | (39,130,776 | ) | — | — | (39,130,776 | ) | ||||||||||
Beverages | (14,737,825 | ) | — | — | (14,737,825 | ) | ||||||||||
Biotechnology | (4,316,914 | ) | — | — | (4,316,914 | ) | ||||||||||
Building Products | (1,635,064 | ) | — | — | (1,635,064 | ) | ||||||||||
Capital Markets | (22,776,589 | ) | — | — | (22,776,589 | ) | ||||||||||
Chemicals | (882,228 | ) | — | — | (882,228 | ) | ||||||||||
Commercial Services & Supplies | (3,882,460 | ) | — | — | (3,882,460 | ) | ||||||||||
Communications Equipment | (1,058,080 | ) | — | — | (1,058,080 | ) | ||||||||||
Construction & Engineering | (2,849,183 | ) | — | — | (2,849,183 | ) | ||||||||||
Consumer Finance | (10,808,946 | ) | — | — | (10,808,946 | ) | ||||||||||
Containers & Packaging | (1,747,140 | ) | — | — | (1,747,140 | ) | ||||||||||
Distributors | (3,959,622 | ) | — | — | (3,959,622 | ) | ||||||||||
Diversified Consumer Services | (392,977 | ) | — | — | (392,977 | ) | ||||||||||
Diversified Telecommunication Services | (1,650,162 | ) | — | — | (1,650,162 | ) | ||||||||||
Electric Utilities | (11,275 | ) | — | — | (11,275 | ) | ||||||||||
Electrical Equipment | (500,809 | ) | — | — | (500,809 | ) | ||||||||||
Electronic Equipment, Instruments & Components | (747,743 | ) | — | — | (747,743 | ) | ||||||||||
Energy Equipment & Services | (4,067,292 | ) | — | — | (4,067,292 | ) | ||||||||||
Entertainment | (1,836,992 | ) | — | — | (1,836,992 | ) | ||||||||||
Food & Staples Retailing | (6,711,031 | ) | — | — | (6,711,031 | ) | ||||||||||
Food Products | (25,140,031 | ) | — | — | (25,140,031 | ) | ||||||||||
Health Care Equipment & Supplies | (4,691,740 | ) | — | — | (4,691,740 | ) | ||||||||||
Health Care Providers & Services | (13,339,821 | ) | — | — | (13,339,821 | ) | ||||||||||
Health Care Technology | (176,284 | ) | — | — | (176,284 | ) | ||||||||||
Hotels, Restaurants & Leisure | (20,189,938 | ) | — | — | (20,189,938 | ) |
Household Durables | (1,392,913 | ) | — | — | (1,392,913 | ) | ||||||||||
Household Products | (8,670,918 | ) | — | — | (8,670,918 | ) | ||||||||||
Industrial Conglomerates | (2,059,892 | ) | — | — | (2,059,892 | ) | ||||||||||
Insurance | (2,055,028 | ) | — | — | (2,055,028 | ) | ||||||||||
Interactive Media & Services | (1,287,004 | ) | — | — | (1,287,004 | ) | ||||||||||
Internet & Direct Marketing Retail | (4,657,464 | ) | — | — | (4,657,464 | ) | ||||||||||
IT Services | (2,747,960 | ) | — | — | (2,747,960 | ) | ||||||||||
Leisure Products | (1,547,434 | ) | — | — | (1,547,434 | ) | ||||||||||
Life Sciences Tools & Services | (5,229,675 | ) | — | — | (5,229,675 | ) | ||||||||||
Machinery | (9,457,134 | ) | — | — | (9,457,134 | ) | ||||||||||
Marine | (1,109,580 | ) | — | — | (1,109,580 | ) | ||||||||||
Media | (4,096,375 | ) | — | — | (4,096,375 | ) | ||||||||||
Metals & Mining | (6,651,316 | ) | — | — | (6,651,316 | ) | ||||||||||
Mortgage Real Estate Investment | (2,696,809 | ) | — | — | (2,696,809 | ) | ||||||||||
Multiline Retail | (417,968 | ) | — | — | (417,968 | ) | ||||||||||
Oil, Gas & Consumable Fuels | (39,498,665 | ) | — | — | (39,498,665 | ) | ||||||||||
Personal Products | (2,965,184 | ) | — | — | (2,965,184 | ) | ||||||||||
Pharmaceuticals | (8,852,188 | ) | — | — | (8,852,188 | ) | ||||||||||
Professional Services | (281,771 | ) | — | — | (281,771 | ) | ||||||||||
Real Estate Investment Trusts | (121,255,722 | ) | — | — | (121,255,722 | ) | ||||||||||
Real Estate Management & Development | (67,446 | ) | — | — | (67,446 | ) | ||||||||||
Road & Rail | (6,848,987 | ) | — | — | (6,848,987 | ) | ||||||||||
Semiconductors & Semiconductor Equipment | (3,973,051 | ) | — | — | (3,973,051 | ) | ||||||||||
Software | (1,224,717 | ) | — | — | (1,224,717 | ) | ||||||||||
Specialty Retail | (11,540,854 | ) | — | — | (11,540,854 | ) | ||||||||||
Technology Hardware, Storage & Peripherals | (1,194,179 | ) | — | — | (1,194,179 | ) | ||||||||||
Thrift & Mortgage Finance | (1,368,920 | ) | — | — | (1,368,920 | ) | ||||||||||
Tobacco | (509,183 | ) | — | — | (509,183 | ) | ||||||||||
Trading Companies & Distributors | (7,424,261 | ) | — | — | (7,424,261 | ) | ||||||||||
Exchange-Traded Funds | (111,688,129 | ) | — | — | (111,688,129 | ) | ||||||||||
Total Securities Sold Short | $ | (578,202,620 | ) | $ | — | $ | — | $ | (578,202,620 | ) | ||||||
Derivative Contracts: | ||||||||||||||||
Forward Exchange Contracts(1) | $ | — | $ | (1,003 | ) | $ | — | $ | (1,003 | ) | ||||||
Total | $ | (578,202,620 | ) | $ | (1,003 | ) | $ | — | $ | (578,203,623 | ) |
(1) Forward currency exchange contracts are valued at the net unrealized appreciation (depreciation) on the instrument.
The average notional value of forward currency exchange contracts purchased and sold for the period ended September 30, 2022 was 2,859,411 and 3,457,121, 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 using indicative broker quotations and are categorized as Level 2 in the hierarchy. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Board has approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Such securities are categorized as Level 2 in the hierarchy.
Exchange-Traded Funds
Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in registered investment companies (such as money market funds and mutual funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day and are categorized as Level 1 in the hierarchy.
Securities Sold Short
The Fund sells securities or currencies short for investment purposes. For financial statement purposes, an amount equal to the settlement amount is initially included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently priced to reflect the current value of the short position. Subsequent fluctuations in the market prices of securities or currencies sold, but not yet purchased, may require purchasing the securities or currencies at prices which may differ from the fair value reflected on the Statement of Assets and Liabilities. Short sale transactions result in off balance sheet risk because the ultimate obligation may exceed the related amounts shown in the Statement of Assets and Liabilities. The Fund will incur losses if the price of the security increases between the date of the short sale and the date on which the Fund purchases the securities to replace the borrowed securities. The Fund’s losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.
The Fund is liable for any dividends payable on securities while those securities are sold short. Until the security is replaced, the Fund is required to pay to the lender any income earned, which is recorded as an expense by the Fund. The Fund’s policy is to segregate liquid assets in an amount equal to the fair value of securities sold short (not including proceeds received), which is reflected in the Schedule of Investments. These assets are required to be adjusted daily to reflect changes in the value of the securities or currencies sold short.
Foreign Securities and Currency Translation
Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year-end, resulting from changes in exchange rates.
Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Fund’s investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Fund’s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.
Derivatives
The Fund may utilize derivative instruments such as options, swaps, futures, forward contracts and other instruments with similar characteristics to the extent that they are consistent with the Fund’s respective investment objectives and limitations. The use of these instruments may involve additional investment risks, including the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities. Derivatives also may create leverage which will amplify the effect of their performance on the Fund and may produce significant losses.
Forward Currency Exchange Contracts
The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may enter into forward contracts for foreign currency hedging purposes, volatility management purposes or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. The Fund may enter into forward currency exchange contracts obligating the Fund to deliver and receive a currency at a specified future date. Forward contracts are valued daily, and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time the forward contract expires. Credit risk may arise as a result of the failure of the counterparty to comply with the terms of the contract.
The use of forward currency exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s investment securities. The use of forward currency exchange contracts involves the risk that anticipated currency movements will not be accurately predicted. A forward currency exchange contract would limit the risk of loss due to a decline in the value of a particular currency; however, it would also limit any potential gain that might result should the value of the currency increase instead of decrease. These contracts may involve market risk in excess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities.
The Fund values forward contracts based on the terms of the contract (including the notional amount and contract duration) and using observable inputs, such as currency exchange rates or commodity prices. The Fund also considers counterparty credit risk in its valuation of forward contracts. Forward contracts are generally categorized in Level 2 of the fair value hierarchy.
4. Fund Fees and Expenses
Under the terms of the Investment Advisory Agreement between the Fund and the Adviser amended effective July 1, 2020, the Fund pays the Adviser a monthly management fee at the annual rate of 2.00%. The management fee will be applied to the Fund’s net asset value (before the deduction of any incentive fee and the repurchase of any shares pursuant to a periodic repurchase offer). The management fee will be accrued at least weekly and paid monthly in arrears. The Fund also pays to the Adviser a performance-based incentive fee, quarterly in arrears, generally accrued as of the end of each business day, equal to 20.00% of the investment profits, as defined in the Investment Advisory Agreement, attributable to each share for such calendar quarter; provided, however, that an incentive fee with respect to a share will be paid only with respect to investment profits
for the applicable calendar quarter in excess of unrecouped investment losses as defined in the Investment Advisory Agreement as of the end of the previous calendar quarter.
Previously, in the Investment Advisory Agreement effective September 1, 2019, the Fund paid the Adviser a monthly management fee at the annual rate of 1.50%. The management fee was applied to the Fund’s net asset value (before the deduction of any incentive fee and the repurchase of any shares pursuant to a periodic repurchase offer). In addition, the Fund paid the Adviser a performance-based incentive fee, quarterly in arrears, generally accrued as of the end of each business day, equal to 20.00% of the investment profits, as defined in the Investment Advisory Agreement effective September 1, 2019, attributable to each share for such calendar quarter; provided, however, that an incentive fee with respect to a share was paid only with respect to investment profits for the applicable calendar quarter in excess of unrecouped investment losses as defined in the Investment Advisory Agreement as of the end of the previous calendar quarter.
The Adviser in addition agreed that it would attempt to manage the Fund’s aggregate leverage to be 1.5x per side of that of Weiss Multi-Strategy Partners LLC (the “Flagship Fund”) as measured by the Adviser’s risk metrics, unless otherwise agreed with Somerset in writing. In the event that Somerset, in its sole discretion, wanted to increase the Fund’s aggregate leverage by an additional 0.5x per side that of the Flagship Fund, it could have done so (subject to the US $1.2 billion in aggregate AUM capacity); provided, however, that the management fee associated with the incremental leverage applicable to Somerset for any quarter (or portion thereof) would have been 0.4375% (i.e., 1.75% per annum) and the incentive fee associated with the incremental leverage applicable to Somerset for any such quarter (or portion thereof) would have been an amount equal to an annual rate of 25% of the profits derived from the incremental leverage (including net unrealized gains and losses on investments).
In addition to the fees paid to the Adviser, the Fund pays all other costs and expenses of its operations, including compensation of its trustees (other than those affiliated with the Adviser), custodian, leveraging expenses, transfer and dividend disbursing agent expenses, legal fees, rating agency fees, listing fees and expenses, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and distributing shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any.
For purposes of determining the fee calculations of the Fund, the value of the loans outstanding are included in the NAV of the Fund. See Note 5 below.
5. Loans Receivable from Sole Shareholder
The Fund provides financial support to its sole shareholder in the normal course of executing its investment strategies. The loans have a stated maturity date of May 2, 2027, with the interest accrued at the Secured Overnight Financing Rate (“SOFR”) plus 0.50% reset every 90 days and payable quarterly. The following table summarizes financial support provided to the Fund’s sole shareholder during the period from January 1, 2022 through September 30, 2022.
As of September 30, 2022, the loans receivable and related interest are recorded as deductions to net assets on the Statement of Assets and Liabilities.
Type | Amount | Reasons for providing support | ||
The Fund agrees to make revolving loans to Somerset in an aggregate amount at any one time outstanding not to exceed the Maximum Revolver Amount equal to the lesser of (i) U.S. $1,500,000,000, (ii) that amount which would cause the net asst value per share of the Lender to become less than $1 per share on a GAAP basis and (iii) the amount that the Borrower is permitted to borrow in accordance with its organizational documents. | $322,339,134 (principal) and $867,089 (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, 2022, the Fund made no additional loans to the sole shareholder. The Fund collected $90,000,000 in principal loan payments from the sole shareholder during the fiscal period ended September 30, 2022.
On July 27, 2017, the Financial Conduct Authority (“FCA”) announced that it would phase out the London Interbank Offered Rate (“LIBOR”) as a benchmark by the end of 2021 and the FCA has indicated that market participants should not rely on LIBOR being available after 2021. As an alternative to LIBOR, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is replacing U.S.-dollar LIBOR with the SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities. The Fund has amended its existing loan agreements with the Fund’s sole shareholder to reference SOFR as its reference rate.
6. Administration Agreement
The Fund has entered into an Administration and Operating Services Agreement with the State Street Bank & Trust Company (“SSB&T”). Under the terms of this agreement, the Fund pays SSB&T a fee, to provide administrative services to the Fund, including custody, accounting, fund administration and transfer agency services for the Fund.
7. Related Party Transactions
The managing member and chief executive officer of the Adviser is also an investor and director of the Fund’s sole shareholder. A decision by the sole shareholder to withdraw capital from the Fund could have a material negative impact on the Fund.
8. Securities Lending
The Fund participates in State Street’s enhanced custody program. Through this program, State Street is capable of facilitating the Fund’s short selling activity and reducing its cost of such activity. The Fund participates in the enhanced custody program which permits self-borrow transactions that does not require any collateral for the securities on loan under those transactions. The Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities when due. At September 30, 2022, the Fund had securities on loan with a total value of $139,005,880.
9. Subsequent Events
The Fund has evaluated subsequent events through the date the form N-PORT was filed. The Fund has determined that there are no material subsequent events that would require disclosure in or adjustment to these financial statements.