<PAGE> PAGE 1
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005 000000 N
006 000000 N
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007 C020100 WEISS TREASURY ONLY MONEY MARKET FUND
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008 A00AA01 WEISS MONEY MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-33726
008 D01AA01 PALM BEACH GARDENS
008 D02AA01 FL
008 D03AA01 33410
010 A00AA01 PFPC INC.
010 B00AA01 85-1196
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19809
011 A00AA01 WEISS FUNDS, INC.
011 B00AA01 8-48567
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<PAGE> PAGE 2
012 B00AA01 85-1196
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000949328
<NAME> WEISS TREASURY FUND
<SERIES>
<NUMBER> 01
<NAME> WEISS TREASURY ONLY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 68683806
<INVESTMENTS-AT-VALUE> 68683806
<RECEIVABLES> 376177
<ASSETS-OTHER> 40771
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<TOTAL-ASSETS> 69100754
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<EQUALIZATION> 0
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<NUMBER-OF-SHARES-REDEEMED> (24845049)
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountant's report on internal control.
- --------------------------------------------------------------
Exhibit A:
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Trustees
The Weiss Treasury Only Money Market Fund
Palm Beach Gardens, Florida
In planning and performing our audit of the financial statements of
The Weiss Treasury Only Money Market Fund for the year ended
December 31, 1998, we considered their internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives
of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that
transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation
of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined
above, as of December 31, 1998.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and should
not be used for any other purpose.
Tait, Weller & Baker
Philadelphia, Pennsylvania
January 15, 1999
