UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09084
The Weiss Fund
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
7111 Fairway Drive, Suite 102
Palm Beach Gardens, FL 33418
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jeffrey B. Wilson, Esq.
7111 Fairway Drive, Suite 102
Palm Beach Gardens, FL 33418
- --------------------------------------------------------------------------------
(Name and address of agent for service)
registrant's telephone number, including area code: 561-515-8558
Date of fiscal year end: December 31
Date of reporting period: June 30, 2005
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
THE WEISS FUND
June 30, 2005
A LETTER FROM THE PRESIDENT
Dear Shareholder,
It is with pleasure that I present the Semi-Annual Report for the six
months ended June 30, 2005, for the Weiss Treasury Only Money Market Fund.
Over the past 6 months, the lead story for bond investors has been the
Federal Reserve's continued policy of gradually reversing the accommodative
monetary policy which had brought short-term interest rates to multi-decade lows
in 2004. Amid improving economic conditions and moderately rising inflation
statistics, the FOMC (Federal Open Market Committee) more than tripled the Fed
Funds rate, the overnight lending rate between banking institutions, from 1% in
June 2004, to 3.25% in June 2005.
The Fed's decision to raise short-term interest rates caused a predictable
increase in yields of short-maturity securities as they tend to be most directly
influenced by changes in the Fed Funds rate. Unpredictably, longer-term interest
rates actually declined in the face of tighter monetary policy. One significant
influence on long-term rates came from foreign central banks recycling their
trade surpluses back into dollar denominated securities, principally U.S.
Treasuries, as yields on U.S. long-term instruments were among the highest of
the industrialized nations. This activity allowed long-term interest rates to
remain low in spite of Fed tightening and growing inflation pressures here at
home.
Fortunately, the performance on your Treasury Only Money Market Fund is not
directly affected by the gyrations of long-term interest rates. The Fund invests
in the shortest and safest maturities in the World - US Treasury Bills - and
must maintain an average weighted maturity of 90 days or less at all times.
Yields on these short-term securities were much more stable than their long-term
counterparts, having risen in near lock-step with the Fed Funds rate over the
past 6 months.
Our policy of keeping the average weighted maturity low in the face of
rising short-term interest rates with regards to the management of your Fund
continued in the first half of the year. This policy allowed us the flexibility
to quickly invest maturities at higher yields as they became available. Indeed,
we kept the Fund's average weighted maturity below 30 days throughout the
period, well below our allowed 90 day limit, in order to quickly benefit from
rising yields. The Fund returned 0.94% in the first half of 2005, well in excess
of the 0.15% return through the first six months of 2004.
As we head into the second half of 2005, we expect the Federal Reserve to
continue raising short-term interest rates, perhaps a few more times in order to
keep inflationary pressures in check. The market currently expects the Fed Funds
rate to reach 4% by year-end, a view we share. This forecast, should it
materialize, would be positive for our valued shareholders.
We thank you for investing in the Weiss Treasury Only Money Market Fund and
welcome your questions and comments. As always we look forward to continuing to
serve your interests in the future. Should you have any questions about The
Weiss Fund, please call a Fund representative at 1-800-430-9617.
THE WEISS FUND
FUND EXPENSE EXAMPLES
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, and (2) ongoing costs, including management fees; and other Fund
expenses. This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period January 1, 2005 to June 30, 2005.
ACTUAL EXPENSES
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use the information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads). Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
1/1/05 6/30/05 1/1/05-6/30/05
------------- ------------- ---------------
Actual........................................ $1,000 $1,009.44 $3.39
Hypothetical (5% return before expenses)...... $1,000 $1,021.42 $3.41
====== ========= =====
</Table>
- ------------
* Expenses are equal to the Fund's annualized expense ratio of 0.68% multiplied
by the average account value of over the period, multiplied by 181/365 (to
reflect the one-half year period).
1
THE WEISS FUND
PORTFOLIO HOLDINGS
The SEC adopted a requirement that all funds present their categories of
portfolio holdings in a table, chart or graph format in their annual and
semi-annual shareholder reports, whether or not a schedule of investments is
utilized. The following table, which presents portfolio holdings as a percent of
total investments is provided in compliance with such requirement.
<Table>
U.S. Treasury Bills......................................... 62.7%
Repurchase Agreement........................................ 37.3%
-----
100.0%
</Table>
2
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, JUNE 30, 2005
(UNAUDITED)
<Table>
<Caption>
DESCRIPTION AND PERCENTAGE OF PORTFOLIO PAR (000) VALUE
- --------------------------------------- --------- -----------
U.S. TREASURY BILLS -- 62.8%
2.645%, due 07/07/05................................... $ 5,000 $ 4,997,796
2.735%, due 07/14/05................................... 5,000 4,995,062
2.830%, due 07/21/05................................... 5,000 4,992,139
2.830%, due 07/28/05................................... 5,000 4,989,387
2.880%, due 08/04/05................................... 5,000 9,973,367
2.885%, due 08/04/05................................... 5,000 4,986,376
2.900%, due 08/11/05................................... 5,000 4,983,486
2.860%, due 08/18/05................................... 5,000 4,980,933
2.865%, due 08/18/05................................... 5,000 9,961,800
2.880%, due 08/25/05................................... 5,000 4,978,000
2.920%, due 09/01/05................................... 5,000 4,974,856
-----------
TOTAL U.S. TREASURY BILLS (COST $64,813,202)................ 64,813,202
-----------
REPURCHASE AGREEMENT -- 37.3%
Morgan Stanley Repurchase Agreement 2.80%, due 07/01/05
(dated 06/30/05; proceeds $38,502,994 collateralized by
$38,810,000 U.S. Treasury Bond, 3.625% due 07/15/09,
Valued at $39,343,638) (cost $38,500,000)..............
TOTAL REPURCHASE AGREEMENT (COST $38,500,000)............... 38,500 38,500,000
-----------
</Table>
3
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, JUNE 30, 2005 (CONCLUDED)
(UNAUDITED)
<Table>
<Caption>
SHARES
(000) VALUE
--------- ------------
SHORT-TERM INVESTMENT -- 0.2%
BlackRock Provident Institutional Funds -- T-Fund (Cost
$201,219).............................................. 201 $ 201,219
------------
TOTAL INVESTMENTS -- 100.3% (COST $103,514,421*)............ 103,514,421
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.3%)
Accrued Advisory Expense.................................. (16,204)
Accrued Administrative Expense............................ (11,575)
Accrued Custody Expense................................... (3,403)
Accrued Transfer Agent Expense............................ (6,240)
Other Liabilities......................................... (246,402)
Other Assets.............................................. 9,586
------------
(274,238)
------------
NET ASSETS -- 100.0% (Equivalent to $1.00 per share based on
103,240,581 shares of capital stock outstanding).......... $103,240,183
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($103,240,183 / 103,240,581 shares outstanding)........... $ 1.00
============
</Table>
- ------------
* Aggregate cost for federal income tax purposes is substantially the same.
See accompanying notes to financial statements.
4
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2005
(UNAUDITED)
<Table>
INVESTMENT INCOME:
Interest.................................................. $1,396,988
----------
EXPENSES:
Investment advisory fees.................................. 271,929
Administration fees....................................... 58,515
Transfer agent fees....................................... 83,523
Registration and filing fees.............................. 15,199
Legal fees................................................ 62,372
Custodian fees............................................ 10,765
Printing fees............................................. 9,459
Insurance fees............................................ 6,660
Trustees' fees............................................ 12,589
Audit fees................................................ 5,397
Miscellaneous expense..................................... 693
----------
537,101
Less: expenses waived and reimbursed...................... (167,250)
----------
Total expenses......................................... 369,851
----------
Net investment income.................................. 1,027,137
----------
Net increase in net assets resulting from operations........ $1,027,137
==========
</Table>
See accompanying notes to financial statements.
5
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOR THE SIX-MONTH
PERIOD ENDED FOR THE
JUNE 30, 2005 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2004
------------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment income............................. $ 1,027,137 $ 698,175
------------ ------------
Net increase in net assets resulting from
operations...................................... 1,027,137 698,175
Distributions:
From net investment income ($.01 and $.01 per
share, respectively)............................ (1,027,137) (698,175)
Capital share transactions:
Net decrease from capital share transactions...... (10,099,786) (47,798,043)
------------ ------------
Total decrease in net assets...................... (10,099,786) (47,798,043)
NET ASSETS
Beginning of year.................................... 113,339,969 161,138,012
------------ ------------
End of year.......................................... $103,240,183 $113,339,969
============ ============
</Table>
See accompanying notes to financial statements.
6
THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD OR YEAR
<Table>
<Caption>
FOR THE SIX-MONTH
PERIOD ENDED FOR THE YEAR ENDED DECEMBER 31,
JUNE 30, 2005 ----------------------------------------------------
(UNAUDITED) 2004 2003 2002 2001 2000
----------------- -------- -------- -------- -------- --------
NET ASSET VALUE,
BEGINNING OF PERIOD OR
YEAR................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment
income.............. 0.01 0.01 0.00 0.01 0.03 0.06
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment
income.............. (0.01) (0.01) (0.00)+ (0.01) (0.03) (0.06)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD OR YEAR......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
TOTAL RETURN............. 0.94% 0.59% 0.44% 1.14% 3.54% 5.65%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
or year (000).......... $103,240 $113,340 $161,138 $182,559 $137,136 $130,053
Ratio of expenses to
average net
assets(1).............. 0.68%* 0.68% 0.65% 0.60% 0.59% 0.50%
Ratio of net investment
income to average net
assets(2).............. 1.89%* 0.55% 0.46% 1.11% 3.48% 5.51%
</Table>
- ------------
* Annualized
+ Distributions are less than a penny per share.
(1) Expense ratios before waivers and reimbursement of expenses for the period
ended June 30, 2005, and the years ended December 31, 2004, 2003, 2002,
2001, and 2000 would have been 0.99%, 0.91%, 0.75%, 0.82%, 0.87%, and 0.90%,
respectively.
(2) Net investment income ratios before waivers and reimbursement of expenses
for the period ended June 30, 2005, and the years ended December 31, 2004,
2003, 2002, 2001, and 2000 would have been 1.58%, 0.32%, 0.36%, 0.89%,
3.20%, and 5.11%, respectively.
See accompanying notes to financial statements.
7
THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2005
(UNAUDITED)
1. FUND ORGANIZATION
The Weiss Fund (the "Trust") is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as an open-end management investment company.
The Trust was organized as a Massachusetts business trust on August 10, 1995 as
Weiss Treasury Fund. The Trust is a series fund that is authorized to issue
shares of beneficial interest in the Weiss Treasury Only Money Market Fund (the
"Fund"). The Fund commenced operations on June 28, 1996.
The Board of Trustees of the Trust oversees the business affairs of the Trust
and is responsible for significant decisions relating to the Fund's investment
objectives and policies. The Trustees delegate the day-to-day management of the
Fund to the officers of the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements. The preparation of
financial statements in accordance with accounting principles generally accepted
in the United States of America requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
Portfolio Valuation: The Fund's securities are valued at amortized cost.
Amortized cost valuation involves valuing an instrument at its cost initially
and, thereafter, assuming a constant amortization to maturity of any applicable
discount or premium.
Security Transactions and Investment Income: Security transactions are recorded
on the trade date. Realized gains and losses on investments sold are recorded on
the identified cost basis. Interest income, including the accretion of discount
and amortization of premium, is accrued daily. The Fund's expenses are also
accrued daily. Net investment income for the Fund consists of all interest
income accrued on the Fund's assets, less accrued expenses.
Dividends and Distributions to Shareholders: Dividends from the Fund's net
investment income are declared daily and paid monthly. The Fund intends to pay
accrued dividends on the last business day of each month. The Fund may make an
additional distribution of income and gains if necessary to satisfy a calendar
year excise tax distribution requirement. The tax character of all distributions
paid during 2004 was ordinary income.
Federal Income Taxes: The Fund is classified as a separate taxable entity for
Federal income tax purposes. The Fund intends to qualify as a "regulated
investment company" under the Internal Revenue Code and make the requisite
distributions to its shareholders that will be sufficient to relieve it from
Federal income tax and Federal excise tax. Therefore, no Federal tax provision
is required. Net investment income and short-term capital gains, if any, are
taxed as ordinary income. Income and capital gains of the Fund are determined in
accordance with both tax regulations and accounting principles generally
accepted in the United States of America. Such determinations may result in
temporary and permanent differences between tax basis earnings and earnings
reported for financial statement purposes.
8
THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
These reclassifications, which have no impact on the net asset value of the
Fund, are primarily attributable to certain differences in computation of
distributable income and capital gains.
Repurchase Agreements: The Fund may agree to purchase money market instruments
subject to the seller's agreement to repurchase them at an agreed upon date and
price. The seller, under a repurchase agreement, will be required on a daily
basis to maintain the value of the securities subject to the agreement at no
less than the repurchase price. In connection therewith, the Trust's Custodian
receives and holds collateral of not less than 100.5% of the repurchase price
plus accrued interest. If the value of the collateral falls below this amount,
the Trust will require the seller to deposit additional collateral.
3. INVESTMENT MANAGER, DISTRIBUTOR, ADMINISTRATOR, AND OTHER RELATED PARTY
TRANSACTIONS
Weiss Capital Management, Inc. (the "Manager") serves as the Investment Manager
to the Fund. Under an investment advisory agreement with the Trust, on behalf of
the Fund, the Manager provides continuous advice and recommendations concerning
the Fund's investments. To compensate the Manager for its services, the Fund
agreed to pay monthly a fee at the annual rate of 0.50% of average daily net
assets. The Manager may from time to time waive all or a portion of its fees
payable by the Fund. Certain officers of the Manager serve as President, Vice
President, Secretary, Treasurer and Trustee to the Trust.
Weiss Capital Securities, Inc. (the "Distributor"), a registered broker-dealer
and wholly owned subsidiary of the Manager, serves as the Trust's Distributor.
PFPC, Inc. ("PFPC"), an indirect wholly-owned subsidiary of PNC Bank, serves as
the Trust's Administrator and, in that capacity, performs various administrative
and accounting services for the Fund. PFPC also serves as the Trust's Transfer
Agent, dividend disbursing agent and registrar. PFPC Trust Company serves as the
Custodian for the Fund's portfolio securities and cash. An officer of PFPC
serves as Assistant Treasurer of the Trust.
For the period ended June 30, 2005, the Manager contractually agreed to limit
the Fund's expense ratio to 0.68%. (exclusive of extraordinary and certain other
expenses). In order to maintain this ratio, the Manager has waived a portion of
its fees, which amounted to $167,250.
Dechert LLP serves as legal counsel to the Trust.
Each non-interested Trustee receives an annual fee of $1,500, $500 for each
Board meeting attended, $250 for each Audit Committee or other meeting attended,
plus reimbursement of out-of-pocket expenses for serving in that capacity. No
person who is an officer, trustee, or employee of the Manager, Distributor,
Administrator, or of any parent or subsidiary thereof, who serves as officer,
trustee, or employee of the Trust receives any compensation from the Trust.
9
THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
4. NET ASSETS
At June 30, 2005, the Fund's net assets consisted of:
<Table>
Paid in Capital................. $103,240,581
Accumulated net realized loss on
investments................... (398)
------------
$103,240,183
============
</Table>
As of December 31, 2004, the components of distributable earnings on a tax basis
were the same as above.
5. SHARES OF BENEFICIAL INTEREST
The Trust's Declaration of Trust authorizes the Board of Trustees to issue an
unlimited number of shares of beneficial interest each having $0.01 par value.
The Manager, in its capacity as Investment Adviser to its clients' discretionary
assets, may use the Fund as an investment vehicle for its clients' cash assets.
As such, there may be large fluctuations in the size of the Fund's assets based
on the Manager's investment decisions. These fluctuations do not affect Fund
performance.
Transactions in capital shares for the period ended June 30, 2005 and the year
ended December 31, 2004, respectively, are summarized below.
<Table>
<Caption>
PERIOD ENDED JUNE 30, 2005 (UNAUDITED) YEAR ENDED DECEMBER 31, 2004
-------------------------------------- ------------------------------
SHARES VALUE SHARES VALUE
---------------- ---------------- ------------ ------------
Shares Sold............... 121,009,242 $121,009,242 300,661,340 $300,661,340
Shares Reinvested......... 804,629 804,629 675,818 675,818
Shares Repurchased........ (131,913,657) (131,913,657) (349,135,201) (349,135,201)
------------ ------------ ------------ ------------
Net Decrease.............. (10,099,786) $(10,099,786) (47,798,043) $(47,798,043)
============ ============ ============ ============
</Table>
6. CAPITAL LOSS CARRYOVER
The Fund has a capital loss carryover of $398 that expires in 2006.
10
THE WEISS FUND
SUPPLEMENTAL INFORMATION -- FUND MANAGEMENT
(UNAUDITED)
Information pertaining to the Trustees and officers* of the Trust is set forth
below. The statement of additional information (SAI) includes additional
information about the Trustees and is available without charge, upon request, by
calling (800) 430-9617.
<Table>
<Caption>
- ---------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PORTFOLIOS OTHER
IN FUND TRUSTEESHIPS/
TERM OF OFFICE COMPLEX DIRECTORSHIPS
NAME, (AGE), ADDRESS AND AND LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN HELD BY
POSITION(S) WITH TRUST TIME SERVED(1) DURING PAST 5 YEARS BY TRUSTEE TRUSTEE
- ------------------------ -------------- ----------------------- ---------- -------------
- ---------------------------------------------------------------------------------------------------------------------------------
DISINTERESTED TRUSTEES
- ---------------------------------------------------------------------------------------------------------------------------------
Ester S. Gordon, 63, Trustee since President, Esther's Natural, Inc. (November 1 None
7111 Fairway Drive Suite November 30, 1995 1999 - present) (vitamin and supplements
102 distributor); Office Manager, Nutrition S'Mart
Palm Beach Gardens, FL (February 2001 - present) (natural food market).
33418
Trustee
- ---------------------------------------------------------------------------------------------------------------------------------
Robert Z. Lehrer, 71, Trustee since President, Wyndmoor Sales Co. Inc. (1985 - present) 1 None
7111 Fairway Drive Suite November 30, 1995 (textiles).
102
Palm Beach Gardens, FL
33418
Trustee
- ---------------------------------------------------------------------------------------------------------------------------------
Donald Wilk, 67, Trustee since President, Donald Wilk Corporation (1990 - present) 1 None
7111 Fairway Drive Suite November 30, 1995 (computer sales and credit card processing).
102
Palm Beach Gardens, FL
33418
Trustee
- ---------------------------------------------------------------------------------------------------------------------------------
OFFICER(S) WHO ARE NOT TRUSTEES
- ---------------------------------------------------------------------------------------------------------------------------------
Sharon A. Parker-Daniels, President since President, The Weiss Fund, (February - present); 1 None
43, February 10, 2005 President, Weiss Capital Securities, Inc., (June
7111 Fairway Drive Suite 2004 - Present); President, Weiss Capital
102 Management, Inc. (June 2004 - Present); Vice
Palm Beach Gardens, FL President Weiss Research Inc., (February 2001 - June
33418 2004); Group Publisher, Weiss Research, Inc.,
President February 2000 - February 2003).
- ---------------------------------------------------------------------------------------------------------------------------------
Jeffrey Rano, 40 Secretary and Financial and Operations Principal, Weiss Capital 1 N/A
7111 Fairway Drive Suite Treasurer Securities, Inc. May 2004 - present); Financial
102 since February 10, Planning Manager, Weiss Capital Management, Inc.
Palm Beach Gardens, FL 2005 (May 2004 - present); Vice President and Financial
33418 Operations Principal, Vera Vest (November
Secretary and Treasurer 2002 - April 2004); Accountant, Allmerica Financial
Corporation (November 1993 - April 2004).
- ---------------------------------------------------------------------------------------------------------------------------------
John Gennovario, 44 Assistant Vice President and Director of Accounting, PFPC, 1 N/A
103 Bellevue Parkway Treasurer Inc. (February 2004 - present); Consultant (June
Wilmington, DE 19809 since March 31, 2002 - Present); Vice President, Deutsche Asset
Assistant Treasurer 2005 Management (December 2000-May 2002); Vice President,
Liberty Financial Cos. (June 2000-November 2000).
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
* The term "officer" means the president, vice president, secretary, treasurer,
controller or any other officer who performs a policy making function.
(1) Each Trustee and officer serves for an indefinite term, until his/her
successor is duly elected and qualified.
11
THE WEISS FUND
QUARTERLY PORTFOLIO SCHEDULES
The Fund files its complete schedule of portfolio holdings with the SEC for the
first and third fiscal quarters of each fiscal year (quarters ended March 31 and
September 30) on Form N-Q. The Fund's Forms N-Q are available on the SEC's
website at http://www.sec.gov and may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC. Information on the operation of the SEC's
Public Reference Room may be obtained by calling 1-800-SEC-0330.
PROXY VOTING
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities and information regarding how
the Fund voted proxies relating to portfolio securities for the most recent
12-month period ended June 30 is available without charge, upon request by
calling 1-800-430-4617 and on the SEC's website at http://www.sec.gov.
12
Board of Trustees
Esther S. Gordon
Robert Z. Lehrer
Donald Wilk
Officers
Sharon A. Parker-Daniels, President
Jeffrey Rano, Treasurer and Secretary
John Gennovario, Assistant Treasurer
Investment Manager
Weiss Capital Management, Inc.
7111 Fairway Drive
Suite 102
Palm Beach Gardens, FL 33418
Administrator and Transfer Agent
PFPC Inc.
301 Bellevue Pkwy.
Wilmington, DE 19809
Distributor
Weiss Capital Securities, Inc.
7111 Fairway Drive
Suite 102
Palm Beach Gardens, FL 33418
Counsel
Dechert LLP
200 Clarendon Street, 27th Floor
Boston, MA 02116
Independent Accountants
Tait, Weller & Baker
1818 Market Street
Suite 2400
Philadelphia, PA 19103-2108
This report and the financial statements contained herein are submitted for the
general information of shareholders. This report is not authorized for
distribution to prospective investors unless preceded or accompanied by an
effective prospectus.
THE WEISS FUND
[WEISS FUND LOGO]
WEISS TREASURY
ONLY MONEY
MARKET FUND
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
JUNE 30, 2005
(UNAUDITED)
WES0805
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of Investments in securities of unaffiliated issuers as of the close
of the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have
concluded that the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c))) are effective, as of a date within 90 days of
the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the
1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934, as
amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control
over financial reporting (as defined in Rule 30a-3(d) under
the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
registrant's second fiscal quarter of the period covered by
this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control
over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section
302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section
906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) The Weiss Fund
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By (Signature and Title)* /s/ Sharon A. Parker-Daniels
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Sharon A. Parker-Daniels, President
(principal executive officer)
Date August 12, 2005
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Sharon A. Parker-Daniels
-----------------------------------------------
Sharon A. Parker-Daniels, President
(principal executive officer)
Date August 12, 2005
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By (Signature and Title)* /s/ Jeffrey S. Rano
-----------------------------------------------
Jeffrey S. Rano, Treasurer
(principal financial officer)
Date August 12, 2005
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* Print the name and title of each signing officer under his or her signature.