W e i s s C a p i t a l M a n a g e m e n t,
Your Bear Market Survival Guide
By the weiss capital Management Investment committee
At Weiss Capital Management, we believe the current cli-
mate of financial stress and extreme volatility in both stocks
and bonds could continue for a prolonged period of time. In
other words, we are in the midst of a secular bear market.
The question for investors is, what steps can be taken to
help you protect and potentially profit from declining mar-
kets? We feel there are several actions concerned investors
should consider, including:
Building a larger reserve of cash and cash-equivalent se-
curities than you might ordinarily hold, as a way to help
reduce risk.
Using market rallies as an opportunity to sell some of
your fundamentally weak holdings, to re-position your
overall portfolio into higher-quality securities.
Prudently hedge your other investments using inverse-
index mutual funds, or exchange traded funds (ETFs)
— securities designed to increase in value as markets
decline.
The Weiss Bear Strategy is another option you should
consider during a bear market environment. This unique
approach to investing has the flexibility to take advantage
of prolonged periods of stock and bond market declines by
investing in inverse-index mutual funds. This strategy also
provides an important layer of professional discipline and
guidance to your investment process.
In effect, the Weiss Bear Strategy is able to “go-short” both
stocks and bonds to potentially benefit when markets de-
cline — without actually selling short individual securities.
The Bear Strategy has two “Big Picture” goals:
#1 To provide a “hedge” for a portion of your portfolio —
helping to reduce risks to your wealth during extended
bear market declines.
#2 To turn falling markets into potential money-making op-
portunities.
The Weiss Bear Strategy is a professionally managed pro-
gram that seeks to capitalize on subtle shifts in market trends.
If you have money in our Weiss Bear Strategy, and the
market is declining, the goal is PROFITS — using inverse
i n c .
funds. But, when markets are going UP, the goal of this pro-
gram is to earn INTEREST INCOME in the relative safety of
cash. In other words, our aim is to be aggressive during bear
markets and defensive in bull markets. We think that’s a
good combination, especially during volatile conditions.
If we’re in a confirmed bear market, naturally, we’re more
likely to be aggressive, and more fully invested, in anticipa-
tion of further market declines. But if we’re experiencing
a counter-trend rally during a bear market, we use inverse
funds much more sparingly and for shorter periods of time,
keeping most or all of our clients’ money in cash and earn-
ing interest.
In other words, we look for key turning points in the
market cycle, so you don’t have to guess the market’s next
move, and we act on our signals when the timing looks
right. This is where our professional oversight comes in.
The success of the Weiss Bear Strategy lies in its adapt-
ability. Our proprietary quantitative model adapts as finan-
cial markets change. During bear markets, trading signals
are not the same as they are during bull markets, for the
simple reason that bull and bear markets need to be traded
differently to be successful.
The Weiss Bear Strategy has gained +41.7% since incep-
tion (12/31/2000 through 12/31/08), while the S&P 500
Index has lost -20.9% in value over the same time period.
And remember, that’s also through a full market cycle —
both bull and bear markets. It’s important to point out that
the Weiss Bear Strategy is an aggressive program, so it may
not be suitable for every investor — and of course, there’s
no guarantee that past performance can be repeated. What’s
more, just like with any investment strategy, you can lose
money in this program.
However, since we launched the Weiss Bear Strategy in
December 2000, a hypothetical investment of $100,000 in the
program at inception would have grown to $141,770 by the
end of 2008 ... while the same amount invested in an S&P
500 Index fund would have withered to just $79,080 over the
same period. Of course, actual returns will vary based on
many factors, such as when investors enter the Weiss Bear
Strategy.
2
 W e i s s
Portfolio Manager
Sebastian Leburn, CFA
Program Summary
Investment Objective
Long-term growth through
speculation and trading
Portfolio Composition
Inverse-index mutual funds
Risk Tolerance
Investors with an aggressive
risk tolerance seeking to
benefit during prolonged stock/
bond market declines (not
recommended for keep-safe
funds)
Benchmark
S&P 500 Index
Inception Date
December 31, 2000
Minimum Initial Investment
$100,000 (Effective 9/5/08)
Annual Management Fee
1.50%
Recommended Holding
Period
Three-to-five years
Portfolio Manager
Sebastian Leburn, CFA
C a p i t a l M a n a g e m e n t, i n c .
The Weiss Bear Strategy
Quarterly Highlights
The economic events of 2008 will not soon be forgotten. In hindsight, one of the most
telling was the failure of Lehman Brothers in September. One of the highest-profile
financial firms to collapse last year, in addition to Bear Stearns, Washington Mutual and
AIG, was Lehman’s demise, which led to an immediate spike in risk aversion across the
global financial system.
The fourth quarter of 2008 will surely be remembered as one of the most volatile in
stock market history. In October alone, the S&P 500 Index swung 28% from high to low,
with daily moves of more than 6% common. In this unstable environment, the Weiss
Bear Strategy managed to perform well, posting a positive 3% total return, net of fees, in
the fourth quarter alone, compared to a loss of more than 21% for the S&P 500 Index.
For all of 2008, the Weiss Bear Strategy produced a total return of 15% – compared
to a freefall of -37% for the S&P 500 Index over the same period1.In other words, a
hypothetical investment of $100,000 at the beginning of 2008 in the Weiss Bear Strategy
would have grown to $115,000 by the end of the year2.
By comparison, $100,000 invested in the S&P 500, as represented by the index, last
year would have declined to $63,000 over the same period. Just to ‘get back’ to the origi-
nal $100,000 value, an investor in the S&P 500 Index would need a gain of nearly 60%—
a situation that could likely take years to accomplish.
Keep in mind that individual client results will vary from these composite perfor-
mance figures, depending on when an account was established in the Weiss Bear Strat-
egy and how the portfolio was being positioned at that time.
As the fourth quarter began in October of 2008, the Weiss Bear Strategy was allocated
substantially ‘short’ the stock market using an inverse fund designed to move opposite
the S&P 500 index. The program also held a ‘short’ position in the Treasury bond market
with a smaller portion of the portfolio assets. As the stock market sell-off intensified in
early October, we took some profits in our short equity fund position, cutting it to ap-
proximately 35% on October 10th as stocks struggled to find a bottom.
Stocks continued to decline in November, stabilizing somewhat by mid-month. This
signaled us to take profits once again in inverse stock funds. However, renewed selling
pressure led us back into the inverse equity fund for half of the portfolio in late Novem-
ber. So far, the late November low has been the low point in the current bear market.
From November 21 to the end of the year, the S&P 500 staged an impressive 20% rally3.
With stocks moving higher, the Weiss Bear strategy reduced its inverse equity fund
holdings in December, selling the entire position by mid-month at a loss.
Looking at the year as a whole, while stocks collapsed in 2008, the primary benefactor
was long-term U.S. Treasury bonds, as investors rushed to the relative safety of govern-
ment debt. In December, Treasury bond prices reached record highs (and record-low
yields), as the Federal Reserve reduced short-term interest rates to effectively 0% and
stated that they may purchase long-term Treasury securities in an attempt to keep yields
low.
3
 W e i s s C a p i t a l M a n a g e m e n t, i n c .

In early December, the Weiss Bear Strategy took a 40%
position in an inverse, long-bond fund to potentially profit
from an eventual shift back to higher yields. While Trea-
sury prices continued to rise after our purchase, we began
to see a change in trend late in the year, as prices on long-
term Treasury bonds began to drop. Should this continue,
we may boost this “short” position, seeking to capitalize
on rising interest rates.
At present, we believe stocks may head higher in the
first few months of 2009 before potentially running into
renewed selling pressure as the enthusiasm over any
sustainable economic improvement is pushed further into
the future. Should this scenario materialize, the Weiss Bear
Strategy may not hold an inverse equity fund position in
early 2009. Instead, we may focus on potential profit op-
portunities via our current “short” position in the inverse
Treasury bond fund.
During this turbulent, bear-market environment, we
recommend you consider the Weiss Bear Strategy for two
main reasons. First, this strategy can help you hedge a
portion of your core, long-term equity and fixed income
investments, which may be vulnerable to another market
sell-off. Second, you may be able to profit during key
phases of stock and bond bear-market declines — precisely
what the Weiss Bear Strategy is designed to do.

Bloomberg data: 12/31/08

1

Based on actual performance for the period of January 1–December 31, 2008, net of fees, but including reinvestment of
2

dividends, income and capital gains.

Bloomberg data: 2/2/09
3

Weiss bear strategy overview

This unique strategy provides investors with the opportunity to take advantage of broad and sustained U.S. stock-
and/or bond-market declines.
If you own stock or other investments that could decline during a prolonged bear market, you may want to consider
this aggressive strategy as a hedge to protect your portfolio.
The Weiss Bear Strategy is eligible for investment by IRAs, 401(k)s, and other retirement plans.

This material may contain forward-looking statements regarding intent and belief with regards to the program and the market in general. Readers
are cautioned that such statements are not a guarantee of future performance and actual results may differ materially from those statements.

Weiss Bear Strategy Returns Thru 12/31/2008

4th 3-Year 5-Year Since Inception Since Inception
YTD Total 1-Year Total
Qtr Total Annualized Annualized Annualized Return Cumulative Return
Return Return
Return Return Return (12/31/00) (12/31/00)

Weiss Bear Strategy Net Returns 3.03% 15.08% 15.08% 6.76% 3.11% 4.46% 41.77%

Weiss Bear Strategy Gross Returns 3.39% 16.74% 16.74% 8.32% 4.66% 6.08% 60.29%

S&P 500 Index -21.94% -37.00% -37.00% -8.36% -2.19% -2.89% -20.92%

4
 W e i s s C a p i t a l M a n a g e m e n t,
Important Disclaimers and Disclosures
Investment Risk
Past performance is not indicative of future results and as with
any investment program it is possible to lose money by investing
in the program. There are no guarantees that the program will be
able to achieve its stated objectives.
Suitability
The Weiss Bear Strategy is suitable for investors with an aggressive
risk tolerance seeking to benefit during prolonged periods of
stock/bond market declines. The suitability of this program for
IRAs, 401(k)s and other retirement plans is at the discretion of
the plan’s sponsor or fiduciary. The program has a recommended
holding period of three-to-five years and is not recommended for
keep-safe funds. In pursuing the Weiss Bear Strategy’s investment
objective through the purchase and sale of mutual fund shares,
Weiss Capital Management, Inc.’s investment team does not
consider either a fund’s potential for generation of current income
through declaration of and payment of income, dividends or
capital gains distributions, or the tax consequences of buying and
selling fund shares. Please consult with your tax adviser before
investing in the program.
Performance
Performance of the Weiss Bear Strategy depends on the
performance of the underlying mutual funds in which it invests. In
turn, performance of the underlying mutual funds depends on the
performance of equity and fixed-income markets.
Returns are based on a composite of actual client accounts.
Individual client returns may vary depending on, among other
things, account opening date, contributions, withdrawals, and
fees. Actual fees may vary depending on, among other things, the
applicable fee schedule and portfolio size.
Net returns cited include actual management fees, commissions,
and other similar fees charged on transactions, and reinvestment
of dividends, income and capital gains. Gross returns cited exclude
management fees and are net of actual commissions and other
similar fees charged on transactions, and include dividends, income
and capital gains.
Weiss Capital Management, Inc.
7111 Fairway Drive, Suite 102, Palm Beach Gardens, Florida 33418
Toll Free: 800.814.3045 Local: 561.515.8558 Fax: 561.627.1011
i n c .
Benchmark
The S&P 500 Index is a capitalization-weighted index that consists
of 500 large-cap US stocks, which assumes the reinvestment of
dividends and capital gains, and excludes management fees,
transactions costs and expenses. Because the S&P 500 Index is the
most widely recognized index of equity prices and commonly
used benchmark for investors, it is believed to be an appropriate
broad-based securities market index against which to compare the
program’s long-term performance. It is not possible to invest in
an index. Index return data source: Bloomberg.
Important Disclosures
Additional expenses such as transaction costs associated with
purchases made through the custodian may be incurred. Mutual
funds are also subject to expenses, which are shared indirectly by
all shareholders.
This strategy’s portfolio may be rebalanced as deemed necessary by
the portfolio manager. Rebalancing may generate additional fees.
The Weiss Bear Strategy may invest in the Weiss Treasury Only
Money Market Fund, which Weiss Capital Management, Inc., or its
affiliates provide advisory, administrative, distribution and other
services, and receive compensation. An investment in the Fund
is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Although the Fund
seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Fund. A prospectus
can be obtained online at www.WeissFund.com.
• September 5, 2008, the strategy’s minimum investment was
raised to $100,000 from $50,000.
• October 1, 2005, the Program’s stated annual management fee
was lowered to 1.50% from 2.00%.
• October 1, 2005 the Program’s minimum investment was
lowered to $50,000 from $100,000.
• April 1, 2005, Sebastian Leburn, CFA, became the portfolio
manager. Prior to this date, Anthony Sagami of Harvest
Advisors was the sub-adviser.
For additional program information, please read the firm’s ADV
Part II before investing.
Email: WCM@WeissCM.com Web Site: www.WeissCM.com