<PAGE> 1
WEISS TREASURY FUND
Weiss Treasury Only Money Market Fund
Weiss Intermediate Treasury Fund
Weiss Treasury Bond Fund
February 18, 1997
A LETTER FROM THE PRESIDENT
Dear Shareholder,
I am pleased to send you the 1996 Annual Report for the period ended
December 31, 1996, for Weiss Treasury Fund (the "Trust") consisting of Weiss
Treasury Only Money Market Fund, Weiss Intermediate Treasury Fund and Weiss
Treasury Bond Fund. Weiss Treasury Bond Fund had not yet commenced operations as
the Trust ended its first fiscal year. This Annual Report is the first of many
that we will provide to you in the years ahead.
It is with great pleasure that we report our results for this short period
of six months.
The Trust began operations on June 28, 1996 and, from the beginning, both
Funds were managed in a relatively conservative way. That is to say, even in the
already stable environment of short- and intermediate-term Treasuries, a further
layer of security was introduced by structuring the Funds with a short average-
weighted maturity. This kept the portfolios liquid and gave us the freedom to
move quickly should the direction of interest rates require that we do so.
Weiss Intermediate Treasury Fund ended the year with an average weighted
maturity of 3.98 years. Since the Fund's investment policies limit the
dollar-weighted average portfolio maturity to between 3 and 10 years, the
average weighted maturity is clearly on the short, less volatile end. This
management decision resulted in an annualized total return of 6.82%. This is
particularly gratifying compared to the 3.99% return of the Lehman Brothers
Intermediate Treasury Index and the 1.85% return of Morningstar Government
Bond-Treasury.
Weiss Treasury Only Money Market Fund ended the year with an average
weighted maturity of 41 days. This is somewhat shorter than the average in the
industry. It reflects a commitment to high liquidity and a concern that a jump
in short-term interest rates may be upon us in 1997. This approach produced an
annualized total return of 4.67%, slightly below the industry average of 4.77%.
The Trust will continue to adhere to the philosophy of investing for
consistent returns without undue risk, which we believe will help produce
positive long-term performance.
If you have any questions concerning Weiss Treasury Only Money Market Fund
or Weiss Intermediate Treasury Fund, please call upon a fund representative at
(800) 430-9617.
Sincerely,
[/s/ JOHN N. BREAZEALE]
John N. Breazeale
President and Chairman
<PAGE> 2
WEISS TREASURY FUND
1996 Annual Portfolio Management Review
For the fiscal year ended December 31, 1996, Weiss Treasury Only Money
Market Fund produced an annualized total return of 4.67% compared to the IBC
Money Market Digest average of 4.77%. This result is based on activity from June
28, 1996, commencement of Fund operations, to December 31, 1996.
The short-term interest rate markets were fairly calm with most investment
focus on higher risk securities. The Federal Reserve Bank apparently felt quite
comfortable with slow growth in the economy and did little to change the
monetary landscape.
With inflation below 3% there was little concern about creeping prices. This
view, while far from unanimous, was widely held by investment professionals and
the financial press and led to strong stock and bond markets as the year
progressed.
Weiss Treasury Only Money Market Fund's average weighted maturity was kept
fairly short, resulting in increased liquidity. This policy was implemented due
to the concern over a potential jump in short-term interest rates.
Weiss Intermediate Treasury Fund produced an annualized total return of
6.82% for the period ended December 31, 1996. This compares favorably with the
Lehman Brothers Intermediate Treasury Index return of 3.99%. The strong total
return resulted mainly from keeping maturities fairly short during a period of
slightly rising interest rates. The average weighted maturity of the Fund at
year end was 3.98 years, on the short end of the permitted 3-10 year range.
We believe interest rates may move higher sometime in 1997 initiated by an
anticipated increase in the inflation rate. We believe that foreign investors in
US Treasury bonds will slow from their buying frenzy or begin to sell our debt.
This would likely start a move to higher rates that could benefit Weiss Treasury
Fund. As a result, it is likely that the maturities in both Funds will remain
short until the opportunity to invest in higher yield instruments avails itself.
Weiss Money Management, Inc.
WEISS INTERMEDIATE TREASURY FUND CHART
WEISS INTERMEDIATE TREASURY FUND
AGGREGATE RETURN SINCE INCEPTION* 3.44%**
<TABLE>
<CAPTION>
JUNE JULY AUG SEPT OCT NOV DEC
<S> <C> <C> <C> <C> <C> <C> <C>
Fund: 10,000 9,984 9,924 10,152 10,254 10,325 10,344
Index: 10,000 10,030 10,043 10,171 10,338 10,462 10,405
</TABLE>
Past performance is not predictive of future performance.
* Inception date was June 28, 1996.
+ The Index is the Lehman Brothers Intermediate Treasury Index, an unmanaged
index of U.S. Treasury securities with maturities from 1 to 10 years.
** Return figures assume the reinvestment of dividends and that recurring
operating fees were applied.
1
<PAGE> 3
WEISS TREASURY FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, DECEMBER 31, 1996
<TABLE>
<CAPTION>
PAR (000) VALUE
--------- -----------
<S> <C> <C> <C>
US TREASURY OBLIGATIONS -- 100.10%
US Treasury Bills
4.92%, due 01/02/97..................................... $ 1,000 $ 999,862
4.93%, due 01/02/97..................................... 400 399,945
4.97%, due 01/09/97..................................... 1,000 998,896
4.99%, due 01/16/97..................................... 1,500 1,496,881
4.94%, due 01/16/97..................................... 500 498,971
4.90%, due 01/23/97..................................... 300 299,102
4.96%, due 01/23/97..................................... 1,000 996,969
4.87%, due 02/13/97..................................... 1,500 1,491,275
4.81%, due 03/13/97..................................... 1,600 1,584,822
4.83%, due 03/27/97..................................... 1,000 988,596
4.93%, due 03/27/97..................................... 500 494,180
4.94%, due 03/27/97..................................... 900 889,503
-----------
Total US Treasury Obligations (Cost $11,139,002) 11,139,002
-----------
<CAPTION>
SHARES
-------
<S> <C> <C> <C>
SHORT-TERM INVESTMENT -- 0.38%
Temporary Investment Fund, Inc. --
T-Fund Portfolio (Cost $42,221)......................... 42,221 42,221
-----------
TOTAL INVESTMENTS (COST $11,181,223*) 100.48% 11,181,223
LIABILITIES IN EXCESS OF OTHER ASSETS (0.48)% (53,901)
------ -----------
Net Assets (Equivalent to $1.00 per share based
on 11,127,322 shares of capital stock outstanding) 100.00% $11,127,322
====== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
($11,127,322 divided by 11,127,322 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, DECEMBER 31, 1996
<TABLE>
<CAPTION>
PAR (000) VALUE
--------- ----------
<S> <C> <C> <C>
US TREASURY OBLIGATIONS -- 98.07%
US Treasury Notes
5.125%, due 06/30/98..................................... $ 35 $ 34,696
9.125%, due 05/15/99..................................... 115 122,891
6.00%, due 08/15/99...................................... 790 789,739
6.625%, due 07/31/01..................................... 65 66,016
6.25%, due 10/31/01...................................... 700 700,350
7.50%, due 11/15/01...................................... 850 894,846
15.75%, due 11/15/01..................................... 70 97,851
----------
Total US Treasury Obligations (Cost $2,702,714) 2,706,389
----------
<CAPTION>
SHARES
-------
<S> <C> <C> <C>
SHORT-TERM INVESTMENT -- 1.46%
Temporary Investment Fund, Inc. --
T-Fund Portfolio (Cost $40,293).......................... 40,293 40,293
----------
TOTAL INVESTMENTS (COST $2,743,007*) 99.53% 2,746,682
OTHER ASSETS IN EXCESS OF LIABILITIES 0.47% 13,047
------ ----------
Net Assets (Equivalent to $10.01 per share based
on 275,565 shares of capital stock outstanding) 100.00% $2,759,729
====== ==========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE
($2,759,729 divided by 275,565 shares outstanding) $ 10.01
==========
</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 $11,211
Excess of tax cost over value (7,536)
-------
$ 3,675
=======
</TABLE>
See accompanying notes to financial statements.
3
<PAGE> 5
WEISS TREASURY FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED DECEMBER 31, 1996*
<TABLE>
<CAPTION>
WEISS WEISS
TREASURY ONLY INTERMEDIATE
MONEY MARKET FUND TREASURY FUND
----------------- -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest................................................... $ 136,202 $ 49,018
--------- ---------
EXPENSES:
Investment Advisory fee.................................... 13,504 3,552
Administration fees........................................ 51,605 51,505
Custodian fees............................................. 8,778 8,328
Transfer Agent fees........................................ 39,290 28,150
Legal fees................................................. 21,780 9,990
Audit fees................................................. 16,750 8,250
Printing................................................... 18,719 12,684
Insurance.................................................. 7,903 3,893
Trustees' fees............................................. 2,000 2,000
Registration and filing fees............................... 22,128 19,473
Amortization of organizational costs....................... 3,585 3,583
Miscellaneous.............................................. 1,625 1,500
--------- ---------
Total Expenses.......................................... 207,667 152,908
Less: expenses waived and reimbursed....................... (194,165) (149,357)
--------- ---------
Net Expenses............................................ 13,502 3,551
--------- ---------
Net Investment Income........................................ 122,700 45,467
--------- ---------
REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net change in unrealized appreciation/
(depreciation) on investments........................... -- 3,675
--------- ---------
Net increase in net assets resulting from operations......... $ 122,700 $ 49,142
========= =========
</TABLE>
- ------------
* Commencement of operations was June 28, 1996.
See accompanying notes to financial statements.
4
<PAGE> 6
WEISS TREASURY FUND
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED DECEMBER 31, 1996*
<TABLE>
<CAPTION>
WEISS WEISS
TREASURY ONLY INTERMEDIATE
MONEY MARKET FUND TREASURY FUND
----------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income................................... $ 122,700 $ 45,467
Net change in unrealized appreciation/
(depreciation) on investments......................... -- 3,675
----------- ----------
Net increase in net assets resulting from operations 122,700 49,142
Distributions:
From net investment income.............................. (122,700) (45,467)
Capital share transactions:
Net increase from capital share transactions............ 11,093,988 2,722,721
----------- ----------
Total increase in net assets............................ 11,093,988 2,726,396
NET ASSETS
Beginning of period........................................ 33,334 33,333
----------- ----------
End of Period.............................................. $11,127,322 $ 2,759,729
=========== ==========
</TABLE>
- ------------
* Commencement of operations was June 28, 1996.
See accompanying notes to financial statements.
5
<PAGE> 7
WEISS TREASURY FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD*
DECEMBER 31, 1996
<TABLE>
<CAPTION>
WEISS WEISS
TREASURY ONLY INTERMEDIATE
MONEY MARKET FUND TREASURY FUND
----------------- -------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD: $ 1.00 $ 10.00
------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income...................................... 0.02 0.33
Net realized and unrealized gain/(loss)
on investments.......................................... -- 0.01
------- ------
Total from investment operations........................ 0.02 0.34
------- ------
LESS DISTRIBUTIONS:
From net investment income................................. (0.02) (0.33)
------- ------
NET ASSET VALUE, END OF PERIOD: $ 1.00 $ 10.01
======= ======
TOTAL RETURN................................................. 4.67%(3) 6.82%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000).............................. $11,127 $ 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)...... 4.54%(3) 6.39%(3)
Portfolio turnover........................................... N/A 0%
</TABLE>
- ------------
(1) The annualized expense ratios before waivers and reimbursement of expenses
for the period ended December 31, 1996 for Weiss Treasury Only Money Market
Fund and Weiss Intermediate Treasury Fund would have been 7.69% and 21.51%,
respectively.
(2) The annualized net investment income/(loss) ratios before waivers and
reimbursement of expenses for the period ended December 31, 1996 for Weiss
Treasury Only Money Market Fund and Weiss Intermediate Treasury Fund would
have been (2.65)% and (14.62)%, respectively.
(3) Annualized.
* Commencement of operations was June 28, 1996.
See accompanying notes to financial statements.
6
<PAGE> 8
WEISS TREASURY FUND
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996
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.
Prior to commencement of operations on June 28, 1996, transactions in Weiss
Treasury Only Money Market Fund, Weiss Intermediate Treasury Fund and Weiss
Treasury Bond Fund had been limited to organization matters and the sale of
33,334, 3,333 and 3,333 shares of beneficial interest, respectively, to Weiss
Money Management, Inc. ("the Manager"). 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 the 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
7
<PAGE> 9
WEISS TREASURY FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
DECEMBER 31, 1996
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 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. 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 December 31, 1996, the Manager, Administrator, Transfer
Agent and Custodian of Weiss Treasury Only Money Market Fund voluntarily waived
fees totaling $13,504, $42,459, $15,285 and $6,368, respectively. For the Weiss
Intermediate Treasury Fund, the Manager, Administrator, Transfer Agent and
Custodian voluntarily waived fees totaling $3,552, $42,472, $15,290 and $6,371.
In addition, the Manager has 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 December 31, 1996, the Manager agreed to
reimburse
8
<PAGE> 10
WEISS TREASURY FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
DECEMBER 31, 1996
Weiss Treasury Only Money Market Fund and Weiss Intermediate Treasury Fund
$116,549 and $81,672, respectively.
Dechert Price & Rhoads serves as legal counsel to the Trust. A partner of that
firm serves as Assistant Secretary to the Trust.
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 December 31, 1996, the Funds' net assets consisted of:
<TABLE>
<CAPTION>
WEISS TREASURY
ONLY WEISS INTERMEDIATE
MONEY MARKET FUND TREASURY FUND
----------------- ------------------
<S> <C> <C>
Paid in capital $11,127,322 $2,756,054
Net unrealized
appreciation/
(depreciation)
on investments -- 3,675
----------- ----------
$11,127,322 $2,759,729
=========== ==========
</TABLE>
5. PURCHASES AND SALES OF SECURITIES
For the period ended December 31, 1996, 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.
Transactions in capital shares are summarized below.
<TABLE>
<CAPTION>
WEISS TREASURY ONLY
MONEY MARKET FUND 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>
<TABLE>
<CAPTION>
WEISS INTERMEDIATE TREASURY
FUND SHARES VALUE
- --------------------------- ---------- -----------
<S> <C> <C>
Shares sold 279,796 $ 2,798,622
Shares reinvested 901 8,993
Shares repurchased (8,465) (84,894)
---------- -----------
272,232 $ 2,722,721
========== ===========
</TABLE>
9
<PAGE> 11
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF WEISS TREASURY FUND:
We have audited the accompanying statements of net assets of Weiss Treasury Fund
(the "Fund") (comprised of the Weiss Treasury Only Money Market Fund and the
Weiss Intermediate Treasury Fund), as of December 31, 1996, and the related
statements of operations, the statement of changes in net assets and the
financial highlights for the period June 28, 1996 (commencement of operations)
through December 31, 1996. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments held by the
custodian as of December 31, 1996. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios constituting Weiss Treasury Fund as of December 31,
1996, and the results of their operations, the changes in their net assets and
their financial highlights for the period June 28, 1996 (commencement of
operations) through December 31, 1996, in conformity with generally accepted
accounting principles.
Coopers & Lybrand L.L.P.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
January 31, 1997
10
<PAGE> 12
BOARD OF TRUSTEES [THE WEISS TREASURY FUNDS LOGO]
John N. Breazeale
Chairman TREASURY ONLY MONEY MARKET FUND
Esther S. Gordon INTERMEDIATE TREASURY FUND
Robert L. Lehrer TREASURY BOND FUND
Martin D. Weiss
Donald Wilk ANNUAL REPORT TO
SHAREHOLDERS
OFFICERS DECEMBER 31, 1996
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.
