<PAGE> 1
WEISS TREASURY FUND
Weiss Treasury Only Money Market Fund
Weiss Intermediate Treasury Fund
Weiss Treasury Bond Fund
July 23, 1997
A LETTER FROM THE PRESIDENT
Dear Shareholder,
Enclosed is the Semi-Annual Report for the period ended June 30, 1997 for
Weiss Treasury Fund (the "Trust"), consisting of Weiss Treasury Only Money
Market Fund, Weiss Intermediate Treasury Fund and Weiss Treasury Bond Fund. As
of June 30, 1997, Weiss Treasury Bond Fund had not yet commenced operations.
The first six months of 1997 have seen interest rates moving around quite a
bit, with the rate on 5 year Treasury notes moving lower to almost 6.00%, then
jumping nearly a point to 6.90%, and finally closing the period at approximately
6.50%. Our conservative policy of structuring the funds with a short
average-weighted maturity has allowed us to maintain liquidity in the funds and
gave us the ability to take advantage of the higher rate peaks during the
period.
Because prices move inversely to yields, Weiss Intermediate Treasury Fund's
net asset value (NAV) opened the year at $10.01 and had dropped to $9.94 on June
30, as rates moved higher. This tandem rate and price action had the effect of
producing an annualized income yield of 6.16%, while at the same time reducing
the Fund's total return to 4.80% (annualized).
This interest rate volatility was expected, and should continue through the
remainder of 1997. We note that the low level of inflation that has prevailed
during the first six months of the year has helped rates stay fairly low and
should keep them trending down for a while longer. Even Federal Reserve Chairman
Alan Greenspan has calmed his tone, suggesting that inflation has been tamed and
is showing no signs of rising in the near future. However, he did issue a strong
warning that, should inflation pick up, the Fed will act aggressively to control
it.
The Trust continues to adhere to a conservative philosophy of investing for
consistent returns without undue risk. We believe this strategy will allow the
Trust to continue to enjoy positive, long-term performance.
If you have any questions concerning Weiss Treasury Only Money Market Fund
or Weiss Intermediate Treasury Fund, please call upon our fund representatives
at (800) 430-9617.
Sincerely,
[/s/ JOHN N. BREAZEALE]
John N. Breazeale
President and Chairman
<PAGE> 2
WEISS TREASURY FUND
June 30, 1997 Semi-Annual Portfolio Management Review
For the six month period ended June 30, 1997, Weiss Treasury Only Money
Market Fund produced an annualized total return of 4.71%, that matches the IBC
Money Fund Report 100% US Treasury Money Market Fund Average of 4.71%.
Short term interest rates were volatile during the first half of the year
over speculation that the Federal Reserve would act to slow the strong economy
and keep inflation at bay. In fact, in late March the Fed raised the Federal
Funds rate a quarter point to 5.50%. The move created a bout of nervousness in
the markets as traders and investors speculated on even further tightening moves
by the Federal Reserve Board at the regularly scheduled meetings in May and
July.
However, rates were left unchanged at both meetings. As long as the economy
continues on its path of low inflation and strong growth, the Fed has expressed
no desire to push borrowing costs higher.
Weiss Treasury Only Money Market Fund's average weighted maturity (42.6
days at June 30, 1997) remains fairly short in anticipation of any further hike
in interest rates.
Weiss Intermediate Treasury Fund produced an annualized total return of
4.80%, due in part to price movement as yields fluctuated, with annualized
income at 6.16% for the period ended June 30, 1997. This is compared with the
Bloomberg US Govt. 3-5 Yr. Total Return of 5.39% and the Bloomberg US Govt. 7-10
Yr. Total Return of 4.89%.
While the economy is on a sustainable track now, we believe that Chairman
Greenspan will keep a vigilant eye out for any signs that inflation is
increasing. At some point, rising wage pressures and rising prices could emerge
and create an atmosphere that will lead to higher rates.
Of equal concern is that rates could automatically move as a result of
changes in the foreign demand for US Treasuries. Foreign investors have played
an important role in the bond market's gains, and any change in demand could
create a supply imbalance that may lead to higher rates even in the absence of
any Fed intervention. As a result, over the remainder of 1997, we currently
anticipate keeping the maturities in both Weiss Treasury Only Money Market Fund
and Weiss Intermediate Treasury Fund at the shorter end of their maturity range.
Weiss Money Management, Inc.
1
<PAGE> 3
WEISS TREASURY FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PAR (000) VALUE
--------- -----------
<S> <C> <C> <C>
US TREASURY OBLIGATIONS -- 99.97%
US Treasury Bills
4.800%, due 07/17/97.................................... $ 1,800 $ 1,796,160
4.810%, due 07/17/97.................................... 1,500 1,496,793
5.200%, due 07/17/97.................................... 1,500 1,496,533
4.920%, due 07/24/97.................................... 1,000 996,857
4.945%, due 07/24/97.................................... 1,000 996,841
5.165%, due 07/24/97.................................... 1,500 1,495,050
5.270%, due 07/24/97.................................... 1,000 996,633
4.500%, due 07/31/97.................................... 1,000 996,250
5.140%, due 07/31/97.................................... 1,000 995,717
4.940%, due 08/07/97.................................... 1,400 1,392,892
5.250%, due 08/07/97.................................... 1,400 1,392,446
4.910%, due 08/14/97.................................... 2,000 1,987,998
4.890%, due 08/21/97.................................... 1,000 993,073
4.940%, due 08/21/97.................................... 1,400 1,390,202
5.020%, due 08/21/97.................................... 1,000 992,888
4.840%, due 08/28/97.................................... 1,000 992,202
4.965%, due 08/28/97.................................... 1,000 992,001
4.920%, due 09/04/97.................................... 2,000 1,982,233
4.930%, due 09/11/97.................................... 1,000 990,140
4.930%, due 09/11/97.................................... 1,000 989,182
5.020%, due 09/25/97.................................... 1,400 1,383,211
-----------
Total US Treasury Obligations (Cost $26,745,302) 26,745,302
-----------
<CAPTION>
SHARES
-------
<S> <C> <C> <C>
SHORT-TERM INVESTMENT -- 0.17%
Temporary Investment Fund, Inc. --
T-Fund Portfolio (Cost $46,358)......................... 46,358 46,358
-----------
TOTAL INVESTMENTS (COST $26,791,660*) 100.14% 26,791,660
LIABILITIES IN EXCESS OF OTHER ASSETS (0.14%) (36,732)
------ -----------
NET ASSETS (Equivalent to $1.00 per share based
on 26,754,928 shares of capital stock outstanding) 100.00% $26,754,928
====== ==========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
($26,754,928 [divided by] 26,754,928 shares outstanding) $ 1.00
==========
</TABLE>
- ------------
* Aggregate cost for federal income tax purposes is substantially the same.
See accompanying notes to financial statements.
2
<PAGE> 4
WEISS TREASURY FUND
WEISS INTERMEDIATE TREASURY FUND
STATEMENT OF NET ASSETS, JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PAR (000) VALUE
--------- ----------
<S> <C> <C> <C>
US TREASURY OBLIGATIONS -- 98.02%
US Treasury Notes
5.125%, due 06/30/98..................................... $ 35 $ 34,792
9.125%, due 05/15/99..................................... 240 252,638
6.00%, due 08/15/99...................................... 1,000 997,370
6.625%, due 07/31/01..................................... 65 65,588
6.25%, due 10/31/01...................................... 1,000 994,780
7.50%, due 11/15/01...................................... 1,000 1,041,750
15.75%, due 11/15/01..................................... 70 94,789
6.250%, due 01/31/02..................................... 500 497,105
7.250%, due 05/15/04..................................... 400 417,007
----------
Total US Treasury Obligations (Cost $4,415,456) 4,395,819
----------
<CAPTION>
SHARES
<S> <C> <C> <C>
SHORT-TERM INVESTMENT -- 0.57%
Temporary Investment Fund, Inc. --
T-Fund Portfolio (Cost $25,418).......................... 25,418 25,418
----------
TOTAL INVESTMENTS (COST $4,440,874) 98.59% 4,421,237
OTHER ASSETS IN EXCESS OF LIABILITIES 1.41% 63,134
----- ----------
NET ASSETS (Equivalent to $9.94 per share based on 451,060
shares of capital stock outstanding) 100.00% $4,484,371
===== ==========
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($4,484,371 [divided by] 451,060 shares outstanding) $ 9.94
==========
</TABLE>
- ------------
* Aggregate cost for federal income tax purposes is
substantially the same. The aggregate gross
unrealized appreciation/(depreciation) for all
securities is as follows:
<TABLE>
<S> <C>
Excess of value over tax cost................... $ 9,483
Excess of tax cost over value................... (29,120)
--------
$ 19,637
========
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 5
WEISS TREASURY FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
WEISS WEISS
TREASURY ONLY INTERMEDIATE
MONEY MARKET FUND TREASURY FUND
----------------- -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest................................................... $ 443,654 $ 133,189
--------- ---------
EXPENSES:
Investment Advisory fees................................... 43,404 9,993
Administration fees........................................ 42,818 42,793
Custodian fees............................................. 42,561 31,882
Transfer Agent fees........................................ 8,692 8,017
Legal fees................................................. 15,372 3,795
Audit fees................................................. 9,943 2,454
Printing................................................... 5,887 496
Insurance.................................................. 7,159 1,767
Trustees' fees............................................. 2,386 589
Registration and filing fees............................... 4,518 1,130
Amortization of organizational costs....................... 12,645 6,447
Miscellaneous.............................................. 298 4,343
--------- ---------
Total Expenses.......................................... 195,683 113,706
Less: expenses waived and reimbursed....................... (152,278) (103,713)
--------- ---------
Net Expenses............................................ 43,405 9,993
--------- ---------
Net Investment Income........................................ 400,249 123,196
--------- ---------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net change in unrealized appreciation/ (depreciation) on
investments............................................. -- (23,312)
--------- ---------
Net increase in net assets resulting from operations......... $ 400,249 $ 99,884
========= =========
</TABLE>
- ---------------
See accompanying notes to financial statements.
4
<PAGE> 6
WEISS TREASURY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
WEISS TREASURY ONLY
MONEY MARKET FUND
---------------------------------------
JANUARY 1, 1997
THROUGH JUNE 28, 1996*
JUNE 30, 1997 THROUGH
(UNAUDITED) DECEMBER 31, 1996
----------------- -----------------
<S> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income................................ $ 400,249 $ 122,700
Net change in unrealized appreciation/
(depreciation) on investments...................... -- --
----------- ----------
Net increase in net assets resulting from
operations......................................... 400,249 122,700
Distributions:
From net investment income........................... (400,249) (122,700)
Capital share transactions:
Net increase from capital share transactions......... 15,627,606 11,093,988
----------- ----------
Total increase in net assets......................... 15,627,606 11,093,988
NET ASSETS
Beginning of period..................................... 11,127,322 33,334
----------- ----------
End of period........................................... $26,754,928 $11,127,322
=========== ==========
</TABLE>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
5
<PAGE> 7
WEISS TREASURY FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
WEISS INTERMEDIATE TREASURY FUND
---------------------------------------
JANUARY 1, 1997
THROUGH JUNE 28, 1996*
JUNE 30, 1997 THROUGH
(UNAUDITED) DECEMBER 31, 1996
----------------- -----------------
<S> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income................................ $ 123,196 $ 45,467
Net change in unrealized appreciation/
(depreciation) on investments...................... (23,312) 3,675
----------- ----------
Net increase in net assets resulting from
operations......................................... 99,884 49,142
Distributions:
From net investment income........................... (123,196) (45,467)
Capital share transactions:
Net increase from capital share transactions......... 1,747,954 2,722,721
----------- ----------
Total increase in net assets......................... 1,724,642 2,726,396
NET ASSETS
Beginning of period..................................... 2,759,729 33,333
----------- ----------
End of period........................................... $ 4,484,371 $ 2,759,729
=========== ==========
</TABLE>
- ------------
* Commencement of operations.
See accompanying notes to financial statements.
6
<PAGE> 8
WEISS TREASURY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
WEISS TREASURY ONLY MONEY MARKET FUND
-------------------------------------
JANUARY 1, 1997
THROUGH JUNE 28, 1996*
JUNE 30, 1997 THROUGH
(UNAUDITED) DECEMBER 31, 1996
--------------- -----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD: $ 1.00 $ 1.00
------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income....................................... 0.02 0.02
Net realized and unrealized gain/(loss)
on investments........................................... -- --
------- ------
Total from investment operations......................... 0.02 0.02
------- ------
LESS DISTRIBUTIONS:
From net investment income.................................. (0.02) (0.02)
------- ------
NET ASSET VALUE, END OF PERIOD: $ 1.00 $ 1.00
======= ======
TOTAL RETURN.................................................. 4.71%(3) 4.67%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)............................... $26,755 $11,127
Ratio of expenses to average net assets(1).................... 0.50%(3) 0.50%(3)
Ratio of net investment income to average net assets(2)....... 4.61%(3) 4.54%(3)
</TABLE>
- ------------
(1) The annualized expense ratios before waivers and reimbursement of expenses
for the periods ended June 30, 1997 and December 31, 1996 for Weiss Treasury
Only Money Market Fund would have been 2.25% and 7.69%, respectively.
(2) The annualized net investment income/(loss) ratios before waivers and
reimbursement of expenses for the periods ended June 30, 1997 and December
31, 1996 for Weiss Treasury Only Money Market Fund would have been 2.86% and
(2.65)%, respectively.
(3) Annualized.
* Commencement of operations.
See accompanying notes to financial statements.
7
<PAGE> 9
WEISS TREASURY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
WEISS INTERMEDIATE TREASURY FUND
-------------------------------------
JANUARY 1, 1997
THROUGH JUNE 28, 1996*
JUNE 30, 1997 THROUGH
(UNAUDITED) DECEMBER 31, 1996
--------------- -----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD: $ 10.01 $ 10.00
------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income....................................... 0.30 0.33
Net realized and unrealized gain/(loss)
on investments........................................... (0.07) 0.01
------ ------
Total from investment operations......................... 0.23 0.34
------ ------
LESS DISTRIBUTIONS:
From net investment income.................................. (0.30) (0.33)
------ ------
NET ASSET VALUE, END OF PERIOD: $ 9.94 $ 10.01
====== ======
TOTAL RETURN.................................................. 4.80%(3) 6.82%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000)............................... $ 4,484 $ 2,760
Ratio of expenses to average net assets(1).................... 0.50%(3) 0.50%(3)
Ratio of net investment income to average net assets(2)....... 6.16%(3) 6.39%(3)
Portfolio turnover............................................ 0% 0%
</TABLE>
- ------------
(1) The annualized expense ratios before waivers and reimbursement of expenses
for the periods ended June 30, 1997 and December 31, 1996 for Weiss
Intermediate Treasury Fund would have been 5.69% and 21.51%, respectively.
(2) The annualized net investment income/(loss) ratios before waivers and
reimbursement of expenses for the periods ended June 30, 1997 and December
31, 1996 for Weiss Intermediate Treasury Fund would have been 0.97% and
(14.62)%, respectively.
(3) Annualized.
* Commencement of operations.
See accompanying notes to financial statements.
8
<PAGE> 10
WEISS TREASURY FUND
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997 (UNAUDITED)
1. FUND ORGANIZATION
Weiss Treasury 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. The Trust is a series fund that is authorized to issue shares of
beneficial interest in the following three investment funds: Weiss Treasury Only
Money Market Fund, Weiss Intermediate Treasury Fund, and Weiss Treasury Bond
Fund (individually a "Fund" and, collectively, the "Funds"). The Board of
Trustees of the Trust oversees the business affairs of the Trust and is
responsible for significant decisions relating to each Fund's investment
objective and policies. The Trustees delegate the day-to-day management of the
Funds to the officers of the Trust. As of the date of this report, Weiss
Treasury Bond Fund had not commenced operations.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by each
Fund in preparation of its financial statements. The preparation of financial
statements in accordance with generally accepted accounting principles 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: Investment securities of Weiss Treasury Only Money Market
Fund 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. Investment
securities of Weiss Intermediate Treasury Fund are valued at market value using
bid prices or, if market value cannot be readily obtained, at fair value as
determined by the Board of Trustees or its designee. Debt securities held by the
Funds that have maturities of less than sixty days are generally valued at
amortized cost.
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. Net investment income for each Fund consists of all
interest income accrued on the Funds' assets, less accrued expenses. Interest
income for Weiss Treasury Only Money Market Fund is comprised of accrued
interest, original issue and market discount earned less amortization of any
market premium. Interest income for Weiss Intermediate Treasury Fund is
comprised of accrued interest and original issue and market discount earned.
Each Fund's expenses are also accrued daily.
Dividends and Distributions to Shareholders: Each Fund declares dividends daily
from net investment income. Weiss Treasury Only Money Market Fund intends to pay
accrued dividends on the last business day of each month. Weiss Intermediate
Treasury Fund intends to pay distributions of taxable income quarterly, and to
distribute any net capital gains realized annually before the Fund's fiscal year
end on December 31. Each Fund may make an additional distribution of income and
gains if necessary to satisfy a calender year excise tax distribution
requirement.
Federal Income Taxes: Each of the Funds is classified as a separate taxable
entity for Federal income tax purposes. Each of the Funds intends to qualify as
a separate "regulated investment company" under the Internal Revenue Code and
make the
9
<PAGE> 11
WEISS TREASURY FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
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.
Repurchase Agreements: The Funds 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.
Organizational Costs: The Trust bears all costs in connection with its
organization, including the fees and expenses of registering and qualifying its
shares for distribution under Federal and state securities regulations. All
organization expenses are being amortized using the straight-line method over a
period not to exceed five years from the date of commencement of operations.
3. INVESTMENT MANAGER, DISTRIBUTOR, ADMINISTRATOR, AND OTHER RELATED PARTY
TRANSACTIONS
Weiss Money Management, Inc. (the "Manager") serves as the Investment Manager to
the Funds. Under investment advisory agreements with each of the Funds, the
Manager provides continuous advice and recommendations concerning each Fund's
investments. The Funds have each agreed to compensate the Manager for its
services by the monthly payment of a fee at the annual rate of .50% of the
average daily net assets with respect to Weiss Treasury Only Money Market Fund
and Weiss Intermediate Treasury Fund. The Manager may from time to time waive
all or a portion of its fees payable by the Funds. Certain officers of the
Manager serve as President, Secretary and Trustee to the Trust.
Weiss Funds, Inc., 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 each Fund. PFPC also serves as the Trust's Transfer
Agent, dividend disbursing agent and registrar. An officer of PFPC serves as
Treasurer to the Trust.
PNC Bank, NA serves as the Custodian for the Funds' portfolio securities and
cash.
For the period ended June 30, 1997, the Manager, Administrator, Transfer Agent
and Custodian of Weiss Treasury Only Money Market Fund voluntarily waived fees
totaling $43,404, $10,791, $4,505 and $1,877, respectively. For Weiss
Intermediate Treasury Fund, the Manager, Administrator, Transfer Agent and
Custodian voluntarily waived fees totaling $9,994, $10,777, $4,500 and $1,875.
In addition, the Manager has voluntarily agreed to reimburse each Fund
individually to the extent required to maintain expenses at no more than 0.50%
of the average daily net assets. For the period ended June 30, 1997, the Manager
agreed to reimburse Weiss Treasury Only Money Market Fund and Weiss Intermediate
Treasury Fund $91,701 and $76,567, respectively.
Dechert Price & Rhoads serves as legal counsel to the Trust. A partner of that
firm serves as Assistant Secretary to the Trust.
10
<PAGE> 12
WEISS TREASURY FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 1997 (UNAUDITED)
Each Trustee receives an annual fee of $2,000 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.
4. NET ASSETS
At June 30, 1997, the Funds' net assets consisted of:
<TABLE>
<CAPTION>
WEISS TREASURY
ONLY WEISS INTERMEDIATE
MONEY MARKET FUND TREASURY FUND
----------------- ------------------
<S> <C> <C>
Paid in capital $26,754,928 $4,504,008
Net unrealized
appreciation/
(depreciation)
on investments -- (19,637)
----------- ----------
$26,754,928 $4,484,371
=========== ==========
</TABLE>
5. PURCHASES AND SALES OF SECURITIES
For the period ended June 30, 1997, purchases and sales of securities, other
than short-term investments aggregated $2,701,763 and $0, respectively, for
Weiss Intermediate Treasury Fund.
6. 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.
WEISS TREASURY ONLY MONEY MARKET FUND
Transactions in capital shares for the period ended June 30, 1997 are summarized
below.
<TABLE>
<CAPTION>
SHARES VALUE
---------- -----------
<S> <C> <C>
Shares sold 20,977,754 $20,977,754
Shares reinvested 324,173 324,173
Shares repurchased (5,674,321) (5,674,321)
---------- -----------
15,627,606 $15,627,606
========== ===========
</TABLE>
Transactions in capital shares for the period ended December 31, 1996 are
summarized below.
<TABLE>
<CAPTION>
SHARES VALUE
---------- -----------
<S> <C> <C>
Shares sold 11,934,139 $11,934,139
Shares reinvested 75,908 75,908
Shares repurchased (916,059) (916,059)
---------- -----------
11,093,988 $11,093,988
========== ===========
</TABLE>
WEISS INTERMEDIATE TREASURY FUND
Transactions in capital shares for the period ended June 30, 1997 are summarized
below.
<TABLE>
<CAPTION>
SHARES VALUE
---------- -----------
<S> <C> <C>
Shares sold 247,787 $ 2,463,149
Shares reinvested 8,655 85,652
Shares repurchased (80,947) (800,847)
---------- -----------
175,495 $ 1,747,954
========== ===========
</TABLE>
Transactions in capital shares for the period ended December 31, 1996 are
summarized below.
<TABLE>
<CAPTION>
SHARES VALUE
---------- -----------
<S> <C> <C>
Shares sold 279,796 $ 2,798,622
Shares reinvested 901 8,993
Shares repurchased (8,465) (84,894)
---------- -----------
279,232 $ 2,722,721
========== ===========
</TABLE>
11
<PAGE> 13
BOARD OF TRUSTEES
John N. Breazeale
Chairman
Esther S. Gordon
Robert L. Lehrer
Martin D. Weiss
Donald Wilk
OFFICERS
John N. Breazeale
President
Neal J. Andrews
Treasurer
Sharon A. Parker
Secretary
INVESTMENT MANAGER
Weiss Money Management, Inc.
4176 Burns Rd.
Palm Beach Gardens, FL 33410
ADMINISTRATOR
PFPC Inc.
103 Bellevue Parkway
Wilmington, DE 19809
DISTRIBUTOR
Weiss Funds, Inc.
4176 Burns Road
Palm Beach Gardens, FL 33410
TRANSFER AGENT
PFPC Inc.
400 Bellevue Parkway
Wilmington, DE 19809
This report and the financial statements contained herein are submitted for the
general information of shareholders. This report is not authorized for
distribution to prospective investors unless preceded or accompanied by an
effective prospectus.
[THE WEISS TREASURY FUNDS LOGO BLACK]
[THE WEISS TREASURY FUNDS LOGO BLUE]
TREASURY ONLY MONEY MARKET FUND
INTERMEDIATE TREASURY FUND
TREASURY BOND FUND
SEMI-ANNUAL REPORT TO SHAREHOLDERS
JUNE 30, 1997
