Weiss Alternative Multi-Strategy Fund

Class K – weisx

Investor Class – weizx

Annual Report

October 31, 2022

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, lower drawdowns, and reduced correlation to the overall performance of bond and equity markets. The Fund employs a risk-controlled approach to liquid and diversified strategies. The Fund seeks to generate its return from three sources:

	(1)	Core Market Neutral: Employs approximately 20 industry-focused, differentiated strategies and aims to generate performance through security price dispersion instead of market direction.

	(2)	Growth: A pro-cyclical strategy typically offering exposure to the US equity markets.

	(3)	Defensive: Income-generating strategy created to provide high liquidity and capital preservation, typically offering exposure to US treasuries and corporate credit.

In the trailing 3-month period (Aug 01, 2022 – Oct 31, 2022), WEISX returned -7.57% net of fees while its benchmark, the Bloomberg US Corporate Bond Index returned -8.98%.

Overall portfolio annualized volatility for the trailing 3 months was 14.42%.

For the trailing 1-year, WEISX returned -18.99% net on 11.76% volatility. Over the same time-period, the Bloomberg U.S. Corporate Bond Index benchmark returned -19.57% on 8.50% volatility.

In the trailing 3-month period, the Core Market Neutral strategy returned 2.63% gross, the Growth strategy returned -5.13% gross, and the Defensive strategy returned -9.68% gross. The current month end gross exposure weights across the three strategies are as follows: Core Market Neutral 47.48%, Defensive 37.14%, and Growth 15.37%.

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Performance data quoted represents past performance; past performance does not guarantee future results.

The Bloomberg 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.

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.

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 calling 1-866-530-2690.

Rates of Return (%) – As of October 31, 2022

	One Year	Five Year	Since Inception⁽¹⁾⁽²⁾
Class K	-18.99%	1.90%	2.66%
Bloomberg U.S. Corporate Bond Index⁽³⁾	-19.57%	-0.32%	1.24%

Investor Class	-19.26%	1.54%	2.15%
Bloomberg U.S. Corporate Bond Index⁽³⁾	-19.57%	-0.32%	0.43%

⁽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.

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.

WEISS ALTERNATIVE MULTI-STRATEGY FUND

The Fund’s gross expense ratio is 3.59% and the net expense ratio is 2.92% (as of the most recent prospectus dated February 28, 2022). 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 Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, front-end or contingent deferred sales loads, swap fees and expenses, dividends and interest on short positions, taxes, leverage interest, brokerage fees (including commissions, mark-ups and mark-downs), annual account fees for margin accounts, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) 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, 2023. 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.

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Expense Example (Unaudited)

October 31, 2022

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	(05/01/2022 to
	(10/31/2022)	(05/01/2022)	(10/31/2022)	10/31/2022)
Class K Actual⁽²⁾⁽³⁾	2.79%	$1,000.00	$ 925.30	$13.54
Class K Hypothetical
(5% annual return before expenses)⁽⁴⁾	2.79%	$1,000.00	$1,011.14	$14.14

Investor Class Actual⁽²⁾⁽³⁾	3.14%	$1,000.00	$ 923.00	$15.22
Investor Class Hypothetical
(5% annual return before expenses)⁽⁴⁾	3.14%	$1,000.00	$1,009.38	$15.90

⁽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, 2022 through October 31, 2022, of -7.47% and -7.70% 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 $7.28 and $8.97, 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.

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Allocation of Portfolio (Unaudited)

October 31, 2022

LONG INVESTMENTS⁽¹⁾⁽²⁾

⁽¹⁾

Data expressed as a percentage of common stocks, exchange traded funds, contingent value rights, escrow notes, warrants, purchased options, money market fund, long swap contracts, and long futures contracts as of October 31, 2022. Data expressed excludes securities sold short, written options, short swap 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, and Schedule of Open Futures Contracts for more details on the Fund’s individual holdings.

⁽²⁾

The value of option, swap, forward currency contracts and futures contracts are expressed as notional and not market value.

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Allocation of Portfolio (Unaudited)

October 31, 2022

SHORT INVESTMENTS⁽³⁾⁽⁴⁾

⁽³⁾

Data expressed as a percentage of short common stocks, short exchange traded funds, written options, and short swap contracts, as of October 31, 2022. 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 and Schedule of Open Swap 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.

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments

October 31, 2022

	Shares		Value
COMMON STOCKS – 37.81%

Aerospace & Defense – 0.17%
The Boeing Company (a)		272	$	38,763
Bombardier, Inc., Class B (a)(b)		7,499		220,233
General Dynamics Corporation		382		95,424
TransDigm Group, Inc.		127		73,121
				427,541

Air Freight & Logistics – 0.60%
Atlas Air Worldwide Holdings, Inc. (a)		7		708
C.H. Robinson Worldwide, Inc.		136		13,290
DSV A/S (b)		514		69,456
FedEx Corporation		4,738		759,407
Forward Air Corporation		5,511		583,449
GXO Logistics, Inc. (a)		2,839		103,737
				1,530,047

Airlines – 0.44%
Allegiant Travel Company (a)		1,103		82,780
Copa Holdings S.A., Class A (a)(b)		1,751		131,728
Delta Air Lines, Inc. (a)		1,605		54,458
Southwest Airlines Company (a)		11,466		416,789
United Airlines Holdings, Inc. (a)		9,787		421,624
				1,107,379

Auto Components – 0.16%
Aptiv plc (a)(b)		1,646		149,901
Autoliv, Inc.		1,057		84,930
Luminar Technologies, Inc. (a)		13,324		107,791
Tenneco, Inc., Class A (a)		3,275		64,518
				407,140

Automobiles – 0.37%
Daimler AG (b)		1,356		78,487
General Motors Company		21,340		837,595
Tesla Motors, Inc. (a)		157		35,724
				951,806

Banks – 2.11%
Bank of America Corporation		5,386		194,111
Banner Corporation		2,354		175,962
BOK Financial Corporation		1,146		126,278
Cadence Bank		4,486		124,038
Citizens Financial Group, Inc.		8,751		357,916
Columbia Banking System, Inc.		5,487		183,650

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Banks – 2.11% (Continued)
Fifth Third Bancorporation		6,826	$	243,620
First Horizon National Corporation		23,655		579,784
FNB Corporation		4,120		59,534
Hancock Holding Company		1,075		60,060
KeyCorporation		17,062		304,898
M&T Bank Corporation		2,528		425,639
Old National Bancorp		9,212		180,187
Pinnacle Financial Partners, Inc.		2,992		248,306
Renasant Corporation		1,633		65,924
Signature Bank		1,877		297,561
Synovus Financial Corporation		5,985		238,502
Texas Capital Bancshares, Inc. (a)		6,036		362,160
Umpqua Holdings Corporation		2,162		42,981
Webster Financial Corporation		4,411		239,341
Wells Fargo & Company		10,453		480,733
Wintrust Financial Corporation		3,945		369,331
				5,360,516

Beverages – 0.22%
Celsius Holdings, Inc. (a)		407		37,070
Constellation Brands, Inc., Class A		740		182,839
Monster Beverage Corporation (a)		1,508		141,330
PepsiCo, Inc.		1,035		187,935
				549,174

Biotechnology – 0.72%
AbbVie, Inc.		1,510		221,064
Albireo Pharma, Inc. (a)		958		19,658
Aldeyra Therapeutics, Inc. (a)		2,013		10,991
Alnylam Pharmaceuticals, Inc. (a)		290		60,105
Altimmune, Inc. (a)		870		10,910
Amgen, Inc.		399		107,870
Apellis Pharmaceuticals, Inc. (a)		315		19,054
Argenx S.E. – ADR (a)(b)		393		152,457
Aurinia Pharmaceuticals, Inc. – ADR (a)(b)		475		3,862
Autolus Therapeutics plc – ADR (a)(b)		353		1,006
BeiGene Ltd. – ADR (a)(b)		163		27,529
BELLUS Health, Inc. (a)(b)		801		7,417
Biogen, Inc. (a)		410		116,210
BioMarin Pharmaceutical, Inc. (a)		1,209		104,736
BioNTech SE – ADR (b)		106		14,590
Dynavax Technologies Corporation (a)		385		4,408

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Biotechnology – 0.72% (Continued)
Eiger BioPharmaceuticals, Inc. (a)		2,649	$	13,536
Exact Sciences Corporation (a)		1,608		55,926
Exelixis, Inc. (a)		2,454		40,687
FibroGen, Inc. (a)		69		1,123
Gilead Sciences, Inc.		1,551		121,691
Heron Therapeutics, Inc. (a)		4,377		16,851
Horizon Therapeutics plc (a)(b)		390		24,305
Incyte Corporation (a)		625		46,463
Insmed, Inc. (a)		3,293		57,035
Karyopharm Therapeutics, Inc. (a)		655		3,118
Merus N.V. (a)(b)		282		5,781
Moderna, Inc. (a)		477		71,707
Natera, Inc. (a)		271		12,726
Prometheus Biosciences, Inc. (a)		28		1,471
Regeneron Pharmaceuticals, Inc. (a)		27		20,216
Rigel Pharmaceuticals, Inc. (a)		4,095		2,984
Sage Therapeutics, Inc. (a)		95		3,578
Seagen, Inc. (a)		1,310		166,580
Travere Therapeutics, Inc. (a)		2,992		64,867
United Therapeutics Corporation (a)		133		30,660
Vertex Pharmaceuticals, Inc. (a)		514		160,368
Viridian Therapeutics, Inc. (a)		1,861		37,034
				1,840,574

Building Products – 0.07%
Fortune Brands Home & Security, Inc.		415		25,033
Johnson Controls International plc (b)		795		45,983
Lennox International, Inc.		113		26,393
Trane Technologies plc (b)		511		81,571
				178,980

Capital Markets – 0.83%
Affiliated Managers Group, Inc.		1,479		183,633
The Bank New York Mellon Corporation		7,208		303,529
Blue Owl Capital, Inc.		17,707		177,424
The Carlyle Group, Inc.		6,410		181,275
Cowen, Inc., Class A		2,215		85,543
The Goldman Sachs Group, Inc.		1,047		360,702
Interactive Brokers Group, Inc., Class A		2,267		181,700
Robinhood Markets, Inc. (a)		23,113		269,960
State Street Corporation		4,873		360,602
				2,104,368

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value

Chemicals – 0.19%
Albemarle Corporation		159	$	44,499
CVR Partners LP		1,172		141,812
DuPont de Nemours, Inc.		2,326		133,047
Nutrien Ltd. (b)		1,070		90,415
The Sherwin-Williams Company		271		60,983
Shin-Etsu Chemical Company Ltd. (b)		118		12,264
				483,020

Commercial Services & Supplies – 0.41%
ACV Auctions, Inc., Class A (a)		38,557		351,640
Driven Brands Holdings, Inc. (a)		1,630		52,127
GFL Environmental, Inc. (b)		1,625		43,859
IAA, Inc. (a)		15,589		591,291
				1,038,917

Communications Equipment – 1.86%
ADTRAN Holdings, Inc.		23,536		528,619
Arista Networks, Inc. (a)		511		61,759
Calix, Inc. (a)		2,730		201,037
Ciena Corporation (a)		21,318		1,021,132
Cisco Systems, Inc.		6,992		317,647
CommScope Holding Company, Inc. (a)		136,548		1,807,896
F5, Inc. (a)(g)		1,223		174,779
Sierra Wireless, Inc. (a)(b)		902		26,771
Telefonaktiebolaget LM Ericsson – ADR (b)		105,906		589,896
				4,729,536

Construction & Engineering – 0.09%
MasTec, Inc. (a)		925		71,299
Quanta Services, Inc.		424		60,225
WillScot Mobile Mini Holdings Corporation (a)		2,432		103,433
				234,957

Construction Materials – 0.06%
Cemex SAB de CV – ADR (a)(b)		33,854		130,677
Vulcan Materials Company		219		35,850
				166,527

Consumer Finance – 0.36%
American Express Company		2,048		304,025
Discover Financial Services		4,034		421,392
Encore Capital Group, Inc. (a)		1,215		61,868
PRA Group, Inc. (a)		1,892		63,382
SoFi Technologies, Inc. (a)		10,988		59,775
				910,442

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value

Containers & Packaging – 0.30%
Ardagh Metal Packaging S.A. (b)		136,194	$	604,701
Avery Dennison Corporation		318		53,917
Graphic Packaging Holding Company		4,137		94,986
				753,604

Diversified Consumer Services – 0.07%
Duolingo, Inc. (a)		282		23,079
European Wax Center, Inc., Class A		583		8,384
New Oriental Education & Technology Group, Inc. – ADR (a)(b)		5,956		141,395
				172,858

Diversified Financial Services – 0.12%
Apollo Global Management, Inc.		5,509		304,978


Diversified Telecommunication Services – 0.01%
AT&T, Inc.		777		14,165


Electric Utilities – 0.02%
NextEra Energy, Inc.		511		39,602


Electrical Equipment – 0.39%
AMETEK, Inc.		1,440		186,711
Eaton Corporation plc (b)		1,473		221,053
Emerson Electric Company		3,400		294,440
Enovix Corporation (a)		1,017		19,191
Hubbell, Inc.		185		43,934
nVent Electric plc (b)		614		22,411
Regal Rexnord Corporation		78		9,870
Rockwell Automation, Inc.		421		107,481
Vertiv Holdings Company		5,152		73,725
				978,816

Electronic Equipment, Instruments & Components – 0.41%
Coherent Corporation (a)		13,687		460,020
Fabrinet (a)(b)		1,996		228,343
Hitachi Ltd. (b)		429		19,465
Rogers Corporation (a)		398		93,661
Teledyne Technologies, Inc. (a)		626		249,136
				1,050,625

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value

Energy Equipment & Services – 0.54%
ChampionX Corporation		11,257	$	322,175
Core Laboratories N.V. (b)		111		2,160
Halliburton Company		3,767		137,194
NexTier Oilfield Solutions, Inc. (a)		8,190		82,555
TechnipFMC plc (a)(b)		24,388		258,269
Tenaris SA – ADR (b)		12,372		388,728
TGS ASA (b)		4,441		60,464
Transocean Ltd. (a)(b)		30,326		111,600
				1,363,145

Entertainment – 0.47%
Activision Blizzard, Inc.		2,398		174,575
Electronic Arts, Inc.		144		18,138
Netflix, Inc. (a)(g)		1,033		301,512
Take-Two Interactive Software, Inc. (a)		1,730		204,970
The Walt Disney Company (a)		491		52,311
Warner Brothers Discovery, Inc. (a)		4,286		55,718
Warner Music Group Corporation, Class A		2,943		76,577
World Wrestling Entertainment, Inc., Class A		4,007		316,112
				1,199,913

Food & Staples Retailing – 0.21%
Albertsons Companies, Inc., Class A		4,365		89,526
Performance Food Group Company (a)		899		46,784
US Foods Holding Corporation (a)		5,132		152,728
Walgreens Boots Alliance, Inc.		3,367		122,895
Wal-Mart Stores, Inc.		844		120,127
				532,060

Food Products – 1.12%
Bunge Ltd. (b)		3,313		326,993
Conagra Brands, Inc.		13,093		480,513
The Hershey Company		1,288		307,536
Hostess Brands, Inc. (a)		7,674		203,207
Ingredion, Inc.		1,982		176,636
The J.M. Smucker Company		1,223		184,257
Kellogg Company		3,003		230,690
The Kraft Heinz Company		1,710		65,784
Mondelez International, Inc., Class A		1,837		112,939
Pilgrim’s Pride Corporation (a)		2,921		67,329
Post Holdings, Inc. (a)		2,036		184,095
The Simply Good Foods Company (a)		3,864		147,991

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Food Products – 1.12% (Continued)
Sovos Brands, Inc. (a)		5,100	$	70,686
TreeHouse Foods, Inc. (a)		2,678		134,543
Utz Brands, Inc.		8,565		138,839
				2,832,038

Health Care Equipment & Supplies – 0.73%
Abbott Laboratories		2,468		244,184
ABIOMED, Inc. (a)		368		92,765
Baxter International, Inc.		1,851		100,602
Boston Scientific Corporation (a)		7,408		319,359
Cardiovascular Systems, Inc. (a)		249		3,596
CVRx, Inc. (a)		1,303		13,134
DexCom, Inc. (a)		1,847		223,081
Edwards Lifesciences Corporation (a)		1,612		116,757
Haemonetics Corporation (a)		682		57,936
Inari Medical, Inc. (a)		536		41,234
Inmode Ltd. (a)(b)		776		26,632
Inspire Medical Systems, Inc. (a)		54		10,527
Insulet Corporation (a)		207		53,574
Intuitive Surgical, Inc. (a)		465		114,609
Outset Medical, Inc. (a)		1,010		15,695
Penumbra, Inc. (a)		724		124,144
Shockwave Medical, Inc. (a)		45		13,192
STAAR Surgical Company (a)		271		19,206
Stryker Corporation		376		86,194
Tandem Diabetes Care, Inc. (a)		603		33,858
Teleflex, Inc.		246		52,782
Zimmer Biomet Holdings, Inc.		842		95,441
				1,858,502

Health Care Providers & Services – 0.92%
1Life Healthcare, Inc. (a)(g)		14,423		246,633
Acadia Healthcare Company, Inc. (a)		591		48,048
Amedisys, Inc. (a)		352		34,352
AMN Healthcare Services, Inc. (a)		437		54,843
Anthem, Inc.		274		149,815
Cano Health, Inc. (a)		2,513		8,997
Cardinal Health, Inc.		800		60,720
Centene Corporation (a)		88		7,491
Chemed Corporation		73		34,082
Cigna Corporation		850		274,601
CVS Health Corporation		322		30,493

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Health Care Providers & Services – 0.92% (Continued)
Encompass Health Corporation		2,134	$	116,175
Enhabit, Inc. (a)		2,654		32,963
Fresenius SE & Co KGaA (b)		1,503		34,589
Guardant Health, Inc. (a)		37		1,831
HealthEquity, Inc. (a)		1,427		111,178
Humana, Inc.		281		156,820
Laboratory Corporation of America Holdings		728		161,514
McKesson Corporation		346		134,722
Molina Healthcare, Inc. (a)		577		207,062
Oak Street Health, Inc. (a)		56		1,133
Option Care Health, Inc. (a)		4,017		121,554
The Pennant Group, Inc. (a)		354		4,358
Privia Health Group, Inc. (a)		377		12,622
Quest Diagnostics, Inc.		190		27,294
Signify Health, Inc., Class A (a)		5,450		159,304
Surgery Partners, Inc. (a)		232		6,308
Tenet Healthcare Corporation (a)		1,228		54,474
Universal Health Services, Inc., Class B		462		53,532
				2,347,508

Health Care Technology – 0.02%
Evolent Health, Inc., Class A (a)		1,087		34,578
Veeva Systems, Inc. (a)		77		12,931
				47,509

Hotels, Restaurants & Leisure – 2.23%
Airbnb, Inc., Class A (a)		327		34,960
BJ’s Restaurants, Inc. (a)		3,066		100,718
Booking Holdings, Inc. (a)		58		108,430
Boyd Gaming Corporation		9,627		556,056
Carnival Corporation (a)(b)		18,206		164,946
Darden Restaurants, Inc.		2,171		310,757
Domino’s Pizza, Inc.		241		80,070
DraftKings, Inc., Class A (a)(g)		2,374		37,509
Hilton Worldwide Holdings, Inc. (g)		6,252		845,646
Hyatt Hotels Corporation, Class A (a)		3,082		290,355
International Game Technology plc (b)		640		12,832
Jack in the Box, Inc.		1,988		175,401
Las Vegas Sands Corporation (a)(g)		19,144		727,663
Marriott International, Inc., Class A		203		32,502
Marriott Vacations Worldwide Corporation		104		15,367
McDonald’s Corporation (g)		29		7,907

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Hotels, Restaurants & Leisure – 2.23% (Continued)
Melco Crown Entertainment Ltd. – ADR (a)(b)(g)		17,764	$	97,169
MGM Resorts International		3,276		116,527
Norwegian Cruise Line Holdings Ltd. (a)(b)		15,252		257,606
Planet Fitness, Inc., Class A (a)		1,477		96,714
Restaurant Brands International, Inc. (b)		3,495		207,533
Royal Caribbean Cruises Ltd. (a)(b)(g)		13,433		717,054
Sweetgreen, Inc., Class A (a)		4,641		86,323
Travel + Leisure Company		583		22,142
Vail Resorts, Inc.		655		143,530
Wyndham Hotels & Resorts, Inc.		506		38,421
Wynn Resorts Ltd. (a)(g)		4,654		297,391
Yum! Brands, Inc.		674		79,700
				5,661,229

Household Durables – 0.03%
Meritage Homes Corporation (a)		517		39,375
Sony Group Corporation (b)		176		11,868
TopBuild Corporation (a)		163		27,733
				78,976

Household Products – 0.28%
The Clorox Company		698		101,936
The Procter & Gamble Company		4,491		604,803
				706,739

Industrial Conglomerates – 0.51%
General Electric Company		6,188		481,488
Honeywell International, Inc.		896		182,802
Roper Technologies, Inc.		1,294		536,415
Siemens AG, Reg (b)		855		93,374
				1,294,079

Insurance – 0.09%
International General Insurance Holdings Ltd. (b)		29,450		223,525
Syncora Holdings Ltd. – ADR (a)(b)(f)		2,808		110
				223,635

Interactive Media & Services – 0.27%
Alphabet, Inc., Class A (a)		3,185		301,014
Alphabet, Inc., Class C (a)		1		95
Bambuser AB (a)(b)		20,591		8,137
IAC, Inc. (a)		1,339		65,183
Match Group, Inc. (a)		293		12,658

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Interactive Media & Services – 0.27% (Continued)
Meta Platforms, Inc., Class A (a)(g)		1,372	$	127,816
Pinterest, Inc. (a)		984		24,206
Vimeo, Inc. (a)		23,709		90,094
ZoomInfo Technologies, Inc. (a)		1,034		46,044
				675,247

Internet & Direct Marketing Retail – 0.26%
Amazon.com, Inc. (a)(g)		5,458		559,117
Expedia Group, Inc. (a)		387		36,173
Xometry, Inc., Class A (a)		1,200		72,072
				667,362

Internet Software & Services – 0.05%
Criteo S.A. – ADR (a)(b)		4,733		120,691


IT Services – 0.77%
Akamai Technologies, Inc. (a)		1,098		96,986
Cloudflare, Inc., Class A (a)(g)		1,018		57,334
DXC Technology Company (a)		2,925		84,094
EPAM Systems, Inc. (a)		1,410		493,500
Evo Payments, Inc. (a)		1,646		55,454
Fujitsu Ltd. (b)		142		16,338
GoDaddy, Inc., Class A (a)		1,548		124,459
LiveRamp Holdings, Inc. (a)		21,957		403,131
MoneyGram International, Inc. (a)		4,176		44,224
Okta, Inc. (a)		979		54,942
PayPal Holdings, Inc. (a)		1,780		148,772
Shopify, Inc., Class A (a)(b)		431		14,753
Snowflake, Inc., Class A (a)		108		17,312
Squarespace, Inc., Class A (a)		1,866		41,444
Switch, Inc., Class A		6,523		222,108
Toast, Inc., Class A (a)		1,335		29,490
Twilio, Inc., Class A (a)		630		46,853
				1,951,194
Leisure Products – 0.06%
Old PSG Wind-Down Ltd. (a)(b)(f)		2,127		202
Peloton Interactive, Inc., Class A (a)(g)		2,907		24,419
Topgolf Callaway Brands Corporation (a)		6,333		118,554
				143,175

Life Sciences Tools & Services – 0.29%
Avantor, Inc. (a)		4,460		89,958
Bio-Rad Laboratories, Inc., Class A (a)		152		53,460

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Life Sciences Tools & Services – 0.29% (Continued)
Bruker Corporation		1,100	$	68,024
Charles River Laboratories International, Inc. (a)		901		191,237
IQVIA Holdings, Inc. (a)		391		81,981
Pacific Biosciences of California, Inc. (a)		1,054		8,896
Qiagen N.V. (a)(b)		4,066		177,115
Repligen Corporation (a)		188		34,308
SomaLogic, Inc. (a)		9,757		33,857
Standard BioTools, Inc. (a)		218		257
				739,093

Machinery – 0.54%
Caterpillar, Inc.		880		190,485
Cummins, Inc.		185		45,234
Deere & Company		230		91,039
Flowserve Corporation		6,512		186,764
Fortive Corporation		290		18,531
Ingersoll Rand, Inc.		2,127		107,414
Komatsu Ltd. (b)		814		15,946
Nikola Corporation (a)(g)		22,500		85,275
PACCAR, Inc.		569		55,096
Parker-Hannifin Corporation		61		17,728
Proto Labs, Inc. (a)		3,739		142,792
The Timken Company		830		59,171
Trinity Industries, Inc.		12,896		367,923
				1,383,398

Marine – 0.11%
Kirby Corporation (a)		3,449		240,568
Star Bulk Carriers Corporation (b)		1,700		29,614
				270,182

Media – 0.37%
comScore, Inc. (a)		245,605		297,182
DISH Network Corporation, Class A (a)		840		12,524
Fox Corporation		322		9,296
The Interpublic Group of Companies, Inc.		7,317		217,974
Liberty Media Corp-Liberty SiriusXM, Class A (a)		1,057		44,859
Nexstar Media Group, Inc., Class A		808		138,410
Shaw Communications, Inc., Class B (a)(b)		923		23,706
Shaw Communications, Inc., Class B (b)		2,705		69,492
TEGNA, Inc.		2,665		55,645
The Trade Desk, Inc., Class A (a)		1,472		78,369
				947,457

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value

Metals & Mining – 0.59%
Agnico Eagle Mines Ltd. (b)		1,615	$	70,996
Alcoa Corporation		2,045		79,816
Capstone Copper Corporation (a)(b)		14,098		32,701
Carpenter Technology Corporation		9,186		343,556
Champion Iron Ltd. (a)(b) – Canadian Stock Exchange		1		3
Champion Iron Ltd. (b) – Australian Stock Exchange		13,072		39,320
Cleveland-Cliffs, Inc. (a)		24		312
ERO Copper Corporation (a)(b)		4,409		50,195
Filo Mining Corporation (a)(b)		8,848		105,993
Ivanhoe Mines Ltd., Class A (a)(b)		19,330		134,083
Lynas Rare Earths Ltd. (a)(b)		5,518		29,432
Mineral Resources Ltd. (b)		2,845		133,379
NGEx Minerals Ltd. (a)(b)		15,099		26,599
Nucor Corporation		437		57,413
Patriot Battery Metals, Inc. (a)(b)		9,831		36,586
Sigma Lithium Corporation (a)(b)		5,132		183,418
Teck Resources Ltd., Class B (b)		3,369		102,552
Turquoise Hill Resources Ltd. (a)(b)		2,823		79,355
Zacapa Resources Ltd. (a)(b)		1,762		194
				1,505,903

Multiline Retail – 0.10%
Dollar General Corporation		802		204,550
Kohl’s Corporation		1,337		40,043
				244,593

Multi-Utilities – 0.02%
RWE AG (b)		1,215		46,772


Oil, Gas & Consumable Fuels – 3.30%
Alliance Resource Partners LP		13,033		316,441
Antero Resources Corporation (a)		10,499		384,893
Cameco Corporation (b)		4,778		113,334
Chesapeake Energy Corporation		3,361		343,729
Chevron Corporation		1,795		324,715
Chord Energy Corporation		1,262		193,200
ConocoPhillips		5,639		711,022
Devon Energy Corporation		6,545		506,256
Diamondback Energy, Inc.		2,945		462,689
EOG Resources, Inc.		3,442		469,902
EQT Corporation		1,127		47,154
Exxon Mobil Corporation		3,944		437,035
Magnolia Oil & Gas Corporation, Class A		3,959		101,667

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Oil, Gas & Consumable Fuels – 3.30% (Continued)
Marathon Oil Corporation		14,280	$	434,826
Marathon Petroleum Corporation		1,199		136,230
Matador Resources Company		5,162		343,015
Murphy Oil Corporation		8,427		408,794
Northern Oil and Gas, Inc.		9,479		323,613
Occidental Petroleum Corporation		5,478		397,703
PBF Energy, Inc., Class A (a)		5,509		243,773
PDC Energy, Inc.		1,706		123,071
Petroleo Brasileiro SA – ADR (b)		11,105		142,366
Phillips 66		922		96,155
Pioneer Natural Resources Company		1,572		403,077
Range Resources Corporation		11,762		334,982
SM Energy Company		5,792		260,524
Southwestern Energy Company (a)		45,703		316,722
Valero Energy Corporation		24		3,013
				8,379,901

Paper & Forest Products – 0.03%
Resolute Forest Products, Inc. (a)		941		19,582
Stella-Jones, Inc. (b)		1,765		53,157
				72,739

Personal Products – 0.15%
e.l.f. Beauty, Inc. (a)		4,391		189,955
Unilever plc (b)		4,363		199,137
				389,092

Pharmaceuticals – 0.59%
AstraZeneca plc – ADR		2,884		169,608
Bausch Health Companies, Inc. (a)(b)		451		2,932
Bayer AG (b)		3,946		207,485
Bristol Myers-Squibb Company		51		3,951
Catalent, Inc. (a)		28		1,840
Elanco Animal Health, Inc. (a)		1,015		13,388
Eli Lilly & Company (g)		940		340,365
GSK plc – ADR (b)		126		4,179
Intra-Cellular Therapies, Inc. (a)		516		23,566
Jazz Pharmaceuticals plc (a)(b)		906		130,274
Merck & Company, Inc. (g)		2,028		205,234
Merck KGaA (b)		277		45,141
Pfizer, Inc.		1,168		54,370
Relmada Therapeutics, Inc. (a)		3,071		19,624
Royalty Pharma plc, Class A (b)		935		39,569

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Pharmaceuticals – 0.59% (Continued)
Sanofi – ADR (b)		97	$	4,193
Teva Pharmaceutical Industries Ltd. – ADR (a)(b)		6,966		62,137
Viatris, Inc.		5,288		53,567
Zoetis, Inc.		716		107,958
				1,489,381

Professional Services – 0.02%
KBR, Inc.		952		47,381


Real Estate Investment Trusts (REITs) – 5.55%
Acadia Realty Trust		27,169		379,551
American Homes 4 Rent, Class A		15,605		498,424
Americold Realty Trust		12,267		297,475
AvalonBay Communities, Inc.		3,388		593,307
Boston Properties, Inc.		13,123		954,042
Brixmor Property Group, Inc.		34,206		728,930
Broadstone Net Lease, Inc.		16,756		287,198
Cousins Properties, Inc.		26,805		636,887
CubeSmart		14,207		594,847
Douglas Emmett, Inc.		14,333		252,117
EastGroup Properties, Inc.		748		117,204
Equity LifeStyle Properties, Inc.		3,671		234,797
Essential Properties Realty Trust, Inc.		43,570		937,626
Federal Realty Investment Trust		1,471		145,600
Healthpeak Properties, Inc.		27,718		657,748
Highwoods Properties, Inc.		26,045		735,250
Lexington Realty Trust		707		6,844
National Retail Properties, Inc.		17,678		743,006
Paramount Group, Inc.		2,115		13,684
Prologis, Inc.		3,024		334,908
Public Storage		904		280,014
Regency Centers Corporation		9,313		563,530
Retail Opportunity Investments Corporation		13,491		195,350
Rexford Industrial Realty, Inc.		5,873		324,659
Sabra Health Care REIT, Inc.		60,435		825,542
Spirit Realty Capital, Inc.		4,650		180,560
STORE Capital Corporation		13,556		431,081
UDR, Inc.		14,786		587,891
Ventas, Inc.		28,602		1,119,196
VICI Properties, Inc.		2,631		84,245
Washington Real Estate Investment Trust		17,502		334,113
				14,075,626

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Road & Rail – 0.49%
ArcBest Corporation		109	$	8,658
Canadian Pacific Railway Ltd. (b)		3,005		223,842
CSX Corporation		11,721		340,612
FTAI Infrastructure, Inc. (a)		557		1,532
Heartland Express, Inc.		402		5,982
J.B. Hunt Transport Services, Inc.		1,629		278,673
Lyft, Inc., Class A (a)		2,260		33,086
Norfolk Southern Corporation		68		15,509
TFI International, Inc. – ADR		82		7,464
Uber Technologies, Inc. (a)		344		9,140
Union Pacific Corporation		1,084		213,700
XPO Logistics, Inc. (a)		1,870		96,754
				1,234,952

Semiconductors & Semiconductor Equipment – 1.65%
Advanced Micro Devices, Inc. (a)		13,462		808,528
Ambarella, Inc. (a)(b)		2,928		160,250
ASML Holding N.V. (b)		317		149,757
Broadcom, Inc.		66		31,028
Lam Research Corporation		200		80,956
MACOM Technology Solutions Holdings, Inc. (a)		4,713		272,741
Marvell Technology, Inc.		13,065		518,419
Micron Technology, Inc.		5,099		275,856
Monolithic Power Systems, Inc.		248		84,184
NVIDIA Corporation		144		19,436
NXP Semiconductors N.V. (b)(g)		286		41,779
ON Semiconductor Corporation (a)		1,309		80,412
QUALCOMM, Inc. (g)		11,273		1,326,381
Silicon Laboratories, Inc. (a)		648		74,468
Synaptics, Inc. (a)		684		60,602
Taiwan Semiconductor Manufacturing Company Ltd. – ADR (b)		266		16,372
Texas Instruments, Inc. (g)		820		131,717
Ultra Clean Holdings, Inc. (a)		2,049		63,744
				4,196,630

Software – 3.81%
8x8, Inc. (a)		10,200		43,146
Adobe, Inc. (a)		954		303,849
Alteryx, Inc., Class A (a)(g)		1,600		77,968
Asana, Inc., Class A (a)(g)		2,670		55,002
Atlassian Corporation, Class A (a)		669		135,626
Autodesk, Inc. (a)		380		81,434
Bill.com Holdings, Inc. (a)		803		107,088

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Software – 3.81% (Continued)
Braze, Inc., Class A (a)		2,544	$	75,328
BTRS Holdings, Inc. (a)		6,357		60,010
Cadence Design Systems, Inc. (a)		442		66,914
Cipher Mining, Inc. (a)		54,078		54,619
Confluent, Inc., Class A (a)		3,412		91,715
Crowdstrike Holdings, Inc., Class A (a)		569		91,723
CyberArk Software Ltd. (a)(b)		2,945		462,100
Datadog, Inc., Class A (a)		1,189		95,726
The Descartes Systems Group, Inc. (a)(b)		109		7,529
Domo, Inc., Class B (a)		12,047		212,870
Dynatrace, Inc. (a)(g)		1,763		62,128
Elastic N.V. (a)(b)		953		60,944
Everbridge, Inc. (a)		1,065		33,366
Five9, Inc. (a)		850		51,221
ForgeRock, Inc., Class A (a)		5,267		118,824
Freshworks, Inc., Class A (a)		2,720		36,965
Gitlab, Inc., Class A (a)		1,620		78,505
HubSpot, Inc. (a)		401		118,921
Intuit, Inc.		1,690		722,475
KnowBe4, Inc., Class A (a)		2,848		70,004
Manhattan Associates, Inc. (a)		985		119,845
Microsoft Corporation		2,135		495,598
Momentive Global, Inc. (a)		9,388		72,851
Monday.com Ltd. (a)(b)		939		100,417
New Relic, Inc. (a)		1,323		78,375
Nice Ltd. – ADR (a)(b)		241		45,763
Nutanix, Inc., Class A (a)(g)		7,569		207,391
Oracle Corporation		16,361		1,277,303
Palo Alto Networks, Inc. (a)		3,972		681,555
Paycom Software, Inc. (a)		535		185,110
Paylocity Holding Corporation (a)		611		141,624
Q2 Holdings, Inc. (a)		2,176		67,543
Qualtrics International, Inc., Class A (a)		3,658		43,786
RingCentral, Inc., Class A (a)(g)		1,367		48,556
Riskfield Ltd., Class A (a)(b)		20,601		91,674
Salesforce.com, Inc. (a)		1,343		218,358
SentinelOne, Inc., Class A (a)		8,293		189,412
ServiceNow, Inc. (a)(g)		994		418,216
Smartsheet, Inc., Class A (a)		922		32,196
Splunk, Inc. (a)		372		30,917
Sumo Logic, Inc. (a)		17,196		132,581
Synopsys, Inc. (a)		402		117,605

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value
Software – 3.81% (Continued)
Tenable Holdings, Inc. (a)		3,415	$	138,786
Varonis Systems, Inc. (a)		4,849		129,808
Verint Systems, Inc. (a)		1,735		61,471
VMware, Inc., Class A		729		82,034
Workday, Inc., Class A (a)		2,039		317,717
Workiva, Inc. (a)		534		41,551
Zendesk, Inc. (a)		7,264		557,076
Zscaler, Inc. (a)		1,151		177,369
				9,678,488

Special Purpose Acquisition Companies – 0.01%
Aequi Acquisition Corporation, Class A (a)		1,800		18,072


Specialty Retail – 0.39%
Advance Auto Parts, Inc.		269		51,088
AutoZone, Inc. (a)		34		86,118
Best Buy Company, Inc.		411		28,117
Dick’s Sporting Goods, Inc.		215		24,458
The Home Depot, Inc.		541		160,206
Lithia Motors, Inc.		1,824		361,426
Lowe’s Companies, Inc.		198		38,600
The TJX Companies, Inc.		3,275		236,128
				986,141

Technology Hardware, Storage & Peripherals – 0.41%
Apple, Inc.		2,446		375,070
NetApp, Inc.		861		59,641
Pure Storage, Inc., Class A (a)		19,279		594,950
				1,029,661

Textiles, Apparel & Luxury Goods – 0.09%
Lululemon Athletica, Inc. (a)		158		51,989
Tapestry, Inc.		5,440		172,339
				224,328

Thrifts & Mortgage Finance – 0.19%
Mr. Cooper Group, Inc. (a)		9,364		369,784
PennyMac Financial Services, Inc.		2,344		124,982
				494,766

Tobacco – 0.03%
Swedish Match AB (b)		6,341		65,217

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

WEISS ALTERNATIVE MULTI-STRATEGY FUND

Schedule of Investments – Continued

October 31, 2022

	Shares		Value

Trading Companies & Distributors – 0.43%
Air Lease Corporation		475	$	16,763
Ferguson plc (b)		1,526		166,731
Fortress Transportation and Infrastructure Investors LLC, Class A		26,144		454,383
MRC Global, Inc. (a)		14,314		143,569
Russel Metals, Inc. (a)(b)		272		5,634
United Rentals, Inc. (a)		538		169,852
W.W. Grainger, Inc.