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 811-9084

The Weiss Fund
--------------------------------------------------
(Exact name of registrant as specified in charter)

7111 Fairway Drive, Suite 102
Palm Beach Gardens, FL 33418
--------------------------------------------------
(Address of principal executive offices) (Zip code)

Jeffrey B. Wilson, Esq.
7111 Fairway Drive, Suite 102
Palm Beach Gardens, FL 33418
--------------------------------------------------
(Name and address of agent for service)

Registrant's telephone number, including area code: 561-515-8558

Date of fiscal year end: December 31, 2003

Date of reporting period: December 31, 2003

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORT TO STOCKHOLDERS.

THE WEISS FUND
A LETTER FROM THE PRESIDENT January 28, 2004
Dear Shareholder,

It is with pleasure that I present the Annual Report for the year ended
December 31, 2003, for the Weiss Fund, consisting of the Weiss Treasury Only
Money Market Fund.

2003 has proven to be an extremely volatile year both domestically and
globally. Several forces impacted economies around the world. In the first half
of the year, both national and international markets experienced several
downturns -- largely in response to daily news headlines reporting the conflict
with North Korea, the Iraqi war, and economic woes in South America. Toward the
last six months of the year the U.S. experienced a nearly unprecedented low Fed
Funds rate, a booming housing market, and saw the Dow climb to 10,453.92 on
December 31, 2003. Although there have been some choppy markets here and there,
the overall picture showed the major indices in a steady uptrend by the end of
the year.

There are, however, other key economic indicators flashing "weak growth,"
such as unemployment and consumer confidence. According to the Bureau of Labor
Statistics, unemployment remained at a disturbing rate of 5.7 percent and the
number of unemployed persons at 8.34 million in December, 2003. Unemployment
claims filed during the same time period was at 341,000. In addition, The
Conference Board, a New York business research group, reported that the index of
consumer confidence fell from 92.5 in November to 91.3 in December.

Throughout market and economic uncertainty, the goal of the Weiss Treasury
Money Markey Fund remains unchanged: Seeking maximum current income consistent
with preservation of capital. We seek to achieve this goal each day by investing
exclusively in U.S. Treasury securities, which are direct obligations of the
U.S. Treasury, repurchase agreements secured by such obligations, and other
funds that invest primarily in Treasuries.

As always, we look forward to continuing to serve our Fund shareholders'
best interests in the year ahead, and we thank you for your continued trust.
Should you have any questions about the Weiss Fund, please call upon a Fund
representative at 800-430-9617.

Sincerely,

/s/ Martin D. Weiss, Ph.D.

Martin D. Weiss, Ph.D.
President
The Weiss Fund

THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, DECEMBER 31, 2003

<Table>
<Caption>
DESCRIPTION AND PERCENTAGE OF PORTFOLIO PAR (000) VALUE
- --------------------------------------- --------- ------------

U.S. TREASURY BILLS -- 75.7%
0.930%, due 01/02/04...................................... $20,000 $ 19,999,483
0.955%, due 01/02/04...................................... 25,000 24,999,337
0.955%, due 01/08/04...................................... 25,000 24,995,358
0.700%, due 01/15/04...................................... 2,000 1,999,455
0.935%, due 01/22/04...................................... 25,000 24,986,365
0.975%, due 02/05/04...................................... 25,000 24,976,302
------------
Total U.S. Treasury Bills (Cost $121,956,300)............. 121,956,300
------------
REPURCHASE AGREEMENT -- 22.3%
PNC Capital Markets Repurchase Agreement 0.88%, due
01/02/04 (dated 12/31/03; proceeds $36,001,760,
collateralized by $35,735,000 U.S. Treasury Notes,
2.000% due 08/31/05, valued at $36,185,658) (Cost
$36,000,000)............................................ 36,000 36,000,000
------------
<Caption>
SHARES
---------

SHORT-TERM INVESTMENT -- 2.1%
BlackRock Provident Institutional Funds -- T-Fund (Cost
$3,340,210)............................................. 3,340 3,340,210
------------
TOTAL INVESTMENTS -- 100.1% (COST $161,296,510*)............ 161,296,510
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1%)
Accrued Advisory Expense.................................. (68,627)
Accrued Administrative Expense............................ (13,998)
Accrued Custody Expense................................... (6,126)
Accrued Transfer Agent Expense............................ (25,998)
Other Liabilities......................................... (44,788)
Other Assets.............................................. 1,039
------------
(158,498)
------------
NET ASSETS -- 100.0% (Equivalent to $1.00 per share based on
161,138,410 shares of capital stock outstanding).......... $161,138,012
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($161,138,012 / 161,138,410 shares outstanding)........... $ 1.00
============
</Table>

- ------------
* Aggregate cost for federal income tax purposes is substantially the same.

See accompanying notes to financial statements.
1

THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003

<Table>

INVESTMENT INCOME:
Interest.................................................. $2,751,235
----------
EXPENSES:
Investment advisory fees.................................. 1,244,718
Administration fees....................................... 228,359
Transfer agent fees....................................... 155,950
Registration and filing fees.............................. 34,094
Legal fees................................................ 97,588
Custodian fees............................................ 36,348
Printing fees............................................. 23,005
Audit fees................................................ 13,000
Insurance fees............................................ 13,976
Trustees' fees............................................ 11,671
Miscellaneous expense..................................... 1,401
----------
1,860,110
Less: expenses waived..................................... (244,062)
----------
Total expenses.......................................... 1,616,048
----------
Net investment income................................... 1,135,187
----------
Net Realized Gain on Investment Securities.................. 250
----------
Net increase in net assets resulting from operations........ $1,135,437
==========
</Table>

See accompanying notes to financial statements.
2

THE WEISS FUND
STATEMENT OF CHANGES IN NET ASSETS

<Table>
<Caption>
WEISS TREASURY ONLY
MONEY MARKET FUND
--------------------------------
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------
2003 2002
-------------- --------------

INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment income.................... $ 1,135,187 $ 2,116,927
Net realized gain on investment
securities............................. 250 $ --
------------ ------------
Net increase in net assets resulting from
operations............................. 1,135,437 2,116,927
Distributions:
From net investment income ($0.00 and
$0.01 per share, respectively)......... (1,135,187) (2,116,927)
Capital share transactions:
Net increase (decrease) from capital
share transactions..................... (21,421,575) 45,423,490
------------ ------------
Total increase (decrease) in net
assets................................. (21,421,325) 45,423,490
NET ASSETS
Beginning of year........................... 182,559,337 137,135,847
------------ ------------
End of year................................. $161,138,012 $182,559,337
============ ============
</Table>

See accompanying notes to financial statements.
3

THE WEISS FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR

<Table>
<Caption>
WEISS TREASURY ONLY MONEY MARKET FUND
--------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------------------------
2003 2002 2001 2000 1999
-------- -------- -------- -------- --------

NET ASSET VALUE,
BEGINNING OF YEAR:... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment
income............. 0.00 0.01 0.03 0.06 0.04
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment
income............. (0.00)* (0.01) (0.03) (0.06) (0.04)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF
YEAR:................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN........... 0.44% 1.14% 3.54% 5.65% 4.35%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of year
(000)................ $161,138 $182,559 $137,136 $130,053 $118,930
Ratio of expenses to
average net
assets(1)............ 0.65% 0.60% 0.59% 0.50% 0.50%
Ratio of net investment
income to average net
assets(2)............ 0.46% 1.11% 3.48% 5.51% 4.24%
</Table>

- ------------
(1) Expense ratios before waivers and reimbursement of expenses for the years
ended December 31, 2003, 2002, 2001, 2000 and 1999 would have been 0.75%,
0.82%, 0.87%, 0.90%, and 0.92%, respectively.

(2) Net investment income ratios before waivers and reimbursement of expenses
for the years ended December 31, 2003, 2002, 2001, 2000, and 1999 would have
been 0.36%, 0.89%, 3.20%, 5.11%, and 3.82%, respectively.

* Distributions are less than a penny per share.

See accompanying notes to financial statements.
4

THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2003

1. FUND ORGANIZATION

The Weiss Fund (the "Trust") is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as an open-end management investment company.
The Trust was organized as a Massachusetts business trust on August 10, 1995 as
Weiss Treasury Fund. The Trust is a series fund that is authorized to issue
shares of beneficial interest in the Weiss Treasury Only Money Market Fund (the
"Fund"). The Fund commenced operations on June 28, 1996.

The Board of Trustees of the Trust oversees the business affairs of the Trust
and is responsible for significant decisions relating to the Fund's investment
objectives and policies. The Trustees delegate the day-to-day management of the
Fund to the officers of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements. The preparation of
financial statements in accordance with accounting principles generally accepted
in the United States of America requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.

Portfolio Valuation: The Fund's securities are valued at amortized cost.
Amortized cost valuation involves valuing an instrument at its cost initially
and, thereafter, assuming a constant amortization to maturity of any applicable
discount or premium.

Security Transactions and Investment Income: Security transactions are recorded
on the trade date. Realized gains and losses on investments sold are recorded on
the identified cost basis. Interest income, including the accretion of discount
and amortization of premium, is accrued daily. The Fund's expenses are also
accrued daily. Net investment income for the Fund consists of all interest
income accrued on the Fund's assets, less accrued expenses.

Dividends and Distributions to Shareholders: Dividends from the Fund's net
investment income are declared daily and paid monthly. The Fund intends to pay
accrued dividends on the last business day of each month. The Fund may make an
additional distribution of income and gains if necessary to satisfy a calendar
year excise tax distribution requirement. The tax character of all distributions
paid during 2003 and 2002 was ordinary income.

Federal Income Taxes: The Fund is classified as a separate taxable entity for
Federal income tax purposes. The Fund intends to qualify as a "regulated
investment company" under the Internal Revenue Code and make the requisite
distributions to its shareholders that will be sufficient to relieve it from
Federal income tax and Federal excise tax. Therefore, no Federal tax provision
is required. Net investment income and short-term capital gains, if any, are
taxed as ordinary income. Income and capital gains of the Fund are determined in
accordance with both tax regulations and accounting principles generally
accepted in the United States of America. Such determinations may result in
temporary and permanent differences between tax basis earnings and earnings
reported for financial state-

THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

ment purposes. These reclassifications, which have no impact on the net asset
value of the Fund, are primarily attributable to certain differences in
computation of distributable income and capital gains.

Repurchase Agreements: The Fund may agree to purchase money market instruments
subject to the seller's agreement to repurchase them at an agreed upon date and
price. The seller, under a repurchase agreement, will be required on a daily
basis to maintain the value of the securities subject to the agreement at no
less than the repurchase price. In connection therewith, the Trust's Custodian
receives and holds collateral of not less than 100.5% of the repurchase price
plus accrued interest. If the value of the collateral falls below this amount,
the Trust will require the seller to deposit additional collateral.

3. INVESTMENT MANAGER, DISTRIBUTOR, ADMINISTRATOR, AND OTHER RELATED PARTY
TRANSACTIONS

Weiss Money Management, Inc. (the "Manager") serves as the Investment Manager to
the Fund. Under an investment advisory agreement with the Trust, on behalf of
the Fund, the Manager provides continuous advice and recommendations concerning
the Fund's investments. To compensate the Manager for its services, the Fund
agreed to pay monthly a fee at the annual rate of 0.50% of average daily net
assets. The Manager may from time to time waive all or a portion of its fees
payable by the Fund. Certain officers of the Manager serve as President, Vice
President, Secretary, Treasurer and Trustee to the Trust.

Weiss Funds, Inc. (the "Distributor"), a registered broker-dealer and wholly
owned subsidiary of the Manager, serves as the Trust's Distributor.

PFPC, Inc. ("PFPC"), an indirect wholly-owned subsidiary of PNC Bank, serves as
the Trust's Administrator and, in that capacity, performs various administrative
and accounting services for the Fund. PFPC also serves as the Trust's Transfer
Agent, dividend disbursing agent and registrar. PFPC Trust Company serves as the
Custodian for the Fund's portfolio securities and cash. An officer of PFPC
serves as Assistant Treasurer of the Trust.

Prior to May 1, 2003, the Manager had contractually agreed to limit the Fund's
expense ratio to 0.60% (exclusive of extraordinary and certain other expenses).
Effective May 1, 2003, the Manager has contractually agreed to limit the Fund's
expense ratio to 0.68% through April 30, 2004 (exclusive of extraordinary and
certain other expenses). For the year ended December 31, 2003, the Fund's
expense ratio was 0.65%. In order to maintain the ratio at the contracted rate,
the Manager has waived a portion of its fees, which amounted to $244,062.

Dechert LLP serves as legal counsel to the Trust.

Each non-interested Trustee receives an annual fee of $1,500, $500 for each
Board meeting attended, $250 for each Audit Committee or other meeting attended,
plus reimbursement of out-of-pocket expenses for serving in that capacity. No
person who is an officer, trustee, or employee of the Manager, Distributor,
Administrator, or of any parent or subsidiary thereof, who serves as officer,
trustee, or

THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

employee of the Trust receives any compensation from the Trust.

4. NET ASSETS

At December 31, 2003, the Fund's net assets consisted of:

<Table>

Paid in Capital............................................. $161,138,410
Undistributed net investment income......................... --
Accumulated net realized loss on investments................ (398)
Unrealized depreciation on investments...................... --
------------
$161,138,012
============
</Table>

As of December 31, 2003, the components of distributable earnings on a tax basis
were the same as above.

5. SHARES OF BENEFICIAL INTEREST

The Trust's Declaration of Trust authorizes the Board of Trustees to issue an
unlimited number of shares of beneficial interest each having $0.01 par value.
The Manager, in its capacity as Investment Adviser to its clients' discretionary
assets, may use the Fund as an investment vehicle for its clients' cash assets.
As such, there may be large fluctuations in the size of the Fund's assets based
on the Manager's investment decisions. These fluctuations do not affect Fund
performance.

Transactions in capital shares for the years ended December 31, 2003 and
December 31, 2002, respectively, are summarized below.

<Table>
<Caption>
YEAR ENDED DECEMBER 31, 2003 YEAR ENDED DECEMBER 31, 2002
------------------------------- -----------------------------
SHARES VALUE SHARES VALUE
-------------- --------------- ------------- --------------

Shares Sold 1,697,118,229 $ 1,697,118,229 568,191,640 $ 568,191,640
Shares Redeemed 1,112,898 1,112,898 2,051,250 2,051,250
Shares Repurchased (1,719,652,702) (1,719,652,702) (524,819,400) (524,819,400)
-------------- --------------- ------------ -------------
Net Increase
(Decrease) (21,421,575) $ (21,421,575) 45,423,490 $ 45,423,490
============== =============== ============ =============
</Table>

6. CAPITAL LOSS CARRYOVER

The Fund has a capital loss carryover of $398 that expires in 2006.

THE WEISS FUND
SUPPLEMENTAL INFORMATION -- FUND MANAGEMENT
(UNAUDITED)

Information pertaining to the Trustees and officers* of the Trust is set forth
below. The statement of additional information (SAI) includes additional
information about the Trustees and is available without charge, upon request, by
calling (800) 289-8100.

<Table>
<Caption>
- ----------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS OTHER
IN FUND TRUSTEESHIPS/
TERM OF OFFICE COMPLEX DIRECTORSHIPS
NAME, (AGE), ADDRESS AND AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN HELD BY
POSITION(S) WITH TRUST TIME SERVED(1) DURING PAST 5 YEARS BY TRUSTEE TRUSTEE
- ------------------------ -------------- ----------------------- ---------- -------------------
- ----------------------------------------------------------------------------------------------------------------------------------

DISINTERESTED TRUSTEES
- ----------------------------------------------------------------------------------------------------------------------------------
Ester S. Gordon, 61 Trustee since President, Esther's Natural, Inc. (November 1999 - 1 None
7111 Fairway Drive November 30, 1995 present) (vitamin and supplements distributor);
Suite 102 Office Manager, Nutrition S'Mart (February
Palm Beach Gardens, FL 2001 - present) (natural food market).
33418
Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
Robert Z. Lehrer, 68 Trustee since President, Wyndmoor Sales Co. Inc. 1 None
7111 Fairway Drive November 30, 1995 (1985 - present) (textiles).
Suite 102
Palm Beach Gardens, FL
33418
Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
Donald Wilk, 65 Trustee since President, Donald Wilk Corporation 1 None
7111 Fairway Drive November 30, 1995 (1990 - present) (computer sales and credit card
Suite 102 processing).
Palm Beach Gardens, FL
33418
Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES(2)
- ----------------------------------------------------------------------------------------------------------------------------------
Martin D. Weiss, 56 Trustee since Editor of "Safe Money Report"; President and 1 Director,
7111 Fairway Drive November 30, 1995, Director, Weiss Group, Inc. (1971 - present); Sole Weiss Research,
Suite 102 President since Director, the Manager (November 1980 - present). Inc.
Palm Beach Gardens, FL November 19, 2001
33418
President and Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
Dana Nicholas, 44 Vice President, President, the Manager (October 2001 - present); 1 None
7111 Fairway Drive Secretary and Vice President, Weiss Group, Inc. (November
Suite 102 Trustee since 1994 - present); Vice President, Weiss Research,
Palm Beach Gardens, FL April 18, 2002 Inc. (November 1994 - October 2001)
33418
Vice President,
Secretary
and Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>

OFFICER(S) WHO ARE NOT TRUSTEES
- ----------------------------------------------------------------------------------------------------------------------------------
John D. Leavitt, 46 Treasurer since Controller and Corporate Treasurer, Weiss Group, 1 None
7111 Fairway Drive April 28, 2003 Inc. (January 2001 - present); Director of
Suite 102 Accounting, OutSource International (November
Palm Beach Gardens, FL 1998 - December 2000); Division Controller,
33418 Motorola, Inc. (March 1996 - November 1998)
Treasurer
- ----------------------------------------------------------------------------------------------------------------------------------
Charles D. Curtis, Jr., Assistant Vice President and Director of Accounting, PFPC, 1 None
48 Treasurer since Inc. (1991 - present)
103 Bellevue Parkway December 31, 2002
Wilmington, DE 19809
Assistant Treasurer
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>

* The term "officer" means the president, vice president, secretary, treasurer,
controller or any other officer who performs a policy making function.

(1) Each Trustee and officer serves for an indefinite term, until his/her
successor is duly elected and qualified.

(2) Dr. Weiss, Ms. Nicholas and Mr. Leavitt are deemed to be "interested
persons" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act
by virtue of their employment by the Manager.

THE WEISS FUND

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

To the Shareholders and Board of Trustees of
The Weiss Fund
Palm Beach Gardens, Florida

We have audited the accompanying statement of net assets of Weiss Treasury
Only Money Market Fund, a series of The Weiss Fund, as of December 31, 2003, and
the related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 2003 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Weiss Treasury Only Money Market Fund as of December 31, 2003, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended and the financial highlights for each
of the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.

Tait, Weller & Baker

Philadelphia, Pennsylvania
January 9, 2004

WES0204

[WEISS FUND LOGO]

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report,
has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party.

(b) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics description.

(c) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are
employed by the registrant or a third party, that relates to one or
more of the items set forth in paragraph (b) of this item's
instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Registrant's Board of Trustees has determined that it does not have an "audit
committee financial expert" serving on its audit committee. While Registrant
believes that each of the members of its audit committee has sufficient
knowledge of accounting principles and financial statements to serve on the
audit committee, none has the requisite experience to qualify as an "audit
committee financial expert"; as such term is defined by the Securities and
Exchange Commission.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that
are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years are
$13,000 for 2003 and $9,959 for 2002.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are
reasonably related to the performance of the audit of the registrant's
financial statements and are not reported under paragraph (a) of this
Item are $0 for 2003 and $0 for 2002.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning are $0 for 2003 and $0 for
2002.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than
the services reported in paragraphs (a) through (c) of this Item are
$0 for 2003 and $0 for 2002.

(e)(1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Before any accountant is engaged by the Registrant to render either audit
or non-audit services, such engagement must be approved by the audit
committee, with the exception of any de minimus engagement meeting
applicable requirements. In addition, the audit committee must also
pre-approve the engagement of any accountant by the Registrant's investment
adviser (no include a subadviser whose role is primarily portfolio
management and is subcontracted or overseen by another investment adviser)
and any entity controlling, controlled by, or under common control with the
investment adviser, if the engagement relates directly to the operations
and financial reporting of the Registrant, with the exception of any de
minimus engagement meeting applicable requirements.

(e)(2) The percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
are as follows:

(b) Not applicable.

(d) Not applicable.

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most
recent fiscal year that were attributed to work performed by persons
other than the principal accountant's full-time, permanent employees
was zero percent (0%).

(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen
by another investment adviser), and any entity controlling, controlled
by, or under common control with the

adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant was $0 for 2002 and $0 for
2003.

(h) The registrant's audit committee of the board of directors HAS
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. [RESERVED]

ITEM 7.DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 10. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.

ITEM 11. EXHIBITS.

(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(registrant) The Weiss Fund

By (Signature and Title)* /s/ Martin Weiss
---------------------------------------------------
Martin Weiss, President
(principal executive officer)

Date February 25, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Martin Weiss
---------------------------------------------------
Martin Weiss, President
(principal executive officer)

Date February 25, 2004

By (Signature and Title)* /s/ John D. Leavitt
----------------------------------------------------
John D. Leavitt, Treasurer
(principal financial officer)

Date February 25, 2004

* Print the name and title of each signing officer under his or her signature.