THE WEISS FUND
WEISS MILLENNIUM OPPORTUNITY FUND
CLASS S SHARES
Supplement dated August 18, 2000 to
Statement of Additional Information dated May 1, 2000
* * *
The information presented on page 7 of the Statement of Additional Information
dated May 1, 2000, under the section entitled "OTHER INVESTMENT COMPANIES" is
replaced in its entirety with the following:
"The Fund may invest in securities of other investment companies, including
closed-end investment companies, unit investment trusts and open-end investment
companies, to the extent consistent with its investment objective and subject to
the limitations of the 1940 Act. When the Fund invests in another investment
company, it pays a pro rata portion of the advisory fees and other expenses of
that investment company as a shareholder of that investment company. These
expenses are in addition to the advisory fees and other expenses the Fund pays
in connection with its own operations. The Fund currently intends to limit its
investments in securities issued by other investment companies so that, as
determined immediately after a purchase of such securities is made: (i) not more
than 3% of the outstanding voting stock of any one investment company will be
owned by the Fund; (ii) not more than 5% of the value of the Fund's total assets
will be invested in the securities of any one investment company; and (iii) not
more than 10% of the value of its total assets will be invested in the aggregate
in securities of investment companies as a group.
For example, the Fund may invest in a variety of investment companies which seek
to track the composition and/or performance of specific indexes or portions of
specific indexes. These index-based investments hold substantially all of their
assets in securities representing a specific index. Accordingly, the main risk
of investing in index-based investments is the same as investing in a portfolio
of equity securities comprising the index. Such investment companies may be
traded on a securities exchange. The market prices of index-based investments
will fluctuate in accordance with both changes in the underlying portfolio
securities of the investment company and also due to supply and demand of the
investment company's shares on the exchange upon which its shares are traded.
Index-based investments may not replicate exactly or otherwise match the
composition or performance of their specified index due to, among other things,
transaction costs and the temporary unavailability of certain component
securities of the index.
Examples of index-based, exchange-traded investment companies include, but are
not limited to, Standard & Poor's Depository Receipts ("SPDRs(R)"), MidCap
SPDRs(R), Select Sector SPDRs(R), DIAMONDSsm, Nasdaq-100 Shares, Barclays
iShares and World Equity Benchmark Shares ("WEBssm"). Many of these investment
vehicles may be sold short. To the extent that the Fund engages in such short
sale transactions, the Fund may be subject to additional risks. See "SHORT
SALES" above.
<PAGE>
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
WEISS MILLENNIUM OPPORTUNITY FUND (CLASS A SHARES)
Supplement dated August 18, 2000 to
Statement of Additional Information dated May 1, 2000
* * *
The information presented on page 10 of the Statement of Additional Information
dated May 1, 2000, under the section entitled "OTHER INVESTMENT COMPANIES" is
replaced in its entirety with the following:
Millennium Opportunity Fund may invest in securities of other investment
companies, including closed-end investment companies, unit investment trusts and
open-end investment companies, to the extent consistent with its investment
objective and subject to the limitations of the 1940 Act. When Millennium
Opportunity Fund invests in another investment company, it pays a pro rata
portion of the advisory fees and other expenses of that investment company as a
shareholder of that investment company. These expenses are in addition to the
advisory fees and other expenses Millennium Opportunity Fund pays in connection
with its own operations. Millennium Opportunity Fund currently intends to limit
its investments in securities issued by other investment companies so that, as
determined immediately after a purchase of such securities is made: (i) not more
than 3% of the outstanding voting stock of any one investment company will be
owned by the Fund; (ii) not more than 5% of the value of the Fund's total assets
will be invested in the securities of any one investment company; and (iii) not
more than 10% of the value of its total assets will be invested in the aggregate
in securities of investment companies as a group.
For example, Millennium Opportunity Fund may invest in a variety of investment
companies which seek to track the composition and/or performance of specific
indexes or portions of specific indexes. These index-based investments hold
substantially all of their assets in securities representing a specific index.
Accordingly, the main risk of investing in index-based investments is the same
as investing in a portfolio of equity securities comprising the index. Such
investment companies may be traded on a securities exchange. The market prices
of index-based investments will fluctuate in accordance with both changes in the
underlying portfolio securities of the investment company and also due to supply
and demand of the investment company's shares on the exchange upon which its
shares are traded. Index-based investments may not replicate exactly or
otherwise match the composition or performance of their specified index due to,
among other things, transaction costs and the temporary unavailability of
certain component securities of the index.
Examples of index-based, exchange-traded investment companies include, but are
not limited to, Standard & Poor's Depository Receipts ("SPDRs(R)"), MidCap
SPDRs(R), Select Sector SPDRs(R), DIAMONDSsm, Nasdaq-100 Shares, Barclays
iShares and World Equity Benchmark Shares ("WEBssm"). Many of these investment
vehicles may be sold short. To the extent that Millennium Opportunity Fund
engages in such short sale transactions, the Fund may be subject to additional
risks. See "SHORT SALES" above.
