# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000894189-23-001693
**Filing Date:** 2023-2
**Character Count:** 35135
**Document Hash:** 1f47c925c894881b7fc392d7b23c6d62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-001693.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0000894189-23-001693

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-206240
- **FILM NUMBER:** 23685311

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Weiss Alternative Multi-Strategy Fund (Series ID: S000051293)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000161709 | Investor Class | WEIZX           |
| C000161711 | Class K        | WEISX           |

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| | |
|:---|:---|
| ![weisslogo.jpg](weisslogo.jpg) | **Weiss Alternative Multi-Strategy Fund** <br>**Investor Class (WEIZX)** <br>**Class K (WEISX)** |

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**SUMMARY PROSPECTUS** 

February 28, 2023

**Before you invest, you may wish to review the Fund's Prospectus, which contains more information about the Fund and its principal risks. You can find the Fund's Prospectus and other information about the Fund, including the Statement of Additional Information (SAI) and the most recent reports to shareholders, online at www.weissfunds.com. You can also get this information at no cost by calling 866-530-2690 or by sending an email request to investorrelations@gweiss.com.**

**This Summary Prospectus incorporates by reference the Fund's Prospectus and SAI, both dated February 28, 2023, as supplemented from time to time.**

**SUMMARY SECTION**

**Investment Objective** 

The Weiss Alternative Multi-Strategy Fund (the "Fund") seeks to provide returns with moderate volatility and reduced correlation to the overall performance of bond and equity markets.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on Class A shares (once available) if you and your family invest, or agree to invest, in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in the section entitled "Choosing a Share Class: Class A Shares," on page 25 of this Prospectus.

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| | | |
|:---|:---|:---|
| Shareholder Fees <br>*(fees paid directly from your investment)* | Investor <br>Class | <br>Class K |
| Maximum Sales Charge (Load) Imposed on Purchases *(as a percentage of offering price)* | None | None |
| Maximum Deferred Sales Charge (Load) *(as a percentage of the lesser of original purchase price or redemption proceeds)* | None | None |

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| | | | |
|:---|:---|:---|:---|
| Annual Fund Operating Expenses <br>*(expenses that you pay each year as a percentage of the value of your investment)* | Investor <br>Class | Class K |  |
| Management Fees | 1.50% | 1.50% |  |
| Distribution (12b-1) Fees | 0.25% |  |  |
| Shareholder Servicing Fee | 0.10% |  |  |
| Other Expenses | 1.51% | 1.51% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest on Short Positions | 1.21% | 1.21% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other expenses | 0.30% | 0.30% |  |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | <u>0.13</u> <u>%</u> | <u>0.13</u> <u>%</u> |  |
| Total Annual Fund Operating Expenses | 3.49% | 3.14% |  |
| Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | <u>-0.30</u> <u>%</u> | <u>-0.30</u> <u>%</u> |  |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | <u>3.19</u> <u>%</u> | <u>2.84</u> <u>%</u> | <sup>(3)</sup> |

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<sup>(1)</sup> Acquired Fund Fees and Expenses for the Fund's current fiscal year are the indirect costs of investing in other investment companies. The total annual fund operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights, which only reflect the direct operating expenses incurred by the Fund.

<sup>(2)</sup> Weiss Multi-Strategy Advisers LLC (the "Adviser") has contractually agreed to waive a portion or all of its management fees and/or 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 Total Annual Fund Operating Expenses for each share class to 1.50% of average daily net assets (the "Expense Cap"). The Expense Cap will remain in effect through at least February 28, 2024, and may be terminated upon 60 days' written notice by the Trust's Board of Trustees (the "Board") or the Adviser. The Adviser may request recoupment of previously waived fees and reimbursed expenses for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, 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.

<sup>(3)</sup> Excluding Dividends and Interest on Short Positions, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 1.63% for Class K Shares only.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only in the first year of the periods shown in the Example. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
| Investor Class | $322 | $1043 | $1787 | $3746 |
| Class K | $287 | $941 | $1619 | $3427 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in

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annual fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal year ended October 31, 2022, the Fund's portfolio turnover rate was 734% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund employs a multi-strategy approach across global equity and fixed income markets including (1) an actively managed, diversified, market neutral multi-strategy that includes equity securities, debt securities, and/or derivatives (the "Core Market Neutral Strategy"), (2) a long-only "growth" strategy generally consisting of equity securities (the "Growth Strategy"), and (3) a long-only "defensive" strategy generally consisting of debt securities (the "Defensive Strategy"). To implement its strategy, the Fund may also use derivatives, such as swaps and futures, in the Growth and Defensive Strategies. The Fund's Growth and Defensive Strategies consist only of securities purchased to capitalize on the positive expected return of specific asset classes. The Fund's Growth Strategy, under normal circumstances, seeks to purchase domestically traded large-, mid- or small-capitalization equity securities that offer pro-cyclical directional exposure to the U.S. market. The Fund's Defensive Strategy typically seeks to purchase income-generating securities with the goal of providing high liquidity and capital preservation. The securities that comprise the Defensive Strategy generally include U.S. Treasuries and corporate credit securities.

The Fund's Core Market Neutral Strategy consists of a combination of "long" securities purchased that seek to benefit from an increase in the underlying prices of such securities and "short" securities sold that seek to benefit from a decrease in the underlying prices of such securities. The aim is to generate performance through security price dispersion instead of market direction. The Fund's Core Market Neutral Strategy may be deployed by the Adviser's dedicated investment professionals and may be characterized by a sector focus, a geographic definition, an event orientation or some other dominant characteristic. The underlying strategies employed, and the allocation among them, will vary over time. The common attribute of these strategies is a long/short investment approach whereby various securities or instruments are held long and others are sold short. The Adviser, therefore, applies moderate leverage (i.e., borrowed capital to increase investment exposure) to the Core Market Neutral Strategy in an effort to enhance the Fund's absolute returns. In addition, in order to take advantage of certain opportunities in the securities markets, the Fund may engage in active and frequent trading with respect to the Core Market Neutral Strategy.

The securities that comprise the Fund's Growth Strategy are generally equity securities that may at anytime include, but are not limited to, positions in U.S. common preferred or convertible securities of large-, mid- or small-capitalization issuers; securities of other investment companies, including exchange-traded funds ("ETFs"); depositary receipts, including American Depositary Receipts ("ADRs"), and derivatives, such as swaps and futures. The equity securities that comprise the Fund's Core Market Neutral Strategy may at any time include positions in U.S. or non-U.S. common, preferred or convertible securities of any market capitalization throughout the world, including emerging markets countries; securities of other investment companies, including ETFs; and depositary receipts, including ADRs. The debt securities that comprise the Fund's Defensive Strategy and Core Market Neutral Strategy may include, but are not limited to, corporate debt securities, bonds (including inflation-indexed bonds), notes or other debentures, U.S. Government and foreign government securities, ETFs, and derivatives, such as swaps and futures. The Fund may also invest in below investment grade debt securities (also referred to as high yield debt securities or "junk" bonds). In addition, the Core Market Neutral Strategy may invest in derivative instruments, including swaps, interest rate swaps, options or index options (e.g., calls and puts may be purchased or written), futures contracts, and forward contracts. The Fund's derivative instruments

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are used for several purposes, including to create investment leverage; as a substitute for securities, interest rates, currencies and commodities; and/or to hedge against market movements.

In an effort to achieve its goals, the Fund may engage in active and frequent trading.

**Principal Risks**

As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Allocation risk.** The Fund uses asset and risk allocation strategies in pursuit of its investment objective. Although the Fund will pursue its objective by allocating investment risks (measured by price return and volatility expectations) across asset classes that may react differently to various environments, there is no guarantee that it will be successful. The Fund may be unsuccessful in allocating risk effectively. The portfolio managers may not correctly estimate expected returns, volatility and correlations of various asset classes, causing the Fund's risk allocation methodology to fail to meet the Fund's investment objective.

**Debt securities risks.** The Fund's investment in debt securities may subject it to the following risks:

***Credit risk.*** The risk that an issuer or counterparty will fail to pay its obligations to the Fund when they are due. As a result, the Fund's income might be reduced, the value of the Fund's investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the economic, social or political conditions that affect a particular issuer or counterparty, or type of security or other instrument can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability or willingness to pay interest and principal when due.

***Extension risk.*** The risk that if interest rates rise, repayments of principal on certain debt securities may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply.

***Interest rate risk.*** The risk that debt instruments will change in value (either positively or negatively) because of changes in interest rates.

***Prepayment risk.*** The risk that the issuer of a debt security repays all or a portion of the principal prior to the security's maturity therefore resulting in lower yields to shareholders of the Fund. The Fund may be unable to re-invest the proceeds in an investment with as great a yield.

**Depositary receipts risk.** Depositary receipts in which the Fund may invest are receipts listed on U.S. exchanges that are issued by banks or trust companies that entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. Investments in depositary receipts may be less liquid than the underlying shares in their primary trading market.

**Derivatives risk.** The use of derivatives involves a variety of risks in addition to and greater than those associated with investing directly in securities. Derivatives instruments in which the Fund invests may not perform as anticipated by the Adviser, may not be closed out at a favorable time or price, or could increase the Fund's volatility. Investment in derivatives may create investment leverage. When a derivative is used as a substitute for or alternative to a direct cash investment, the transaction may not

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provide a return that correlates precisely with that of the cash investment; or, when used for hedging purposes, derivatives may not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. Derivative instruments may also be subject to the additional risks described below.

***Counterparty risk.*** The risk that the Fund will be subject to credit risk with respect to the counterparties to derivative contracts and other instruments entered into directly by the Fund. Other than to maintain its status as a regulated investment company for U.S. federal income tax purposes (described in the Statement of Additional Information under "Certain U.S. Federal Income Tax Information"), the Fund is not subject to any limit with respect to the number of transactions it can enter into with a single counterparty. To the extent that the Fund enters into multiple transactions with a single or a small set of counterparties, it will be subject to increased counterparty risk.

***Futures and forwards risk.*** In addition to the general risks described above, the Fund's use of futures and forwards contracts involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. In addition, while futures and forwards contracts are generally classified as liquid, under certain market conditions they may be classified as illiquid. As a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. The successful use of futures depends upon a variety of factors, particularly the ability of the Adviser to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

***Swap risk.*** Risks associated with swap agreements include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contract's terms and the possible lack of liquidity with respect to the swap agreements. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The swaps market is subject to extensive government regulation. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund's ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements.

***Interest rate swap risk.*** Risks associated with interest rate swaps include changes in market conditions that may affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. Certain interest rate swap arrangements also may involve the risk that they do not fully offset adverse changes in interest rates. Interest rate swaps may in some cases be classified as illiquid and may be difficult to trade or value, especially in the event of market disruptions. Under certain market conditions, the investment performance of the Fund may be less favorable than it would have been if the Fund had not used the swap agreement.

***Options risk.*** Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include the potential lack of a liquid secondary market at any particular time and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund.

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**Equity securities risk.** The risk that the market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably, including due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself.

**Focused investment risk.** A fund that invests a substantial portion of its assets in a particular market, country, region, group of countries, asset class or sector generally is subject to greater risk than a fund that invests in a more diverse investment portfolio. In addition, the value of a fund that has focused investments is more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, region or sector.

**Foreign investing risk.** Generally, foreign securities are issued by companies organized outside the U.S. or by foreign governments or international organizations, are traded primarily in markets outside the U.S., and are denominated in a foreign currency. Foreign investing risk includes the risk that the Fund's investments will be affected by political, regulatory, social and economic risks not present in domestic investments. If the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate or restrict foreign exchange transactions. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.

***Emerging market country risk.*** The risk that investing in emerging markets will be subject to greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems than in many more developed countries.

***Foreign currency risk.*** The risk that fluctuations in exchange rates may adversely affect the value of the Fund's investments denominated in foreign currencies.

**High yield debt securities ("junk" bond) risk.** Below investment-grade debt securities (also referred to as high yield debt securities or "junk" bonds) involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of high yield debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

**Inflation-indexed bond risk.** Inflation-indexed bonds may change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the Fund's portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

**Large shareholder risk.** The risk that certain account holders may from time to time own or control a significant percentage of the Fund's shares. The Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares will adversely affect the Fund's performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of the Fund's portfolio, increase the Fund's transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

**Leveraging risk.** The risk that certain investments by the Fund involving leverage may have the effect of increasing the volatility of the Fund's portfolio, and the risk of loss in excess of invested capital.

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**Market capitalization risk.** The Fund may invest in securities of any market capitalization.

***Large capitalization risk*.** Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

***Medium and small capitalization risk.*** Investing in medium and small capitalization companies may involve special risks because those companies may have narrower product lines, more limited financial resources, fewer experienced managers, dependence on a few key employees, and a more limited trading market for their stocks, as compared with larger companies. Securities of medium and smaller capitalization issuers may be subject to greater price volatility and may decline more significantly in market downturns than securities of larger companies.

**Market risk.** Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on a Fund and its investments. In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The global pandemic caused by COVID-19 has caused major disruptions to the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Rates of inflation have also recently risen, which could adversely affect economies and markets. Some sectors of the economy and individual issuers have experienced particularly large losses. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund. Any such impact could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on investments in the Fund.

**Other investment company and ETF risk.** The risk that an investment company, including any ETFs, in which the Fund invests will not achieve its investment objective or execute its investment strategies effectively or that significant purchase or redemption activity by shareholders of such an investment company might negatively affect the value of the investment company's shares. The Fund must pay its pro rata portion of an investment company's fees and expenses. In addition, ETFs may trade at a premium or discount to the underlying securities' NAV, which could impact the value of a shareholder's investment.

**Portfolio management risk.** The risk that an investment strategy may fail to produce the intended results or that the securities held by the Fund will underperform other comparable funds because of the portfolio managers' choice of investments.

**Portfolio turnover risk.** A high portfolio turnover rate (100% or more) has the potential to result in the realization and distribution to shareholders of higher capital gains, which may subject you to a higher tax

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liability. High portfolio turnover also necessarily results in greater transaction costs which may reduce Fund performance.

**Short position risk.** The Fund may borrow an instrument from a broker or other institution and sell it to establish a short position in the instrument. The Fund may also enter into a derivative transaction in order to establish a short position with respect to a reference asset. The Fund may make a profit or incur a loss depending upon whether the market price of the instrument decreases or increases between the date the Fund established the short position and the date on which the Fund must replace the borrowed instrument or otherwise close out the transaction. An increase in the value of an instrument with respect to which the Fund has established a short position will result in a loss to the Fund, and there can be no assurance that the Fund will be able to close out the position at any particular time or at an acceptable price. The loss to the Fund from a short position is potentially unlimited.

**Sovereign debt obligations risk.** Investments in countries' government debt obligations involve special risks. Certain countries have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate fluctuations, large amounts of external debt, balance of payments and trade difficulties and extreme poverty and unemployment. The issuer or governmental authority that controls the repayment of a country's debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt.

**U.S. Government securities risk.** Debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, and so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

**Performance** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns for one year, five years, and since inception compare with that of a broad-based securities index. The returns in the bar chart and best/worst quarter are for Class K shares, which do not have sales charges. The performance of Investor Class, Class A (when available), and Class I (when available) shares would be lower due to differing expense structures and sales charges. The returns in the table below reflect the Expense Cap. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. Updated performance information is available at no cost to shareholders by visiting www.weissfunds.com or by calling 1-866-530-2690. Net asset value ("NAV") per share information may be obtained by visiting www.weissfunds.com.

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**Calendar Year Returns as of December 31 - Class K Shares**

![chart-59ac3239b90c479ca1c.jpg](chart-59ac3239b90c479ca1c.jpg)

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| | | |
|:---|:---|:---|
| Highest Quarterly Return: | Q2 2020 | 8.18% |
| Lowest Quarterly Return: | Q2 2022 | -10.79% |

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| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return as of December 31, 2022 | Average Annual Total Return as of December 31, 2022 | Average Annual Total Return as of December 31, 2022 | Average Annual Total Return as of December 31, 2022 |
|  | <br>1 Year | 5 Years | Since Inception<br>(December 1, 2015) |
| **Weiss Alternative Multi-Strategy Fund** **Class K Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes | -18.48% | 1.83% | 2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | -18.48% | -0.32% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | -10.94% | 0.70% | 1.46% |
| **Investor Class Shares**<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | -18.77% | 1.47% | 2.42% |
| **Bloomberg U.S. Corporate Bond Index**<sup>(2)</sup><br>(reflects no deduction for fees, expenses or taxes) | -15.76% | 0.45% | 1.88% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The inception date for Investor Class Shares is February 28, 2017. Performance shown prior to the inception of the Investor Class Shares reflects the performance of the Class K Shares, adjusted to reflect expenses of the Investor Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>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. 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.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The above after-tax returns are shown only for Class K shares and after-tax returns for Investor Class shares will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss occurs upon the redemption of Fund shares and provides a tax deduction that may benefit the investor.

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**Investment Adviser**

Weiss Multi-Strategy Advisers LLC is the Adviser to the Fund.

**Portfolio Managers**

The following portfolio managers are responsible for the day-to-day management of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| Portfolio Manager | Position with the Adviser | Length of Service to the Fund |
| Jordi Visser<br>Edward Olanow | President and Chief Investment Officer<br>Director of Investment Solutions/Portfolio Manager | Since inception in 2015<br>Since inception in 2015 |

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**Purchase and Sale of Fund Shares**

You may purchase or redeem shares by mail (Weiss Alternative Multi-Strategy Fund, c/o U.S. Bank Global Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701), by telephone at 866-530-2690, or by wire transfer. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly.

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| | | |
|:---|:---|:---|
| | Minimum Initial <br>Investment | Minimum <br>Subsequent <br>Investment |
| **Investor Class** | $5000 | $1000 |
| **Class K** | $20000 | $1000 |

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**Tax Information**

The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case such distributions may be taxable at a later date.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.