-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MMU7vythFqzddNg2UnWuBw2QNGfsPioC7NycU/26kvfaX0zAKfbFNhaiyt0e4llE X46NmZsz9Hf8tPV95PJBsQ== 0000893220-04-001890.txt : 20040902 0000893220-04-001890.hdr.sgml : 20040902 20040902111532 ACCESSION NUMBER: 0000893220-04-001890 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040630 FILED AS OF DATE: 20040902 DATE AS OF CHANGE: 20040902 EFFECTIVENESS DATE: 20040902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEISS FUND CENTRAL INDEX KEY: 0000949328 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09084 FILM NUMBER: 041012755 BUSINESS ADDRESS: STREET 1: 4176 BURNS RD CITY: PALM BEACH GARDENS STATE: FL ZIP: 33410 BUSINESS PHONE: 4076273300 MAIL ADDRESS: STREET 1: 4176 BURNS ROAD CITY: PALM BEACH GARDENS STATE: FL ZIP: 33410 FORMER COMPANY: FORMER CONFORMED NAME: WEISS TREASURY FUND DATE OF NAME CHANGE: 19950814 N-CSRS 1 w99571nvcsrs.txt N-CSRS THE WEISS FUNDS 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)
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 ------------
1 THE WEISS FUND WEISS TREASURY ONLY MONEY MARKET FUND STATEMENT OF NET ASSETS, JUNE 30, 2004 (CONCLUDED) (UNAUDITED)
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 ============
- ------------ * 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) 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 =========
See accompanying notes to financial statements. 3 THE WEISS FUND WEISS TREASURY ONLY MONEY MARKET FUND STATEMENT OF CHANGES IN NET ASSETS
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 ============ ============
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
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%
- ------------ + 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: Paid in Capital.......................... $124,270,934 Undistributed net investment income...... -- Accumulated net realized loss on investments............................ (398) Unrealized depreciation on investments... -- ------------ $124,270,536 ============
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.
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) ============ ============= ============== ===============
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.
- --------------------------------------------------------------------------------------------------------------------------------- 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 - ---------------------------------------------------------------------------------------------------------------------------------
* 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. EX-99.CERT 2 w99571exv99wcert.txt CERTIFICATIONS PURSUANT TO RULE 30A-2(A) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Dana Nicholas, certify that: 1. I have reviewed this report on Form N-CSR of The Weiss Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: /s/ August 31, 2004 /s/ Dana Nicholas ------------------- ------------------------------- Dana Nicholas, President (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, John D. Leavitt, certify that: 1. I have reviewed this report on Form N-CSR of The Weiss Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) [Omitted] (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: /s/ August 31, 2004 /s/ John D. Leavitt ------------------- ------------------------------- John D. Leavitt, Treasurer (principal financial officer) EX-99.906CERT 3 w99571exv99w906cert.txt CERTIFICATIONS PURUSNAT TO RULE 30A-2(A), SECTION 906 CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT I, Dana Nicholas, President of The Weiss Fund (the "Registrant"), certify that: 1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: /s/ August 31, 2004 /s/ Dana Nicholas ------------------- ------------------------------- Dana Nicholas, President (principal executive officer) I, John D. Leavitt, Treasurer of The Weiss Fund (the "Registrant"), certify that: 1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: /s/ August 31, 2004 /s/ John D. Leavitt ------------------- ------------------------------- John D. Leavitt, Treasurer (principal financial officer) A signed original of these written statements required by Section 906 has been provided to The Weiss Fund and will be retained by The Weiss Fund and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----