WEISS TREASURY FUND, 485BPOS, 1998-04-30

WEISS TREASURY FUND
485BPOS, 1998-04-30

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<PAGE> 1

As filed with the Securities and Exchange Commission on April 30, 1998 (File
Nos. 33-95688 and 811-09084)

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A

POST-EFFECTIVE AMENDMENT NO. 4

to
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
and

AMENDMENT NO. 6

to
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

WEISS TREASURY FUND
(Exact Name of Registrant as Specified in Charter)

4176 Burns Road, Palm Beach Gardens, Florida 33410
(Address of Principal Executive Offices)

Registrant's Telephone Number: (561) 627-3300

John N. Breazeale With a copy to:
Weiss Money Management, Inc Joseph R. Fleming, Esq.
4176 Burns Road Dechert Price & Rhoads
Palm Beach Gardens, Florida 33410 Ten Post Office Square, South - Suite 1230
Boston, MA 02109

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective immediately upon filing
pursuant to Rule 485(b).

<TABLE>
<S> <C>
Title of Securities Being Registered ............. Shares of Beneficial Interest, $.01
Par Value Per Share
</TABLE>

<PAGE> 2
WEISS TREASURY FUND

CROSS REFERENCE SHEET

Post-Effective Amendment No. 4 contains the Prospectus and Statement of
Additional Information to be used with Weiss Treasury Only Money Market Fund
and Weiss Treasury Bond Fund, the two series of Weiss Treasury Fund (the
"Trust").

Items Required by Form N-1A

PART A:

1 COVER PAGE: Cover Page

2 SYNOPSIS: Expense Information

3 CONDENSED FINANCIAL INFORMATION: Financial Highlights

4 GENERAL DESCRIPTION OF REGISTRANT: Investment Objectives, Policies and
Risk Factors; Fund Organization and Management; Investment Restrictions

5 MANAGEMENT OF THE FUND(S): Fund Organization and Management

6 CAPITAL STOCK AND OTHER SECURITIES: Fund Organization and Management;
Dividends and Distributions; Taxes; Shareholder Services

7 PURCHASE OF SECURITIES BEING OFFERED: Fund Organization and Management;
How to Invest in the Funds; Transaction Information; Shareholder
Services

8 REDEMPTION OR REPURCHASE: Redeeming or Exchanging Fund Shares;
Exchanging Shares; Transaction Information; Shareholder Services

9 PENDING LEGAL PROCEEDINGS: Not Applicable

PART B:

10 COVER PAGE: Cover Page

11 TABLE OF CONTENTS: Table of Contents

<PAGE> 3

Prospectus
April 30, 1998
WEISS TREASURY FUND

Weiss Treasury Only Money Market Fund
Weiss Treasury Bond Fund*

4176 Burns Road
Palm Beach Gardens, FL 33410
(800) 289-8100

This Prospectus sets forth concisely the information about Weiss Treasury Only
Money Market Fund and Weiss Treasury Bond Fund, each a series of Weiss Treasury
Fund (the "Trust"), that an investor should know before investing. Each of these
series (individually, a "Fund" and collectively, the "Funds") represents shares
of beneficial interest in a separate portfolio of securities and other assets
with its own objective and policies.

-- Weiss Treasury Only Money Market Fund seeks maximum current income
consistent with capital preservation.

-- Weiss Treasury Bond Fund seeks a high level of income consistent with
capital preservation.

The Funds are no-load funds, selling and redeeming their shares at net asset
value without any sales charges, commissions or redemption fees. For complete
details on how to purchase, redeem and exchange shares, please refer to "How to
Invest in the Funds."

Please read this Prospectus carefully and retain it for future reference.
Additional information about the Funds is contained in the Funds' combined
Statement of Additional Information dated April 30, 1998, which is filed with
the Securities and Exchange Commission (the "SEC") and is incorporated by
reference into this Prospectus. The Statement of Additional Information (the
"SAI") is available upon request and without charge by writing or calling the
Funds at the address or telephone number listed above. The SAI has been filed
with the SEC and is available along with other related materials on the SEC's
Internet Web site (http://www.sec.gov).

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED ON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.

INVESTMENTS IN THE FUNDS ARE NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT. THERE IS NO ASSURANCE THAT WEISS TREASURY ONLY MONEY MARKET FUND
WILL BE ABLE TO MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER SHARE.

* Shares of Weiss Treasury Bond Fund are not currently offered.
<PAGE> 4

<TABLE>
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
- ---------------------------------------------------------------------------------------------------------------------
Expense Information.................................. 2 Opening an Account........................... 10
Financial Highlights................................. 3 Adding to Your Investment.................... 11
Investment Objectives, Policies and Risk Factors..... 4 Redeeming or Exchanging Fund Shares.......... 11
Investment Restrictions.............................. 6 Exchanging Shares............................ 12
Fund Organization and Management..................... 6 Transaction Information...................... 12
Dividends and Distributions.......................... 8 Shareholder Services......................... 14
Taxes................................................ 9 Performance Information...................... 16
How to Invest in the Funds........................... 10
</TABLE>

1
<PAGE> 5

- --------------------------------------------------------------------------------
EXPENSE INFORMATION
- --------------------------------------------------------------------------------

The purpose of the following tables is to assist investors in understanding the
various costs and expenses that they would bear directly or indirectly by
investing in either of the Funds. Further information regarding costs and
expenses may be found under "Fund Organization and Management--Investment
Manager" in this Prospectus and "Investment Advisory and Other
Services--Investment Manager" in the Statement of Additional Information.

SHAREHOLDER TRANSACTION EXPENSES
- --------------------------------------------------------------------------------

<TABLE>
<S> <C>
Maximum Sales Load Imposed on Purchases None
Maximum Sales Load Imposed on Reinvested Dividends None
Deferred Sales Load None
Redemption Fees(1) None
Exchange Fees $5.00
</TABLE>

================================================================================
ANNUAL FUND OPERATING EXPENSES

For each Fund's fiscal year ended December 31, 1997 as a percentage of average
net assets.
(After Fee Waivers and Expense Reimbursements)

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
DISTRIBUTION TOTAL FUND
MANAGEMENT (RULE 12B-1) OTHER OPERATING
FEE(2) FEE EXPENSES(2) EXPENSES(2)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Weiss Treasury Only Money Market Fund .00% None .50% .50%
Weiss Treasury Bond Fund(3) N/A N/A N/A N/A
</TABLE>

================================================================================
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:
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Weiss Treasury Only Money Market Fund $ 5 $16 $28 $63
Weiss Treasury Bond Fund(3) N/A N/A N/A N/A
</TABLE>

================================================================================
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.
- ------------
1 A $15 service fee may be charged for redemptions by wire.

2 The fees and expenses in the tables and examples above are based on the fees
and expenses that Weiss Treasury Only Money Market Fund incurred in its fiscal
year ended December 31, 1997, net of fee waivers and/or reimbursements from
the Manager and other service providers. Without such waivers and/or
reimbursements, the "Management Fee", "Other Expenses" and "Total Fund
Operating Expenses" for the Fund would have been: .50%, 1.19% and 1.69%,
respectively. The Manager currently limits total Fund operating expenses for
Weiss Treasury Only Money Market Fund to an annual rate of .50% of the Fund's
average net assets. See "Fund Organization and Management--Investment Manager"
for a more detailed discussion of the Funds' fees and expenses.

3 Shares of Weiss Treasury Bond Fund are not currently offered.

2
<PAGE> 6

- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------

The following financial highlights for the fiscal periods ended December 31 of
each year, are derived from the Fund's financial statements audited by the
Fund's former independent accountants, whose report thereon appears in the
Trust's Annual Report dated December 31, 1997. This information should be read
in conjunction with the Financial Statements and Notes thereto that appear in
the Trust's Annual Report, which are incorporated by reference into the
Statement of Additional Information.

WEISS TREASURY ONLY MONEY MARKET FUND

FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD

<TABLE>
<CAPTION>
JANUARY 1, 1997 JUNE 28, 1996*
THROUGH THROUGH
DECEMBER 31, 1997 DECEMBER 31, 1996
----------------- -----------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD: $ 1.00 $ 1.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.05 0.02
------- -------
LESS DISTRIBUTIONS:
From net investment income (0.05) (0.02)
------- -------
NET ASSET VALUE, END OF PERIOD: $ 1.00 $ 1.00
======= =======
TOTAL RETURN 4.71% 4.67%(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $33,361 $11,127
Ratio of expenses to average net assets(1) 0.50% 0.50%(3)
Ratio of net investment income to average net assets(2) 4.60% 4.54%(3)
</TABLE>

- ------------

1 The annualized expense ratios before waivers and reimbursement of expenses for
the periods ended December 31, 1997 and December 31, 1996 for the Fund would
have been 1.69% and 7.69%, respectively.

2 The annualized net investment income/(loss) ratios before waivers and
reimbursement of expenses for the periods ended December 31, 1997 and December
31, 1996 for the Fund would have been 3.41% and (2.65)%, respectively.

3 Annualized.
* Commencement of operations.

3
<PAGE> 7

- ------------------------------------------------------
INVESTMENT OBJECTIVES, POLICIES AND RISK FACTORS
- ------------------------------------------------------

The Funds' investment manager, Weiss Money Management, Inc. ("Weiss" or the
"Manager"), uses a variety of different investments and investment techniques in
seeking to achieve each Fund's investment objective. Each Fund does not use all
of the investment techniques described below. Investors should consider which
Fund best meets their investment goals. Although each Fund will attempt to
achieve its investment objective, there is no assurance it will be successful.

Except as otherwise indicated, the Funds' investment objectives and policies are
not fundamental and may be changed without shareholder approval. If such a
change occurs, each shareholder should consider whether the Fund remains an
appropriate investment in light of his or her then current financial position
and needs. The Funds are subject to additional investment policies and
restrictions described in the Statement of Additional Information, some of which
are fundamental and may not be changed without shareholder approval.

WEISS TREASURY ONLY MONEY MARKET FUND

The investment objective of Weiss Treasury Only Money Market Fund is to seek
maximum current income consistent with preservation of capital. The Fund pursues
its objective by investing exclusively in U.S. Treasury securities, and
repurchase agreements secured by such obligations. The Fund seeks to maintain a
constant net asset value of $1.00 per share and declares dividends daily which
are paid monthly. Under certain circumstances the Fund may not be able to
maintain a stable net asset value.

Under normal circumstances, at least 80% of the Fund's total assets will be
invested in U.S. Treasury securities, and no more than 20% of the Fund's net
assets will be invested in repurchase agreements backed by such obligations. For
temporary defensive or emergency purposes, the Fund may invest up to 100% of its
assets in cash or other investment companies that invest primarily in U.S.
Treasury securities or repurchase agreements. Accordingly, the Fund is
appropriate for investors who are seeking a high degree of credit safety but who
are unwilling to accept stock or bond market risk. The income earned by the Fund
fluctuates with changes in interest rates.

The Fund will invest only in those securities that conform to credit quality
standards established under Rule 2a-7 under the Investment Company Act of 1940,
as amended (the "1940 Act"). The Manager shall determine whether a security
presents minimal credit risk under procedures adopted by the Board of Trustees.
The securities in which the Fund may invest must have a remaining maturity of
397 days or less (as calculated pursuant to Rule 2a-7 under the 1940 Act) and
the Fund must maintain a dollar-weighted average portfolio maturity of 90 days
or less.

Amendments have been adopted to the federal rules regulating quality, maturity
and diversification requirements of money market funds. Money market funds must
comply with the revised rule by July 1, 1998. The Fund intends to be in
compliance with the amended requirements by that date.

WEISS TREASURY BOND FUND

Weiss Treasury Bond Fund offers to investors a vehicle for participating in the
fixed income securities market. The investment objective of the Fund is to seek
a high level of income consistent with preservation of capital. The Fund pursues
its objective by investing exclusively in U.S. Treasury securities, including
repurchase agreements collateralized by such

4
<PAGE> 8

obligations, and other investment companies that invest primarily in U.S.
Treasury securities or repurchase agreements. There is no maturity limitation on
the individual portfolio securities purchased for the Fund, and the
dollar-weighted average maturity of the Fund will vary with market conditions.

The Fund normally invests at least 80% of its assets in U.S. Treasury
securities, including repurchase agreements collateralized by such obligations.
Currently the Fund intends to invest 100% of its assets in such instruments
including investment companies that invest primarily in U.S. Treasury securities
and repurchase agreements. For temporary defensive or emergency purposes, the
Fund may invest up to 100% of its assets in cash or other investment companies
that invest primarily in U.S. Treasury securities and repurchase agreements. The
Fund may invest in a variety of U.S. Treasury securities, including bonds, notes
and bills. The value of the Fund's portfolio (and consequently its shares) is
expected to fluctuate inversely in relation to changes in the direction of
interest rates.

INVESTMENTS

- --U.S. TREASURY SECURITIES. Each Fund invests primarily in U.S. Treasury
securities, which are direct obligations of the U.S. Treasury. U.S. Treasury
securities differ only in their interest rates, maturities and times of
issuance. For example, Treasury bills have initial maturities of one year or
less; Treasury notes have initial maturities of one to ten years; and Treasury
bonds generally have initial maturities of greater than ten years. The payment
of principal and interest on U.S. Treasury securities is unconditionally
guaranteed by the U.S. Government, and therefore they are of the highest
possible credit quality.

- --REPURCHASE AGREEMENTS. As a means of earning income for periods as short as
overnight, each Fund may enter into repurchase agreements that mature within
seven days or less with selected banks and broker-dealers. When a Fund enters
into a repurchase agreement, it buys securities for a specified price and agrees
to resell the securities to the seller at a higher price at some future date,
normally one to seven days from the time of initial purchase.

- --ZERO COUPON SECURITIES. Zero coupon securities are debt obligations which do
not entitle the holder to any periodic payments of interest prior to maturity or
a specified date. Such securities are issued and traded at a discount to their
face amounts or par value.

- --WHEN-ISSUED SECURITIES. Each Fund may purchase securities on a when-issued or
forward delivery basis. When-issued securities involve a commitment by a Fund to
purchase or sell particular securities with payment and delivery taking place at
a future date and permit a Fund to lock in a price or yield on a security it
intends to purchase or sell regardless of future interest rate changes. At the
time of settlement, the market value of the security may be more or less than at
the time of commitment.

- --OTHER INVESTMENT COMPANIES. Weiss Treasury Bond Fund (and Weiss Treasury Only
Money Market Fund for temporary, defensive or emergency purposes) may invest in
the securities of other mutual funds investing primarily in U.S. Treasury
securities and repurchase agreements subject to applicable securities
regulations. When a Fund invests in another mutual fund, it pays a pro rata
portion of the advisory fees and other expenses of that fund as a shareholder of
that fund. These expenses are in addition to the advisory and other expenses a
Fund pays in connection with its own operations.

5
<PAGE> 9

SPECIAL RISK FACTORS

- --U.S. TREASURY SECURITIES. Because short-term interest rates can fluctuate
substantially over short periods, income risk to shareholders (i.e., the
potential for a decline in a Fund's income due to falling interest rates) with
respect to the Funds' investments in short-term U.S. Treasury securities is
expected to be high. As interest rates change, the values of such securities
will also fluctuate.

- --REPURCHASE AGREEMENTS. If the seller of the securities under a repurchase
agreement fails to pay the agreed resale price on the agreed delivery date, the
Fund may incur costs in disposing of the collateral and be subject to higher
losses to the extent such disposal is delayed.

- --ZERO COUPON SECURITIES. Generally, the market prices of zero coupon
securities are more volatile than the prices of securities that pay interest
periodically in cash and are likely to respond to changes in interest rates to a
greater degree than other types of debt securities having similar maturities and
credit quality.

- --WHEN ISSUED SECURITIES. Securities purchased on a when-issued or delayed
delivery basis are subject to market price fluctuation, and losses may result if
the value or yield of the security to be purchased declines prior to the
settlement date.

- ------------------------------------------------------
INVESTMENT RESTRICTIONS
- ------------------------------------------------------

Each Fund has adopted the following fundamental policies which cannot be changed
without shareholder approval:

- --Each Fund may not make loans, except that a Fund may lend its portfolio
securities. The entry into repurchase agreements and the purchase of debt
instruments are not deemed to be loans for purposes of this restriction.

- --Each Fund may not borrow money except for temporary or emergency purposes or
in connection with reverse repurchase agreements, provided that the Fund
maintains asset coverage of 300% for all borrowings. The Funds have no current
intention to engage in reverse repurchase agreements during the coming year.

A complete description of these and other policies and restrictions is contained
under "Investment Restrictions" in the Funds' combined Statement of Additional
Information.

- ------------------------------------------------------
FUND ORGANIZATION AND MANAGEMENT
- ------------------------------------------------------

ORGANIZATION OF THE FUND

Each of the Funds is a diversified series of Weiss Treasury Fund, an open-end
management investment company registered under the 1940 Act. The Trust was
organized on August 10, 1995 as a Massachusetts business trust. 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.

Shareholders have one vote for each share held on matters on which they are
entitled to vote. Separate votes are taken by each Fund only if a matter affects
or requires the vote of only that Fund. The Funds are not required to and do not
currently intend to hold annual shareholder meetings, although special meetings
may be called for purposes such as electing or removing Trustees, changing
fundamental investment policies, or approving certain contracts. Shareholders
will be assisted in communicating with other shareholders in connection with
remov-

6
<PAGE> 10

ing a Trustee as if Section 16(c) of the 1940 Act were applicable.

INVESTMENT MANAGER

Weiss Money Management, Inc., 4176 Burns Road, Palm Beach Gardens, Florida
33410, is the investment adviser to each of the Funds, and is responsible for
the day-to-day management of their respective portfolios. The Manager is
controlled (as that term is defined in the 1940 Act) by Martin D. Weiss, its
sole director and shareholder. The Manager has been advising individuals,
trusts, corporations and other business entities since 1988 but has no previous
experience advising registered investment companies ("mutual 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 average net assets with respect
to Weiss Treasury Only Money Market Fund, and .70% of average net assets with
respect to Weiss Treasury Bond Fund. For the fiscal year ended December 31,
1997, Weiss Treasury Only Money Market Fund did not pay a management fee since
the Manager waived its fees in order to limit the Fund's expenses.

The Manager voluntarily limits total operating expenses (excluding interest,
taxes, brokerage commissions, litigation, indemnification, and extraordinary
expenses) to an annual rate of .50% of the average net assets of Weiss Treasury
Only Money Market Fund, 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.

John N. Breazeale has been the portfolio manager for each of the Funds since
their inception. Mr. Breazeale is the President of Weiss Money Management, Inc.,
and President and Chairman of the Board of Trustees of the Trust. Mr. Breazeale
has been a portfolio manager with the Manager since 1994. Mr. Breazeale has over
25 years' experience in the securities industry and has provided portfolio
management services at Provident Institutional Management Inc., Mitchell
Hutchins Asset Management Inc. (a subsidiary of PaineWebber Group), and with
Mackenzie Investment Management Inc.

The Manager pays the compensation and expenses of all trustees, officers and
executive employees of the Trust who are affiliated persons of the Manager. Each
Fund is responsible for all its other expenses, including fees and expenses
incurred in connection with membership in investment company organizations,
brokers' commissions, legal, auditing and accounting expenses, taxes and
governmental fees, the fees and expenses of the Transfer Agent, the expenses or
fees for registering or qualifying Fund securities for sale, the cost of
printing and distributing reports and notices to shareholders, the fees and
disbursements of custodians, and the fees and expenses of trustees, officers and
employees of the Trust who are not affiliated with the Manager.

DISTRIBUTOR

Each Fund's shares are sold on a continuous basis by Weiss Funds, Inc., 4176
Burns Road, Palm Beach Gardens, Florida 33410, a registered broker-dealer (the
"Distributor") and wholly-owned subsidiary of the Manager.

ADMINISTRATOR

PFPC Inc., Bellevue Park Corporate Center, 103 Bellevue Parkway, Wilmington,
Delaware

7
<PAGE> 11

19809 ("PFPC" or the "Administrator"), performs various administrative and
accounting services for each Fund. These services include maintenance of books
and records, preparation of governmental filings and shareholder reports and
computation of net asset values and dividend distributions. For its
administrative services, PFPC receives a fee, payable monthly, at the annual
rate of $50,000 per Fund, plus any reasonable out-of-pocket expenses.

TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND
CUSTODIAN

PORTFOLIO TRANSACTIONS

Purchases and sales of fixed income securities on behalf of a Fund are generally
placed by the Manager with primary market makers for these securities on a net
basis, without any brokerage commission being paid by the Fund. Such trading
does, however, involve transaction costs. Transactions with dealers serving as
primary market makers reflect the spread between the bid and asked prices.
Purchases of underwritten issues may be made which will include an underwriting
fee paid to the underwriter. Portfolio transactions in debt securities may also
be placed on an agency basis, with a commission being charged.

YEAR 2000

The services provided to the Funds by Weiss, PFPC and the Funds' other service
providers are dependent on those service providers' computer systems. Many
computer software and hardware systems in use today cannot distinguish between
the year 2000 and the year 1900 because of the way dates are encoded and
calculated (the "Year 2000 Problem"). The failure to make this distinction could
have a negative implication on handling securities trades, pricing and account
services. Weiss, PFPC and the Funds' other service providers are taking steps
that each believes are reasonably designed to address the Year 2000 Problem with
respect to the computer systems that they use. The Funds believe these steps
will be sufficient to avoid any material adverse impact on the Funds. At this
time, however, there can be no assurance that these steps will be sufficient to
avoid any adverse impact on the Funds.

- ------------------------------------------------------
DIVIDENDS AND DISTRIBUTIONS
- ------------------------------------------------------

The Funds intend to distribute substantially all of their respective investment
income and any net realized capital gains. Net investment income for each Fund
consists of all interest income accrued on the Fund's assets, less all actual
and accrued expenses. Interest income included in the daily computation of net
investment income is comprised of original issue discount earned on discount
paper accrued to the date of maturity as well as accrued interest. Each Fund's
expenses, including the management fee payable to the Manager, are accrued each
day.

8
<PAGE> 12

Fund intends to distribute dividends on the last business day of each month.
Weiss Treasury Bond Fund intends to distribute taxable income quarterly, and
distribute net capital gains realized during each fiscal year 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 calendar year excise
tax distribution requirement.

- ------------------------------------------------------
TAXES
- ------------------------------------------------------

Each Fund intends to qualify annually and elect to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as amended (the
"Code"). To qualify, a Fund must meet certain income, distribution and
diversification requirements. In any year in which a Fund qualifies as a
regulated investment company and timely distributes all of its taxable income,
the Fund generally will not pay any U.S. federal income or excise tax.

Dividends paid out of a Fund's investment company taxable income (including
dividends, interest and net short-term capital gains) will be taxable to a U.S.
shareholder as ordinary income. Because no portion of a Fund's income is
expected to consist of dividends paid by U.S. corporations, no portion of the
dividends paid by a Fund is expected to be eligible for the corporate
dividends-received deduction. Distributions of net capital gains (the excess of
net long-term capital gains over net short-term capital losses), if any,
designated as capital gain dividends are taxable to individual shareholders at a
maximum 20% or 28% capital gains rate (depending on the Fund's holding period
for the assets giving rise to the gain), regardless of how long the shareholder
has held the Fund's shares. Dividends are taxable to shareholders in the same
manner whether received in cash or reinvested in additional Fund shares.

A distribution will be treated as paid on December 31 of the current calendar
year if it is declared by a Fund in October, November or December with a record
date in such a month and paid by the Fund during January of the following
calendar year. Such distributions will be taxable to shareholders in the
calendar year in which the distributions are declared, rather than the calendar
year in which the distributions are received.

Each year each Fund will notify shareholders of the tax status of dividends and
distributions.

Investments in zero coupon securities will result in income to a Fund each year
equal to a portion of the excess of the face value of the securities over their
issue price, even though the Fund receives no cash interest payments from the
securities.

Upon the sale or other disposition of shares of a Fund, a shareholder may
realize a capital gain or loss which may be eligible for reduced federal tax
rates, generally depending upon the shareholder's holding period for the shares.

Each Fund may be required to withhold U.S. federal income tax at the rate of 31%
of all taxable distributions payable to shareholders who fail to provide the
Fund with their correct taxpayer identification number or to make required
certifications, or who have been notified by the IRS that they are subject to
backup withholding. Backup withholding is not an additional tax. Any amounts
withheld may be credited against the shareholder's U.S. federal income tax
liability.

Further information relating to federal tax consequences is contained in the
Statement of Additional Information.

9
<PAGE> 13

The foregoing discussion of federal tax consequences is intended for general
information only. Distributions of a Fund which are derived from interest on
U.S. Treasury securities may be exempt from state and local taxes in certain
states. Shareholders should consult their own tax advisers regarding the
particular tax consequences of an investment in a Fund.

- ------------------------------------------------------
HOW TO INVEST IN THE FUNDS
- ------------------------------------------------------

BUYING SHARES

Purchase orders for shares of Weiss Treasury Only Money Market Fund which are
received by the Transfer Agent on any business day prior to 12:00 noon New York
time receive the net asset value per share next determined after receipt of the
order by the Transfer Agent and are executed that day. Purchase orders received
after 12:00 noon New York time receive the net asset value per share next
determined after receipt of the order by the Transfer Agent and are executed the
following business day. Federal funds must be immediately available to the
Fund's Custodian in order for the Transfer Agent to execute a purchase order on
a given day. Shares of the Fund begin to earn dividends on the day the purchase
order is executed.

Purchase orders for shares of Weiss Treasury Bond Fund which are received by the
Transfer Agent prior to 4:00 p.m. New York time on any business day are priced
according to the net asset value per share determined on that day. Immediately
available Federal funds must be received by the Fund's Custodian prior to 4:00
p.m. New York time on the first business day following receipt of the order, at
which time the order will be executed. Shares generally begin to earn dividends
on the day your purchase order is executed.

Purchases by check are executed on the day the check is received in good order
by the Transfer Agent and begin earning dividends on the day the purchase order
is executed. Purchases are made in full and fractional shares. Checks for
investment should be payable to the Fund in which you are investing.

Fund shares may be purchased without a sales charge if you purchase them through
the Fund's Distributor. Broker-dealers other than the Distributor may assess
transaction charges in connection with purchases of Fund shares.

Please see "Transaction Information" later in this Prospectus for additional
information on buying, redeeming and exchanging Fund shares.
- ------------------------------------------------------
OPENING AN ACCOUNT
- ------------------------------------------------------

MINIMUM INVESTMENT

The minimum initial investment in a Fund is $1,000.

- --BY MAIL

Complete an account application and mail it along with a check payable to the
Fund in which you are investing to:
Weiss Treasury Fund
P.O. Box 8969
Wilmington, DE 19899-8969

- --BY WIRE

Ask your bank to send immediately available funds by wire to:
PNC Bank N.A.
Philadelphia, PA 19103
ABA No. 031000053
DDA Account # 86-1030-3574
Further Credit to: (Shareholder Name and
Account Number)

10
<PAGE> 14

The wire should include your name, address and taxpayer identification number
and the name of the Fund in which you are investing. An account application
indicating the name in which the purchase is to be made must be completed and
mailed by you to the address under "Opening an Account--By Mail" above via
overnight delivery or sent by facsimile transmission. Purchase money will be
returned promptly in the event an account application is not received timely.
Please call the Funds' Transfer Agent at (800) 430-9617 for additional
information prior to making a purchase by wire and consult your bank regarding
bank wire or other charges.

- ------------------------------------------------------
ADDING TO YOUR INVESTMENT
- ------------------------------------------------------

MINIMUM INVESTMENT

The minimum amount required to make subsequent investments is $100.

- --BY MAIL

Make a check payable to the Fund in which you are investing and mail to the
address shown above in "Opening an Account--By Mail." Please be sure to include
your account number on the check or, if you prefer, use the tear off form
attached to your regular Fund account statement.

- --BY WIRE

The wire should include your name and account number. Please call the Funds'
Transfer Agent at (800) 430-9617 regarding purchases by wire and consult your
bank regarding bank wire or other charges.

- --AUTOMATIC INVESTMENT PLAN

Please call (800) 430-9617 for more information and to request an election form.
See "Shareholder Services--Automatic Investment Plan."

- ------------------------------------------------------
REDEEMING OR EXCHANGING FUND SHARES
- ------------------------------------------------------

REDEEMING SHARES

The Funds mail redemption proceeds within three business days following the
receipt of a redemption request in proper form as described below, except in the
case of shares recently purchased by check. The Funds may delay payment of
redemption proceeds for shares purchased by check until the check clears, which
may take up to 15 days from the purchase date. Once the purchase check has
cleared, redemption proceeds will be sent within three business days.

Redemptions in the amount of $50,000 or more require a signature guarantee.
Please refer to "Signature Guarantees" later in this Prospectus for more
information.

The redemption requirements for corporations, other organizations, trusts,
fiduciaries, agents, institutional investors and retirement plans may be
different from those for regular accounts. Please call (800) 430-9617 for more
information.

- --BY TELEPHONE

Call (800) 430-9617 and speak with a Weiss Treasury Fund service representative
anytime between 8:30 a.m. and 5:00 p.m. Transactions by telephone cannot be in
an amount in excess of $50,000 and must be sent to the shareholder's address of
record.

11
<PAGE> 15

See "Transaction Information--Telephone Transactions" below.

- --BY MAIL

Send a letter of instruction signed by each owner on the account (sign exactly
as each name appears on the account) to the address shown above in "Opening an
Account--By Mail." Please be sure to include your account number in your
request.

- --BY WIRE

If you have selected wire redemption privileges on your account application, you
may redeem your shares by wire. Send a letter of instruction to the Funds in the
same manner as described under "Redeeming Shares--By Mail" or you may call (800)
430-9617. Redemptions by wire must be in the amount of at least $1,000. A $15
service fee may be charged for redemptions by wire.

- --AUTOMATIC WITHDRAWAL PLAN

Call (800) 430-9617 for more information and to request an election form. See
"Shareholder Services--Automatic Withdrawal Plan."

- ------------------------------------------------------
EXCHANGING SHARES
- ------------------------------------------------------

The exchange requirements for corporations, other organizations, trusts,
fiduciaries, agents, institutional investors and retirement plans may be
different from those for regular accounts. Please call (800) 430-9617 for more
information.

This exchange privilege is available only in states where a Fund's shares may be
legally sold.

MINIMUM INVESTMENT

A minimum initial investment must be made to establish an account into which
exchange proceeds may be invested. If you are opening an account in a different
Fund by exchange, the shares being exchanged must be at least equal in value to
the minimum investment requirement for the Fund into which exchange proceeds are
being invested. A $5 fee is assessed for each exchange transaction.

- --BY TELEPHONE

Call (800) 430-9617 and speak with a Weiss Treasury Fund service representative
anytime between 8:30 a.m. and 5:00 p.m. Transactions by telephone cannot be in
an amount in excess of $50,000. See "Transaction Information--Telephone
Transactions" below.

- --BY MAIL OR FAX

Send a letter of instruction signed by each owner on the account (sign exactly
as each name appears on the account) to the address shown above in "Opening an
Account--By Mail" or, if by fax, call (800) 430-9617 for additional information.
Please be sure to include in your instructions:
-- the dollar amount or number of shares you wish to exchange;
-- your account number;
-- the name of the Fund you are exchanging from;
-- the name of the Fund you are exchanging into; and
-- a daytime telephone number at which you can be reached.

- ------------------------------------------------------
TRANSACTION INFORMATION
- ------------------------------------------------------

NET ASSET VALUE

For purposes of processing purchase and redemption orders, the net asset value
per share of Weiss Treasury Only Money Market Fund is calculated as of 12:00
noon and as of the close of regular trading on the New York Stock Exchange (the
"Ex-

12
<PAGE> 16

change"), normally 4:00 p.m. New York time, on each business day except those
holidays which the Exchange or the Federal Reserve Bank observe.

Weiss Treasury Bond Fund values its shares on each day the Exchange is open for
trading as of the close of regular trading, normally 4:00 p.m. New York time.

On those days where the Funds' Custodian or the Exchange closes early as a
result of such day being a partial holiday or otherwise, the Funds reserve the
right to advance on that day the time by which purchase and redemption requests
must be received.

The Funds' Administrator determines net asset value per share by adding the
value of a Fund's investments, cash and other assets, subtracting liabilities
attributable to the Fund and then dividing the result by the number of shares
outstanding. The assets of Weiss Treasury Only Money Market Fund are valued at
amortized cost in accordance with the Fund's procedures pursuant to Rule 2a-7
under the 1940 Act. The assets of Weiss Treasury Bond Fund are valued at market
value or if market value cannot be readily obtained, at fair value as determined
by the Board of Trustees. Debt securities held by the Fund that have maturities
of less than sixty days are valued at amortized cost.

PURCHASES BY CHECK

The minimum dollar amount of shares of Weiss Treasury Only Money Market Fund
that may be purchased by check is $1,000. With respect to both of the Funds, if
you purchase shares with a check that does not clear, your purchase order will
be canceled and you will be liable for any losses or fees a Fund or the Transfer
Agent has incurred. Checks must be drawn on a U.S. bank.

TELEPHONE TRANSACTIONS

Shareholders automatically receive the Telephone Exchange Privilege. If a
shareholder does not wish to have this privilege, he or she must place a
checkmark in the appropriate box in the Telephone Exchange Authorization portion
of the account application. The Telephone Exchange Privilege allows a
shareholder to effect exchanges from one Fund into an identically registered
account in the other Fund by calling (800) 430-9617. Neither the Fund nor the
Transfer Agent will be liable for following instructions communicated by
telephone reasonably believed to be genuine and a loss to the shareholder may
result due to an unauthorized transaction. The Fund and the Transfer Agent will
employ reasonable procedures (which may include one or more of the following:
recording all telephone calls requesting telephone exchanges, verifying
authorization and requiring some form of personal identification prior to acting
upon instructions, and sending a statement each time a telephone exchange is
made) to confirm that instructions communicated by telephone are genuine. The
Fund and the Transfer Agent may be liable for any losses due to unauthorized or
fraudulent instructions only if such reasonable procedures are not followed. Of
course, shareholders are not obligated in any way to execute a telephone
exchange and may choose to make an exchange in writing. During periods of
drastic economic or market changes, it is possible that the Telephone Exchange
Privilege may be difficult to implement. In this event, shareholders should
follow the other exchange procedures discussed under "Exchanging Shares,"
including the procedures for processing exchanges through securities dealers.

SIGNATURE GUARANTEES

Certain types of redemption requests must include a signature guarantee for each
name in which the

13
<PAGE> 17

account is registered. Signature guarantees must accompany redemption requests
for: (i) an amount in excess of $50,000 per day; (ii) any amount, if the
redemption proceeds are to be sent elsewhere than the address of record on the
Fund's books; or (iii) an amount of $50,000 or less if the address of record has
been changed on the Fund's books for less than 60 days, although the Transfer
Agent reserves the right to require signature guarantees on all redemptions.
Signature guarantees can be obtained from a bank, trust company, credit union,
savings association, broker-dealer or other member of a national securities
exchange, or other eligible guarantor institution. Signature guarantees by
notaries public are not acceptable. Guarantees must be signed by an authorized
person at one of these institutions and be accompanied by the words "Signature
Guarantee."

TAX IDENTIFICATION NUMBER

When you complete your account application, please be sure to certify that your
Social Security or tax identification number is correct and that you are not
subject to 31% backup withholding for failing to report income to the IRS.
Federal tax law requires the Funds to withhold 31% of taxable dividends, capital
gains distributions and redemption proceeds from most accounts without a
certified Social Security or tax identification number and certain other
certified information or upon notification from the IRS or a broker that
withholding is required. The Funds reserve the right to reject account
applications without a certified Social Security or tax identification number
and certain other certified information or upon notification from the IRS or a
broker that withholding is required. The Funds also reserve the right to redeem
shares from accounts without such information upon 30 days' notice. Shareholders
may avoid redemption by providing the Funds with a tax identification number
during the notice period.

SUBMINIMUM ACCOUNTS

The Funds reserve the right to involuntarily redeem an account if, after 30
days' written notice, the account's net asset value falls and remains below a
$500 minimum due to share redemptions and not market fluctuations.

SUSPENSION OF TRADING

Purchase and redemption orders may be suspended on days when the Exchange is
closed, closes early as a result of such day being a partial holiday or
otherwise, when trading is restricted or otherwise as permitted by the SEC.

REDEMPTIONS IN KIND

In unusual circumstances, the Funds may make payment in readily marketable
portfolio securities at their market value equal to the redemption price.

SHORT-TERM TRADING

The Funds and the Transfer Agent may restrict purchase transactions (including
exchanges) when a pattern of frequent purchases and redemptions in response to
short-term fluctuations in a Fund's share price appears evident.

- ------------------------------------------------------
SHAREHOLDER SERVICES
- ------------------------------------------------------

CHECKWRITING PRIVILEGES

You may elect to redeem shares by writing checks against your account balance in
Weiss Treasury Only Money Market Fund for at least $50 by completing a Weiss
Treasury Fund signature card. Your Fund investments will continue to earn
dividends until your purchase check is presented to the Fund for payment. Checks
will be returned by the

14
<PAGE> 18

Fund's Transfer Agent if there are insufficient shares to meet the withdrawal
amount. You should not attempt to close an account by check because the exact
balance at the time the check clears will not be known when the check is
written. For additional information call (800) 430-9617.

AUTOMATIC INVESTMENT PLAN

You may elect to have money automatically transferred from your bank account
into your Fund account(s) at regular intervals of your choice. Your bank account
must be a checking, NOW or bank money market account maintained at a domestic
financial institution that is an Automated Clearinghouse Member. A minimum
investment of $50 per transaction is required for participation in the Automatic
Investment Plan. Please call (800) 430-9617 for additional information.

AUTOMATIC WITHDRAWAL PLAN

You may elect to have money automatically withdrawn from your Fund account on a
monthly, quarterly, semi-annual or annual basis in the amount of $100 or more.
The automatic withdrawal will be made on or about the 25th day of each month.
Please call (800) 430-9617 for additional information.

DIVIDEND REINVESTMENT PLAN

Dividends will be automatically reinvested in additional Fund shares unless
otherwise indicated on the account application. Please call (800) 430-9617 for
additional information.

CROSS REINVESTMENT PRIVILEGE

You may want to have your dividends received from a Fund automatically invested
in shares of the other Fund in the Weiss family of funds. Investments will be
made at a price equal to the net asset value of the acquired shares next
determined after receipt of the distribution proceeds by the Transfer Agent. In
order to qualify for the Cross Reinvestment Privilege, the value of your account
in the acquired Fund must equal or exceed the acquired Fund's minimum initial
investment requirement. There are no subsequent investment requirements for
amounts to which dividends are directed nor are service fees currently charged
for effecting these transactions. The election to cross-reinvest dividends will
not affect the tax treatment of such dividends, which will be treated as
received by you and then used to purchase shares of the acquired Fund. Please
call (800) 430-9617 for additional information.

INDIVIDUAL RETIREMENT ACCOUNTS

The Funds offer Individual Retirement Account ("IRA"), Roth IRA and Education
IRA plans, which generally allow a maximum annual contribution of $2,000 per
person for individuals eligible to contribute to such a plan. PNC Bank, which
serves as custodian or trustee under each Fund's IRA, Roth IRA and Educational
IRA plans, charges certain nominal fees for the annual maintenance of such
accounts. Please call (800) 430-9617 for additional information account
materials.

15
<PAGE> 19

- ------------------------------------------------------
PERFORMANCE INFORMATION
- ------------------------------------------------------

All performance figures are historical, show the performance of a hypothetical
investment and are not intended to indicate future performance.

Each Fund may quote its performance in advertisements or shareholder
communications, including reports, newsletters and sales literature. Total
return for each Fund may be calculated on an average total return basis or an
aggregate total return basis. Average annual total return reflects the average
annual percentage change in value of an investment over the measuring period.
Average total return reflects the total percentage change in value of an
investment over the measuring period. Both measures assume the reinvestment of
dividends and distributions. Yield refers to income generated by an investment
in a Fund over a specified 30-day period for Weiss Treasury Bond Fund, and a
specified 7-day period for Weiss Treasury Only Money Market Fund. Yield is
expressed as an annualized percentage. Effective yield is expressed similarly
but, when annualized, the income earned by an investment in a Fund is assumed to
be reinvested and will reflect the effects of compounding.

16
<PAGE> 20

THIS PAGE INTENTIONALLY LEFT BLANK
<PAGE> 21

Please call us at
(800) 289-8100
or
(561) 627-3300
Weiss Funds, Inc.
Distributor
4176 Burns Road
Palm Beach Gardens, FL 33410
April, 1998

[THE WEISS TREASURY FUNDS LOGO BLACK]
[THE WEISS TREASURY FUNDS LOGO BLUE]
TREASURY ONLY MONEY MARKET FUND
TREASURY BOND FUND

PROSPECTUS
(ENCLOSED)
<PAGE> 22
WEISS TREASURY FUND

4176 Burns Road
Palm Beach Gardens, FL 33410
(800) 289-8100

Statement of Additional Information

April 30, 1998

MONEY MARKET FUND
Weiss Treasury Only Money Market Fund

FIXED-INCOME FUND

Weiss Treasury Bond Fund

This Statement of Additional Information pertains to the funds listed above,
each of which is a separate series of Weiss Treasury Fund, a Massachusetts
business trust (the "Trust"). Each of these series (individually a "Fund" and,
collectively, the "Funds") represents shares of beneficial interest in a
separate portfolio of securities and other assets with its own objective and
policies. Each Fund is managed separately by Weiss Money Management, Inc. (the
"Manager").

This Statement of Additional Information is not a prospectus and should be read
in conjunction with the combined Prospectus for the Funds dated April 30, 1998,
copies of which may be obtained from the Trust without charge by writing to the
above address or by calling (800) 289-8100.

<PAGE> 23
TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S> <C>
INVESTMENT OBJECTIVES, RESTRICTIONS AND TECHNIQUES................................................................1

Investment Objectives....................................................................................1
Investments..............................................................................................1
Investment Restrictions..................................................................................3

ORGANIZATION OF THE FUNDS.........................................................................................6

TRUSTEES AND OFFICERS.............................................................................................7

MANAGEMENT COMPENSATION*..........................................................................................9

INVESTMENT ADVISORY AND OTHER SERVICES............................................................................9

Investment Manager.......................................................................................9
Distributor.............................................................................................10
Administrator...........................................................................................10
Transfer Agent, Dividend Disbursing Agent and Custodian.................................................11

PERFORMANCE INFORMATION..........................................................................................11

Average Annual Total Return.............................................................................11
Cumulative Total Return.................................................................................11
Total Return............................................................................................12
Capital Change..........................................................................................12
Yield...................................................................................................12
Comparison of Portfolio Performance.....................................................................13

BUYING SHARES....................................................................................................14

REDEMPTIONS......................................................................................................15

DIVIDENDS AND DISTRIBUTIONS......................................................................................15

TAXES............................................................................................................15

BROKERAGE ALLOCATION.............................................................................................17

PORTFOLIO TURNOVER...............................................................................................18

NET ASSET VALUE..................................................................................................19

INDEPENDENT ACCOUNTANTS..........................................................................................19
</TABLE>

ii
<PAGE> 24

<TABLE>
<CAPTION>
<S> <C>
FINANCIAL STATEMENTS.............................................................................................19

ADDITIONAL INFORMATION...........................................................................................20
</TABLE>

iii
<PAGE> 25
INVESTMENT OBJECTIVES, RESTRICTIONS AND TECHNIQUES

Each Fund's investment objective is discussed in the Prospectus and summarized
below. There is no assurance that the Funds will achieve their respective
objectives. The investment objectives of the Funds are not fundamental and may
be changed by the Trustees without shareholder approval. Unless otherwise
stated, the Funds' policies are not fundamental.

INVESTMENT OBJECTIVES

WEISS TREASURY ONLY MONEY MARKET FUND

The investment objective of Weiss Treasury Only Money Market Fund is to seek
maximum current income consistent with preservation of capital. The Fund pursues
its objective by investing exclusively in U.S. Treasury securities and
repurchase agreements secured by such obligations. The Fund seeks to maintain a
constant net asset value of $1.00 per share and declares dividends daily. Under
certain circumstances the Fund may not be able to maintain a stable net asset
value.

WEISS TREASURY BOND FUND

Weiss Treasury Bond Fund offers investors a vehicle for participating in the
fixed income securities market. The investment objective of the Fund is to seek
a high level of income consistent with preservation of capital. The Fund pursues
its objective by investing exclusively in U.S. Treasury securities, including
repurchase agreements collateralized by such obligations, and other investment
companies that invest primarily in U.S. Treasury securities or repurchase
agreements. There is no maturity limitation on the individual portfolio
securities purchased for Weiss Treasury Bond Fund, and the dollar-weighted
average maturity of the Fund will vary with market conditions.

INVESTMENTS

U.S. TREASURY SECURITIES

The Funds invest primarily in direct obligations of the U.S. Treasury (e.g.,
Treasury bills, notes, and bonds). When such securities are held to maturity,
the payment of principal and interest is unconditionally guaranteed by the U.S.
Government, and therefore they are of the highest possible credit quality. U.S.
Treasury securities that are not held to maturity are subject to variations in
market value caused by fluctuations in interest rates.

In general, investing in debt securities involves both interest rate and credit
risk. As a rule, the value of debt instruments rises and falls inversely with
interest rates. As interest rates decline, the value of debt securities
generally increases. Conversely, rising interest rates tend to cause the value
of debt securities to decrease. Debt securities with longer maturities generally
are more volatile than those with shorter maturities.

REPURCHASE AGREEMENTS

The Funds may enter into repurchase agreements with selected brokers-dealers,
banks or other financial institutions. A repurchase agreement is an arrangement
under which the purchaser (i.e., a Fund) purchases a U.S. Government or other
high quality short-term debt obligation (an "Obligation") and the seller agrees
at the time of sale to repurchase the Obligation at a specified time and price.
<PAGE> 26

Custody of the Obligation will be maintained by the Funds' custodian. The
repurchase price may be higher than the purchase price, the difference being
income to the applicable Fund, or the purchase and repurchase prices may be the
same, with interest at a stated rate due to the Fund together with the
repurchase price on repurchase. In either case, the income to a Fund is
unrelated to the interest rate on the Obligation subject to the repurchase
agreement.

Repurchase agreements pose certain risks for all entities, including the Funds,
that utilize them. Such risks are not unique to the Funds but are inherent in
repurchase agreements. Each Fund seeks to minimize such risks by, among others,
the means indicated below, but because of the inherent legal uncertainties
involved in repurchase agreements, such risks cannot be eliminated.

For purposes of the Investment Company Act of 1940, as amended (the "1940 Act"),
a repurchase agreement is deemed to be a loan from a Fund to the seller of the
Obligation. It is not clear whether for other purposes a court would consider
the Obligation purchased by a Fund subject to a repurchase agreement as being
owned by the Fund or as being collateral for a loan by the Fund to the seller.

If in the event of bankruptcy or insolvency proceedings against the seller of
the Obligation, a court holds that a Fund does not have a perfected security
interest in the Obligation, the Fund may be required to return the Obligation to
the seller's estate and be treated as an unsecured creditor of the seller. As an
unsecured creditor, the Fund would be at risk of losing some or all of the
principal and income involved in the transaction. To minimize this risk, the
Fund utilizes custodians and subcustodians that the Manager believes follow
customary securities industry practice with respect to repurchase agreements,
and the Manager analyzes the creditworthiness of the obligor, in this case the
seller of the Obligation. But because of the legal uncertainties, this risk,
like others associated with repurchase agreements, cannot be eliminated.

Also, in the event of commencement of bankruptcy or insolvency proceedings with
respect to the seller of the Obligation before repurchase of the Obligation
under a repurchase agreement, a Fund may encounter delay and incur costs before
being able to sell the security. Such a delay may involve loss of interest or a
decline in price of the Obligation.

Apart from risks associated with bankruptcy or insolvency proceedings, there is
also the risk that the seller may fail to repurchase the security. However, if
the market value of the Obligation subject to the repurchase agreement becomes
less than the repurchase price (including accrued interest), the applicable Fund
will direct the seller of the Obligation to deliver additional securities so
that the market value of all securities subject to the repurchase agreement
equals or exceeds the repurchase price.

Certain repurchase agreements which provide for settlement in more than seven
days can be liquidated before the nominal fixed term on seven days' or less
notice. Such repurchase agreements will be regarded as illiquid instruments.
Each Fund currently intends to limit its investments in repurchase agreements to
those with maturities of less than seven days.

The Fund may also enter into repurchase agreements with any party deemed
creditworthy by the Manager, including broker-dealers, if the transaction is
entered into for investment purposes and the counterparty's creditworthiness is
at least equal to that of issuers of securities which the Fund may purchase.

ZERO COUPON SECURITIES. Each Fund may invest up to 10% of its assets in zero
coupon securities. Zero coupon bonds are issued and traded at a discount from
their face value. They do not entitle the holder to any periodic payment of
interest prior to maturity.

<PAGE> 27
Current federal income tax law requires holders of zero coupon securities to
report the portion of any original issue discount on such securities that
accrues during a given year as interest income, even though the holders receive
no cash payments of interest during the year. In order to qualify as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended (the "Code"), and the regulations thereunder, a Fund must distribute its
investment company taxable income, including any original issue discount accrued
on zero coupon bonds. Because a Fund will not receive cash payments on a current
basis in respect of any accrued original issue discount on these bonds, in some
years that Fund may have to distribute cash obtained from other sources in order
to satisfy the distribution requirements under the Code. A Fund might obtain
such cash from selling other portfolio holdings which might cause that Fund to
incur capital gains or losses on the sale. Additionally, these actions are
likely to reduce the assets to which Fund expenses could be allocated and to
reduce the rate of return for that Fund. In some circumstances, such sales might
be necessary in order to satisfy cash distribution requirements even though
investment considerations might otherwise make it undesirable for a Fund to sell
the securities at the time.

Generally, the market prices of zero coupon securities are more volatile than
the prices of securities that pay interest periodically and in cash and are
likely to respond to changes in interest rates to a greater degree than other
types of debt securities having similar maturities and credit quality.

OTHER INVESTMENT COMPANIES. Weiss Treasury Bond Fund (and Weiss Treasury Only
Money Market Fund for temporary, defensive or emergency purposes) may invest in
the securities of other mutual funds investing primarily in U.S. Treasury
securities and repurchase agreements subject to applicable securities
regulations. When a Fund invests in another mutual fund, it pays a pro rata
portion of the advisory fees and other expenses of that fund as a shareholder of
that fund. These expenses are in addition to the advisory and other expenses a
Fund pays in connection with its own operations.

WHEN-ISSUED SECURITIES. When a Fund purchases new issues of securities on a
when-issued basis, the Fund's custodian will establish a segregated account for
the Fund consisting of cash, U.S. Treasury securities or other high-grade debt
securities equal to the amount of the commitment. If the value of securities in
the account should decline, additional cash or securities will be placed in the
account so that the market value of the account will equal the amount of such
commitments by the Fund on a daily basis.

Securities purchased on a when-issued basis and the securities held in a Fund's
portfolio are subject to changes in market value based upon various factors
including changes in the level of market interest rates. Generally, the value of
such securities will fluctuate inversely to changes in interest rates (i.e.,
they will appreciate in value when market interest rates decline and decrease in
value when market interest rates rise). For this reason, placing securities
rather than cash in the segregated account may have a leveraging effect on the
Fund's net assets. In other words, to the extent that the Fund remains
substantially fully invested in securities at the same time that it has
committed to purchase securities on a when-issued basis, there will be greater
fluctuations in its net assets than if it had set aside cash to satisfy its
purchase commitment. Upon the settlement date of the when-issued securities, the
Fund ordinarily will meet its obligation to purchase the securities from
available cash flow, use of the cash (or liquidation of securities) held in the
segregated account or sale of other securities. Although it would not normally
expect to do so, the Fund also may meet its obligation from the sale of the
when-issued securities themselves (which may have a current market value greater
or less than the Fund's payment obligation). The sale of securities to meet such
obligations carries with it a greater potential for the realization of capital
gains.

<PAGE> 28
INVESTMENT RESTRICTIONS

As indicated in the Prospectus, the Funds are subject to certain fundamental
policies and restrictions that may not be changed without shareholder approval.
Shareholder approval means approval by the lesser of (i) more than 50% of the
outstanding voting securities of the Trust (or a particular Fund if a matter
affects just that Fund), or (ii) 67% or more of the voting securities present at
a meeting if the holders of more than 50% of the outstanding voting securities
of the Trust (or a particular Fund) are present or represented by proxy. As a
matter of fundamental policy, a Fund may not:

(1) with respect to 75% of its total assets taken at market value
purchase more than 10% of the voting securities of any one
issuer; or invest more than 5% of the value of its total
assets in the securities of any one issuer, except obligations
issued or guaranteed by the U.S. Government and securities of
other investment companies;

(2) borrow money, except as a temporary measure for extraordinary
or emergency purposes, or except in connection with reverse
repurchase agreements, provided that the Fund maintains asset
coverage of 300% for all borrowings;

(3) purchase any securities which would cause 25% or more of the
market value of its total assets at the time of such purchase
to be invested in the securities of one or more issuers having
their principal business activities in the same industry,
provided that there is no limitation with respect to
investments in obligations issued or guaranteed by the U.S.
Government. (For purposes of this restriction, telephone
companies are considered to be in a separate industry from gas
and electric public utilities, and wholly-owned finance
companies are considered to be in the industry of their
parents if their activities are primarily related to financing
the activities of their parents.)

(4) purchase or sell real estate (except that the Fund may invest
in (i) securities of companies which deal in real estate or
mortgages, and (ii) securities secured by real estate or
interest therein, and that the Fund reserves freedom of action
to hold and to sell real estate acquired as a result of the
Fund's ownership of securities); or purchase or sell physical
commodities or contracts relating to physical commodities;

(5) act as an underwriter of securities issued by others, except
to the extent that it may be deemed an underwriter in
connection with the disposition of portfolio securities of the
Fund;

(6) make loans to other persons, except (a) loans of portfolio
securities, and (b) to the extent the entry into repurchase
agreements and the purchase of debt securities in accordance
with its investment objective and investment policies may be
deemed to be loans; and

(7) issue senior securities, except as appropriate to evidence
indebtedness which the Fund is permitted to incur and except
for shares of the separate classes or series of the Trust.

As a matter of nonfundamental policy, a Fund may not:

(a) purchase or retain securities of any open-end investment
company or securities of closed-end investment companies
except by purchase in the open market where no commission or
profit to a sponsor or dealer results from such purchases, or
except when such purchase, though not made in the open market,
is part of a plan of merger,

<PAGE> 29
consolidation, reorganization or acquisition of assets; in any
event, the Fund may not purchase more than 3% of the
outstanding voting securities of another investment company,
may not invest more than 5% of its assets in another
investment company, and may not invest more than 10% of its
assets in other investment companies;

(b) pledge, mortgage or hypothecate its assets in excess, together
with permitted borrowings, of 1/3 of its total assets;

(c) purchase or retain securities of an issuer any of whose
officers, directors, trustees or security holders is an
officer, director or trustee of the Fund or a member, officer,
director or trustee of the investment adviser of the Fund if
one or more of such individuals owns beneficially more than
one-half of one percent (.5%) of the outstanding shares or
securities or both (taken at market value) of such issuer and
such individuals owning more than one-half of one percent
(.5%) of such shares or securities together own beneficially
more than 5% of such shares or securities or both;

(d) purchase securities on margin, make short sales or maintain a
short position, unless, by virtue of its ownership of other
securities, it has the right to obtain securities equivalent
in kind and amount to the securities sold and, if the right is
conditional, the sale is made upon the same conditions, except
in connection with arbitrage transactions and except that the
Fund may obtain such short-term credits as may be necessary
for the clearance of purchase and sales of securities;

(e) invest more than 10% of its net assets in securities which are
not readily marketable, the disposition of which is restricted
under federal securities laws, or in repurchase agreements not
terminable within 7 days; or invest more than 5% of its total
assets in restricted securities;

(f) with the exception of U.S. Government securities, purchase
securities of any issuer with a record of less than three
years of continuous operations, including predecessors, if
such purchase would cause the investments of the Fund in all
such issuers to exceed 5% of the total assets of the Fund
taken at market value;

(g) purchase more than 10% of the voting securities of any one
issuer, except securities issued by the U.S. Government;

(h) purchase or sell any put or call options or any combination
thereof;

(i) enter into futures contracts or purchase options thereon;

(j) invest in oil, gas or other mineral leases, or exploration or
development programs (although it may invest in issuers which
own or invest in such interests);

(k) borrow money (including reverse repurchase agreements), except
as a temporary measure for emergency purposes, and not in
excess of 5% of its total assets taken at market value, or
borrow other than from banks; however, in the case of reverse
repurchase agreements, the Fund may invest in such agreements
with entities other than banks subject to total asset coverage
of 300% for such agreements and all borrowings;

(l) purchase warrants;

<PAGE> 30
(m) purchase or sell real estate limited partnership interests;
and

(n) lend securities, if the value of securities loaned exceeds 30%
of the value of the Fund's total assets at the time any loan
is made, provided that the loans are fully collateralized and
marked to market daily, and provided further that the entry of
a Fund into repurchase agreements and the purchase of debt
instruments are not deemed to be loans for purposes of this
restriction. None of the Funds currently intends to make loans
of portfolio securities that would amount to greater than 5%
of the Fund's total assets in the coming year.

With respect to fundamental policy (2), a Fund may not purchase securities when
borrowing exceeds 5% of the Fund's total assets. With respect to nonfundamental
policy (a), above, to the extent that any of the Funds invest in securities of
other investment companies, the Trust and the Manager will ensure that there
will be no duplication of advisory fees. Further, no sales load will be paid by
a Fund in connection with such investments.

Whenever an investment objective, policy or restriction set forth in the
Prospectus or this Statement of Additional Information states a maximum
percentage of assets that may be invested in any security or other asset or
describes a policy regarding quality standards, such percentage limitation or
standard shall, unless otherwise indicated, apply to the Fund only at the time a
transaction is entered into. Accordingly, if a percentage limitation is adhered
to at the time of investment, a later increase or decrease in the percentage
which results from circumstances not involving any affirmative action by the
Fund, such as a change in market conditions or a change in the Fund's asset
level or other circumstances beyond the Fund's control, will not be considered a
violation.

ORGANIZATION OF THE FUNDS

The Trust's authorized capital consists of an unlimited number of shares of
beneficial interest, $.01 par value, all of which are of one class and have
equal rights as to voting, dividends and liquidation. The Trustees have the
authority to issue two or more series of shares and to designate the relative
rights and preferences as between the different series. If more than one series
of shares were issued and a series were unable to meet its obligations, the
remaining series might have to assume the unsatisfied obligations of that
series. All shares issued and outstanding will be fully paid and non-assessable
by the Trust, and redeemable as described in this combined Statement of
Additional Information and in the Prospectus.

The assets of the Trust received for the issue or sale of the shares of each
series and all income, earnings, profits and proceeds thereof, subject only to
the rights of creditors, are specifically allocated to such series and
constitute the underlying assets of such series. The underlying assets of each
series are segregated on the books of account, and are to be charged with the
liabilities in respect to such series and with a proportionate share of the
general liabilities of the Trust. If a series were unable to meet its
obligations, the assets of all other series may in some circumstances be
available to creditors for that purpose, in which case the assets of such other
series could be used to meet liabilities which are not otherwise properly
chargeable to them. Expenses with respect to any two or more series are to be

<PAGE> 31
allocated in proportion to the asset value of the respective series except where
allocations of direct expenses can otherwise be fairly made. The officers of the
Trust, subject to the general supervision of the Trustees, have the power to
determine which liabilities are allocable to a given series, or which are
general or allocable to two or more series. In the event of the dissolution or
liquidation of the Trust or any series, the holders of the shares of any series
are entitled to receive as a class the underlying assets of such shares
available for distribution to shareholders.

Shares of the Trust entitle their holders to one vote per share; however,
separate votes are taken by each series on matters affecting an individual
series. For example, a change in investment policy for a series would be voted
upon only by shareholders of the series involved. Additionally, approval of the
investment advisory agreement is a matter to be determined separately by each
series. Approval by the shareholders of one series is effective as to that
series whether or not enough votes are received from the shareholders of the
other series to approve such agreement as to the other series.

The Trustees, in their discretion, may authorize the division of shares of a
series into different classes, permitting shares of different classes to be
distributed by different methods. Although shareholders of different classes of
a series would have an interest in the same portfolio of assets, shareholders of
different classes may bear different expenses in connection with different
methods of distribution. The Trustees have no present intention of taking the
action necessary to effect the division of shares into separate classes nor of
changing the method of distribution of shares of a Fund.

The Declaration of Trust provides that obligations of the Trust are not binding
upon the Trustees individually but only upon the property of the Trust, that the
Trustees and officers will not be liable for errors of judgment or mistakes of
fact or law, and that the Trust will indemnify its Trustees and officers against
liabilities and expenses incurred in connection with litigation in which they
may be involved because of their offices with the Trust, except if it is
determined, in the manner provided in the Declaration of Trust, that they have
not acted in good faith in the reasonable belief that their actions were in the
best interests of the Trust. However, nothing in the Declaration of Trust
protects or indemnifies a Trustee or officer against any liability to which he
would otherwise be subject by reason of willful misfeasance, bad faith, gross
negligence, or reckless disregard of the duties involved in the conduct of his
office.

The Funds are not required to and do not currently intend to hold annual
shareholder meetings, although special meetings may be called for purposes such
as electing or removing Trustees, changing fundamental investment policies, or
approving certain contracts. Shareholders will be assisted in communicating with
other shareholders in connection with removing a Trustee as if Section 16(c) of
the 1940 Act were applicable.

Shares of the Funds are presently offered through the use of a prospectus that
combines disclosure about each of the Funds. The use of a combined prospectus by
two or more Funds may cause one Fund to be liable to purchasers of shares of
another Fund for misstatements in the prospectus concerning the other Fund.

TRUSTEES AND OFFICERS

The Trustees and Executive Officers of the Trust, their business addresses and
their principal occupations during the past five years are as follows:

<PAGE> 32

<TABLE>
<CAPTION>
PRINCIPAL OCCUPATION(S)
NAME, ADDRESS AND AGE POSITION WITH THE TRUST DURING PAST 5 YEARS
- --------------------- ----------------------- -------------------
<S> <C> <C>
John N. Breazeale(1), 51 President and Chairman of President, Weiss Money Management,
Board of Trustees Inc. (1995 - present). Director
of Investments, Weiss Money
Management, Inc. (1994 - 1995).
Portfolio Manager, Mackenzie
Investment Management Inc. (1988 -
1994).

David D. Marky, 32 Treasurer Vice President and Director of
103 Bellevue Parkway Accounting, PFPC Inc. (1996 -
Wilmington, DE 19809 present). Assistant Vice
President and Accounting
Conversion Manager, PFPC Inc.
(1992-1996).

Sharon A. Parker(1), 36 Secretary Vice President, Weiss Money
Management, Inc. (November 1993 -
present). Director of Client
Relations, Weiss Money Management,
Inc. (April 1990 - November 1993).

Joseph R. Fleming, 43 Assistant Secretary Partner, Dechert Price & Rhoads
Ten Post Office Square - South (1990 - present).
Boston, MA 02109

Martin D. Weiss(1), 51 Trustee Editor of "Safe Money Report";
President, Weiss Group, Inc. (1971
- present); President, Weiss
Money Management, Inc. (November
1980 - April 1995).

Esther S. Gordon, 56 Trustee* Retired. Formerly Assistant
422 Woodview Circle Manager with Southern Bell (1965 -
Palm Beach Gardens, FL 33410 1994).

Robert L. Lehrer, 64 Trustee* President, Wyndmoor Industries
P.O. Box 1679 Inc. (1957 - present). Registered
18711 Southeast Lakeside Way securities broker.
Jupiter, FL 33468-1679

Donald Wilk, 60 Trustee* President, Donald Wilk Corporation
6044 Petaluma Drive (1990 - present). Computer sales
Boca Raton, FL 33433 and credit card processing.
</TABLE>

<PAGE> 33
(1) 4176 Burns Road
Palm Beach Gardens, FL 33410

*Indicates persons who are "non-interested" Trustees of the Trust.

As of April 22, 1998, all Trustees and officers of the Trust as a group
owned beneficially less than 1% of the shares of each of the Funds outstanding
on such date. As of April 20, 1998, to the best knowledge of the Funds, no
person owned of record or beneficially more than 5% of any of the Funds, except
National Financial Services Corp. (for the exclusive benefit of its customers),
One World Financial Center - Attn: Mutual Funds, 5th Floor, 200 Liberty Street,
New York, New York 10281, which held of record 17.9% of the outstanding shares
of Weiss Treasury Only Money Market Fund in an omnibus account.

<PAGE> 34
MANAGEMENT COMPENSATION*
(FISCAL YEAR ENDED DECEMBER 31, 1997)

<TABLE>
<CAPTION>
PENSION OR TOTAL
RETIREMENT COMPENSATION FROM
AGGREGATE BENEFITS ACCRUED ESTIMATED ANNUAL TRUST AND FUND
COMPENSATION AS PART OF TRUST BENEFITS UPON COMPLEX PAID TO
NAME (POSITION) FROM TRUST EXPENSES RETIREMENT TRUSTEE
- --------------- ---------- -------- ---------- -------
<S> <C> <C> <C> <C>
John N. Breazeale None None None None
(President and Chairman)

Neal J. Andrews** None None None None
(Treasurer)

Sharon A. Parker None None None None
(Secretary)

Joseph R. Fleming None None None None
(Assistant Secretary)

Esther S. Gordon $2,000 None None $2,000
(Trustee)

Robert L. Lehrer $2,000 None None $2,000
(Trustee)

Donald Wilk $2,000 None None $2,000
(Trustee)

Martin D. Weiss None None None None
(Trustee)
</TABLE>

* For the fiscal year ended December 31, 1997, each non-interested Trustee
received an annual fee of $2,000 plus reimbursement for out-of-pocket expenses
for serving in that capacity. During such fiscal year the Trust was comprised of
three series: Weiss Treasury Only Money Market Fund, Weiss Intermediate Treasury
Fund and Weiss Treasury Bond Fund, the latter of which had not commenced
operations. On January 31, 1998, Weiss Intermediate Treasury Fund was dissolved
and liquidated. Effective for the fiscal year ending December 31, 1998, each
non-interested Trustee receives an annual fee of $500 plus reimbursement for
out-of-pocket expenses.

** Mr. Andrews resigned as Treasurer of the Trust effective April 30, 1998.

<PAGE> 35
INVESTMENT ADVISORY AND OTHER SERVICES

INVESTMENT MANAGER

As stated in the Prospectus, the Trust, on behalf of each Fund, has entered into
Investment Advisory Agreements with the Manager, Weiss Money Management, Inc.
Under these Advisory Agreements, the Manager provides continuing investment
management for each Fund consistent with the Fund's investment objective,
policies and restrictions and determines what securities shall be purchased for
or sold by the Fund. The Manager is controlled (as that term is defined in the
1940 Act) by Martin D. Weiss, its sole director and shareholder.

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 net assets of
Weiss Treasury Only Money Market Fund and .70% of the average net assets of
Weiss Treasury Bond Fund. The Manager voluntarily limits total operating
expenses (excluding interest, taxes, brokerage commissions, litigation,
indemnification, and extraordinary expenses) to an annual rate of .50% of the
average net assets of Weiss Treasury Only Money Market Fund, 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. For the period from June 28, 1996
(commencement of operations) to December 31, 1996 and the fiscal year ended
December 31, 1997, the Manager voluntarily waived all of its advisory fees,
which waivers amounted to $13,504 and $112,410 respectively, for Weiss Treasury
Only Money Market Fund. For the same periods, the Manager agreed to reimburse
Weiss Treasury Only Money Market Fund $116,549 and $139,388, respectively, in
order to maintain total Fund operating expenses at .50% of the Fund's average
net assets.

The Manager is responsible for fees and expenses of Trustees, officers and
employees of the Trust who are affiliated with the Manager. Each Fund is
responsible for all of its other expenses, including fees and expenses incurred
in connection with membership in investment company organizations; brokers'
commissions; payments for portfolio pricing services to a pricing agent, if any;
legal, auditing and accounting expenses; taxes and governmental fees; transfer
agent fees; the cost of preparing share certificates or other share-related
expenses, such as expenses of issuance, sale, redemption or repurchase of shares
of beneficial interest; the expenses of and fees for registering or qualifying
securities for sale; the fees and expenses of Trustees, officers and employees
of the Trust who are not affiliated with the Manager; the cost of printing and
distributing reports and notices to shareholders; and the fees and disbursements
of custodians. Each Fund is also responsible for expenses of shareholder
meetings and expenses incurred in connection with litigation proceedings and
claims and the legal obligation it may have to indemnify its officers and
Trustees with respect thereto.

DISTRIBUTOR

Each Fund's shares are sold on a continuous basis by Weiss Funds, Inc. (the
"Distributor"), 4176 Burns Road, Palm Beach Gardens, Florida 33410, a registered
broker-dealer and wholly-owned subsidiary of the Manager. For the period from
June 28, 1996 (commencement of operations) to December 31, 1996 and the fiscal
year ended December 31, 1997, the Distributor received no underwriting
commissions for the sale of Fund shares.

ADMINISTRATOR

PFPC Inc., Bellevue Park Corporate Center, 103 Bellevue Parkway, Wilmington,
Delaware 19809 ("PFPC"), performs various administrative and accounting services
for each Fund. These services

<PAGE> 36

include maintenance of books and records, preparation of certain governmental
filings and shareholder reports and computation of net asset values and dividend
distributions. For its administrative services, PFPC receives a fee, payable
monthly, at the annual rate of $50,000 per Fund, plus any out-of-pocket
expenses.

For the period from June 28, 1996 (commencement of operations) to December 31,
1996, PFPC received $9,146 from Weiss Treasury Only Money Market Fund after
voluntarily waiving $42,459. During this period, PFPC's fee was calculated at
the rate of .1 of 1% (.10%) per annum of the average daily net assets of the
Fund, plus any out-of-pocket expenses. For the fiscal year ended December 31,
1997, PFPC received $57,914 from Weiss Treasury Only Money Market Fund after
voluntarily waiving $10,791. During the 1997 fiscal year, PFPC's fee, payable
monthly, was calculated as follows: from January 1 to April 14, at a rate of .1
of 1% (.10%) per annum of the average daily net assets of the Fund; from April
15 to June 19, at an annual rate of $65,000; and, from June 20 to December 31,
at an annual rate of $50,000; plus, in each case, reimbursement for
out-of-pocket expenses.

TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND CUSTODIAN

PFPC serves as the Funds' transfer agent, dividend disbursing agent and
registrar. In its capacity as transfer agent, dividend disbursing agent and
registrar, PFPC performs bookkeeping, data processing and administrative
services incidental to the maintenance of shareholder accounts. For transfer
agency and shareholder services, the Funds pay the Transfer Agent a base fee
plus annual fees of $18 per open account for daily distribution funds and $12
per open account for quarterly distribution funds, payable in equal monthly
installments. The Funds also pay an annual fee of $4 to the Transfer Agent for
each account that is closed, and reimburses the Transfer Agent monthly for
out-of-pocket expenses.

PNC Bank, 200 Stevens Drive, Lester, Pennsylvania 19113, serves as custodian for
the Funds' portfolio securities and cash.

PERFORMANCE INFORMATION

From time to time, quotations of the Funds' performance may be included in
advertisements, sales literature or reports to shareholders or prospective
investors. These performance figures are calculated in the following manners:

AVERAGE ANNUAL TOTAL RETURN

Average annual total return is the average annual compound rate of return for
periods of one year, five years, and ten years, all ended on the last day of a
recent calendar quarter. Average annual total return quotations reflect changes
in the price of the Fund's shares and assume that all dividends and capital
gains distributions during the respective periods were reinvested in Fund
shares. Average annual total return is calculated by finding the average annual
compound rates of return of a hypothetical investment over such periods
according to the following formula (average annual total return is then
expressed as a percentage):

<PAGE> 37
T = (ERV/P)1/n - 1
Where:

<TABLE>
<CAPTION>
<S> <C> <C>
P = a hypothetical initial investment of $1,000.
T = average annual total return.
n = number of years.
ERV = ending redeemable value:
ERV is the value, at the end of the applicable
period, of a hypothetical $1,000 investment made at
the beginning of the applicable period.
</TABLE>

Average annual total return of Weiss Treasury Only Money Market Fund for the
one-year period ended December 31, 1997 and for the period from June 28, 1996
(commencement of operations) through December 31, 1997 was 4.71% and 4.70%,
respectively. The average annual total return percentage reflects voluntary fee
waivers and expense reimbursements by the Fund's service providers. Without the
voluntary waivers and reimbursements, the Fund's average annual total return for
the same periods would have been 5.98% and (0.63)%, respectively.

CUMULATIVE TOTAL RETURN

Cumulative total return is the cumulative rate of return on a hypothetical
initial investment of $1,000 for a specified period. Cumulative total return
quotations reflect changes in the price of a Fund's shares and assume that all
dividends and capital gains distributions during the period were reinvested in
fund shares. Cumulative total return is calculated by finding the cumulative
rates of return of a hypothetical investment over such periods according to the
following formula (cumulative total return is then expressed as a percentage):

C = (ERV/P) - 1
Where:

<TABLE>
<CAPTION>
<S> <C> <C>
C = Cumulative Total Return.
P = a hypothetical initial investment of $1,000.
ERV = ending redeemable value:
ERV is the value, at the end of the applicable
period, of a hypothetical $1,000 investment made at
the beginning of the applicable period.
</TABLE>

Cumulative total return of Weiss Treasury Only Money Market Fund for the
one-year period ended December 31, 1997 and for the period from June 28, 1996
(commencement of operations) through December 31, 1997 was 4.71% and 7.19%,
respectively. Without the voluntary waivers and reimbursements, the Fund's
cumulative total return for the same periods would have been 5.98% and (0.10)%,
respectively.

TOTAL RETURN

Total Return is the rate of return on an investment for a specified period of
time calculated in the same manner as cumulative total return. The total return
percentage reflects voluntary fee waivers and expense reimbursements by the
Fund's service providers.

<PAGE> 38

CAPITAL CHANGE

Capital change measures the return from invested capital including reinvested
capital gains distributions. Capital change does not include the reinvestment of
income dividends.

YIELD

WEISS TREASURY BOND FUND

Yield for Weiss Treasury Bond Fund is the net annualized yield based on a
specified 30-day (or one month) period assuming semiannual compounding of
income. Yield is calculated by dividing the net investment income per share
earned during the period by the maximum offering price per share on the last day
of the period according to the following formula:

Yield = 2[(a-b/cd + 1)6 -1] Where:

<TABLE>
<CAPTION>
<S> <C> <C>
a = dividends and interest earned during the period.
b = expenses accrued for the period (net of reimbursements).
c = the average daily number of shares outstanding
during that period that were entitled to receive dividends.
d = the maximum offering price per share on the last day of the period.
</TABLE>

Quotations of a Fund's performance are based on historical earnings, show the
performance of a hypothetical investment, and are not intended to indicate
future performance of a Fund. An investor's shares when redeemed may be worth
more or less than their original cost. Performance of a Fund will vary based on
changes in market conditions and the level of a Fund's expenses. In periods of
declining interest rates, a Fund's quoted yield will tend to be somewhat higher
than prevailing market rates, and in periods of rising interest rates, a Fund's
quoted yield will tend to be somewhat lower.

WEISS TREASURY ONLY MONEY MARKET FUND

CURRENT YIELD: Current yield is the net annualized yield based on a specified 7
calendar-days calculated at simple interest rates. Current yield is calculated
by determining the net change, exclusive of capital changes and income other
than investment income, in the value of a hypothetical pre-existing account
having a balance of one share at the beginning of the period and dividing such
change by the value of the account at the beginning of the base period to obtain
the base-period return. The base-period return is then annualized by multiplying
it by 365/7; the resultant product equals net annualized current yield.

The current yield of Weiss Treasury Only Money Market Fund for the seven-day
period ended December 31, 1997 was 4.70%. The current yield percentage reflects
voluntary fee waivers and expense reimbursements by the Fund's service
providers. Without the voluntary waivers and reimbursements, the Fund's current
yield for the same seven-day period would have been 4.20%.

EFFECTIVE YIELD: Effective yield for Weiss Treasury Only Money Market Fund is
the net annualized yield for a specified 7 calendar-days assuming a reinvestment
in Fund shares of all dividends during the period (i.e., compounding). Effective
yield is calculated by using the same base-period return used in the calculation
of current yield, except that the base-period return is compounded by adding 1,
raising the sum to a power equal to 365 divided by 7, and subtracting 1 from the
result, according to the following formula:

<PAGE> 39
Effective Yield = [(Base Period Return + 1)365/7] - 1

The Fund's effective yield for the seven-day period ended December 31, 1997 was
4.81%. The effective yield percentage reflects voluntary fee waivers and expense
reimbursements by the Fund's service providers. Without the voluntary waivers
and reimbursements, the Fund's effective yield for the same seven-day period
would have been 4.29%.

As described above, current yield and effective yield are based on historical
earnings, show the performance of a hypothetical investment and are not intended
to indicate future performance. Current yield and effective yield will vary
based on changes in market conditions and the level of Fund expenses.

COMPARISON OF PORTFOLIO PERFORMANCE

A comparison of the quoted non-standard performance offered for various
investments is valid only if performance is calculated in the same manner. Since
there are different methods of calculating performance, investors should
consider the effects of the methods used to calculate performance when comparing
performance of a Fund with performance quoted with respect to other investment
companies or types of investments.

In connection with communicating its performance to current or prospective
shareholders, a Fund also may compare these figures to the performance of
unmanaged indices which may assume reinvestment of dividends or interest but
generally do not reflect deductions for administrative and management costs.
Examples include, but are not limited to the Dow Jones Industrial Average, the
Consumer Price Index, Standard & Poor's 500 Composite Stock Price Index (S&P
500), the NASDAQ OTC Composite Index, the NASDAQ Industrials Index, the Russell
2000 Index, and the statistics published by the Small Business Administration.

From time to time, in advertising and marketing literature, a Fund's performance
may be compared to the performance of broad groups of mutual funds with similar
investment goals, as tracked by independent organizations such as, Investment
Company Data, Inc. ("ICD"), Lipper Analytical Services, Inc. ("Lipper"), CDA
Investment Technologies, Inc. ("CDA"), Morningstar, Inc., Value Line Mutual Fund
Survey and other independent organizations. When these organizations' tracking
results are used, a Fund will be compared to the appropriate fund category, that
is, by fund objective and portfolio holdings, or to the appropriate volatility
grouping, where volatility is a measure of a fund's risk. A Fund (except for a
money market fund) may also be compared to funds with similar volatility, as
measured statistically by independent organizations.

From time to time, in marketing and other Fund literature, Trustees and officers
of a Fund, a Fund's portfolio manager, or members of the portfolio management
team may be depicted and quoted to give prospective and current shareholders a
better sense of the outlook and approach of those who manage a Fund. In
addition, the assets that the Manager has under management in various
geographical areas may be quoted in advertising and marketing materials.

Statistical and other information, as provided by the Social Security
Administration, may be used in marketing materials pertaining to retirement
planning in order to estimate future payouts of social security benefits.
Estimates may be used on demographic and economic data.

Marketing and other Fund literature may include a description of the potential
risks and rewards associated with an investment in a Fund. The description may
include a "risk/return spectrum" which compares the Fund to other Weiss funds or
broad categories of funds, such as money market, bond or

<PAGE> 40
equity funds, in terms of potential risks and returns. Money market funds are
designed to maintain a constant $1.00 share price and have a fluctuating yield.
Share price, yield and total return of a bond fund will fluctuate. The share
price and return of an equity fund also will fluctuate. The description may also
compare a Fund to bank products, such as certificates of deposit. Unlike mutual
funds, certificates of deposit are insured up to $100,000 by the U.S. Government
and offer a fixed rate of return.

Because bank products guarantee the principal value of an investment and money
market funds seek stability of principal, these investments are considered to be
less risky than investments in either bond or equity funds, which may involve
the loss of principal. However, all long-term investments, including investments
in bank products, may be subject to inflation risk, which is the risk of erosion
of the value of an investment as prices increase over a long time period. The
risk/returns associated with an investment in bond or equity funds also will
depend upon currency exchange fluctuation.

A risk/return spectrum generally will position the various investment categories
in the following order: bank products, money market funds, bond funds and equity
funds. Shorter-term bond funds generally are considered less risky and offer the
potential for less return than longer-term bond funds. The same is true of
domestic bond funds relative to international bond funds, and bond funds that
purchase higher quality securities relative to bond funds that purchase lower
quality securities. Growth and income equity funds are generally considered to
be less risky and offer the potential for less return than growth funds. In
addition, international equity funds usually are considered more risky than
domestic equity funds but generally offer the potential for greater return.

Risk/return spectrums also may depict funds that invest in both domestic and
foreign securities or a combination of bond and equity securities.

Evaluation of Fund performance made by independent sources may also be used in
advertisements concerning a Fund, including reprints of, or selections from,
editorials or articles about a Fund.

BUYING SHARES

Share purchases are executed at the net asset value next calculated after a
purchase order is received by the Fund's transfer agent in good order as
described in the Prospectus under "Opening an Account" and "Adding to Your
Investment". Purchases are made in full and fractional shares.

Shares generally begin to earn dividends on the day your purchase order is
executed. Purchases by check are executed on the day the check is received in
good order by the transfer agent and begin earning income on the day the
purchase order is executed. Each Fund may accept third party checks in payment
for Fund shares subject to the Fund's operating procedures.

INDIVIDUAL RETIREMENT ACCOUNTS ("IRAS"), ROTH IRAS AND EDUCATION IRAS. Shares of
the Trust may be used as a funding medium for an IRA, Roth IRA or Education IRA.
Eligible individuals may establish an IRA, Roth IRA or Education IRA by adopting
a custodial account available from PNC Bank, which may impose a charge for
establishing and/or maintaining the account.

<PAGE> 41
REDEMPTIONS

The Trust may suspend the right of redemption of shares of a Fund and may
postpone payment: (i) for any period during which the New York Stock Exchange
(the "Exchange") is closed, other than customary weekend and holiday closings,
or during which trading on the Exchange is restricted, (ii) when the SEC
determines that a state of emergency exists which may make payment or transfer
not reasonably practicable, (iii) as the SEC may by order permit for the
protection of the Shareholders of the Trust, or (iv) at any other time when the
Trust may, under applicable laws and regulations, suspend payment on the
redemption of its shares.

The Trust agrees to redeem shares of a Fund solely in cash up to the lesser of
$250,000 or 1% of the net asset value of a Fund during any 90-day period for any
one shareholder. The Trust reserves the right to pay other redemptions, either
total or partial, by a distribution in kind of securities (instead of cash) from
the applicable Fund's portfolio, although the Trust has no current intention to
do so. The securities distributed in such a distribution would be valued at the
same value as that assigned to them in calculating the net asset value of the
shares being redeemed. If a shareholder receives a distribution in kind, he or
she should expect to incur transaction costs when he or she converts the
securities to cash.

DIVIDENDS AND DISTRIBUTIONS

All of the Funds intend to distribute substantially all of their respective
investment income and any net realized capital gains. Net investment income for
each Fund consists of all interest income accrued on the Fund's assets, less
accrued expenses. Interest income included in the daily computation of net
investment income is comprised of original issue discount earned on discount
paper accrued to the date of maturity as well as accrued interest. Each Fund's
expenses, including the management fee payable to the Manager, are accrued each
day.

Distributions by a Fund are reinvested in the Fund or paid in cash at the
election of the shareholder. If no election is made, all distributions will be
reinvested in additional Fund shares. Dividends are declared daily. Weiss
Treasury Only Money Market Fund intends to distribute dividends on the last
business day of each month. Weiss Treasury Bond Fund intends to distribute
taxable income quarterly, and distribute net capital gains realized during each
fiscal year annually before the Fund's fiscal year end on December 31.

The net income of a Fund is determined as of the close of regular trading on the
Exchange, usually 4:00 p.m. New York time, on each day the Exchange is open for
trading.

TAXES

The following is a general discussion of certain tax rules thought to be
applicable with respect to a Fund. It is merely a summary and is not an
exhaustive discussion of all possible situations or of all potentially
applicable taxes. Accordingly, shareholders and prospective shareholders should
consult a competent tax adviser about the tax consequences to them of investing
in a Fund.

GENERAL. Each Fund intends to qualify annually and elect to be treated as a
regulated investment company under Subchapter M of the Code. To qualify, a Fund
must, among other things, (a) derive in each taxable year at least 90% of its
gross income from dividends, interest, payments with respect to securities
loans, gains from the sale or other disposition of stock, securities, or foreign
currencies, or other income (including but not limited to gains from options,
futures, and forward contracts) derived with respect to its business of
investing in such stock, securities or currencies; and (b) diversify its

<PAGE> 42
holdings so that, at the end of each fiscal quarter, (i) at least 50% of the
market value of the Fund's assets is represented by cash, U.S. Government
securities, the securities of other regulated investment companies, and other
securities, with such other securities of any one issuer limited for purposes of
this calculation to an amount not greater than 5% of the Fund's assets and 10%
of the outstanding voting securities of such issuer, and (ii) not more than 25%
of the value of its total assets is invested in securities of any other issuer
(other than U.S. Government securities and the securities of other regulated
investment companies).

As a regulated investment company, each Fund generally will not be subject to
U.S. Federal income tax on its investment company taxable income (which
includes, among other items, dividends, interest and net short-term capital
gains in excess of net long-term capital losses) and net capital gains (net
long-term capital gains in excess of net short-term capital losses) that it
distributes to shareholders, if at least 90% of its investment company taxable
income for the taxable year is distributed. Each Fund intends to distribute such
income.

Amounts not distributed on a timely basis in accordance with a calendar year
distribution requirement are subject to a nondeductible 4% excise tax. To avoid
that tax, each Fund must distribute during each calendar year an amount equal to
(1) at least 98% of its ordinary income (not taking into account any capital
gains or losses) for the calendar year, (2) at least 98% of its capital gains in
excess of its capital losses (adjusted for certain ordinary losses) for the
twelve-month period ending on October 31 of the calendar year, and (3) all
ordinary income and capital gains for previous years that were not distributed
during such years. A distribution will be treated as paid on December 31 of the
current calendar year if it is declared by a Fund in October, November or
December of that year to shareholders of record at some date in such a month and
paid by the Fund during January of the following calendar year. Such
distributions will be taken into account by shareholders in the calendar year
the distributions are declared, rather than the calendar year in which the
distributions are received.

DISTRIBUTIONS. Distributions of investment company taxable income are taxable to
a U.S. shareholder as ordinary income, whether paid in cash or shares. Because
it is not anticipated that any portion of a Fund's gross income will consist of
dividends from domestic corporations, no portion of the dividends paid by a Fund
to its corporate shareholders is expected to qualify for the dividends received
deduction. Distributions of net capital gains, if any, which are designated as
capital gain dividends are taxable to individual shareholders at a maximum 20%
or 28% capital gains rate (depending on the Fund's holding period for the assets
giving rise to the gain), whether paid in cash or in shares, and regardless of
how long the shareholder has held the Fund's shares. Such distributions are not
eligible for the dividends received deduction. The tax treatment of
distributions from a Fund is the same whether the dividends are received in cash
or in additional shares. Shareholders receiving distributions in the form of
newly issued shares will have a cost basis in each share received equal to the
net asset value of a share of the Fund on the reinvestment date. A distribution
of an amount in excess of a Fund's current and accumulated earnings and profits
will be treated by a shareholder as a return of capital which is applied against
and reduces the shareholder's basis in his or her shares. To the extent that the
amount of any such distribution exceeds the shareholder's basis in his or her
shares, the excess will be treated by the shareholder as gain from a sale or
exchange of the shares. Shareholders will be notified annually as to the U.S.
Federal tax status of distributions and shareholders receiving distributions in
the form of newly issued shares will receive a report as to the net asset value
of the shares received.

If the net asset value of shares is reduced below a shareholder's cost as a
result of a distribution by a Fund, such distribution will be taxable even
though it represents a return of invested capital. Investors should be careful
to consider the tax implications of buying shares just prior to a distribution.
The price of shares purchased at this time may reflect the amount of the
forthcoming distribution. Those

<PAGE> 43
purchasing just prior to a distribution will receive a distribution which will
nevertheless be taxable to them.

DISPOSITION OF SHARES. Upon a redemption, sale or exchange of his or her shares,
a shareholder will realize a taxable gain or loss depending upon his or her
basis in the shares. Such gain or loss will be treated as capital gain or loss
if the shares are capital assets in the shareholder's hands and may be eligible
for reduced federal tax rates, generally depending upon the shareholder's
holding period for the shares. Any loss realized on a redemption, sale or
exchange will be disallowed to the extent the shares disposed of are replaced
(including through reinvestment of dividends) within a period of 61 days
beginning 30 days before and ending 30 days after the shares are disposed of. In
such a case, the basis of the shares acquired will be adjusted to reflect the
disallowed loss. Any loss realized by a shareholder on the sale of Fund shares
held by the shareholder for six months or less will be treated as a long-term
capital loss to the extent of any distributions of net capital gains received or
treated as having been received by the shareholder with respect to such shares.

DISCOUNT. Certain of the bonds purchased by the Funds may be treated as bonds
that were originally issued at a discount. Original issue discount represents
interest for Federal income tax purposes and can generally be defined as the
difference between the price at which a security was issued and its stated
redemption price at maturity. Original issue discount is treated for Federal
income tax purposes as income earned by a Fund even though the Fund doesn't
actually receive any cash, and therefore is subject to the distribution
requirements of the Code. The amount of income earned by the Fund generally is
determined on the basis of a constant yield to maturity which takes into account
the semiannual compounding of accrued interest.

In addition, some of the bonds may be purchased by a Fund at a discount which
exceeds the original issue discount on such bonds, if any. This additional
discount represents market discount for Federal income tax purposes. The gain
realized on the disposition of any bond having market discount will be treated
as ordinary income to the extent it does not exceed the accrued market discount
on such bond (unless the Fund elects for all its debt securities acquired after
the first day of the first taxable year to which the election applies having a
fixed maturity date of more than one year from the date of issue to include
market discount in income in tax years to which it is attributable). Generally,
market discount accrues on a daily basis for each day the bond is held by the
Fund at a constant rate over the time remaining to the bond's maturity.

BACKUP WITHHOLDING. Each Fund generally will be required to report to the IRS
all distributions as well as gross proceeds from the redemption of the Fund's
shares, except in the case of certain exempt shareholders. All such
distributions and proceeds will be subject to withholding of Federal income tax
at a rate of 31% ("backup withholding") in the case of non-exempt shareholders
if (1) the shareholder fails to furnish the Fund with and to certify the
shareholder's correct taxpayer identification number or social security number;
(2) the IRS notifies the shareholder or the Fund that the shareholder has failed
to report properly certain interest and dividend income to the IRS and to
respond to notices to that effect; or (3) when required to do so, the
shareholder fails to certify that he or she is not subject to backup
withholding. If the withholding provisions are applicable, any such
distributions or proceeds, whether reinvested in additional shares or taken in
cash, will be reduced by the amounts required to be withheld.

OTHER TAXATION. The foregoing discussion relates only to U.S. Federal income tax
law as applicable to U.S. persons (i.e., U.S. citizens and residents and
domestic corporations, partnerships, trusts and estates). Distributions by a
Fund also may be subject to state and local taxes, and their treatment under
state and local income tax laws may differ from the U.S. Federal income tax
treatment. In many states, Fund distributions which are derived from interest on
certain U.S. Government obligations are exempt from

<PAGE> 44
state and local taxation. Shareholders should consult their tax advisers with
respect to particular questions of U.S. Federal, state and local taxation.
Shareholders who are not U.S. persons should consult their tax advisers
regarding U.S. and foreign tax consequences of ownership of shares of the Fund,
including the likelihood that distributions to them would be subject to
withholding of U.S. Federal income tax at a rate of 30% (or at a lower rate
under a tax treaty).

BROKERAGE ALLOCATION

To the maximum extent feasible, the Manager places orders for portfolio
transactions through the Distributor, which in turn places orders on behalf of
each Fund with other broker-dealers. The Distributor receives no commissions,
fees or other remuneration from a Fund for this service. Allocation of brokerage
is supervised by the Manager. For the initial fiscal period ended December 31,
1996 and the fiscal year ended December 31, 1997, Weiss Treasury Only Money
Market Fund did not pay any brokerage commissions in connection with portfolio
transactions.

The primary objective of the Manager in placing orders for the purchase and sale
of securities for a Fund's portfolio is to obtain the most favorable net results
taking into account such factors as price, commission (negotiable in the case of
U.S. national securities exchange transactions) where applicable, size of order,
difficulty of execution and skill required of the executing broker-dealer. The
Manager seeks to evaluate the overall reasonableness of brokerage commissions
paid (to the extent applicable) through the familiarity of the Distributor with
commissions charged on comparable transactions, as well as by comparing
commissions paid by a Fund to reported commissions paid by others. The Manager
reviews on a routine basis commission rates, execution and settlement services
performed, making internal and external comparisons.

A Fund's purchases and sales of fixed-income securities are generally placed by
the Manager with primary market makers for these securities on a net basis,
without any brokerage commission being paid by the Fund. Trading does, however,
involve transaction costs. Transactions with dealers serving as primary market
makers reflect the spread between the bid and asked prices. Purchases of
underwritten issues may be made that will include an underwriting fee paid to
the underwriter. Portfolio transactions in debt securities may also be placed on
an agency basis, with a commission being charged.

When it can be done consistently with the policy of obtaining the most favorable
net results, it is the Manager's practice to place such orders with
broker-dealers who supply research, market and statistical information to the
Funds. The term "research market and statistical information" includes advice as
to the value of securities; the advisability of investing in, purchasing or
selling securities; the availability of securities or purchasers or sellers of
securities; and analyses and reports concerning issuers, industries, securities,
economic factors and trends, portfolio strategy and the performance of accounts.
The Manager is not authorized when placing portfolio transactions for a Fund to
pay a brokerage commission (to the extent applicable) in excess of that which
another broker might charge for executing the same transaction solely on account
of the receipt of research, market or statistical information. The Manager does
not place orders with brokers or dealers because the broker or dealer has or has
not sold shares of a Fund. In effecting transactions in over-the-counter
securities, orders are placed with the principal market makers for the security
being traded unless, after exercising care, it appears that more favorable
results are available elsewhere.

Although certain research, market and statistical information from
broker-dealers may be useful to a Fund and to the Manager, it is the opinion of
the Manager that such information only supplements its own research effort since
the information must still be analyzed, weighed and reviewed by the Manager's
staff. Such information may be useful to the Manager in providing services to
clients other than a Fund

<PAGE> 45
and not all such information is used by the Manager in connection with the Fund.
Conversely, such information provided to the Manager by broker-dealers through
whom other clients of the Manager effect securities transactions may be useful
to the Manager in providing services to a Fund.

The Trustees of the Trust review from time to time whether the recapture for the
benefit of a Fund of some portion of the brokerage commissions or similar fees
paid by the Fund on portfolio transactions is legally permissible and advisable.

PORTFOLIO TURNOVER

Fund securities may be sold in an effort to improve a Fund's overall investment
return. Each Fund's portfolio turnover rate is calculated by dividing the lesser
of purchases or sales of portfolio securities for the fiscal year by the monthly
average of the value of the portfolio securities owned by the Fund during the
fiscal year. A 100% turnover rate occurs, for example, if all of the Fund's
portfolio securities are sold and either repurchased or replaced within one
year. For purposes of determining portfolio turnover, all securities whose
maturities at the time of acquisition were one year or less are excluded.

A higher portfolio turnover rate involves correspondingly higher brokerage
commissions and other transaction costs, which will be borne directly by the
affected Fund. In addition, short-term gains realized from portfolio
transactions are taxable to shareholders as ordinary income.

NET ASSET VALUE

The net asset value per share of each Fund is determined by dividing the value
of the total assets of the Fund, less all liabilities, by the total number
shares of the Fund outstanding. Net asset value for Weiss Treasury Bond Fund is
computed once daily as of the close of regular trading on the Exchange (normally
4:00 p.m. New York time) on each day the Exchange is open for trading. For
purposes of processing purchase and redemption orders, the net asset value per
share of Weiss Treasury Only Money Market Fund is calculated as of 12:00 noon
and as of the close of regular trading on the Exchange on each business day
except those holidays which the Exchange or the Federal Reserve Bank observe.
The Exchange is normally closed on New Year's Day, Martin Luther King, Jr.'s
Birthday, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor
Day, Thanksgiving Day and Christmas Day. On those days when the Funds' Custodian
or the Exchange close early as a result of such day being a partial holiday or
otherwise, the Funds reserve the right to advance on that day the time by which
purchase and redemption requests must be received.

WEISS TREASURY ONLY MONEY MARKET FUND

Weiss Treasury Only Money Market Fund uses the amortized cost method of security
valuation, as permitted under Rule 2a-7 under the 1940 Act. Under this method,
securities acquired by the Fund are valued at cost on the date of acquisition
and thereafter assume a constant accretion of discount or amortization of
premium to maturity, regardless of the impact of fluctuating interest rates on
the market value of the instruments.

WEISS TREASURY BOND FUND

Debt securities, other than short-term securities, are valued at bid prices
supplied by the Fund's pricing agent and reflect broker-dealer supplied
valuations and electronic data processing techniques. Short-term securities with
remaining maturities of sixty days or less are valued by the amortized cost
method, which the Board of Trustees believes approximates market value. If it is
not possible to value a

<PAGE> 46
particular debt security pursuant to these valuation methods, the value of such
security is the most recent bid quotation supplied by a bona fide marketmaker.
If no such bid quotation is available, the Manager may calculate the price of
that debt security, subject to limitations established by the Board of Trustees.

If a security is traded on more than one exchange, or on one or more exchanges
and in the over-the-counter market, quotations are taken from the market in
which the security is traded most extensively.

If, in the opinion of the Fund's Valuation Committee, the value of an asset as
determined in accordance with these procedures does not represent the fair
market value of the asset, the value of the asset is taken to be an amount
which, in the opinion of the Valuation Committee, represents fair market value
on the basis of all available information. The value of other portfolio holdings
owned by the Fund is determined in a manner which, in the discretion of the
Valuation Committee most fairly reflects fair market value of the property on
the valuation date.

INDEPENDENT ACCOUNTANTS

Tait, Weller & Baker, Eight Penn Center Plaza, Suite 800, Philadelphia, PA
19103-2108 has been appointed to serve as the Funds' independent accountants for
the fiscal year ending December 31, 1998. The services to be performed by Tait,
Weller & Baker include audits of the Funds' annual financial statements and
preparation of the Funds' federal and state income tax returns.

FINANCIAL STATEMENTS

The audited financial statements of Weiss Treasury Only Money Market Fund for
the fiscal period ended December 31, 1996 and the fiscal year ended December 31,
1997, including the Financial Highlights and Notes to Financial Statements, are
incorporated by reference into this Statement of Additional Information in their
entirety. The Financial Statements incorporated by reference herein have been so
included in reliance on the report of the Fund's former independent accountants
and given on the authority of that firm as experts in accounting and auditing.

ADDITIONAL INFORMATION

Dechert Price & Rhoads, Ten Post Office Square--South, Boston, MA 02109 serves
as counsel to the Trust and the Funds.

<PAGE> 47
PART C. OTHER INFORMATION

Item 24 Financial Statements and Exhibits

(a) Financial Statements:

Included in Part A:

- Financial Highlights

Incorporated by reference in Part B:

- Schedule of Investments
- Statement of Assets and Liabilities
- Statement of Operations
- Statement of Changes in Net Assets
- Financial Highlights
- Notes to Financial Statements

(b) Exhibits:

1. (a) Declaration of Trust of the Registrant dated August 10,1995.(1)

(b) Establishment and Designation of Shares of Beneficial Interest,
$.01 Par Value Per Share.(1)

(c) Trustee's Certificate dated February 9, 1998 pertaining to
termination of Weiss Intermediate Treasury Fund is filed herein.

2. By-Laws of the Registrant dated August 10, 1995.(1)

3. Not applicable.

4. Not applicable.

5. (a) Investment Advisory Agreement between the Registrant, on behalf of
Weiss Treasury Only Money Market Fund, and Weiss Money Management, Inc.(3)

(b) Investment Advisory Agreement between the Registrant, on behalf of
Weiss Intermediate Treasury Fund, and Weiss Money Management, Inc.(3)

(c) Investment Advisory Agreement between the Registrant, on behalf of
Weiss Treasury Bond Fund, and Weiss Money Management, Inc.(3)

6. Distribution Agreement between the Registrant and Weiss Funds, Inc.(3)

7. Not applicable.
<PAGE> 48

8. (a) Custodian Agreement between the Registrant and PNC Bank.(3)

(b) Letter Agreement to Custodian Agreement between the Registrant and
PNC Bank.(3)

(d) Letter Agreement to Transfer Agency and Service Agreement
between the Registrant and PFPC Inc.(3)

(e) Administration and Accounting Services Agreement between the
Registrant and PFPC Inc.(3)

(f) Letter Agreement to Administration and Accounting Services
Agreement between the Registrant and PFPC Inc.(3)

9. Not applicable.

10. Opinion and Consent of Dechert Price & Rhoads is filed herein.

11. (a) Consent of Tait, Weller & Baker, independent accountants to the
Trust, is filed herein.

(b) Consent and Report of the former independent accountants to the
Trust is filed herein.

12. Not Applicable.

13. Copy of Investment Representation Letter from Initial Shareholder.(2)

14. Form of Weiss Individual Retirement Plan.(2)

15. Not applicable.

16. Schedule for Computation of Performance Quotations.(3)

17. Financial Data Schedules are filed herein.

18. Not applicable.

- ------------------------

(1) Incorporated by reference to Registrant's initial Registration Statement
on Form N-1A.
<PAGE> 49

(2) Incorporated by reference to Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A.

(3) Incorporated by reference to Post-Effective Amendment No. 3 to
Registrant's Registration Statement on Form N-1A.

Item 25 Persons Controlled By or Under Common Control With Registrant

Not applicable.

Item 26 Number of Holders of Securities

<TABLE>
<CAPTION>
Fund Record Holders

<S> <C>
Weiss Treasury Only Money Market Fund (3/31/98) 944

Weiss Treasury Bond Fund (3/31/98) 1
</TABLE>

Item 27 Indemnification

A policy of insurance covering Weiss Money Management, Inc. and the
Registrant insures the Registrant's trustees and officers and others against
liability arising by reason of an alleged breach of duty caused by any negligent
act, error or accidental omission in the scope of their duties.

Reference is made to Article IV of the Registrant's Declaration of Trust,
dated August 10, 1995, filed with the Registrant's initial Registration
Statement on Form N-1A and incorporated by reference herein.

Item 28 Business and Other Connections of Investment Adviser

Reference is made to the Form ADV dated March 14, 1997 of Weiss Money
Management, Inc. (SEC File No. 801-33726), investment adviser to Weiss Treasury
Only Money Market Fund and Weiss Treasury Bond Fund. The information required by
this Item 28 is incorporated by reference to such Form ADV.

Item 29 Principal Underwriters

(a) Not applicable.
<PAGE> 50
<TABLE>
<CAPTION>
<S> <C> <C>
(b) Name,
Business Positions and Offices Positions and Offices
Address(1) with Underwriter with Registrant

John N. Breazeale President Chairman of the Board
and President

Martin D. Weiss Director Trustee

Sharon A. Parker Vice President Secretary
</TABLE>

(1) 4176 Burns Road
Palm Beach Gardens, FL 33410

Item 30 Location of Accounts and Records

Weiss Money Management Inc., 4176 Burns Road, Palm Beach Gardens, Florida
33410; PFPC Inc., Bellevue Park Corporate Center, 103 Bellevue Parkway,
Wilmington, Delaware 19809; PNC Bank, 200 Stevens Drive, Lester, Pennsylvania
19113.

Item 31 Management Services

Not applicable.

Item 32 Undertakings

(a) Not applicable.

(b) Not applicable.

(c) Registrant undertakes to furnish to each person to whom a prospectus
is delivered, upon request and without charge, a copy of the Registrant's latest
annual report to shareholders.

<PAGE> 51
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Post-Effective Amendment No. 4 to its
Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933
and has duly caused this Post-Effective Amendment No. 4 to its Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Boston, in the Commonwealth of Massachusetts, on the
29th day of April, 1998.

WEISS TREASURY FUND

By: *
-----------------------
John N. Breazeale
President

*By: /s/ JOSEPH R. FLEMING
-----------------------
Joseph R. Fleming
Attorney-in-fact

Pursuant to the requirements of the Securities Act of 1933, this Post-
Effective Amendment No. 4 to the Registration Statement has been signed below by
the following persons in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
Signatures Title Date
---------- ----- ----
<S> <C> <C>

* Chairman of the Board April 29, 1998
-------------------- and President (Principal
John N. Breazeale Executive Officer)

Treasurer (Principal April 29, 1998
/s/NEAL J. ANDREWS Financial Officer)
--------------------
Neal J. Andrews

* Trustee April 29, 1998
--------------------
Esther S. Gordon

* Trustee April 29, 1998
--------------------
Robert L. Lehrer
</TABLE>

<PAGE> 52

<TABLE>
<CAPTION>
<S> <C> <C>
* Trustee April 29, 1998
--------------------
Martin D. Weiss

* Trustee April 29, 1998
--------------------
Donald Wilk

*By: /s/ JOSEPH R. FLEMING
---------------------
Joseph R. Fleming
Attorney-in-fact
</TABLE>

* Executed pursuant to powers of attorney filed with Registrant's Pre-Effective
Amendment No. 2 to its Registration Statement.

<PAGE> 53

EXHIBIT INDEX

1c. Trustee's Certificate dated February 9, 1998 pertaining to termination of
Weiss Intermediate Treasury Fund.

10. Opinion of Consent of Dechert Price & Rhoads.

11a. Consent of Tait, Weller & Baker, independent accountants to the Trust.

11b. Consent and Report of the former independent accountants to the Trust.

17. Financial Data Schedules.

<PAGE> 1

Exhibit 1c

WEISS TREASURY FUND

Trustee's Certificate

The undersigned hereby certifies that he is a duly elected and
qualified Trustee of Weiss Treasury Fund, a Massachusetts business trust (the
"Trust"), and that, pursuant to Article VIII, Section 8.2 of the Trust's
Declaration of Trust dated and filed with The Commonwealth of Massachusetts
August 10, 1995, the Weiss Intermediate Treasury Fund series of the Trust was
terminated by a written instrument dated December 10, 1997 and signed by a
majority of the Trustees.

Dated: February 9, 1998 JOHN N. BREAZEALE
John N. Breazeale, as Trustee

<PAGE> 1

Exhibit 10

DECHERT PRICE & RHOADS
TEN POST OFFICE SQUARE -- SOUTH
SUITE 1230
BOSTON, MA 02109-4603

April 30, 1998

Weiss Treasury Fund
4176 Burns Road
Palm Beach Gardens, FL 33410

Dear Sirs:

As counsel for Weiss Treasury Fund (the "Trust"), we are familiar with
the registration of the Trust under the Investment Company Act of 1940, as
amended (the "1940 Act") (File No. 811-09084), and Post-Effective Amendment No.
4 to the Trust's registration statement relating to the shares of beneficial
interest (the "Shares") of Weiss Treasury Only Money Market and Weiss Treasury
Bond Fund (the "Funds") being filed under the Securities Act of 1933, as amended
(File No. 33-95688) ("Post-Effective Amendment No. 4"). We have also examined
such other records of the Trust, agreements, documents and instruments as we
deemed appropriate.

Based upon the foregoing, it is our opinion that the Shares have been
duly authorized and, when issued and sold at the public offering price
contemplated by the Prospectus for the Funds and delivered by the Trust against
receipt of the net asset value of the Shares, will be issued as fully paid and
nonassessable Shares of the Trust.

We consent to the filing of this opinion on behalf of the Trust with
the Securities and Exchange Commission in connection with the filing of
Post-Effective Amendment No. 4.

Very truly yours,

DECHERT PRICE & RHOADS

<PAGE> 1

Exhibit 11a

CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

We consent to the references to our firm in Post-Effective Amendment No. 4
to the Registration Statement on Form N-1A of the Weiss Treasury Fund.

TAIT, WELLER & BAKER

Philadelphia, Pennsylvania
April 29, 1998

<PAGE> 1

Exhibit 11b

CONSENT OF INDEPENDENT ACCOUNTANTS

We consent to the inclusion in Part C and incorporation by reference in the
Statement of Additional Information in Post-Effective Amendment No. 4 to the
Registration Statement under the Securities Act of 1933 of the Weiss Treasury
Fund on Form N-1A (File No. 33-95688) of our report dated February 6, 1998,
on our audit of the financial statements and financial highlights of the Weiss
Treasury Only Money Market Fund and the Weiss Intermediate Treasury Fund of the
Weiss Treasury Fund, which report is included in the Annual Report to
Shareholders for the year ended December 31, 1997.

COOPERS & LYBRAND L.L.P.

2400 Eleven Penn Center
Philadelphia, Pennsylvania
April 29, 1998

<PAGE> 2

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 Weiss
Intermediate Treasury Fund), as of December 31, 1997, and the related statements
of operations for the year then ended, the statement of changes in net assets
for each of the two years or periods then ended and the financial highlights for
each of the periods presented. 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 conduct 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, 1997. 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,
1997, and the results of their operations for the year then ended, the changes
in their net assets for each of the two years or periods then ended and their
financial highlights for each of the periods presented, in conformity with
generally accepted accounting principles.

COOPERS & LYBRAND L.L.P.

2400 Eleven Penn Center
Philadelphia, Pennsylvania
February 6, 1998

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