N-CSR 1 wabrf-ncsra.htm WEISS ALTERNATIVE BALANCED RISK FUND ANNUAL REPORT 10-31-20

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES




Investment Company Act file number 811-23084



Series Portfolios Trust
(Exact name of registrant as specified in charter)



615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)



Ryan Roell, President
Series Portfolios Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 5th Fl
Milwaukee, WI  53202
(Name and address of agent for service)


(414) 765-6839
Registrant's telephone number, including area code



Date of fiscal year end: October 31, 2020



Date of reporting period:  October 31, 2020


Item 1. Reports to Stockholders.








Weiss Alternative Balanced Risk Fund

Class K – weikx
Investor Class – weizx


Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.weissfunds.com, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
 
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 866-530-2690 or by sending an email request to investorrelations@gweiss.com.
 
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 866-530-2690 or send an email request to investorrelations@gweiss.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary.
 


Annual Report

October 31, 2020


WEISS ALTERNATIVE BALANCED RISK FUND



Dear Shareholders:
 
The Weiss Alternative Balanced Risk Fund (the “Fund”) is our multi-asset class solution seeking to offer superior liquidity, improved relative returns, and moderate volatility consistent with the expectations of fixed income investors. The Fund utilizes a dynamic, risk-weighted asset allocation in an effort to create a balanced portfolio that is optimized for a variety of market climates, and with a lower correlation to traditional fixed income and equity asset classes.  The portfolio consists of investments in three diversified asset classes, including equities, fixed income, and an allocation to market neutral strategies designed to attempt to generate uncorrelated alpha.
 
 
Mutual Fund Performance Review

   
o
Annual Performance Review, including portfolio attribution

     
For the full fiscal year ending October 31, 2020, the Weiss Alternative Balanced Risk Fund (“Weiss ABR”) turned in an admirable result with Class K finishing up +5.79% on a net total return basis. Given the circumstances surrounding the COVID-19 pandemic, economic recession, and the resulting market volatility, we are particularly pleased with this year’s results. Fund volatility as measured by the 252-day historical annualized standard deviation was 12.73%. While higher than our average annualized volatility since inception, it was not unexpected given the sharp declines and recoveries in the equity and fixed income marketplaces.
         
     
Similarly, the benchmark Bloomberg Barclays US Aggregate Bond Index finished the same fiscal year 2020 period up +6.19% and with a trailing annualized volatility of 4.83%. The result is only a marginal underperformance of Weiss ABR relative to our benchmark largely owing to the flight to safety trade in treasury securities. Nonetheless, it is important to emphasize that Weiss ABR still very closely mimicked an index known for capital preservation and thus fulfilled one of our most important mandates.
         
     
At the component level, our dynamic and forward-looking market neutral component, which has historically benefitted from price dispersion, led all asset classes and finished the year up +10.69%. Next, our fixed income component increased +8.92%, largely as a result of its defensive nature. And rounding out the portfolio, the equity component fought its way back to a +2.46% return despite incredible volatility at the peak of the pandemic.
         
     
The fixed income component’s outperformance was again propelled by a very strong showing throughout the year in longer dated Treasury securities. This is understandable given the broader financial markets uncertainty surrounding the pandemic, economic stagnation and the Presidential election. Following on its heels was investment grade corporate bonds. Once again, and similar to the equity markets, high yield credit barely eked out a positive fiscal year, hampering stronger returns in the asset class.
         
     
As mentioned, the equity component offered meager returns, but did valiantly overcome a substantial drawdown in March and April. While large-cap securities offered a positive contribution to the asset class component, mid-cap securities hampered stronger gains while small-cap names positively suffocated the component. Indeed, evidence of this size factor relationship was evident not only in the stock market but in the broader economy as well with small businesses suffering dramatically during the lockdowns.


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WEISS ALTERNATIVE BALANCED RISK FUND



     
Fiscal year 2020 turned out to be the year of our Market Neutral component once again, which finished up +10.69%. It emphasizes the importance of dispersion and a low correlation to the traditional asset classes. Indeed, Weiss ABR benefited from a modest drawdown and strong performance into year-end completely as a result of our signature asset class component.
         
     
Derivatives are utilized for some of these assets only to provide a more capital efficient exposure to our long only passive equity and long only fixed income. We do not use the derivatives in these long only exposures to generate enhanced leverage. We observed a positive correlation of the annual return for these two bellwether asset classes.

   
o
Portfolio composition and other analysis

     
In the 2020 fiscal year, the fixed income component averaged 36.5% as a percentage of the Fund’s gross notional exposure. The equity component averaged 10.5%, down from a peak of 11.8% earlier in the fiscal year. Lastly, the market neutral alpha component averaged approximately 53.0%.
         
     
Overall portfolio risk for the Fund was 12.73% (Source: Bloomberg, 252-day trailing volatility, annualized). The figure is up from last year, but we are comfortable with the heightened risk profile relative to past years given the solid performance amid this year’s troubling circumstances. The contribution to the Fund’s overall portfolio risk for the fixed income, equity, and market neutral components was 40.1%, 49.3% and 10.5%, respectively.

   
o
Market and economic outlook

     
2020 was a year with unexpected, unpredictable events that helped shape the markets. 2020 will forever be known as the year of Covid-19.  Everyone around the globe had to adjust as a pandemic changed our lives forever.  Markets responded to the extreme uncertainty of the future by seeing assets falling sharply in the first quarter, testing the resolve of governments and central bankers to respond faster than ever before to a global crisis.  The experience and programs created in the years following the Great Financial crisis helped to balance out the economic uncertainty leading to a sharp and violent reversal in assets over the final nine months of the year.  The economic disaster in the first and second quarter was followed by an equally surprising recovery in the second half of the year.  Eyes then turned to the US Presidential election and the potential uncertainty of a contested outcome.  In the end, for those who were able to navigate the first three months and take advantage of the opportunities created, it was a good year.

2021 will likely have a very different path and outcome.  As is generally the case with a recession, investors during the uncertainty move to quality and companies with stable growth, while abandoning those most suffering from the recession.  Historically, once stabilization occurs, there have been great opportunities for idiosyncratic fundamental security selection.  Given the historical valuation gap that exits in the market today, we believe there will be many unexpected winners going forward particularly in small and mid-cap stocks, emerging markets and commodities.

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WEISS ALTERNATIVE BALANCED RISK FUND



Alpha is an annualized return measure of how much better or worse a fund’s performance is relative to an index of funds in the same category, after allowing for differences in risk.
 
Standard Deviation is a measure of the dispersion of a set of data from its mean.
 
Correlation is a statistical measure of the degree to which the movements of two variables (stock/option/convertible prices or returns) are related.
 
Bloomberg Barclays U.S. Aggregate Bond Index is a broad base index, maintained by Barclays Capital, and is often used to represent investment grade bonds being traded in United States.
 
One cannot invest directly in an index.
 
Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Diversification does not assure a profit nor protect against loss in a declining market.
 
Mutual fund investing involves risk. Principal loss is possible. Derivatives involve special risks including correlation, counterparty, liquidity, operational, accounting and tax risks. These risks, in certain cases, may be greater than the risks presented by more traditional investments. The Fund may also use options and future contracts, which have the risks of unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. The investment in options is not suitable for all investors. The Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Investment by the Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may use leverage which may exaggerate the effect of any increase or decrease in the value of portfolio securities or the Net Asset Value of the Fund, and money borrowed will be subject to interest costs. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Investing in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of the shares may trade at a discount to its net asset value (“NAV”), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a Funds ability to sell its shares. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.
 
Must be preceded or accompanied by a prospectus.
 
The Weiss Alternative Balanced Risk Fund is distributed by Quasar Distributors, LLC.
 


3

WEISS ALTERNATIVE BALANCED RISK FUND

Value of $100,000 Investment (Unaudited)


 
The chart assumes an initial investment of $100,000. Performance reflects waivers of fees and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
 
Rates of Return (%) – As of October 31, 2020
 
 
One Year
Since Inception(1)(2)
Class K
5.79%
5.86%
Bloomberg Barclays U.S. Aggregate Bond Index(3)
6.19%
4.14%
     
Investor Class
5.48%
6.35%
Bloomberg Barclays U.S. Aggregate Bond Index(3)
6.19%
4.77%

(1)
Inception Date of Class K was December 1, 2015.
(2)
Inception Date of Investor Class was February 28, 2017.
(3)
The Bloomberg Barclays U.S. Aggregate Bond Index covers the USD-denominated, investment-grade, fixed rate, taxable bond market of SEC-registered securities.  The Index includes multiple types of government and corporate-issued bonds, some of which are asset-backed.  The securities that comprise the Barclays U.S. Aggregate Bond Index may differ substantially from the securities in the Fund’s portfolio.  It is not possible to directly invest in an index.

The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
 

4

WEISS ALTERNATIVE BALANCED RISK FUND

Expense Example (Unaudited)
October 31, 2020

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund specific expenses. The expense example is intended to help the shareholder understand ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the most recent six-month period.
 
The Actual Expenses comparison provides information about actual account values and actual expenses. A shareholder may use the information in this line, together with the amount invested, to estimate the expenses paid over the period. A shareholder may divide his/her account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses paid on his/her account during this period.
 
The Hypothetical Example for Comparison Purposes provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. A shareholder may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, a shareholder would compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
 
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemptions fees or exchange fees. Therefore, the Hypothetical Example for Comparisons Purposes is useful in comparing ongoing costs only and will not help to determine the relevant total costs of owning different funds. In addition, if these transactional costs were included, shareholder costs would have been higher.
 
       
Expenses Paid
 
Annualized Net
Beginning
Ending
During Period(1)
 
Expense Ratio
Account Value
Account Value
(5/1/2020 to
 
(10/31/2020)
(5/1/2020)
(10/31/2020)
10/31/2020)
Class K
       
Actual(2)(3)
2.89%
$1,000.00
$1,057.90
$14.95
Hypothetical (5% annual return
       
  before expenses)(4)
2.89%
$1,000.00
$1,010.61
$14.61
         
Investor Class
       
Actual(2)(3)
3.24%
$1,000.00
$1,054.80
$16.73
Hypothetical (5% annual return
       
  before expenses)(4)
3.24%
$1,000.00
$1,008.85
$16.36

(1)
Expenses are equal to the Fund’s annualized expense ratio for the period multiplied by the average account value over the period, multiplied by 184/366 to reflect its six-month period.
(2)
Based on the actual returns for the period from May 1, 2020 through October 31, 2020, of 5.64% and 5.49% for Class K and Investor Class, respectively.
(3)
Excluding dividends on short positions and borrowing expense, your actual cost of investing in Class K and Investor Class would be $7.76 and $9.56, respectively.
(4)
Excluding dividends on short positions and borrowing expense, your hypothetical cost of investing in Class K and Investor Class would be $7.61 and $9.37, respectively.

5

WEISS ALTERNATIVE BALANCED RISK FUND

Allocation of Portfolio (Unaudited)
October 31, 2020

LONG INVESTMENTS(1)(2)
 



(1)
Data expressed as a percentage of long common stocks, long contingent value rights, long exchange traded funds, long preferred stocks, long warrants, long rights, long short-term investments, purchased options, long swap contracts, long forward currency exchange contracts and long futures contracts as of October 31, 2020. Data expressed excludes securities sold short, written options, short swap contracts, short forward currency exchange contracts, short futures contracts and other assets in excess of liabilities. Please refer to the Schedule of Investments, Schedule of Written Options, Schedule of Open Swap Contracts, Schedule of Open Forward Currency Contracts, and Schedule of Open Futures Contracts for more details on the Fund’s individual holdings.
(2)
The value of option, swap, foreign currency and futures contracts are expressed as notional and not fair value.


6

WEISS ALTERNATIVE BALANCED RISK FUND

Allocation of Portfolio (Unaudited)
October 31, 2020

SHORT INVESTMENTS(3)(4)
 




(3)
Data expressed as a percentage of short common stocks, short exchange traded funds, short preferred stocks, written options, short swap contracts, short foreign currency exchange contracts and short futures contracts as of October 31, 2020. Data expressed excludes long investments, long swap contracts, long futures contracts and other assets in excess of liabilities. Please refer to the Schedule of Investments, Schedule of Written Options, Schedule of Open Swap Contracts, Schedule of Open Forward Currency Contracts and Schedule of Open Futures Contracts for more details on the Fund’s individual holdings.
(4)
The value of option, swap, forward currency and futures contracts are expressed as notional and not fair value.


7

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments
October 31, 2020

   
Shares
   
Value
 
LONG COMMON STOCKS – 43.85%
           
             
Aerospace & Defense – 0.59%
           
CAE, Inc. (b)
   
1,270
   
$
21,705
 
Kratos Defense & Security Solutions, Inc. (a)
   
10,932
     
206,505
 
Lockheed Martin Corporation
   
105
     
36,764
 
TransDigm Group, Inc.
   
18
     
8,593
 
Virgin Galactic Holdings, Inc. (a)
   
17,481
     
304,519
 
             
578,086
 
Air Freight & Logistics – 0.53%
               
C.H. Robinson Worldwide, Inc.
   
1,218
     
107,708
 
DSV Panalpina A/S (b)
   
104
     
16,873
 
FedEx Corporation
   
88
     
22,833
 
Hub Group, Inc., Class A (a)
   
580
     
29,075
 
XPO Logistics, Inc. (a)
   
3,786
     
340,740
 
             
517,229
 
Airlines – 0.30%
               
Air Canada (a)(b)
   
13,402
     
148,173
 
Delta Air Lines, Inc.
   
1,238
     
37,932
 
Hawaiian Holdings, Inc.
   
638
     
8,836
 
JetBlue Airways Corporation (a)
   
1,972
     
23,605
 
Southwest Airlines Company
   
1,768
     
69,889
 
Spirit Airlines, Inc. (a)
   
290
     
5,095
 
             
293,530
 
Auto Components – 0.23%
               
Adient plc (a)
   
1,677
     
35,586
 
Aptiv plc (b)
   
496
     
47,859
 
BorgWarner, Inc.
   
1,419
     
49,637
 
Dana, Inc.
   
2,150
     
30,078
 
Lear Corporation
   
249
     
30,082
 
Magna International, Inc. (b)
   
696
     
35,573
 
             
228,815
 
Automobiles – 0.22%
               
Bayerische Motoren Werke AG (b)
   
359
     
24,534
 
Fiat Chrysler Automobiles NV (a)(b)
   
2,665
     
32,693
 
Fiat Chrysler Automobiles NV (a)(b)
   
2,374
     
29,176
 
Ford Motor Company (h)
   
507
     
3,919
 
General Motors Company (h)
   
2,074
     
71,615
 
Peugeot SA (a)(b)
   
360
     
6,467
 
Tesla, Inc. (a)(h)
   
127
     
49,281
 
             
217,685
 


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

8

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Banks – 0.59%
           
Banco BPM SpA (a)(b)
   
19,431
   
$
35,199
 
Banco Santander SA (b)
   
34,505
     
69,098
 
CIT Group, Inc.
   
66
     
1,944
 
Citigroup, Inc.
   
504
     
20,876
 
Commerzbank AG (b)
   
7,766
     
36,759
 
FinecoBank Banca Fineco SpA (b)
   
3,382
     
46,434
 
First Republic Bank
   
465
     
58,655
 
ING Groep NV (a)(b)
   
5,784
     
39,619
 
Kaspi.KZ JSC Reg – GDR (b)
   
259
     
11,124
 
National Australia Bank Ltd. (b)
   
1,478
     
19,337
 
Nordea Bank Abp (a)(b)
   
6,638
     
49,820
 
Signature Bank
   
61
     
4,925
 
Skandinaviska Enskilda Banken AB (a)(b)
   
10,035
     
86,113
 
Sumitomo Mitsui Financial Group, Inc. (a)(b)
   
476
     
13,177
 
Svenska Handelsbanken AB, Class A (b)
   
7,608
     
61,645
 
Westpac Banking Corporation (b)
   
1,571
     
19,884
 
             
574,609
 
Beverages – 0.37%
               
The Coca-Cola Company
   
217
     
10,429
 
Coca-Cola European Partners plc (b)
   
601
     
21,462
 
Constellation Brands, Inc., Class A
   
88
     
14,540
 
Keurig Dr Pepper, Inc.
   
9,072
     
244,037
 
Monster Beverage Corporation (a)
   
895
     
68,530
 
             
358,998
 
Biotechnology – 1.02%
               
AbbVie, Inc.
   
406
     
34,551
 
ACADIA Pharmaceuticals, Inc. (a)
   
1,577
     
73,252
 
Acceleron Pharma, Inc. (a)
   
521
     
54,486
 
Albireo Pharma, Inc. (a)
   
180
     
5,681
 
Aldeyra Therapeutics, Inc. (a)
   
1,381
     
9,225
 
Alexion Pharmaceuticals, Inc. (a)
   
72
     
8,290
 
Applied Genetic Technologies Corporation (a)
   
216
     
1,115
 
Argenx SE – ADR (a)(b)
   
169
     
41,934
 
Arrowhead Pharmaceuticals, Inc. (a)
   
121
     
6,933
 
Ascendis Pharma A/S – ADR (a)(b)
   
105
     
17,152
 
Aurinia Pharmaceuticals, Inc. (a)(b)
   
242
     
3,795
 
Autolus Therapeutics plc (a)(b)
   
596
     
6,443
 
BELLUS Health, Inc. (a)(b)
   
419
     
968
 
Biohaven Pharmaceutical Holding Company Ltd. (a)
   
819
     
63,440
 
BioMarin Pharmaceutical, Inc. (a)
   
241
     
17,938
 


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

9

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Biotechnology – 1.02% (Continued)
           
BioNTech SE – ADR (a)(b)
   
93
   
$
7,938
 
Bioxcel Therapeutics, Inc. (a)
   
209
     
9,549
 
Deciphera Pharmaceuticals, Inc. (a)
   
133
     
7,723
 
Dynavax Technologies Corporation (a)
   
358
     
1,336
 
Eiger BioPharmaceuticals, Inc. (a)
   
2,402
     
21,330
 
Epizyme, Inc. (a)
   
323
     
3,992
 
Esperion Therapeutics, Inc. (a)
   
180
     
5,395
 
Exact Sciences Corporation (a)
   
158
     
19,565
 
Exelixis, Inc. (a)
   
1,080
     
22,118
 
Fate Therapeutics, Inc. (a)
   
240
     
10,656
 
FibroGen, Inc. (a)
   
527
     
20,226
 
Galecto, Inc. (a)
   
1,312
     
19,680
 
Galera Therapeutics, Inc. (a)
   
433
     
3,546
 
Global Blood Therapeutics, Inc. (a)
   
385
     
20,359
 
Heron Therapeutics, Inc. (a)
   
299
     
4,877
 
Incyte Corporation (a)
   
359
     
31,104
 
Insmed, Inc. (a)
   
384
     
12,649
 
Iovance Biotherapeutics, Inc. (a)
   
307
     
10,954
 
Karyopharm Therapeutics, Inc. (a)
   
299
     
4,431
 
Legend Biotech Corporation – ADR (a)
   
93
     
2,406
 
Merus NV (a)(b)
   
248
     
3,021
 
Mirati Therapeutics, Inc. (a)
   
12
     
2,606
 
Molecular Templates, Inc. (a)
   
468
     
4,137
 
Natera, Inc. (a)
   
13
     
874
 
Neurocrine Biosciences, Inc. (a)
   
420
     
41,441
 
Nurix Therapeutics, Inc. (a)
   
472
     
11,937
 
Pandion Therapeutics, Inc. (a)
   
481
     
5,681
 
Passage Bio, Inc. (a)
   
3,509
     
58,986
 
Regeneron Pharmaceuticals, Inc. (a)
   
29
     
15,763
 
Repare Therapeutics, Inc. (a)(b)
   
37
     
1,000
 
Rigel Pharmaceuticals, Inc. (a)
   
5,585
     
13,851
 
Rocket Pharmaceuticals, Inc. (a)
   
120
     
3,353
 
Sage Therapeutics, Inc. (a)
   
60
     
4,403
 
Sangamo Therapeutics, Inc. (a)
   
108
     
1,117
 
Sarepta Therapeutics, Inc. (a)
   
144
     
19,571
 
Seagen, Inc. (a)
   
252
     
42,034
 
Turning Point Therapeutics, Inc. (a)
   
70
     
6,453
 
Twist Bioscience Corporation (a)
   
480
     
36,787
 
uniQure NV (a)(b)
   
55
     
2,224
 
United Therapeutics Corporation (a)
   
226
     
30,336
 


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

10

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Biotechnology – 1.02% (Continued)
           
Vertex Pharmaceuticals, Inc. (a)
   
443
   
$
92,303
 
Zymeworks, Inc. (a)(b)
   
241
     
9,428
 
             
992,343
 
Building Products – 0.26%
               
The AZEK Company, Inc. (a)
   
1,584
     
52,969
 
Builders FirstSource, Inc. (a)
   
702
     
21,271
 
Carrier Global Corporation
   
1,921
     
64,142
 
Fortune Brands Home & Security, Inc.
   
192
     
15,527
 
Johnson Controls International plc
   
632
     
26,677
 
Masco Corporation
   
1,203
     
64,481
 
Trane Technologies plc (b)
   
77
     
10,222
 
Trex Company, Inc. (a)
   
1
     
70
 
             
255,359
 
Capital Markets – 0.36%
               
Anima Holding SpA (b)
   
2,595
     
9,723
 
Brookfield Asset Management, Inc., Class A (b)
   
661
     
19,685
 
DWS Group GmbH & Company KGaA (b)
   
397
     
13,480
 
Eaton Vance Corporation (a)
   
4,757
     
284,421
 
Julius Baer Group Ltd. (b)
   
371
     
16,511
 
Morgan Stanley
   
217
     
10,449
 
             
354,269
 
Chemicals – 0.57%
               
Axalta Coating Systems Ltd. (a)
   
2,916
     
73,221
 
DuPont de Nemours, Inc.
   
5,620
     
319,666
 
Kraton Corporation (a)
   
178
     
5,037
 
Linde plc (b)
   
211
     
46,492
 
The Mosaic Company
   
1,767
     
32,689
 
PPG Industries, Inc.
   
91
     
11,805
 
PQ Group Holdings, Inc. (a)
   
696
     
8,046
 
RPM International, Inc.
   
69
     
5,842
 
The Scotts Miracle-Gro Company
   
290
     
43,514
 
The Sherwin-Williams Company
   
21
     
14,448
 
             
560,760
 
Commercial Services & Supplies – 0.11%
               
Clean Harbors, Inc. (a)
   
743
     
39,357
 
Copart, Inc. (a)
   
58
     
6,401
 
Republic Services, Inc.
   
197
     
17,369
 
Waste Management, Inc.
   
419
     
45,214
 
             
108,341
 


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

11

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Communications Equipment – 0.77%
           
Acacia Communications, Inc. (a)
   
2,489
   
$
168,605
 
Applied Optoelectronics, Inc. (a)
   
2,407
     
21,133
 
Arista Networks, Inc. (a)
   
496
     
103,614
 
Calix, Inc. (a)
   
2,610
     
61,100
 
Ciena Corporation (a)
   
576
     
22,689
 
CommScope Holding Company, Inc. (a)
   
24,008
     
213,671
 
F5 Networks, Inc. (a)
   
1,022
     
135,865
 
Nokia OYJ – ADR (a)(b)
   
2,662
     
8,971
 
Telefonaktiebolaget LM Ericsson – ADR (b)
   
1,559
     
17,476
 
             
753,124
 
Construction & Engineering – 0.10%
               
AECOM (a)
   
656
     
29,415
 
WillScot Mobile Mini Holdings Corporation (a)
   
3,636
     
67,557
 
             
96,972
 
Containers & Packaging – 0.11%
               
Berry Global Group, Inc. (a)
   
780
     
36,371
 
WestRock Company
   
1,893
     
71,082
 
             
107,453
 
Distributors – 0.00%
               
LKQ Corporation (a)
   
22
     
704
 
Pool Corporation
   
1
     
350
 
             
1,054
 
Diversified Consumer Services – 0.02%
               
WW International, Inc. (a)
   
1,080
     
22,853
 
                 
Diversified Telecommunication Services – 0.04%
               
AT&T, Inc.
   
192
     
5,188
 
Verizon Communications, Inc.
   
526
     
29,977
 
             
35,165
 
Electric Utilities – 1.88%
               
Alliant Energy Corporation
   
4,329
     
239,307
 
Avangrid, Inc.
   
194
     
9,572
 
Entergy Corporation
   
1,392
     
140,898
 
Evergy, Inc. (h)
   
3,480
     
192,096
 
Eversource Energy
   
464
     
40,493
 
Fortum Oyj (b)
   
788
     
14,812
 
Iberdrola SA (b)
   
1,696
     
20,026
 
IDACORP, Inc.
   
841
     
73,781
 
NextEra Energy, Inc.
   
4,950
     
362,389
 


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

12

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Electric Utilities – 1.88% (Continued)
           
Oersted A/S (b)
   
232
   
$
36,822
 
Pinnacle West Capital Corporation
   
1,002
     
81,733
 
PNM Resources, Inc.
   
5,856
     
292,800
 
PPL Corporation
   
5,464
     
150,260
 
Xcel Energy, Inc.
   
2,526
     
176,896
 
             
1,831,885
 
Electrical Equipment – 0.70%
               
ABB Ltd. – Reg (b)
   
721
     
17,535
 
AMETEK, Inc.
   
490
     
48,118
 
Bloom Energy Corporation, Class A (a)
   
937
     
11,844
 
Eaton Corporation plc
   
899
     
93,307
 
Generac Holdings, Inc.
   
74
     
15,551
 
nVent Electric plc (b)
   
527
     
9,512
 
Regal Beloit Corporation
   
583
     
57,513
 
Rockwell Automation, Inc.
   
124
     
29,403
 
Sensata Technologies Holding plc (a)
   
747
     
32,651
 
Siemens Energy AG (a)(b)
   
1,650
     
36,127
 
Siemens Gamesa Renewable Energy SA (b)
   
232
     
6,574
 
TPI Composites, Inc. (a)
   
348
     
11,526
 
Vertiv Holdings Company
   
17,849
     
315,035
 
             
684,696
 
Electronic Equipment, Instruments & Components – 1.19%
               
Cognex Corporation
   
348
     
22,933
 
Corning, Inc.
   
534
     
17,072
 
Flex Ltd. (a)
   
2,726
     
38,573
 
Hitachi Ltd. (b)
   
9,032
     
304,417
 
II-VI, Inc. (a)
   
140
     
6,366
 
Jabil, Inc.
   
4,806
     
159,271
 
SYNNEX Corporation (h)
   
2,702
     
355,691
 
Vontier Corporation
   
9,118
     
262,057
 
             
1,166,380
 
Energy Equipment & Services – 0.23%
               
ChampionX Corporation (a)
   
6,802
     
59,381
 
Helix Energy Solutions Group, Inc. (a)
   
13,836
     
34,313
 
Liberty Oilfield Services, Inc., Class A
   
9,036
     
60,360
 
ProPetro Holding Corporation (a)
   
2,195
     
8,670
 
TechnipFMC plc
   
11,843
     
65,492
 
             
228,216
 


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

13

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Entertainment – 0.79%
           
Activision Blizzard, Inc.
   
4,387
   
$
332,227
 
Live Nation Entertainment, Inc. (a)
   
288
     
14,054
 
Madison Square Garden Sports Company (a)
   
90
     
12,748
 
Netflix, Inc. (a)
   
230
     
109,420
 
Sciplay Corporation, Class A (a)
   
1,920
     
25,632
 
Take-Two Interactive Software, Inc. (a)
   
430
     
66,616
 
Ubisoft Entertainment SA (a)(b)
   
293
     
25,882
 
The Walt Disney Company (h)
   
539
     
65,354
 
Zynga, Inc., Class A (a)(h)
   
12,904
     
116,007
 
             
767,940
 
Food & Staples Retailing – 0.21%
               
Alimentation Couche-Tard, Inc., Class B (b)
   
702
     
21,619
 
Casey’s General Stores, Inc.
   
255
     
42,985
 
Costco Wholesale Corporation
   
69
     
24,676
 
The Kroger Company
   
1,102
     
35,495
 
Sysco Corporation
   
326
     
18,031
 
Wal-Mart Stores, Inc.
   
478
     
66,322
 
             
209,128
 
Food Products – 0.92%
               
Bunge Ltd.
   
2,384
     
135,244
 
Cal-Maine Foods, Inc. (a)
   
2,279
     
87,400
 
The Hershey Company
   
1,116
     
153,405
 
Hostess Brands, Inc. (a)
   
8,169
     
103,256
 
The JM Smucker Company
   
638
     
71,584
 
The Kraft Heinz Company
   
780
     
23,860
 
Lancaster Colony Corporation
   
82
     
13,623
 
Mondelez International, Inc., Class A
   
5,275
     
280,208
 
Sanderson Farms, Inc.
   
232
     
29,689
 
             
898,269
 
Gas Utilities – 0.07%
               
South Jersey Industries, Inc.
   
1,384
     
26,670
 
Spire, Inc.
   
711
     
39,844
 
             
66,514
 
Health Care Equipment & Supplies – 0.81%
               
ABIOMED, Inc. (a)
   
144
     
36,271
 
Boston Scientific Corporation (a)
   
1,323
     
45,339
 
Cardiovascular Systems, Inc. (a)
   
131
     
4,670
 
Danaher Corporation
   
270
     
61,976
 
DexCom, Inc. (a)
   
241
     
77,019
 


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

14

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Health Care Equipment & Supplies – 0.81% (Continued)
           
Eargo, Inc. (a)
   
596
   
$
20,651
 
Edwards Lifesciences Corporation (a)
   
962
     
68,966
 
Envista Holdings Corporation (a)
   
1,354
     
35,773
 
Haemonetics Corporation (a)
   
119
     
12,030
 
Hologic, Inc. (a)
   
60
     
4,129
 
Inari Medical, Inc. (a)
   
145
     
9,599
 
iRhythm Technologies, Inc. (a)
   
120
     
25,374
 
Outset Medical, Inc. (a)
   
70
     
3,253
 
Penumbra, Inc. (a)
   
12
     
3,132
 
Pulmonx Corporation (a)
   
1,601
     
67,338
 
Quidel Corporation (a)
   
1
     
268
 
Silk Road Medical, Inc. (a)
   
211
     
12,787
 
STAAR Surgical Company (a)
   
60
     
4,350
 
Tactile Systems Technology, Inc. (a)
   
119
     
4,353
 
Tandem Diabetes Care, Inc. (a)
   
131
     
14,279
 
Varian Medical Systems, Inc. (a)
   
889
     
153,619
 
ViewRay, Inc. (a)
   
311
     
924
 
Wright Medical Group NV (a)(b)
   
3,925
     
120,066
 
Zimmer Biomet Holdings, Inc.
   
13
     
1,717
 
             
787,883
 
Health Care Providers & Services – 0.18%
               
Amedisys, Inc. (a)
   
36
     
9,324
 
Centene Corporation (a)
   
264
     
15,602
 
Guardant Health, Inc. (a)
   
123
     
13,119
 
Humana, Inc.
   
120
     
47,914
 
Oak Street Health, Inc. (a)
   
180
     
8,566
 
Option Care Health, Inc. (a)
   
301
     
4,012
 
Progyny, Inc. (a)
   
3,020
     
73,597
 
             
172,134
 
Health Care Technology – 0.36%
               
Allscripts Healthcare Solutions, Inc. (a)
   
13,337
     
134,437
 
American Well Corporation, Class A (a)
   
58
     
1,497
 
GoodRx Holdings, Inc., Class A(a)
   
50
     
2,419
 
HMS Holdings Corporation (a)
   
2,880
     
76,666
 
iCAD, Inc. (a)
   
361
     
3,523
 
Inovalon Holdings, Inc., Class A (a)
   
5,307
     
100,780
 
Inspire Medical Systems, Inc. (a)
   
58
     
6,927
 
Veeva Systems, Inc., Class A (a)
   
90
     
24,304
 
             
350,553
 


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

15

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Hotels, Restaurants & Leisure – 0.89%
           
Aramark
   
834
   
$
23,135
 
Boyd Gaming Corporation
   
2,117
     
67,151
 
Cracker Barrel Old Country Store, Inc.
   
104
     
11,837
 
Darden Restaurants, Inc. (h)
   
778
     
71,514
 
Domino’s Pizza, Inc.
   
19
     
7,188
 
DraftKings, Inc., Class A (a)(h)
   
168
     
5,947
 
Dunkin’ Brands Group, Inc.
   
314
     
31,309
 
Hilton Grand Vacations, Inc. (a)
   
1,740
     
35,844
 
Hilton Worldwide Holdings, Inc.
   
162
     
14,225
 
Jack in the Box, Inc.
   
546
     
43,713
 
Las Vegas Sands Corporation (h)
   
2,333
     
112,124
 
Marriott Vacations Worldwide Corporation
   
648
     
62,597
 
McDonald’s Corporation
   
159
     
33,867
 
Melco Crown Entertainment Ltd. – ADR (b)
   
1,160
     
18,699
 
Norwegian Cruise Line Holdings Ltd. (a)
   
7,475
     
124,309
 
Royal Caribbean Cruises Ltd.
   
1,042
     
58,790
 
Starbucks Corporation
   
811
     
70,525
 
Wynn Resorts Ltd.
   
410
     
29,696
 
Yum China Holdings, Inc. (b)
   
714
     
38,006
 
Yum! Brands, Inc.
   
116
     
10,826
 
             
871,302
 
Household Durables – 0.25%
               
D.R. Horton, Inc.
   
501
     
33,472
 
Installed Building Products, Inc. (a)
   
127
     
11,499
 
KB Home
   
1,402
     
45,214
 
Leggett & Platt, Inc.
   
858
     
35,804
 
Newell Brands, Inc.
   
2,371
     
41,872
 
NVR, Inc.
   
4
     
15,812
 
PulteGroup, Inc.
   
421
     
17,160
 
TopBuild Corporation (a)
   
92
     
14,095
 
Whirlpool Corporation
   
166
     
30,703
 
             
245,631
 
Household Products – 0.31%
               
The Procter & Gamble Company
   
1,483
     
203,319
 
Spectrum Brands Holdings, Inc.
   
1,702
     
96,793
 
             
300,112
 
Independent Power and Renewable Electricity Producers – 0.25%
               
The AES Corporation
   
8,700
     
169,650
 
Clearway Energy, Inc., Class C
   
1,160
     
32,666
 


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

16

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Independent Power and Renewable Electricity Producers – 0.25% (Continued)
           
NextEra Energy Partners LP (h)
   
19
   
$
1,193
 
Ormat Technologies, Inc.
   
545
     
38,624
 
             
242,133
 
Industrial Conglomerates – 0.03%
               
Honeywell International, Inc.
   
93
     
15,340
 
Siemens AG – Reg (b)
   
131
     
15,368
 
             
30,708
 
Insurance – 0.51%
               
Aegon NV (b)
   
14,563
     
39,175
 
AIA Group Ltd. (b)
   
1,200
     
11,421
 
Allianz SE (b)
   
175
     
30,827
 
GoHealth, Inc., Class A (a)
   
7
     
73
 
International General Insurance Holdings Ltd. (b)
   
29,450
     
206,150
 
Storebrand ASA (a)(b)
   
2,480
     
13,088
 
Sun Life Financial, Inc. (b)
   
298
     
11,857
 
Syncora Holdings Ltd.
   
2,808
     
803
 
Tokio Marine Holdings, Inc. (b)
   
545
     
24,359
 
Topdanmark A/S (b)
   
421
     
16,486
 
Tryg A/S (b)
   
1,431
     
39,714
 
Willis Towers Watson plc
   
550
     
100,364
 
             
494,317
 
Interactive Media & Services – 1.09%
               
Alphabet, Inc., Class A (a)
   
226
     
365,241
 
Alphabet, Inc., Class C (a)
   
45
     
72,945
 
ANGI Homeservices, Inc., Class A (a)
   
2,146
     
22,748
 
Facebook, Inc., Class A (a)
   
825
     
217,066
 
IAC/InterActiveCorp (a)
   
1,960
     
236,611
 
QuinStreet, Inc. (a)
   
7,009
     
112,179
 
Snap, Inc., Class A (a)
   
580
     
22,846
 
Twitter, Inc. (a)
   
174
     
7,197
 
Zillow Group, Inc., Class C (a)
   
72
     
6,381
 
             
1,063,214
 
Internet & Direct Marketing Retail – 0.54%
               
Alibaba Group Holding Ltd. – ADR (a)(b)
   
247
     
75,258
 
Amazon.com, Inc. (a)
   
91
     
276,290
 
Booking Holdings, Inc. (a)
   
23
     
37,317
 
eBay, Inc.
   
1,199
     
57,108
 
Etsy, Inc. (a)
   
134
     
16,293
 
Expedia Group, Inc.
   
408
     
38,413
 


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

17

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Internet & Direct Marketing Retail – 0.54% (Continued)
           
MercadoLibre, Inc. (a)(b)
   
24
   
$
29,137
 
Overstock.com, Inc. (a)
   
23
     
1,290
 
             
531,106
 
IT Services – 1.58%
               
Akamai Technologies, Inc. (a)
   
2,555
     
243,032
 
Conduent, Inc. (a)
   
9,600
     
33,456
 
DXC Technology Company
   
9,235
     
170,109
 
Fidelity National Information Services, Inc.
   
290
     
36,131
 
Fujitsu Ltd. (b)
   
2,143
     
253,548
 
Global Payments, Inc. (h)
   
290
     
45,745
 
LiveRamp Holdings, Inc. (a)
   
4,586
     
303,089
 
MongoDB, Inc. (a)
   
18
     
4,112
 
Nexi SpA (a)(b)
   
1,540
     
23,707
 
PayPal Holdings, Inc. (a)(h)
   
398
     
74,080
 
Sabre Corporation
   
3,132
     
20,421
 
Shift4 Payments, Inc., Class A (a)
   
232
     
11,811
 
Shopify, Inc., Class A (a)(b)
   
65
     
60,153
 
Snowflake, Inc., Class A (a)
   
33
     
8,251
 
Square, Inc., Class A (a)
   
87
     
13,475
 
Twilio, Inc., Class A (a)
   
877
     
244,657
 
             
1,545,777
 
Leisure Products – 0.02%
               
Brunswick Corporation
   
120
     
7,645
 
Old PSG Wind-Down Ltd. (a)(b)(g)
   
2,127
     
202
 
Peloton Interactive, Inc., Class A (a)
   
103
     
11,352
 
             
19,199
 
Life Sciences Tools & Services – 0.27%
               
Adaptive Biotechnologies Corporation (a)
   
30
     
1,382
 
Berkeley Lights, Inc. (a)
   
184
     
13,353
 
Fluidigm Corporation (a)
   
120
     
689
 
NanoString Technologies, Inc. (a)
   
420
     
15,393
 
Pacific Biosciences of California, Inc. (a)
   
1,741
     
22,824
 
PPD, Inc. (a)
   
4,776
     
157,035
 
Qiagen NV (a)(b)
   
425
     
20,162
 
Repligen Corporation (a)
   
204
     
33,980
 
             
264,818
 
Machinery – 1.00%
               
AGCO Corporation
   
246
     
18,949
 
Allison Transmission Holdings, Inc.
   
185
     
6,688
 


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

18

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Machinery – 1.00% (Continued)
           
Caterpillar, Inc.
   
116
   
$
18,218
 
Chart Industries, Inc. (a)
   
765
     
64,604
 
Colfax Corporation (a)
   
61
     
1,659
 
Cummins, Inc. (h)
   
953
     
209,555
 
Deere & Company
   
72
     
16,265
 
Dover Corporation
   
1,371
     
151,783
 
Fortive Corporation
   
585
     
36,036
 
Illinois Tool Works, Inc.
   
85
     
16,650
 
ITT, Inc.
   
62
     
3,752
 
Navistar International Corporation
   
936
     
40,351
 
Otis Worldwide Corporation
   
281
     
17,220
 
Parker-Hannifin Corporation
   
1,054
     
219,611
 
Rexnord Corporation
   
2,582
     
82,831
 
Stanley Black & Decker, Inc.
   
71
     
11,800
 
The Timken Company
   
988
     
58,984
 
             
974,956
 
Media – 0.63%
               
Altice USA, Inc., Class A (a)
   
5,235
     
141,083
 
Charter Communications, Inc., Class A (a)
   
165
     
99,630
 
Comcast Corporation, Class A
   
236
     
9,969
 
comScore, Inc. (a)
   
73,362
     
146,357
 
Discovery, Inc., Class A (a)
   
1,571
     
31,797
 
DISH Network Corporation, Class A (a)
   
541
     
13,790
 
Nexstar Media Group, Inc., Class A
   
1,478
     
121,787
 
Sinclair Broadcast Group, Inc., Class A
   
1,420
     
26,384
 
TEGNA, Inc.
   
1,959
     
23,567
 
             
614,364
 
Metals & Mining – 0.75%
               
ArcelorMittal SA – ADR (a)
   
5,102
     
69,387
 
Barrick Gold Corporation (b)
   
1,801
     
48,141
 
ERO Copper Corporation (a)(b)
   
481
     
6,300
 
Freeport-McMoRan, Inc.
   
14,845
     
257,412
 
Orla Mining Ltd. (a)(b)
   
2,102
     
8,472
 
Vale SA – ADR (b)
   
32,623
     
344,825
 
             
734,537
 
Multi-Utilities – 1.28%
               
Ameren Corporation
   
1,682
     
136,444
 
CenterPoint Energy, Inc.
   
13,411
     
283,374
 
CMS Energy Corporation
   
2,320
     
146,926
 


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

19

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Multi-Utilities – 1.28% (Continued)
           
Dominion Resources, Inc.
   
3,159
   
$
253,794
 
Just Energy Group, Inc. (a)(b)
   
761
     
3,912
 
NiSource, Inc.
   
4,201
     
96,497
 
Public Service Enterprise Group, Inc.
   
1,566
     
91,063
 
RWE AG (b)
   
1,634
     
60,470
 
Sempra Energy
   
1,451
     
181,897
 
             
1,254,377
 
Oil, Gas & Consumable Fuels – 2.45%
               
Apache Corporation
   
26,651
     
221,203
 
Ardmore Shipping Corporation (b)
   
4,520
     
12,656
 
Cabot Oil & Gas Corporation
   
5,788
     
102,969
 
Canadian Natural Resources Ltd. (b)
   
5,016
     
80,005
 
Cimarex Energy Company
   
5,876
     
149,074
 
CNX Resources Corporation (a)
   
20,104
     
195,009
 
Concho Resources, Inc.
   
4,988
     
207,052
 
EQT Corporation
   
9,242
     
139,924
 
Golar LNG Ltd. (a)(b)
   
328
     
2,476
 
Hess Corporation
   
5,671
     
211,075
 
Marathon Petroleum Corporation
   
3,751
     
110,654
 
Matador Resources Company (a)
   
27,532
     
194,651
 
Neste Oyj (b)
   
878
     
45,791
 
Nordic American Tankers Ltd. (b)
   
3,900
     
11,349
 
Northern Oil and Gas, Inc. (a)
   
28,906
     
106,952
 
Occidental Petroleum Corporation
   
3,480
     
31,772
 
Ovintiv, Inc.
   
13,081
     
120,345
 
Parsley Energy, Inc., Class A
   
20,671
     
206,917
 
PDC Energy, Inc. (a)
   
13,314
     
158,703
 
World Fuel Services Corporation
   
1,177
     
24,776
 
WPX Energy, Inc. (a)
   
14,551
     
67,080
 
             
2,400,433
 
Paper & Forest Products – 0.03%
               
Louisiana-Pacific Corporation
   
961
     
27,465
 
                 
Personal Products – 0.07%
               
e.l.f. Beauty, Inc. (a)
   
580
     
11,757
 
The Estee Lauder Companies, Inc., Class A
   
237
     
52,059
 
             
63,816
 
Pharmaceuticals – 0.89%
               
Aerie Pharmaceuticals, Inc. (a)
   
132
     
1,400
 
AstraZeneca plc – ADR (b)
   
994
     
49,859
 


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

20

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Pharmaceuticals – 0.89% (Continued)
           
Axsome Therapeutics, Inc. (a)
   
175
   
$
11,604
 
Bristol Myers-Squibb Company
   
1,097
     
64,120
 
Cara Therapeutics, Inc. (a)
   
480
     
6,365
 
Catalent, Inc. (a)
   
42
     
3,686
 
Cresco Labs, Inc. (a)
   
1,961
     
13,865
 
Eli Lilly & Company
   
116
     
15,133
 
Green Thumb Industries, Inc. CA (a)
   
7,199
     
112,662
 
Green Thumb Industries, Inc. (a)
   
5,170
     
81,376
 
GW Pharmaceuticals plc – ADR (a)(b)
   
241
     
21,692
 
Horizon Therapeutics plc (a)
   
433
     
32,445
 
Intersect ENT, Inc. (a)
   
479
     
7,424
 
Intra-Cellular Therapies, Inc. (a)
   
318
     
7,845
 
Merck & Company, Inc.
   
301
     
22,638
 
MyoKardia, Inc. (a)
   
1,602
     
358,095
 
TherapeuticsMD, Inc. (a)
   
1,848
     
2,255
 
Reata Pharmaceuticals, Inc., Class A(a)
   
217
     
25,326
 
Relmada Therapeutics, Inc. (a)
   
94
     
2,907
 
Trulieve Cannabis Corporation (a)
   
954
     
22,441
 
Zogenix, Inc. (a)
   
361
     
7,697
 
             
870,835
 
Professional Services – 0.12%
               
CoreLogic, Inc.
   
1,555
     
119,626
 
                 
Real Estate Investment Trusts (REITs) – 5.17%
               
Acadia Realty Trust
   
17,260
     
161,036
 
Agree Realty Corporation
   
3,052
     
189,438
 
Americold Realty Trust
   
8,382
     
303,680
 
Brixmor Property Group, Inc.
   
6,196
     
67,908
 
Broadstone Net Lease, Inc., Class A
   
1,598
     
26,367
 
CareTrust REIT, Inc.
   
13,877
     
237,297
 
Cedar Realty Trust, Inc.
   
27,984
     
26,585
 
Corporate Office Properties Trust
   
2,436
     
54,639
 
Duke Realty Corporation
   
5,084
     
193,141
 
Equity Residential
   
2,624
     
123,276
 
First Industrial Realty Trust, Inc.
   
3,588
     
142,838
 
Franklin Street Properties Corporation
   
16,177
     
67,943
 
Front Yard Residential Corporation
   
17,400
     
232,986
 
Healthcare Realty Trust, Inc.
   
3,656
     
101,637
 
Highwoods Properties, Inc.
   
5,328
     
158,615
 
Invitation Homes, Inc.
   
8,512
     
232,037
 


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

21

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Real Estate Investment Trusts (REITs) – 5.17% (Continued)
           
Kilroy Realty Corporation
   
1,371
   
$
64,547
 
Life Storage, Inc.
   
901
     
102,849
 
Mid-America Apartment Communities, Inc.
   
1,495
     
174,362
 
NETSTREIT Corporation
   
8,112
     
142,284
 
Piedmont Office Realty Trust, Inc., Class A
   
27,433
     
313,285
 
Plymouth Industrial REIT, Inc.
   
5,763
     
73,248
 
QTS Realty Trust, Inc., Class A
   
1,027
     
63,171
 
RPT Realty
   
40,006
     
195,629
 
Sabra Health Care REIT, Inc.
   
12,995
     
171,014
 
Spirit Realty Capital, Inc.
   
10,347
     
310,927
 
Sun Communities, Inc.
   
385
     
52,988
 
UDR, Inc.
   
7,915
     
247,265
 
Urban Edge Properties
   
11,527
     
108,354
 
Ventas, Inc.
   
4,066
     
160,485
 
VICI Properties, Inc.
   
11,651
     
267,390
 
Welltower, Inc.
   
3,753
     
201,799
 
Weyerhaeuser Company
   
3,179
     
86,755
 
             
5,055,775
 
Road & Rail – 2.42%
               
Canadian National Railway Company (b)
   
348
     
34,609
 
CSX Corporation
   
609
     
48,074
 
Heartland Express, Inc.
   
471
     
8,624
 
J.B. Hunt Transport Services, Inc.
   
1,037
     
126,244
 
Kansas City Southern
   
3,890
     
685,185
 
Knight-Swift Transportation Holdings, Inc.
   
11,205
     
425,678
 
Landstar System, Inc.
   
116
     
14,465
 
Norfolk Southern Corporation
   
1,535
     
320,999
 
Old Dominion Freight Line, Inc.
   
376
     
71,579
 
Ryder System, Inc.
   
232
     
11,428
 
Saia, Inc. (a)
   
175
     
25,840
 
Uber Technologies, Inc. (a)
   
644
     
21,516
 
Union Pacific Corporation
   
2,564
     
454,315
 
Werner Enterprises, Inc.
   
3,204
     
121,816
 
             
2,370,372
 
Semiconductors & Semiconductor Equipment – 3.48%
               
Advanced Micro Devices, Inc. (a)
   
3,459
     
260,428
 
Allegro Microsystems, Inc. (a)
   
656
     
12,005
 
Ambarella, Inc. (a)
   
4,175
     
228,247
 
Applied Materials, Inc.
   
934
     
55,321
 
ASML Holding NV – ADR (b)
   
175
     
63,212
 


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

22

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Semiconductors & Semiconductor Equipment – 3.48% (Continued)
           
Broadcom, Inc.
   
301
   
$
105,239
 
Cree, Inc. (a)
   
390
     
24,804
 
Enphase Energy, Inc. (a)
   
307
     
30,114
 
First Solar, Inc. (a)
   
240
     
20,891
 
Inphi Corporation (a)
   
209
     
29,210
 
Lam Research Corporation
   
112
     
38,313
 
MACOM Technology Solutions Holdings, Inc. (a)
   
3,426
     
125,049
 
Marvell Technology Group Ltd. (h)
   
4,494
     
168,570
 
Maxim Integrated Products, Inc.
   
3,341
     
232,701
 
Micron Technology, Inc. (a)
   
5,990
     
301,537
 
NVIDIA Corporation
   
294
     
147,400
 
NXP Semiconductors NV (b)(h)
   
3,141
     
424,412
 
ON Semiconductor Corporation (a)
   
2,244
     
56,302
 
QUALCOMM, Inc. (h)
   
3,941
     
486,162
 
Skyworks Solutions, Inc.
   
744
     
105,120
 
SolarEdge Technologies, Inc. (a)(b)
   
60
     
15,461
 
Synaptics, Inc. (a)
   
2,842
     
217,896
 
Taiwan Semiconductor Manufacturing Company Ltd. – ADR (b)
   
775
     
64,999
 
Texas Instruments, Inc. (h)
   
128
     
18,508
 
Xilinx, Inc. (h)
   
1,397
     
165,810
 
             
3,397,711
 
Software – 3.77%
               
Adobe, Inc. (a)
   
627
     
280,332
 
Atlassian Corporation plc, Class A (a)(b)
   
234
     
44,839
 
Autodesk, Inc. (a)
   
174
     
40,984
 
Avalara, Inc. (a)
   
84
     
12,520
 
Avaya Holdings Corporation (a)
   
24,216
     
416,515
 
Box, Inc., Class A (a)
   
403
     
6,246
 
Cadence Design Systems, Inc. (a)
   
577
     
63,106
 
Check Point Software Technologies Ltd. (a)(b)(h)
   
2,456
     
278,903
 
Cloudera, Inc. (a)
   
1,565
     
15,212
 
CommVault Systems, Inc. (a)
   
290
     
11,481
 
Crowdstrike Holdings, Inc., Class A (a)(h)
   
1,607
     
199,011
 
CyberArk Software Ltd. (a)(b)
   
290
     
28,753
 
Datadog, Inc., Class A (a)
   
111
     
10,073
 
The Descartes Systems Group, Inc. (a)(b)
   
218
     
11,720
 
DocuSign, Inc. (a)
   
275
     
55,619
 
Domo, Inc., Class B (a)
   
647
     
20,555
 
Dynatrace, Inc. (a)
   
354
     
12,500
 
Elastic NV (a)
   
253
     
25,657
 


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

23

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Software – 3.77% (Continued)
           
FireEye, Inc. (a)(h)
   
14,851
   
$
205,538
 
HubSpot, Inc. (a)
   
404
     
117,188
 
JFrog Ltd. (a)(b)
   
129
     
9,343
 
LivePerson, Inc. (a)
   
650
     
34,749
 
Manhattan Associates, Inc. (a)
   
482
     
41,211
 
McAfee Corporation, Class A (a)
   
889
     
14,900
 
Microsoft Corporation
   
2,434
     
492,812
 
MobileIron, Inc. (a)
   
1,360
     
9,574
 
Oracle Corporation (h)
   
142
     
7,968
 
Palo Alto Networks, Inc. (a)(h)
   
1,150
     
254,368
 
RingCentral, Inc., Class A (a)
   
384
     
99,203
 
SailPoint Technologies Holdings, Inc. (a)
   
845
     
35,076
 
salesforce.com, Inc. (a)(h)
   
1,158
     
268,969
 
ServiceNow, Inc. (a)
   
211
     
104,987
 
Slack Technologies, Inc., Class A (a)
   
2,312
     
59,141
 
Smartsheet, Inc., Class A (a)
   
120
     
5,982
 
SVMK, Inc. (a)
   
444
     
9,293
 
Synopsys, Inc. (a)
   
301
     
64,372
 
Tenable Holdings, Inc. (a)
   
1,587
     
54,133
 
Tufin Software Technologies Ltd. (a)(b)
   
2,204
     
14,194
 
Unity Software, Inc. (a)
   
116
     
11,006
 
Varonis Systems, Inc. (a)
   
176
     
20,340
 
Workday, Inc., Class A (a)
   
175
     
36,771
 
Zendesk, Inc. (a)
   
128
     
14,200
 
Zoom Video Communications, Inc., Class A (a)
   
70
     
32,264
 
Zscaler, Inc. (a)
   
952
     
129,234
 
             
3,680,842
 
Special Purpose Acquisition Vehicle – 1.11%
               
ACON S2 Acquisition Corporation (a)
   
646
     
6,395
 
AEA-Bridges Impact Corporation (a)(b)
   
1,078
     
10,705
 
Ajax I (a)
   
426
     
4,294
 
Alussa Energy Acquisition Corporation, Class A (a)(b)
   
370
     
3,644
 
Apollo Strategic Growth Capital (a)
   
961
     
9,572
 
Artius Acquisition, Inc. (a)
   
639
     
6,371
 
Atlas Crest Investment Corporation (a)
   
856
     
8,500
 
Avanti Acquisition Corporation (a)(b)
   
855
     
8,473
 
Bridgetown Holdings Ltd. (a)(b)
   
470
     
4,747
 
Burgundy Technology Acquisition Corporation (a)
   
207
     
2,060
 
Churchill Capital Corporation II, Class A (a)
   
638
     
6,361
 
Churchill Capital Corporation IV, Class A (a)
   
363
     
3,496
 
CM Life Sciences, Inc., Class A (a)
   
63,233
     
829,301
 


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

24

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Special Purpose Acquisition Vehicle – 1.11% (Continued)
           
Cohn Robbins Holdings Corporation (a)
   
413
   
$
4,122
 
D8 Holdings Corporation (a)(b)
   
363
     
3,612
 
Equity Distribution Acquisition Corporation (a)
   
207
     
2,080
 
Flying Eagle Acquisition Corporation, Class A (a)
   
290
     
3,344
 
Foley Trasimene Acquisition Corporation II (a)
   
1,248
     
12,430
 
Fusion Acquisition Corporation, Class A (a)
   
258
     
2,526
 
GO Acquisition Corporation (a)
   
633
     
6,286
 
Gores Holdings IV, Inc., Class A (a)
   
629
     
6,259
 
Gores Metropoulos, Inc., Class A (a)
   
1,204
     
12,281
 
GS Acquisition Holdings Corporation II (a)
   
972
     
10,012
 
Haymaker Acquisition Corporation II, Class A (a)
   
777
     
7,786
 
HPX Corporation (a)
   
416
     
4,185
 
Lefteris Acquisition Corporation (a)
   
1,046
     
10,345
 
LGL Systems Acquisition Corporation, Class A (a)
   
1
     
10
 
Oaktree Acquisition Corporation II (a)
   
1,473
     
14,730
 
Peridot Acquisition Corporation (a)
   
756
     
7,496
 
Reinvent Technology Partners (a)
   
20
     
215
 
Social Capital Hedosophia Holdings Corporation III (a)
   
186
     
1,933
 
Spartacus Acquisition Corporation (a)
   
570
     
5,660
 
Star Peak Energy Transition Corporation (a)
   
425
     
4,241
 
Starboard Value Acquisition Corporation (a)
   
755
     
7,512
 
Sustainable Opportunities Acquisition Corporation (a)
   
575
     
5,934
 
Tortoise Acquisition Corporation II (a)
   
80
     
818
 
TPG Pace Beneficial Finance Corporation (a)
   
1,366
     
13,674
 
TPG Pace Tech Opportunities Corporation (a)
   
1,364
     
13,640
 
Turmeric Acquisition Corporation (a)
   
939
     
9,343
 
VG Acquisition Corporation (a)
   
431
     
4,258
 
Vy Global Growth (a)(b)
   
1,004
     
10,331
 
             
1,088,982
 
Specialty Retail – 0.62%
               
Aaron’s Holdings Company, Inc.
   
1,106
     
57,800
 
Best Buy Company, Inc.
   
568
     
63,360
 
Carvana Company (a)
   
47
     
8,711
 
Dick’s Sporting Goods, Inc. (h)
   
630
     
35,689
 
Gamestop Corporation, Class A (a)(h)
   
840
     
8,795
 
The Gap, Inc.
   
351
     
6,827
 
GrowGeneration Corporation (a)
   
2,494
     
41,650
 
The Home Depot, Inc.
   
45
     
12,002
 
Leslie’s, Inc. (a)
   
78
     
1,714
 
Lithia Motors, Inc., Class A
   
219
     
50,276
 
Lowe’s Companies, Inc. (h)
   
596
     
94,228
 


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

25

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
Specialty Retail – 0.62% (Continued)
           
Tiffany & Company
   
1,627
   
$
212,877
 
Williams-Sonoma, Inc.
   
182
     
16,600
 
             
610,529
 
Technology Hardware, Storage & Peripherals – 0.45%
               
Apple, Inc.
   
2,682
     
291,963
 
Dell Technologies, Inc., Class C (a)
   
2,474
     
149,083
 
             
441,046
 
Textiles, Apparel & Luxury Goods – 0.04%
               
NIKE, Inc., Class B
   
311
     
37,345
 
                 
Tobacco – 0.05%
               
Philip Morris International, Inc.
   
718
     
50,992
 
                 
Trading Companies & Distributors – 0.11%
               
BMC Stock Holdings, Inc. (a)
   
1,018
     
40,303
 
HD Supply Holdings, Inc. (a)
   
534
     
21,285
 
MSC Industrial Direct Company, Inc.
   
262
     
18,251
 
United Rentals, Inc. (a)
   
129
     
22,999
 
WESCO International, Inc. (a)
   
198
     
8,166
 
             
111,004
 
Wireless Communication Services – 0.01%
               
NII Holdings, Inc. (a)(g)
   
6,235
     
13,405
 
                 
Wireless Telecommunication Services – 0.13%
               
T-Mobile U.S., Inc. (a)
   
1,196
     
131,046
 
Total Long Common Stocks
               
  (Cost $44,015,746)
           
42,878,018
 
                 
LONG CONTINGENT VALUE RIGHTS – 0.00%
               
A. Menarini Industrie Farmaceutiche Riunite Srl (a)(g)
   
523
     
157
 
Total Long Contingent Value Rights
               
  (Cost $—)
           
157
 
                 
LONG RIGHTS – 0.02%
               
Bristol-Myers Squibb Company (a)
   
4,606
     
15,016
 
Pan American Silver Corporation (a)(b)
   
2,345
     
1,688
 
Total Long Rights
               
  (Cost $13,373)
           
16,704
 


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

26

WEISS ALTERNATIVE BALANCED RISK FUND

Schedule of Investments – Continued
October 31, 2020

   
Shares
   
Value
 
LONG WARRANTS – 0.06%
           
CM Life Sciences, Inc. (a)
           
Exercise Price:  $11.50, 9/4/2027
   
21,078
   
$
42,261
 
International General Insurance Holdings Ltd. (a)
               
Exercise Price:  $25.00, 3/17/2025
   
29,450
     
18,848
 
Multiplan Corporation (a)
               
Exercise Price:  $27.00, 10/8/2025
   
1,725
     
2,191
 
Valeritas Holdings, Inc. (a)(g)
               
Exercise Price:  $12.00, 11/14/2023
   
1,688
     
 
Total Long Warrants
               
  (Cost $61,599)
           
63,300
 
                 
LONG EXCHANGE TRADED FUNDS – 39.24%
               
Energy Select Sector SPDR Fund
   
1,089
     
31,276
 
Financial Select Sector SPDR Fund
   
1,392
     
33,213
 
Health Care Select Sector SPDR Fund
   
30
     
3,050
 
Industrial Select Sector SPDR Fund
   
1,041
     
78,981
 
Invesco QQQ Trust Series 1
   
73
     
19,665
 
Invesco S&P 500 Equal Weight ETF
   
1,048
     
112,670
 
iShares 20+ Year Treasury Bond ETF (h)
   
1,497
     
235,882
 
iShares China Large-Cap ETF
   
58
     
2,558
 
iShares iBoxx $High Yield Corporate Bond ETF (d)
   
222,700
     
18,680,076
 
iShares iBoxx $Investment Grade Corporate Bond ETF (d)
   
138,500
     
18,521,605
 
iShares MSCI China ETF
   
65
     
5,052
 
iShares MSCI Germany ETF
   
41
     
1,077
 
iShares Russell 2000 ETF (h)
   
124
     
18,983
 
iShares Silver Trust (a)
   
116
     
2,551
 
iShares U.S. Home Construction ETF
   
496
     
25,802
 
ProShares VIX Short-Term Futures ETF (a)
   
737
     
16,015
 
SPDR Gold Shares (a)
   
905
     
159,461
 
SPDR S&P 500 ETF Trust (h)
   
249
     
81,308
 
SPDR S&P Biotech ETF
   
26
     
2,932
 
SPDR S&P Homebuilders ETF
   
574
     
29,836
 
SPDR S&P Metals & Mining ETF
   
7,579
     
185,155
 
SPDR S&P Regional Banking ETF
   
978