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 811-09084
---------
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, 2004
-----------------
Date of reporting period: June 30, 2004
-------------
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. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
THE WEISS FUND
July 28, 2004
A LETTER FROM THE PRESIDENT
Dear Shareholder,
I am pleased to be writing to you as the new President of The Weiss Fund,
effective April 30, 2004. I have been a part of the Weiss family for the past 17
years, most recently as the former president of Weiss Money Management, Inc.,
the adviser for this fund.
It is with pleasure that I present the Semi-Annual Report for the six
months ended June 30, 2004 for the Weiss Treasury Only Money Market Fund.
The first half of 2004 has shown signs of robust economic growth, rising
consumer confidence, and greater corporate earnings. These items resulted in a
more positive environment for financial markets. The U.S. economy experienced a
boom in the housing market, consumers were exposed to some of the best lending
rates in decades, the country's deficit continued to reach record levels, and
oil prices rose to heights not seen since the 1970's.
During the six-month period ended June 30, 2004, strong economic growth
fueled fears of inflation which boosted yields (and depressed prices) of most
U.S. Government bonds. The yield on the 10-year U.S. Treasury bond rose over 7%,
ending the six-month period at 4.57%, up from 4.25% at the beginning of the
year. Most of the run-up in interest rates came in April, as the economic
expansion gathered momentum, feeding fears of inflation and causing investors to
sell their intermediate and long-term bond holdings.
Fortunately, your Treasury Only Money Market Fund is not directly affected
by rising long-term interest rates. The Fund invests in the shorter
maturities - U.S. Treasury Bills - and must maintain an average weighted
maturity of 90 days or less at all times. Yields on these short-term securities
were more stable than their long-term counterparts, remaining steady throughout
the first part of the year. However, as it became apparent in late May that the
Federal Reserve was likely going to raise short-term interest rates in their
policy meeting at the end of June, short-term interest rates surged.
Throughout the period, indeed since the middle of 2003, we have been
concerned about the potential likelihood of rising short-term interest rates as
the economy appeared to be improving. Based on our expectations, we managed the
Fund by keeping the average weighted maturity low. This policy benefited the
Fund, especially late in the quarter as short-term rates surged, pushing the
7-day yield of the Fund, after fee waivers, to 0.38% as of June 30, 2004, up
from 0.26% as of April 28, 2004*.
Rising interest rates are a double-edged sword for most fixed income
investors and hence many naturally dread rising interest rates. However, by
keeping the average maturity of the Fund very short, as interest rates rise we
expect to be able to quickly invest at higher yields as they become available.
In this way, we hope to boost your overall return even as long-term bondholders
suffer.
As we head into the second half of 2004 and into 2005, we expect the
Federal Reserve will continue to raise short-term rates, perhaps several more
times in order to keep inflationary pressures in check. If short-term interest
rates rise as we expect, we believe that the yield on your money market fund is
positioned to rise as well.
We thank you for investing in the Weiss Treasury Only Money Market Fund and
welcome your questions and comments. As always we look forward to continuing to
serve your interests in the future. Should you have any questions about The
Weiss Fund, please call a Fund representative at 1-800-430-9617.
Sincerely,
/s/ Dana Nicholas
Dana Nicholas
President
The Weiss Fund
The opinions expressed in this report are those of Weiss Money Management,
Inc. and are current only through the end of the period of the report as stated
on the cover. These opinions should not be relied upon for investment advice,
and are subject to change based upon market or other conditions.
* All performance results reflect applicable expense waivers and
reimbursements, without which the results would have been less favorable.
Past performance is no guarantee of future results. The current performance
may be lower or higher than the performance data quoted. Shareholders may
obtain current 7-day yield information on the Fund's website at
www.weissfund.com.
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, JUNE 30, 2004
(UNAUDITED)
<Table>
<Caption>
DESCRIPTION AND PERCENTAGE OF PORTFOLIO PAR (000) VALUE
- --------------------------------------- --------- ------------
U.S. TREASURY BILLS -- 68.3%
0.985%, due 07/08/04................................... $15,000 $ 14,997,127
0.920%, due 07/22/04................................... 5,000 4,997,317
0.940%, due 07/29/04................................... 5,000 4,996,344
0.940%, due 08/05/04................................... 5,000 4,995,431
0.975%, due 08/12/04................................... 5,000 4,994,313
0.960%, due 08/19/04................................... 5,000 4,993,467
0.985%, due 08/26/04................................... 5,000 4,992,339
0.9625%, due 09/02/04.................................. 5,000 4,991,578
0.985%, due 09/02/04................................... 5,000 4,991,381
1.020%, due 09/09/04................................... 5,000 4,990,083
1.085%, due 09/16/04................................... 5,000 4,988,397
1.290%, due 09/23/04................................... 10,000 9,969,900
1.15487%, due 09/23/04................................. 5,000 4,986,758
1.295%, due 09/30/04................................... 5,000 4,983,633
------------
TOTAL U.S. TREASURY BILLS (COST $84,868,068)................ 84,868,068
------------
REPURCHASE AGREEMENT -- 31.6%
Fidelity Investments Repurchase Agreement 1.20%, due
07/01/04 (dated 06/30/04; proceeds $9,300,310
collateralized by $9,489,000 U.S. Treasury Bills due
07/08/04, valued at $9,489,000) (Cost $9,300,000)...... 9,300 9,300,000
MSDW Repurchase Agreement 1.24%, due 07/01/04 (dated
06/30/04; proceeds $30,001,033 collateralized by
$26,500,000 U.S. Treasury Bond, 12.75% due 11/15/10,
valued at $30,574,375) (Cost $30,000,000).............. 30,000 30,000,000
------------
TOTAL REPURCHASE AGREEMENT (COST $39,300,000)............... 39,300,000
------------
</Table>
1
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, JUNE 30, 2004 (CONCLUDED)
(UNAUDITED)
<Table>
<Caption>
SHARES VALUE
--------- ------------
SHORT-TERM INVESTMENT -- 0.2%
BlackRock Provident Institutional Funds -- T-Fund (Cost
$231,242).............................................. 231 $ 231,242
------------
TOTAL INVESTMENTS -- 100.1% (COST $124,399,310*)............ 124,399,310
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1%)
Accrued Advisory Expense.................................. (33,618)
Accrued Administrative Expense............................ (10,752)
Accrued Custody Expense................................... (3,300)
Accrued Transfer Agent Expense............................ (14,487)
Other Liabilities......................................... (75,515)
Other Assets.............................................. 8,898
------------
(128,774)
------------
NET ASSETS -- 100.0% (Equivalent to $1.00 per share based on
124,270,934 shares of capital stock outstanding).......... $124,270,536
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($124,270,536 / 124,270,934 shares outstanding)........... $ 1.00
============
</Table>
- ------------
* Aggregate cost for federal income tax purposes is substantially the same.
See accompanying notes to financial statements.
2
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2004
(UNAUDITED)
<Table>
INVESTMENT INCOME:
Interest.................................................. $ 668,161
---------
EXPENSES:
Investment advisory fees.................................. 343,532
Administration fees....................................... 64,059
Transfer agent fees....................................... 83,976
Registration and filing fees.............................. 15,270
Legal fees................................................ 41,003
Custodian fees............................................ 12,609
Printing fees............................................. 9,174
Insurance fees............................................ 6,596
Trustees' fees............................................ 5,967
Audit fees................................................ 4,863
Miscellaneous expense..................................... 697
---------
587,746
Less: expenses waived and reimbursed...................... (120,550)
---------
Total expenses......................................... 467,196
---------
Net investment income.................................. 200,965
---------
Net increase in net assets resulting from operations........ $ 200,965
=========
</Table>
See accompanying notes to financial statements.
3
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX-MONTH
PERIOD ENDED FOR THE
JUNE 30, 2004 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2003
------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment income................................ $ 200,965 $ 1,135,187
Net realized gain on investment securities........... 0 250
------------ ------------
Net increase in net assets resulting from
operations......................................... 200,965 1,135,437
Distributions:
From net investment income ($0.00 and $0.00 per
share, respectively)............................... (200,965) (1,135,187)
Capital share transactions:
Net decrease from capital share transactions......... (36,867,476) (21,421,575)
------------ ------------
Total decrease in net assets......................... (36,867,476) (21,421,325)
NET ASSETS
Beginning of period or year............................. 161,138,012 182,559,337
------------ ------------
End of period or year................................... $124,270,536 $161,138,012
============ ============
</Table>
See accompanying notes to financial statements.
4
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD OR YEAR
<Table>
<Caption>
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2004 ----------------------------------------------------
(UNAUDITED) 2003 2002 2001 2000 1999
----------------- -------- -------- -------- -------- --------
NET ASSET VALUE,
BEGINNING OF PERIOD OR
YEAR................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment
income.............. 0.00 0.00 0.01 0.03 0.06 0.04
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment
income.............. (0.00)+ (0.00)+ (0.01) (0.03) (0.06) (0.04)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD OR YEAR......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
TOTAL RETURN............. 0.15% 0.44% 1.14% 3.54% 5.65% 4.35%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
or year (000).......... $124,271 $161,138 $182,559 $137,136 $130,053 $118,930
Ratio of expenses to
average net
assets(1).............. 0.68%* 0.65% 0.60% 0.59% 0.50% 0.50%
Ratio of net investment
income to average net
assets(2).............. 0.29%* 0.46% 1.11% 3.48% 5.51% 4.24%
</Table>
- ------------
+ Distributions are less than a penny per share.
* Annualized
(1) Expense ratios before waivers and reimbursement of expenses for the period
ended June 30, 2004, and the years ended December 31, 2003, 2002, 2001,
2000, and 1999 would have been 0.85%, 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 period ended June 30, 2004, and the years ended December 31, 2003,
2002, 2001, 2000, and 1999 would have been 0.12%, 0.36%, 0.89%, 3.20%,
5.11%, and 3.82%, respectively.
See accompanying notes to financial statements.
5
THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2004
(UNAUDITED)
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 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
6
THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
between tax basis earnings and earnings reported for financial statement
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,
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.
For the period ended June 30, 2004, the Manager had contractually agreed to
limit the Fund's expense ratio to 0.68% (exclusive of extraordinary and certain
other expenses). In order to maintain this ratio, the Manager has waived a
portion of its fees, which amounted to $120,550.
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 employee of the Trust receives any compensation from the Trust.
7
THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
4. NET ASSETS
At June 30, 2004, the Fund's net assets consisted of:
<Table>
Paid in Capital.......................... $124,270,934
Undistributed net investment income...... --
Accumulated net realized loss on
investments............................ (398)
Unrealized depreciation on investments... --
------------
$124,270,536
============
</Table>
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 period ended June 30, 2004 and the year
ended December 31, 2003, respectively, are summarized below.
<Table>
<Caption>
PERIOD ENDED JUNE 30, 2004 (UNAUDITED) YEAR ENDED DECEMBER 31, 2003
--------------------------------------- ---------------------------------
SHARES VALUE SHARES VALUE
---------------- ----------------- -------------- ---------------
Shares Sold............. 186,088,074 $ 186,088,074 1,697,118,229 $ 1,697,118,229
Shares Redeemed......... 160,648 160,648 1,112,898 1,112,898
Shares Repurchased...... (223,116,198) (223,116,198) (1,719,652,702) (1,719,652,702)
------------ ------------- -------------- ---------------
Net Increase
(Decrease)............ (36,867,476) $ (36,867,476) (21,421,575) $ (21,421,575)
============ ============= ============== ===============
</Table>
6. CAPITAL LOSS CARRYOVER
The Fund has a capital loss carryover of $398 that expires in 2006.
8
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) 430-9617.
<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, 62, Trustee since President, Esther's Natural, Inc. (November 1 None
7111 Fairway Drive Suite November 30, 1995 1999 - present) (vitamin and supplements
102 distributor); Community Services Coordinator,
Palm Beach Gardens, FL Nutrition S'Mart (February 2001 - present)
33418 (natural food market).
Trustee
- ---------------------------------------------------------------------------------------------------------------------------------
Robert Z. Lehrer, 70, 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, 66, 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)
- ---------------------------------------------------------------------------------------------------------------------------------
Dana Nicholas, 43 President since Vice President, Weiss Group, Inc. (November 1 None
7111 Fairway Drive Suite April 30, 2004; 1994 - present); President, the Manager (October
102 Trustee since 2001 - May 2004); Vice President, Weiss
Palm Beach Gardens, FL April 18, 2002; Research, Inc. (November 1994 - October 2001;
33418 Secretary from June 2004 - present).
President and Trustee April 18, 2002 to
April 30, 2004
- ---------------------------------------------------------------------------------------------------------------------------------
Martin D. Weiss, 57 Trustee since Editor of "Safe Money Report"; President, Weiss 1 Director, Weiss
7111 Fairway Drive Suite November 30, 1995; Group, Inc. (1971 - present); Director, Weiss Research, Inc.
102 President from Group, Inc. (1971 - March 2004); Sole Director,
Palm Beach Gardens, FL November 19, 2001 the Manager (November 1980 - present).
33418 to April 30, 2004
Trustee
- ---------------------------------------------------------------------------------------------------------------------------------
OFFICER(S) WHO ARE NOT TRUSTEES(2)
- ---------------------------------------------------------------------------------------------------------------------------------
John D. Leavitt, 47 Treasurer since Controller and Corporate Treasurer, the Manager 1 N/A
7111 Fairway Drive Suite April 28, 2003, (January 2001 - present); Director of
102 Secretary since Accounting, OutSource International (November
Palm Beach Gardens, FL May 19, 2004 1998 - December 2000).
33418
Secretary and Treasurer
- ---------------------------------------------------------------------------------------------------------------------------------
Charles D. Curtis, Jr., 48 Assistant Vice President and Director of Accounting, PFPC, 1 N/A
103 Bellevue Parkway Treasurer since Inc. (1991 - present).
Wilmington, DE 19809 December 31, 2002
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) Ms. Nicholas and Mr. Weiss 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.
9
WES0804
[WEISS FUND LOGO]
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable.
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.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR
240.14a-101), or this Item.
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) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
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/ Dana Nicholas
----------------------------------------------------
Dana Nicholas, President
(principal executive officer)
Date /s/ August 31, 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/ Dana Nicholas
----------------------------------------------------
Dana Nicholas, President
(principal executive officer)
Date /s/ August 31, 2004
---------------------------------------------------------------------------
By (Signature and Title)* /s/ John D. Leavitt
----------------------------------------------------
John D. Leavitt, Treasurer
(principal financial officer)
Date /s/ August 31, 2004
---------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.