N-CSR 1 wamsf-ncsra.htm WEISS ALTERNATIVE MULTI-STRATEGY FUND ANNUAL REPORT 10-31-21

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, 2021



Date of reporting period:  October 31, 2021



Item 1. Report to Stockholders.

(a)










Weiss Alternative Multi-Strategy Fund

Class K – weisx
Investor Class – weizx



 

 

 

 
 

 

 
Annual Report
 
 
October 31, 2021
 

WEISS ALTERNATIVE MULTI-STRATEGY FUND



Dear Shareholders:
 
The Weiss Alternative Multi-Strategy Fund (the “Fund” or “WEISX”) was launched on December 1, 2015 in response to investors’ search for a daily liquid, actively managed, multi-alternative strategy. The Fund seeks to provide returns with moderate volatility and reduced correlation to the overall performance of bond and equity markets. The strategy uses a rigorous, risk-controlled multi-strategy investment approach that seeks to harvest returns from highly liquid and diversified sub-strategies set out below. The Fund is focused on generating the consistency of returns typically associated with fixed income and alternative investment allocations. The Fund’s strategy seeks to benefit from active management, diversification, and liquidity both within and across three principal sources. The goal is for all three sources to contribute positively to overall Fund returns over time:
 
 
(1) Core Market Neutral (“Core Market Neutral”) strategy consisting of approximately 20 fundamental, actively managed, sector focused, sub-strategies. The sub-strategies are market neutral and designed to capture price dispersion instead of market direction.

The Fund also utilizes strategies with the aim of enhancing risk adjusted returns through asset class diversification:
 
 
(2) Growth strategy (“Growth”) – a pro-cyclical strategy designed to replicate exposure to the US equity markets, generally implemented through equity index futures.
   
 
(3) Defensive strategy (“Defensive”) – an income-generating strategy created to provide exposure to US Treasury, Corporate and High Yield credit, implemented through index futures, ETFs and total return swaps.

In the trailing 3-month period (August 2021-October 2021), WEISX returned 0.73% net of fees while its benchmark, the Bloomberg Barclays US Corporate Bond Index returned -1.11%. Overall portfolio annualized volatility for the trailing 3 months was 5.14%.
 
For the trailing 1-year, WEISX returned 11.88% net on 6.08% volatility. Over the same time-period, the US Corporate Bond Index benchmark returned 2.18% on 4.80% volatility.
 
In the trailing 3-month period, the Core Market Neutral strategy produced gross returns of 2.73%, the Growth strategy returned 4.63% gross and the Defensive strategy finished with returns of -1.12% gross. The weights as of October 31, 2021 across the three asset classes in the Fund are as follows: Growth strategy 13.40%, Defensive strategy 40.78%, and the Core Market Neutral 45.82%. Derivatives are utilized for some of these assets only to provide a more capital efficient long exposure within Defensive and Growth strategies. We do not use the derivatives in these long only strategies to generate enhanced leverage. Furthermore, we observed a positive correlation off the annual return of these long only derivatives to their two respective bellwether asset classes.
 
WEISX illustrated its effort to minimize volatility and mitigate downside risk during periods of increased financial market instability. The Core Market Neutral strategy continued to contribute a return stream with low levels of correlation to other asset classes which complemented the pro-cyclical Growth sleeve and the Defensive sleeve.
 
Sincerely,
 
/s/ Weiss Portfolio Managers
1

WEISS ALTERNATIVE MULTI-STRATEGY FUND
 

 

Performance data quoted represents past performance; past performance does not guarantee future results.
 
The previous benchmark for the Fund was the Bloomberg Barclays US Aggregate Bond Index. Effective July 1, 2021, the benchmark changed to the Bloomberg Barclays US Corporate Bond Index in order to more fully emphasize the Adviser’s belief that WEISX is a fixed income diversifier.
 
The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). The Bloomberg Barclays US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers. One cannot invest directly in an index.
 
Gross performance is shown for illustrative purposes only and does not reflect the fees and expenses of an investment in the Fund.
 
Volatility/Standard Deviation is defined as a quantity calculated to indicate the extent of deviation for a group as a whole.
 
Correlation is a statistical measure of the degree to which the movements of two variables (stock/option/convertible prices or returns) are related.
 
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 (“NAV”) of the Fund, and money borrowed will be subject to interest costs. 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 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 the Fund’s ability to sell its shares. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.
 
Must be preceded or accompanied by a prospectus.
 
The Weiss Alternative Multi-Strategy Fund is distributed by Quasar Distributors, LLC.
2

WEISS ALTERNATIVE MULTI-STRATEGY FUND

 
Value of $20,000 Investment (Unaudited)
 
 
The chart assumes an initial investment of $20,000. 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. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.weissfunds.com or by calling 1-866-530-2690.
 
Rates of Return (%) – As of October 31, 2021
 
 
One Year
Five Year
Since Inception(1)(2)
Class K
11.88%
7.32%
6.85%
Bloomberg U.S. Corporate Bond Index(3)
  2.18%
4.83%
5.26%
Bloomberg U.S. Aggregate Bond Index(4)
 -0.48%
3.10%
3.34%
       
Investor Class
11.43%
 
7.42%
Bloomberg U.S. Corporate Bond Index(3)
  2.18%
 
5.32%
Bloomberg U.S. Aggregate Bond Index(4)
 -0.48%
 
3.62%

(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. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. The securities that comprise the Bloomberg U.S. Corporate Bond Index may differ substantially from the securities in the Fund’s portfolio.  It is not possible to directly invest in an index.
(4)
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.
3

WEISS ALTERNATIVE MULTI-STRATEGY FUND

 



The Fund’s gross expense ratio is 4.21% and the net expense ratio is 3.19% (as of the most recent prospectus dated February 28, 2021). The expense ratios stated here may differ from that of the expense ratios provided in the Fund’s financial highlights herewithin due to the timing of financial information and the inclusion of acquired fund fees and expenses (“AFFE”) in the prospectus only. The Fund’s investment advisor has contractually agreed to waive a portion or all of its management fees and reimburse Fund expenses excluding front-end or contingent deferred sales loads, Rule 12b-1 fees, shareholder servicing plan fees, AFFE, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage and other transactional expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses to 1.50% of the average daily net assets of the Fund or by the Fund’s investment advisor through at least February 28, 2022. The advisor may request recoupment of previously waived fees and reimbursed expenses from the Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Cap: (i) in effect at the time of the waiver or reimbursement; or (ii) in effect at the time of recoupment.
4

WEISS ALTERNATIVE MULTI-STRATEGY FUND

 
Expense Example (Unaudited)
October 31, 2021
 
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 Fund 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
(5/1/2021 to
 
(10/31/2021)
(5/1/2021)
(10/31/2021)
10/31/2021)
Class K
       
Actual(2)(3)
2.76%
$1,000.00
$1,038.40
$14.18
Hypothetical (5% annual return
       
  before expenses)(4)
2.76%
$1,000.00
$1,011.29
$13.99
         
Investor Class
       
Actual(2)(3)
3.11%
$1,000.00
$1,037.00
$15.97
Hypothetical (5% annual return
       
  before expenses)(4)
3.11%
$1,000.00
$1,009.53
$15.75

(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 184/365 to reflect its six-month period.
(2)
Based on the actual returns for the period from May 1, 2021 through October 31, 2021, of 3.84% and 3.70% 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 $7.71 and $9.50, respectively.
(4)
Excluding dividends on short positions and borrowing expense, your hypothetical cost of investing in Class K and Investor Class would be $7.63 and $9.40, respectively.
5

WEISS ALTERNATIVE MULTI-STRATEGY FUND

 
Allocation of Portfolio (Unaudited)
October 31, 2021

LONG INVESTMENTS(1)(2)
 
 


(1)
Data expressed as a percentage of long common stocks, long exchange traded funds, long escrow notes, long warrants, long short-term investments, purchased options, long swap contracts and long futures contracts as of October 31, 2021. Data expressed excludes securities sold short, written options, short swap contracts, and other assets in excess of liabilities. Please refer to the Schedule of Investments, Schedule of Written Options, Schedule of Open Swap Contracts, and Schedule of Open Futures Contracts for more details on the Fund’s individual holdings.
(2)
The value of option, swap and futures contracts are expressed as notional and not market value.
6

WEISS ALTERNATIVE MULTI-STRATEGY FUND

 
Allocation of Portfolio (Unaudited)
October 31, 2021

SHORT INVESTMENTS(3)(4)
 
 



(3)
Data expressed as a percentage of short common stocks, short exchange traded funds, short preferred stocks, written options and short swap contracts as of October 31, 2021. 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 and Schedule of Open Futures Contracts for more details on the Fund’s individual holdings.
(4)
The value of option and swap contracts are expressed as notional and not market value.
7

WEISS ALTERNATIVE MULTI-STRATEGY FUND

 
Schedule of Investments
October 31, 2021

   
Shares
   
Value
 
LONG COMMON STOCKS – 37.91%
           
             
Aerospace & Defense – 0.24%
           
AAR Corporation (a)
   
327
   
$
11,566
 
Aerojet Rocketdyne Holdings, Inc.
   
857
     
37,717
 
The Boeing Company (a)
   
882
     
182,600
 
Bombardier, Inc., Class B (a)(b)
   
132,984
     
213,832
 
CAE, Inc. (a)(b)
   
1,450
     
43,971
 
Howmet Aerospace, Inc.
   
1,368
     
40,616
 
PAE, Inc. (a)
   
2,973
     
29,492
 
             
559,794
 
                 
Air Freight & Logistics – 0.07%
               
C.H. Robinson Worldwide, Inc.
   
69
     
6,692
 
Expeditors International of Washington, Inc.
   
98
     
12,080
 
FedEx Corporation
   
82
     
19,313
 
Forward Air Corporation
   
903
     
90,806
 
Hub Group, Inc., Class A (a)
   
39
     
3,064
 
United Parcel Service, Inc., Class B
   
93
     
19,853
 
             
151,808
 
                 
Airlines – 0.03%
               
Alaska Air Group, Inc. (a)
   
790
     
41,712
 
Copa Holdings S.A., Class A (a)(b)
   
455
     
33,652
 
             
75,364
 
                 
Auto Components – 0.03%
               
Veoneer, Inc. (a)
   
2,019
     
71,069
 
                 
                 
Automobiles – 0.48%
               
Daimler AG – Reg (b)
   
6,389
     
634,189
 
Ford Motor Company (h)
   
4,541
     
77,560
 
General Motors Company (a)(h)
   
3,522
     
191,702
 
Tesla, Inc. (a)(h)
   
178
     
198,292
 
             
1,101,743
 
                 
Banks – 2.79%
               
Banco BPM SpA (b)
   
15,066
     
46,852
 
Bank of America Corporation
   
679
     
32,442
 
Bank OZK
   
3,626
     
161,973
 
Banner Corporation
   
2,557
     
147,692
 
Cadence Bank
   
9,796
     
284,280
 
CIT Group, Inc.
   
120
     
5,943
 
Citizens Financial Group, Inc.
   
7,252
     
343,600
 
Comerica, Inc.
   
2,332
     
198,430
 

The accompanying notes are an integral part of these financial statements.
8

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Banks – 2.79% (Continued)
           
Commerzbank AG (a)(b)
   
9,320
   
$
68,063
 
DNB Bank ASA (b)
   
7,757
     
184,591
 
Erste Group Bank AG (b)
   
1,552
     
66,559
 
First BanCorp
   
8,869
     
121,062
 
Hancock Whitney Corporation
   
996
     
49,282
 
Home BancShares, Inc.
   
2,843
     
67,550
 
Huntington Bancshares, Inc.
   
34,639
     
545,218
 
Intesa Sanpaolo S.p.A. (b)
   
39,105
     
111,144
 
JPMorgan Chase & Company
   
3,457
     
587,310
 
KeyCorporation
   
14,914
     
347,049
 
M&T Bank Corporation
   
617
     
90,773
 
PacWest Bancorp
   
5,312
     
252,161
 
Popular, Inc.
   
3,712
     
302,305
 
Royal Bank of Canada (b)
   
2,739
     
285,098
 
Signature Bank
   
664
     
197,752
 
SVB Financial Group (a)
   
377
     
270,460
 
Swedbank AB, Class A (b)
   
4,543
     
98,532
 
Synovus Financial
   
3,871
     
180,350
 
Umpqua Holdings Corporation
   
1,247
     
25,501
 
UniCredit SpA (b)
   
14,606
     
193,084
 
Webster Financial Corporation
   
4,394
     
245,888
 
Wells Fargo & Company (h)
   
3,756
     
192,157
 
Western Alliance Bancorp
   
1,689
     
196,076
 
Wintrust Financial Corporation
   
2,224
     
196,824
 
Zions Bancorp NA
   
5,516
     
347,453
 
             
6,443,454
 
                 
Beverages – 0.70%
               
The Coca-Cola Company
   
8,036
     
452,989
 
Coca-Cola European Partners plc (b)
   
10,375
     
546,244
 
Constellation Brands, Inc., Class A
   
1,648
     
357,303
 
Vintage Wine Estates, Inc. (a)
   
25,078
     
257,300
 
             
1,613,836
 
                 
Biotechnology – 1.00%
               
AbbVie, Inc.
   
610
     
69,949
 
ACADIA Pharmaceuticals, Inc. (a)
   
1,339
     
24,035
 
Acceleron Pharma, Inc. (a)
   
527
     
91,793
 
Albireo Pharma, Inc. (a)
   
179
     
5,230
 
Aldeyra Therapeutics, Inc. (a)
   
2,894
     
26,335
 
Applied Genetic Technologies Corporation (a)
   
209
     
541
 
Arena Pharmaceuticals, Inc. (a)
   
369
     
21,177
 

The accompanying notes are an integral part of these financial statements.
9

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Biotechnology – 1.00% (Continued)
           
Argenx S.E. – ADR (a)(b)
   
244
   
$
73,678
 
Arrowhead Pharmaceuticals, Inc. (a)
   
180
     
11,488
 
Ascendis Pharma A/S – ADR (a)(b)
   
99
     
15,009
 
Aurinia Pharmaceuticals, Inc. (a)(b)
   
659
     
21,800
 
Autolus Therapeutics plc – ADR (a)(b)
   
290
     
1,618
 
AVEO Pharmaceuticals, Inc. (a)
   
1,072
     
7,279
 
BELLUS Health, Inc. (a)(b)
   
660
     
4,891
 
Biohaven Pharmaceutical Holding Company Ltd. (a)(b)
   
1,470
     
209,210
 
BioMarin Pharmaceutical, Inc. (a)
   
382
     
30,266
 
Bioxcel Therapeutics, Inc. (a)
   
591
     
17,222
 
Deciphera Pharmaceuticals, Inc. (a)
   
99
     
3,306
 
Dynavax Technologies Corporation (a)
   
492
     
9,825
 
Eiger BioPharmaceuticals, Inc. (a)
   
4,178
     
28,160
 
Elevation Oncology, Inc. (a)
   
283
     
2,340
 
Epizyme, Inc. (a)
   
472
     
1,982
 
Exact Sciences Corporation (a)
   
308
     
29,328
 
Exelixis, Inc. (a)
   
1,865
     
40,116
 
Fate Therapeutics, Inc. (a)
   
174
     
9,361
 
FibroGen, Inc. (a)
   
57
     
634
 
Flexion Therapeutics, Inc. (a)
   
1,419
     
13,126
 
Global Blood Therapeutics, Inc. (a)
   
501
     
18,296
 
Heron Therapeutics, Inc. (a)
   
407
     
4,481
 
Horizon Therapeutics plc (a)(b)
   
788
     
94,489
 
Incyte Corporation (a)
   
513
     
34,361
 
Insmed, Inc. (a)
   
861
     
25,959
 
Ionis Pharmaceuticals, Inc. (a)
   
102
     
3,251
 
Iovance Biotherapeutics, Inc. (a)
   
1,473
     
35,809
 
Karyopharm Therapeutics, Inc. (a)
   
669
     
3,653
 
Legend Biotech Corporation – ADR (a)(b)
   
19
     
997
 
Merus N.V. (a)(b)
   
195
     
5,470
 
Mirati Therapeutics, Inc. (a)
   
57
     
10,774
 
Molecular Templates, Inc. (a)
   
1,142
     
5,961
 
Natera, Inc. (a)
   
305
     
34,944
 
Neurocrine Biosciences, Inc. (a)
   
647
     
68,200
 
Regeneron Pharmaceuticals, Inc. (a)
   
90
     
57,595
 
Rigel Pharmaceuticals, Inc. (a)
   
7,974
     
26,793
 
Rocket Pharmaceuticals, Inc. (a)
   
328
     
9,745
 
Sage Therapeutics, Inc. (a)
   
97
     
3,915
 
Seagen, Inc. (a)
   
610
     
107,561
 
Swedish Orphan Biovitrum AB (a)(b)
   
25,044
     
680,579
 
TG Therapeutics, Inc. (a)
   
250
     
7,805
 

The accompanying notes are an integral part of these financial statements.
10

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Biotechnology – 1.00% (Continued)
           
Turning Point Therapeutics, Inc. (a)
   
263
   
$
10,936
 
Twist Bioscience Corporation (a)
   
20
     
2,376
 
United Therapeutics Corporation (a)
   
345
     
65,812
 
Vertex Pharmaceuticals, Inc. (a)
   
1,083
     
200,279
 
Zymeworks, Inc. (a)(b)
   
343
     
7,632
 
             
2,297,372
 
                 
Building Products – 0.08%
               
The AZEK Company, Inc. (a)
   
217
     
7,962
 
Builders FirstSource, Inc. (a)
   
2,017
     
117,531
 
Masco Corporation
   
314
     
20,583
 
Trane Technologies plc (b)
   
236
     
42,699
 
             
188,775
 
                 
Capital Markets – 0.46%
               
Allfunds Group plc (a)(b)
   
4,614
     
93,267
 
Blucora, Inc. (a)
   
5,882
     
97,171
 
Coinbase Global, Inc., Class A (a)
   
49
     
15,651
 
The Goldman Sachs Group, Inc.
   
1,283
     
530,328
 
Morgan Stanley
   
1,851
     
190,246
 
UBS Group AG – Reg (b)
   
7,359
     
133,953
 
             
1,060,616
 
                 
Chemicals – 0.34%
               
Atotech Ltd. (b)
   
1,050
     
25,358
 
CF Industries Holdings, Inc.
   
500
     
28,400
 
Huntsman Corporation
   
5,702
     
185,771
 
Sociedad Quimica y Minera de Chile S.A. – ADR (b)
   
3,388
     
185,967
 
Tronox Holdings plc, Class A (b)
   
14,921
     
347,958
 
             
773,454
 
                 
Commercial Services & Supplies – 0.11%
               
ACV Auctions, Inc., Class A (a)
   
980
     
19,081
 
Clean Harbors, Inc. (a)
   
649
     
73,039
 
Covanta Holding Corporation
   
3,858
     
77,854
 
Republic Services, Inc.
   
218
     
29,343
 
Waste Connections, Inc. (b)
   
433
     
58,892
 
             
258,209
 
                 
Communications Equipment – 0.55%
               
Arista Networks, Inc. (a)
   
686
     
281,047
 
Calix, Inc. (a)
   
244
     
15,272
 
Ciena Corporation (a)
   
2,885
     
156,627
 
CommScope Holding Company, Inc. (a)
   
62,282
     
667,040
 

The accompanying notes are an integral part of these financial statements.
11

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Communications Equipment – 0.55% (Continued)
           
F5 Networks, Inc. (a)
   
176
   
$
37,163
 
Radware Ltd. (a)(b)
   
2,940
     
104,164
 
             
1,261,313
 
                 
Construction & Engineering – 0.30%
               
Fluor Corporation (a)
   
980
     
19,051
 
Quanta Services, Inc.
   
2,014
     
244,258
 
WillScot Mobile Mini Holdings Corporation (a)
   
12,257
     
425,931
 
             
689,240
 
                 
Construction Materials – 0.03%
               
Martin Marietta Materials, Inc.
   
111
     
43,605
 
Vulcan Materials Company
   
108
     
20,533
 
             
64,138
 
                 
Consumer Finance – 0.43%
               
Ally Financial, Inc.
   
9,324
     
445,128
 
Capital One Financial Corporation
   
343
     
51,803
 
Curo Group Holdings Corporation
   
352
     
6,047
 
Encore Capital Group, Inc. (a)
   
2,091
     
112,956
 
Synchrony Financial Corporation
   
8,344
     
387,579
 
             
1,003,513
 
                 
Containers & Packaging – 0.08%
               
Ardagh Metal Packaging SA (a)(b)
   
5,354
     
52,737
 
Avery Dennison Corporation
   
176
     
38,319
 
Berry Global Group, Inc. (a)
   
1,346
     
88,217
 
             
179,273
 
                 
Distributors – 0.02%
               
Pool Corporation
   
91
     
46,880
 
                 
                 
Diversified Consumer Services – 0.06%
               
Coursera, Inc. (a)
   
2,983
     
104,137
 
Duolingo, Inc. (a)
   
20
     
3,474
 
Nerdy, Inc. (a)
   
3,349
     
28,667
 
             
136,278
 
                 
Diversified Financial Services – 0.07%
               
Element Fleet Management Corporation (b)
   
14,570
     
158,344
 
                 
                 
Diversified Telecommunication Services – 0.04%
               
Verizon Communications, Inc.
   
1,647
     
87,275
 

The accompanying notes are an integral part of these financial statements.
12

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Electric Utilities – 0.65%
           
Exelon Corporation
   
7,660
   
$
407,435
 
NextEra Energy, Inc.
   
1,762
     
150,352
 
PNM Resources, Inc.
   
19,152
     
952,812
 
             
1,510,599
 
                 
Electrical Equipment – 0.53%
               
ABB Ltd. – ADR (b)
   
591
     
19,527
 
AMETEK, Inc.
   
1,352
     
179,005
 
Eaton Corporation plc (b)
   
530
     
87,323
 
Generac Holdings, Inc. (a)
   
122
     
60,824
 
Hubbell, Inc.
   
118
     
23,526
 
nVent Electric plc (b)
   
4,800
     
170,160
 
Regal Rexnord Corporation
   
1,133
     
172,639
 
Rockwell Automation, Inc.
   
137
     
43,758
 
Sensata Technologies Holding plc (a)(b)
   
1,549
     
85,350
 
Vertiv Holdings Company
   
13,161
     
337,974
 
Vicor Corporation (a)
   
323
     
48,964
 
             
1,229,050
 
                 
Electronic Equipment, Instruments & Components – 0.48%
               
908 Devices, Inc. (a)
   
359
     
11,811
 
Coherent, Inc. (a)
   
1,356
     
344,966
 
Hitachi Ltd. (b)
   
8,335
     
480,301
 
II-VI, Inc. (a)
   
1,239
     
74,972
 
Mirion Technologies, Inc. (a)
   
9,041
     
95,744
 
Teledyne Technologies, Inc. (a)
   
78
     
35,039
 
Vontier Corporation
   
1,724
     
58,323
 
             
1,101,156
 
                 
Energy Equipment & Services – 0.15%
               
Halliburton Company
   
9,332
     
233,207
 
Patterson-UTI Energy, Inc.
   
14,308
     
122,476
 
             
355,683
 
                 
Entertainment – 0.35%
               
Activision Blizzard, Inc. (h)
   
1,648
     
128,857
 
Netflix, Inc. (a)
   
334
     
230,564
 
Roblox Corporation, Class A (a)
   
1,261
     
105,949
 
Roku, Inc. (a)
   
88
     
26,831
 
Sciplay Corporation, Class A (a)
   
10,825
     
218,773
 
Take-Two Interactive Software, Inc. (a)
   
100
     
18,100
 
Zynga, Inc., Class A (a)
   
9,352
     
69,018
 
             
798,092
 

The accompanying notes are an integral part of these financial statements.
13

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Food & Staples Retailing – 0.20%
           
Performance Food Group Company (a)
   
3,639
   
$
164,592
 
Walgreens Boots Alliance, Inc.
   
156
     
7,335
 
Walmart, Inc.
   
2,004
     
299,438
 
             
471,365
 
                 
Food Products – 1.10%
               
Bunge Ltd. (b)
   
2,105
     
195,007
 
Cal-Maine Foods, Inc.
   
2,305
     
83,118
 
Freshpet, Inc. (a)
   
1,273
     
198,474
 
The Hershey Company
   
1,795
     
314,753
 
Hostess Brands, Inc. (a)
   
9,251
     
174,937
 
Ingredion, Inc.
   
1,558
     
148,368
 
The J.M. Smucker Company
   
784
     
96,322
 
The Kraft Heinz Company
   
2,607
     
93,565
 
Nomad Foods Ltd. (a)(b)
   
3,309
     
90,104
 
Oatly Group AB – ADR (a)(b)
   
4,584
     
59,088
 
Pilgrim’s Pride Corporation (a)
   
14,832
     
417,669
 
Sanderson Farms, Inc.
   
940
     
178,083
 
The Simply Good Foods Company (a)
   
8,079
     
320,332
 
Sovos Brands, Inc. (a)
   
10,029
     
162,069
 
             
2,531,889
 
                 
Health Care Equipment & Supplies – 0.59%
               
Abbott Laboratories
   
204
     
26,294
 
ABIOMED, Inc. (a)
   
235
     
78,029
 
Boston Scientific Corporation (a)
   
2,382
     
102,736
 
Cardiovascular Systems, Inc. (a)
   
205
     
7,191
 
CVRx, Inc. (a)
   
936
     
15,828
 
Danaher Corporation
   
268
     
83,554
 
DexCom, Inc. (a)
   
224
     
139,599
 
Edwards Lifesciences Corporation (a)
   
1,673
     
200,459
 
Haemonetics Corporation (a)
   
339
     
23,293
 
Hill-Rom Holdings, Inc.
   
2,802
     
434,030
 
Inari Medical, Inc. (a)
   
306
     
27,699
 
Intersect ENT, Inc. (a)
   
1,811
     
48,843
 
NeuroPace, Inc. (a)
   
61
     
925
 
Outset Medical, Inc. (a)
   
255
     
13,584
 
Penumbra, Inc. (a)
   
67
     
18,529
 
Pulmonx Corporation (a)
   
1,079
     
42,005
 
Quidel Corporation (a)
   
20
     
2,655
 
Silk Road Medical, Inc. (a)
   
175
     
10,274
 
STAAR Surgical Company (a)
   
98
     
11,609
 

The accompanying notes are an integral part of these financial statements.
14

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Health Care Equipment & Supplies – 0.59% (Continued)
           
Stryker Corporation
   
59
   
$
15,698
 
Tactile Systems Technology, Inc. (a)
   
81
     
2,794
 
Tandem Diabetes Care, Inc. (a)
   
204
     
27,811
 
Teleflex, Inc.
   
51
     
18,204
 
Zimmer Biomet Holdings, Inc.
   
21
     
3,006
 
             
1,354,649
 
                 
Health Care Providers & Services – 0.08%
               
Centene Corporation (a)
   
490
     
34,908
 
Guardant Health, Inc. (a)
   
31
     
3,620
 
Humana, Inc.
   
238
     
110,232
 
Oak Street Health, Inc. (a)
   
235
     
11,099
 
Option Care Health, Inc. (a)
   
984
     
26,893
 
The Pennant Group, Inc. (a)
   
141
     
3,605
 
             
190,357
 
                 
Health Care Technology – 0.25%
               
Change Healthcare, Inc. (a)
   
3,656
     
78,714
 
Convey Holding Parent, Inc. (a)
   
1,923
     
14,230
 
Inovalon Holdings, Inc., Class A (a)
   
3,979
     
162,303
 
Inspire Medical Systems, Inc. (a)
   
99
     
26,689
 
Sema4 Holdings Corporation (a)
   
35,403
     
285,702
 
             
567,638
 
                 
Hotels, Restaurants & Leisure – 1.03%
               
Airbnb, Inc., Class A (a)
   
127
     
21,674
 
Bally’s Corporation (a)
   
8,691
     
398,135
 
Bloomin’ Brands, Inc. (a)
   
3,340
     
72,211
 
Booking Holdings, Inc. (a)
   
67
     
162,192
 
Caesars Entertainment, Inc. (a)
   
661
     
72,353
 
Carnival Corporation (a)(b)
   
2,267
     
50,237
 
Darden Restaurants, Inc.
   
690
     
99,457
 
Dave & Buster’s Entertainment, Inc. (a)
   
591
     
21,944
 
DraftKings, Inc., Class A (a)
   
1,638
     
76,314
 
Expedia Group, Inc. (a)
   
543
     
89,275
 
Hilton Worldwide Holdings, Inc. (a)
   
759
     
109,258
 
Marriott International, Inc., Class A (a)
   
362
     
57,927
 
Marriott Vacations Worldwide Corporation
   
1,745
     
274,349
 
Penn National Gaming, Inc. (a)
   
1,033
     
73,935
 
Planet Fitness, Inc., Class A (a)
   
2,696
     
214,467
 
Scientific Games Corporation (a)(h)
   
1,044
     
83,572
 
Starbucks Corporation
   
1,372
     
145,528
 
Travel + Leisure Company
   
533
     
28,963
 
                 
The accompanying notes are an integral part of these financial statements.
15

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Hotels, Restaurants & Leisure – 1.03% (Continued)
           
The Wendy’s Company
   
12,965
   
$
289,119
 
Wyndham Hotels & Resorts, Inc.
   
504
     
42,573
 
             
2,383,483
 
                 
Household Durables – 0.09%
               
D.R. Horton, Inc.
   
422
     
37,672
 
Lennar Corporation, Class A
   
1,230
     
122,914
 
Meritage Homes Corporation (a)
   
439
     
47,724
 
TRI Pointe Home, Inc. (a)
   
298
     
7,208
 
             
215,518
 
                 
Household Products – 0.32%
               
Colgate-Palmolive Company
   
2,156
     
164,266
 
The Procter & Gamble Company
   
1,958
     
279,974
 
Spectrum Brands Holdings, Inc.
   
3,201
     
300,094
 
             
744,334
 
                 
Human Resources & Employment Services – 0.04%
               
HireRight Holdings Corporation (a)
   
4,800
     
82,800
 
                 
                 
Industrial Conglomerates – 0.11%
               
Raven Industries, Inc. (a)
   
524
     
30,298
 
Roper Technologies, Inc.
   
324
     
158,070
 
Siemens AG – Reg (b)
   
377
     
61,293
 
             
249,661
 
                 
Insurance – 0.51%
               
Aegon NV (b)
   
22,690
     
115,090
 
Ageas SA (b)
   
779
     
37,897
 
American National Group, Inc.
   
282
     
53,498
 
Athene Holding Ltd., Class A (a)(b)
   
1,992
     
173,324
 
Fidelity National Financial, Inc.
   
5,096
     
244,149
 
International General Insurance Holdings Ltd. (b)
   
29,450
     
250,914
 
NN Group NV (b)
   
2,869
     
153,368
 
Syncora Holdings Ltd. (a)(b)(g)
   
2,808
     
702
 
Willis Towers Watson plc (b)
   
335
     
81,164
 
Zurich Insurance Group AG (b)
   
149
     
66,040
 
             
1,176,146
 
                 
Interactive Media & Services – 0.72%
               
Alphabet, Inc., Class A (a)
   
200
     
592,184
 
Bambuser AB (a)(b)
   
6,305
     
14,041
 
Match Group, Inc. (a)
   
334
     
50,360
 

The accompanying notes are an integral part of these financial statements.
16

WEISS ALTERNATIVE MULTI-STRATEGY FUND


Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Interactive Media & Services – 0.72% (Continued)
           
Meta Platforms, Inc., Class A (a)
   
2,101
   
$
679,821
 
QuinStreet, Inc. (a)
   
1,274
     
17,836
 
Snap, Inc., Class A (a)
   
1,591
     
83,655
 
TripAdvisor, Inc. (a)
   
3,054
     
100,690
 
Vimeo, Inc. (a)
   
2,744
     
92,555
 
ZoomInfo Technologies, Inc., Class A (a)
   
518
     
34,820
 
             
1,665,962
 
                 
Internet & Direct Marketing Retail – 0.11%
               
Amazon.com, Inc. (a)
   
59
     
198,973
 
DoorDash, Inc., Class A (a)
   
20
     
3,896
 
Global-e Online Ltd. (a)(b)
   
138
     
7,985
 
MercadoLibre, Inc. (a)
   
21
     
31,102
 
Xometry, Inc., Class A (a)
   
235
     
12,690
 
             
254,646
 
                 
IT Services – 1.22%
               
Accenture plc, Class A (b)(h)
   
984
     
353,049
 
Affirm Holdings, Inc. (a)
   
295
     
47,937
 
Afterpay Ltd. (a)(b)
   
3,592
     
332,760
 
Afterpay Ltd. – ADR (a)(b)
   
243
     
22,514
 
Akamai Technologies, Inc. (a)
   
664
     
70,025
 
BigCommerce Holdings, Inc. (a)
   
449
     
20,748
 
Concentrix Corporation
   
1,764
     
313,428
 
DXC Technology Company (a)
   
11,270
     
367,064
 
Fastly, Inc., Class A (a)
   
1,692
     
85,632
 
Flywire Corporation (a)
   
1,181
     
56,027
 
I3 Verticals, Inc., Class A (a)
   
2,719
     
60,878
 
Infosys Ltd. – SP ADR (b)
   
5,167
     
115,121
 
LiveRamp Holdings, Inc. (a)
   
5,615
     
300,459
 
Marqeta, Inc., Class A (a)
   
1,999
     
61,169
 
MongoDB, Inc. (a)
   
157
     
81,843
 
Nuvei Corporation (a)(b)
   
1,011
     
121,506
 
Okta, Inc. (a)
   
716
     
176,981
 
PayPal Holdings, Inc. (a)
   
147
     
34,191
 
Sabre Corporation (a)
   
591
     
6,135
 
Shopify, Inc., Class A (a)(b)
   
48
     
70,403
 
Snowflake, Inc., Class A (a)
   
47
     
16,630
 
Square, Inc., Class A (a)
   
285
     
72,532
 
Toast, Inc., Class A (a)
   
290
     
15,434
 
Twilio, Inc., Class A (a)(h)
   
39
     
11,363
 
             
2,813,829
 

The accompanying notes are an integral part of these financial statements.
17

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Leisure Products – 0.01%
           
Brunswick Corporation
   
345
   
$
32,116
 
Old PSG Wind-Down Ltd. (a)(b)(g)
   
2,127
     
202
 
             
32,318
 
                 
Life Sciences Tools & Services – 0.38%
               
Berkeley Lights, Inc. (a)
   
451
     
10,486
 
Fluidigm Corporation (a)
   
180
     
927
 
IsoPlexis Corporation (a)
   
212
     
2,703
 
NanoString Technologies, Inc. (a)
   
312
     
15,070
 
Pacific Biosciences of California, Inc. (a)
   
511
     
13,531
 
PPD, Inc. (a)
   
3,321
     
156,651
 
Repligen Corporation (a)
   
334
     
97,027
 
SomaLogic, Inc. (a)
   
45,318
     
576,898
 
             
873,293
 
                 
Machinery – 0.70%
               
AGCO Corporation
   
202
     
24,686
 
Caterpillar, Inc.
   
372
     
75,892
 
Dover Corporation
   
1,254
     
212,026
 
Evoqua Water Technologies Corporation (a)
   
1,608
     
67,263
 
Fanuc Corporation (b)
   
2,602
     
514,210
 
Fortive Corporation
   
8
     
606
 
Ingersoll Rand, Inc.
   
1,397
     
75,103
 
Meritor, Inc. (a)
   
1,077
     
26,214
 
The Middleby Corporation (a)
   
118
     
21,528
 
PACCAR, Inc.
   
1,390
     
124,572
 
Parker-Hannifin Corporation
   
280
     
83,045
 
SPX FLOW, Inc.
   
192
     
14,344
 
Stanley Black & Decker, Inc.
   
361
     
64,883
 
Trinity Industries, Inc.
   
2,154
     
60,420
 
Wabash National Corporation
   
391
     
6,072
 
Welbilt, Inc. (a)
   
8,902
     
210,621
 
Woodward, Inc.
   
197
     
22,251
 
             
1,603,736
 
                 
Media – 0.72%
               
Altice USA, Inc., Class A (a)(h)
   
1,998
     
32,568
 
Clear Channel Outdoor Holdings, Inc. (a)
   
9,466
     
27,451
 
comScore, Inc. (a)
   
143,950
     
562,845
 
Criteo SA – SP ADR (a)(b)
   
11,933
     
394,266
 
Discovery, Inc., Class A (a)
   
591
     
13,853
 
Gray Television, Inc.
   
1,388
     
32,535
 

The accompanying notes are an integral part of these financial statements.
18

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Media – 0.72% (Continued)
           
Liberty Broadband Corporation (a)
   
420
   
$
68,229
 
Meredith Corporation (a)
   
920
     
53,581
 
Nexstar Media Group, Inc., Class A
   
216
     
32,385
 
Shaw Communications, Inc., Class B (b)
   
1,008
     
29,071
 
Sinclair Broadcast Group, Inc., Class A
   
826
     
21,583
 
TEGNA, Inc.
   
19,211
     
377,688
 
ViacomCBS, Inc., Class B
   
301
     
10,902
 
             
1,656,957
 
                 
Metals & Mining – 0.90%
               
Alcoa Corporation
   
3,435
     
157,838
 
BHP Group plc – ADR (b)
   
4,755
     
251,920
 
ERO Copper Corporation (a)(b)
   
8,416
     
157,018
 
Freeport-McMoRan, Inc.
   
5,936
     
223,906
 
Hudbay Minerals, Inc. (b)
   
11,238
     
78,216
 
Hudbay Minerals, Inc. – CA (b)
   
13,966
     
97,387
 
Ivanhoe Mines Ltd., Class A (a)(b)
   
15,751
     
123,580
 
Lynas Rare Earths Ltd. (a)(b)
   
12,391
     
69,123
 
Norsk Hydro ASA (b)
   
53,316
     
391,631
 
Steel Dynamics, Inc.
   
1,960
     
129,517
 
Stelco Holdings, Inc. (b)
   
9,691
     
336,476
 
Teck Resources Ltd., Class B (b)
   
1,725
     
48,127
 
             
2,064,739
 
                 
Multiline Retail – 0.10%
               
Dollar General Corporation
   
353
     
78,197
 
Dollar Tree, Inc. (a)
   
1,470
     
158,407
 
             
236,604
 
                 
Oil, Gas & Consumable Fuels – 2.68%
               
Antero Resources Corporation (a)
   
20,305
     
403,460
 
Arch Resources, Inc.
   
3,004
     
273,604
 
BP plc – ADR (b)
   
2,314
     
66,620
 
ConocoPhillips (h)
   
432
     
32,180
 
Continental Resources, Inc.
   
8,985
     
438,558
 
Coterra Energy, Inc.
   
26,485
     
564,660
 
Devon Energy Corporation
   
10,488
     
420,359
 
Exxon Mobil Corporation
   
2,528
     
162,980
 
Marathon Oil Corporation
   
24,309
     
396,723
 
Marathon Petroleum Corporation
   
4,707
     
310,332
 
Matador Resources Company
   
9,561
     
400,128
 
Northern Oil and Gas, Inc. (a)
   
15,211
     
352,287
 
                 
The accompanying notes are an integral part of these financial statements.
19

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Oil, Gas & Consumable Fuels – 2.68% (Continued)
           
Occidental Petroleum Corporation (h)
   
12,540
   
$
420,466
 
Ovintiv, Inc.
   
10,400
     
390,208
 
PDC Energy, Inc.
   
7,406
     
387,408
 
Peabody Energy Corporation (a)
   
1,479
     
17,585
 
Pioneer Natural Resources Company (h)
   
2,353
     
439,964
 
Range Resources Corporation (a)
   
11,362
     
264,962
 
Royal Dutch Shell plc – ADR (b)
   
7,118
     
326,859
 
Suncor Energy, Inc. (b)
   
4,518
     
118,824
 
             
6,188,167
 
                 
Paper & Forest Products – 0.09%
               
Domtar Corporation (a)
   
1,955
     
106,723
 
Louisiana-Pacific Corporation
   
1,478
     
87,099
 
West Fraiser Timber Company Ltd. (b)
   
60
     
4,802
 
             
198,624
 
                 
Personal Products – 0.26%
               
BellRing Brands, Inc., Class A (a)
   
2,935
     
78,717
 
Coty, Inc., Class A (a)
   
40,734
     
345,424
 
e.l.f. Beauty, Inc. (a)
   
5,659
     
182,842
 
             
606,983
 
                 
Pharmaceuticals – 0.24%
               
Aerie Pharmaceuticals, Inc. (a)
   
104
     
1,105
 
AstraZeneca plc – ADR (b)
   
1,654
     
103,176
 
Axsome Therapeutics, Inc. (a)
   
314
     
12,089
 
Bristol Myers-Squibb Company
   
2,156
     
125,910
 
Catalent, Inc. (a)
   
260
     
35,844
 
Eli Lilly & Company
   
491
     
125,087
 
Green Thumb Industries, Inc. (a)(b)
   
4,666
     
95,575
 
Harmony Biosciences Holdings, Inc. (a)
   
19
     
788
 
Intra-Cellular Therapies, Inc. (a)
   
417
     
17,960
 
Merck & Company, Inc.
   
196
     
17,258
 
Relmada Therapeutics, Inc. (a)
   
99
     
2,324
 
TherapeuticsMD, Inc. (a)
   
3,662
     
2,666
 
Zogenix, Inc. (a)
   
561
     
8,600
 
             
548,382
 
                 
Professional Services – 0.35%
               
IHS Markit Ltd. (b)
   
6,004
     
784,843
 
Upwork, Inc. (a)
   
317
     
14,937
 
             
799,780
 

The accompanying notes are an integral part of these financial statements.
20

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Real Estate Investment Trusts (REITs) – 7.26%
           
Acadia Realty Trust
   
22,171
   
$
474,016
 
AFC Gamma, Inc.
   
9,919
     
232,700
 
Agree Realty Corporation
   
2,546
     
180,919
 
Alexandria Real Estate Equities, Inc.
   
3,129
     
638,754
 
American Campus Communities, Inc.
   
10,277
     
552,080
 
Americold Realty Trust
   
41,928
     
1,235,618
 
AvalonBay Communities, Inc.
   
761
     
180,113
 
CareTrust REIT, Inc.
   
8,741
     
181,376
 
Columbia Property Trust, Inc.
   
7,514
     
144,043
 
Cousins Properties, Inc.
   
5,101
     
202,051
 
CyrusOne, Inc.
   
3,459
     
283,707
 
Duke Realty Corporation
   
6,914
     
388,843
 
Equity LifeStyle Properties, Inc.
   
1,960
     
165,640
 
Equity Residential
   
7,763
     
670,723
 
Essex Property Trust, Inc.
   
1,111
     
377,662
 
Federal Realty Investment Trust
   
5,975
     
719,091
 
First Industrial Realty Trust, Inc.
   
11,970
     
697,013
 
Healthcare Trust of America, Inc., Class A
   
11,280
     
376,639
 
Highwoods Properties, Inc.
   
1,309
     
58,696
 
Host Hotels & Resorts, Inc. (a)
   
5,865
     
98,708
 
InvenTrust Properties Corporation
   
1,008
     
23,920
 
Invitation Homes, Inc.
   
3,314
     
136,703
 
Kilroy Realty Corporation
   
4,490
     
302,536
 
Kimco Realty Corporation
   
19,645
     
443,977
 
Kite Realty Group Trust
   
13,530
     
274,659
 
Medical Properties Trust, Inc.
   
7,337
     
156,498
 
MGM Growth Properties LLC, Class A
   
632
     
24,888
 
Mid-America Apartment Communities, Inc.
   
3,881
     
792,539
 
National Storage Affiliates Trust
   
8,136
     
508,175
 
NETSTREIT Corporation
   
33,823
     
819,870
 
Newlake Capital Partners, Inc.
   
15,997
     
493,507
 
Paramount Group, Inc.
   
27,193
     
230,597
 
Park Hotels & Resorts, Inc. (a)
   
316
     
5,856
 
Piedmont Office Realty Trust, Inc., Class A
   
33,678
     
598,121
 
Plymouth Industrial REIT, Inc.
   
13,573
     
346,926
 
RPT Realty
   
20,658
     
274,545
 
Sabra Health Care REIT, Inc.
   
6,057
     
85,707
 
Simon Property Group, Inc.
   
554
     
81,205
 
Spirit Realty Capital, Inc.
   
4,136
     
202,374
 
Sun Communities, Inc.
   
1,500
     
293,970
 
Terreno Realty Corporation
   
8,779
     
642,008
 

The accompanying notes are an integral part of these financial statements.
21

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Real Estate Investment Trusts (REITs) – 7.26% (Continued)
           
Urban Edge Properties
   
6,007
   
$
105,303
 
Ventas, Inc.
   
11,690
     
623,895
 
VEREIT, Inc.
   
7,733
     
388,970
 
WP Carey, Inc.
   
13,354
     
1,029,727
 
             
16,744,868
 
                 
Road & Rail – 0.77%
               
ArcBest Corporation
   
98
     
8,805
 
Canadian National Railway Company (b)
   
1,151
     
152,979
 
Canadian Pacific Railway Ltd. (b)
   
176
     
13,622
 
CSX Corporation
   
676
     
24,451
 
Heartland Express, Inc.
   
980
     
16,003
 
Hertz Global Holdings, Inc. (a)
   
2,019
     
62,629
 
J.B. Hunt Transport Services, Inc.
   
333
     
65,664
 
Kansas City Southern
   
3,262
     
1,012,036
 
Knight-Swift Transportation Holdings, Inc.
   
1,061
     
60,148
 
Landstar System, Inc.
   
98
     
17,229
 
Lyft, Inc. Class A (a)
   
741
     
33,990
 
Old Dominion Freight Line, Inc.
   
141
     
48,130
 
Saia, Inc. (a)
   
725
     
226,664
 
TFI International, Inc. (b)
   
156
     
17,290
 
XPO Logistics, Inc. (a)
   
272
     
23,338
 
Yellow Corporation (a)
   
234
     
2,048
 
             
1,785,026
 
                 
Semiconductors & Semiconductor Equipment – 1.65%
               
Advanced Micro Devices, Inc. (a)
   
1,218
     
146,440
 
Ambarella, Inc. (a)(b)
   
576
     
107,038
 
Analog Devices, Inc.
   
372
     
64,538
 
Applied Materials, Inc.
   
993
     
135,694
 
Arteris, Inc. (a)
   
1,232
     
27,535
 
ASML Holding NV – Reg (b)
   
472
     
383,680
 
Broadcom, Inc.
   
118
     
62,737
 
Brooks Automation, Inc.
   
2,383
     
277,500
 
Kulicke & Soffa Industries, Inc.
   
686
     
39,102
 
Lam Research Corporation
   
98
     
55,230
 
Magnachip Semiconductor Corporation (a)
   
381
     
7,224
 
Marvell Technology, Inc.
   
5,688
     
389,628
 
Microchip Technology, Inc.
   
746
     
55,271
 
Micron Technology, Inc.
   
293
     
20,246
 
MKS Instruments, Inc.
   
507
     
76,075
 
NVIDIA Corporation
   
588
     
150,334
 

The accompanying notes are an integral part of these financial statements.
22

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Semiconductors & Semiconductor Equipment – 1.65% (Continued)
           
NXP Semiconductors NV (b)
   
457
   
$
91,793
 
ON Semiconductor Corporation (a)
   
1,655
     
79,556
 
QUALCOMM, Inc.
   
2,497
     
332,201
 
Ultra Clean Holdings, Inc. (a)
   
1,176
     
58,294
 
Wolfspeed, Inc. (a)
   
49
     
5,886
 
Xilinx, Inc.
   
6,846
     
1,232,280
 
             
3,798,282
 
                 
Software – 3.30%
               
Adobe, Inc. (a)(h)
   
74
     
48,127
 
Alteryx, Inc., Class A (a)
   
677
     
49,550
 
Anaplan, Inc. (a)
   
489
     
31,888
 
AppLovin Corporation, Class A (a)
   
196
     
19,257
 
Asana, Inc., Class A (a)
   
392
     
53,234
 
Atlassian Corporation plc, Class A (a)(b)(h)
   
186
     
85,212
 
Avalara, Inc. (a)
   
303
     
54,431
 
Avaya Holdings Corporation (a)
   
1,280
     
23,834
 
Bill.com Holdings, Inc. (a)
   
294
     
86,527
 
BlackBerry Ltd. (a)(b)
   
978
     
10,562
 
Cadence Design Systems, Inc. (a)
   
394
     
68,205
 
Cognyte Software Ltd. (a)(b)
   
4,590
     
91,387
 
CommVault Systems, Inc. (a)
   
490
     
30,135
 
Coupa Software, Inc. (a)
   
98
     
22,315
 
Crowdstrike Holdings, Inc., Class A (a)(h)
   
392
     
110,466
 
CyberArk Software Ltd. (a)(b)
   
846
     
152,373
 
Datadog, Inc., Class A (a)
   
490
     
81,854
 
The Descartes Systems Group, Inc. (a)(b)
   
137
     
11,202
 
DocuSign, Inc. (a)
   
196
     
54,545
 
Domo, Inc., Class B (a)
   
2,258
     
199,494
 
Dynatrace, Inc. (a)
   
882
     
66,150
 
Elastic NV (a)(b)
   
403
     
69,925
 
EngageSmart, Inc. (a)
   
3,542
     
118,763
 
Five9, Inc. (a)(h)
   
2,070
     
327,081
 
Fortinet, Inc. (a)
   
568
     
191,041
 
HubSpot, Inc. (a)
   
24
     
19,446
 
ironSource Ltd., Class A (a)(b)
   
5,880
     
66,973
 
Lightspeed Commerce, Inc. (a)(b)
   
1,264
     
123,480
 
Mandiant, Inc. (a)
   
1,470
     
25,637
 
Manhattan Associates, Inc. (a)
   
2,444
     
443,684
 
Microsoft Corporation
   
2,946
     
976,953
 
Mimecast Ltd. (a)(b)
   
980
     
73,931
 

The accompanying notes are an integral part of these financial statements.
23

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued
October 31, 2021

   
Shares
   
Value
 
Software – 3.30% (Continued)
           
Monday.com Ltd. (a)(b)(h)
   
196
   
$
72,879
 
NCR Corporation (a)
   
3,267
     
129,177
 
Nice Ltd. – ADR (a)(b)
   
78
     
22,076
 
Nuance Communications, Inc. (a)
   
10,444
     
574,942
 
Nutanix, Inc., Class A (a)
   
2,925
     
100,357
 
Oracle Corporation
   
3,373
     
323,606
 
Palantir Technologies, Inc., Class A (a)
   
196
     
5,072
 
Palo Alto Networks, Inc. (a)
   
454
     
231,127
 
Ping Identity Holding Corporation (a)
   
628
     
17,791
 
Riskfield Ltd., Class A (a)(b)
   
1,161
     
22,454
 
SailPoint Technologies Holdings, Inc. (a)
   
485
     
23,270
 
salesforce.com, Inc. (a)(h)
   
2,142
     
641,936
 
SentinelOne, Inc., Class A (a)
   
196
     
13,014
 
ServiceNow, Inc. (a)
   
318
     
221,888
 
Smartsheet, Inc., Class A (a)
   
487
     
33,608
 
Splunk, Inc. (a)
   
487
     
80,267
 
Synopsys, Inc. (a)
   
295
     
98,288
 
Tenable Holdings, Inc. (a)
   
4,424
     
235,578
 
Tufin Software Technologies Ltd. (a)(b)
   
6,088
     
60,697
 
Unity Software, Inc. (a)
   
98
     
14,828
 
Varonis Systems, Inc. (a)
   
984