WEISS TREASURY FUND
Weiss Treasury Only Money Market Fund
Weiss Intermediate Treasury Fund
Weiss Treasury Bond Fund
SUPPLEMENT DATED DECEMBER 12, 1997
TO PROSPECTUS DATED APRIL 30, 1997
(A) The following is inserted under "WEISS INTERMEDIATE TREASURY
FUND, WEISS TREASURY BOND FUND" on page 4:
Effective December 10, 1997, shares of Weiss
Intermediate Treasury Fund will no longer be offered for
sale to the public.
(B) Effective January 1, 1998, certain information pertaining to
Weiss Treasury Only Money Market Fund contained under
"EXPENSE INFORMATION" on page 2 is modified as follows:
ANNUAL FUND OPERATING EXPENSES
Estimated for the Fund's fiscal year ending December 31,
1998 as a percentage of average net assets. (After Fee
Waivers and Expense Reimbursements)
____________________________________________________________
TOTAL
DISTRI- FUND
BUTION OPERA-
MANAGE- (RULE OTHER TING
MENT 12b-1) EXPEN- EXPEN-
FEE (2) FEE SES (2) SES (2)
____________________________________________________________
Weiss Treasury
Only Money
Market Fund .00% None .65% .65%
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EXAMPLE:
____________________________________________________________
Based on the level of total Fund operating expenses listed
above, you would pay indirectly the following expenses on a
$1,000 investment, assuming a 5% annual return and
redemption at the end of each period:
____________________________________________________________
1 YEAR 3 YEARS
Weiss Treasury Only Money Market Fund $ 7 $ 21
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THIS EXAMPLE SHOULD NOT BE CONSIDERED REPRESENTATIVE OF PAST
OR FUTURE EXPENSES OR RETURNS. ACTUAL FUND EXPENSES AND
RETURNS VARY FROM YEAR TO YEAR AND MAY BE HIGHER OR LOWER
THAN THE AMOUNTS SHOWN.
____________________
2 The tables and examples above are based on estimated
fees and expenses that the Fund expects to incur in its
fiscal year ending December 31, 1998, net of fee
waivers and/or expense reimbursements from the Manager
and other service providers, which fees and expenses
were derived from annualized actual fees and expenses
(unaudited) for the period from January 1 through
November 30, 1997. Without waivers and/or
reimbursements, the estimated "Management Fee", "Other
Expenses" and "Total Fund Operating Expenses" for Weiss
Treasury Only Money Market Fund would be .50%, 1.23%
and 1.73%, respectively. The Manager currently limits
total Fund operating expenses for Weiss Treasury Only
Money Market Fund to an annual rate of .65% of the
Fund's average net assets. See "Fund Organization-
Investment Manager" for a more detailed discussion of
the Fund's fees and expenses.
(C) The following paragraph is inserted after the second
paragraph under "INVESTMENT MANAGER" on page 7:
Effective as of the fiscal year beginning January 1,
1998, the Manager will voluntarily limit total operating
expenses (excluding interest, taxes, brokerage commissions,
litigation, indemnification, and extraordinary expenses) to
an annual rate of .65% of Weiss Treasury Only Money Market
Fund's average net assets, which may lower the Fund's
expenses and increase its yield. This voluntary expense
limitation may be terminated or revised at any time, at
which point the Fund's expenses may increase and its yield
may be reduced.
