================================================================================

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: December 31, 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, 100 F Street, NE,
Washington, DC 20549. 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 stockholders is attached herewith.

THE WEISS FUND

A LETTER FROM THE PRESIDENT December 31, 2005
Dear Shareholder,

Let me take this opportunity to thank you for your confidence in Weiss and
for entrusting us with your investment. It is with pleasure that I present the
Annual Report for the twelve months ended December 31, 2005, for the Weiss
Treasury Only Money Market Fund.

The U.S. economy expanded at a healthy clip in 2005 thanks to rising but
still accommodative monetary policy, robust job growth, solid productivity,
stable inflation, and record corporate profitability. U.S. consumers continued
to spend beyond their means, as personal spending exceeded personal incomes for
most months in 2005. Indeed, we find the resilience of the U.S. consumer the
biggest surprise in a year that witnessed record crude oil price increases and
rising mortgage borrowing costs. Despite these record energy prices, the
financial markets fared positively for a third consecutive year on the heels of
solid U.S. corporate profits and low long-term interest rates. The S&P 500 rose
5% to its highest level since 2001, and gains were higher in overseas markets
due to less restrictive monetary policies abroad.

Fixed-income markets were volatile, but managed to post marginally positive
returns in 2005. Long-term bonds, the most volatile fixed income securities,
experienced several rallies and sell-offs throughout the year as inflation
expectations changed. Soaring gas prices during the summer months as Hurricane
Katrina slammed the gulf coast ignited inflation concerns and sent long-term
bond prices downward and interest rates higher. As these fears subsided and
inflation data came in lower than expected, bond prices recovered. After spiking
to a level of 4.66% in early November, the yield on the U.S. 10-year Treasury
bond edged lower into year end, finishing the year with a yield of 4.39%,
slightly higher than where it ended in 2004.(1)

Fortunately, the performance on your Treasury Only Money Market Fund is not
directly affected by the gyrations and volatility of long-term interest rates.
It is the level of short-term interest rates that impacts the performance of
your Treasury Fund directly. On this front, the Federal Reserve continued their
policy of raising short-term interest rates throughout 2005. The Fed Funds rate,
which began the year at 2.25%, was raised a total of 8 times in equal 0.25%
increments to end the year at 4.25%.

As we wrote to you in our semi-annual report in June, we expected the
Federal Reserve would continue their tightening campaign in the latter part of
2005. As such, we continued our policy of keeping the average weighted maturity
of the Fund well below the allowed 90 day limit in the second half of the year
in order to benefit from these rising short-term yields. This policy benefited
the Fund as it allowed us to quickly invest maturities at higher yields as they
became available. Thanks to rising short-term rates, the Fund returned 2.41% in
2005, well in excess of 2004's 0.59% return, and its best annual performance
since 2001.

As we head into the first half of 2006, we expect the Fed to continue
raising short-term rates, ultimately reaching 4.50%-4.75% by mid-year. Beyond
that, the Federal Reserve Open Market Committee may pause to assess the economic
situation and further rate hikes will very much depend on inflation and economic
conditions at that time.

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

(1) The yield on the 10-year Treasury was 4.22% on December 31, 2004.

This forecast of rising short-term rates, at least through mid-2006, would
be positive for the Fund. Higher short-term interest rates would result in a
higher yield on your money market fund providing higher returns for you, our
valued shareholder. We look to continue to keep the average maturity of the Fund
low in the coming months in anticipation of rising short-term rates, and will
look to start lengthening maturities when we believe the Fed is nearing an end
to their tightening of monetary policy.

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.

Sincerely,

/s/ Sharon A. Parker-Daniels

Sharon A. Parker-Daniels
President
The Weiss Fund

AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.

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 July 1, 2005 to December 31, 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*
7/1/05 12/30/05 7/1/05-12/31/05
------------- ------------- ---------------

Actual........................................ $1,000 $1,014.50 $3.45
Hypothetical (5% return before expenses)...... $1,000 $1,021.53 $3.47
====== ========= =====
</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 184/365 (to
reflect the one-half year period).

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......................................... 56.3%
Repurchase Agreement........................................ 43.4%
Short-Term Investment....................................... 0.3%
-----
100.0%
</Table>

THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, DECEMBER 31, 2005

<Table>
<Caption>
DESCRIPTION AND PERCENTAGE OF PORTFOLIO PAR (000) VALUE
- --------------------------------------- --------- ----------

U.S. TREASURY BILLS -- 56.4%
3.545%, 01/05/2006........................................ $ 5,000 $4,998,030
3.580%, 01/12/2006........................................ 5,000 4,994,531
3.580%, 01/19/2006........................................ 5,000 4,991,050
3.765%, 01/26/2006........................................ 5,000 4,986,927
3.865%, 02/02/2006........................................ 5,000 4,982,822
3.840%, 02/09/2006........................................ 5,000 4,979,200
3.830%, 02/16/2006........................................ 5,000 4,975,531
3.870%, 02/23/2006........................................ 5,000 4,971,512
3.890%, 03/02/2006........................................ 5,000 4,967,583
3.860%, 03/09/2006........................................ 5,000 4,964,081
3.8725%, 03/16/2006....................................... 10,000 9,920,399
----------
Total U.S. Treasury Bills (Cost $59,731,666).............. 59,731,666
----------
REPURCHASE AGREEMENTS -- 43.4%
Fidelity Repurchase Agreement 3.40%, due 01/03/06 (dated
12/30/05; proceeds $23,008,689, collateralized by
$23,475,000 U.S. Treasury Notes, 3.375% due 02/28/07,
valued at $23,459,999) (Cost $23,000,000)............... 23,000 23,000,000
Morgan Stanley Repurchase Agreement 3.40%, due 01/03/06
(dated 12/30/05; proceeds $23,008,689, collateralized by
$15,425,000 U.S. Treasury Bonds, 10.625% due 08/15/15,
valued at $23,467,518) (Cost $23,000,000)............... 23,000 23,000,000
----------
Total Repurchase Agreements (Cost $46,000,000)............ 46,000,000
----------
</Table>

See accompanying notes to financial statements.

THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF NET ASSETS, DECEMBER 31, 2005 (CONTINUED)

<Table>
<Caption>
SHARES
(000) VALUE
--------- ------------

SHORT-TERM INVESTMENT -- 0.3%
BlackRock Provident Institutional Funds T-Fund (Cost
$301,739)............................................... 302 $ 301,739
------------
TOTAL INVESTMENTS -- 100.1% (COST $106,033,045*)............ 106,033,405
LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1%)
Dividend Payable.......................................... (7,794)
Accrued Advisory Expense.................................. (41,958)
Accrued Chief Compliance Officer Expense.................. (3,000)
Accrued Administrative Expense............................ (16,465)
Accrued Custody Expense................................... (6,534)
Accrued Transfer Agent Expense............................ (21,455)
Other Liabilities......................................... (26,767)
Other Assets.............................................. 11,169
------------
(112,804)
------------
NET ASSETS -- 100.0% (Equivalent to $1.00 per share based on
105,920,999 shares of capital stock outstanding).......... $105,920,601
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
($105,920,601 / 105,920,999 shares outstanding)........... $ 1.00
============
</Table>

- ------------
* Aggregate cost for federal income tax purposes is substantially the same.

See accompanying notes to financial statements.

THE WEISS FUND
WEISS TREASURY ONLY MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005

<Table>

INVESTMENT INCOME:
Interest.................................................. $3,345,796
----------
EXPENSES:
Investment advisory fees.................................. 548,184
Transfer agent fees....................................... 168,961
Administration fees....................................... 120,266
Legal fees................................................ 93,202
Registration and filing fees.............................. 26,957
Trustees' fees............................................ 24,000
Custodian fees............................................ 23,249
Printing fees............................................. 17,817
Insurance fees............................................ 13,073
Audit fees................................................ 11,900
Miscellaneous expense..................................... 1,400
----------
1,049,009
Less: expenses waived and reimbursed...................... (303,448)
----------
Total expenses.......................................... 745,561
----------
Net investment income................................... 2,600,235
----------
Net increase in net assets resulting from operations........ $2,600,235
==========
</Table>

See accompanying notes to financial statements.

THE WEISS FUND
STATEMENT OF CHANGES IN NET ASSETS

<Table>
<Caption>
WEISS TREASURY ONLY
MONEY MARKET FUND
-------------------------------
FOR THE YEAR ENDED DECEMBER 31,
-------------------------------
2005 2004
-------------- --------------

INCREASE (DECREASE) IN NET ASSETS FROM:
Operations:
Net investment income.................... $ 2,600,235 $ 698,175
Net increase in net assets resulting from
operations............................. 2,600,235 698,175
Distributions:
From net investment income ($0.02 and
$0.01 per share, respectively)......... (2,600,235) (698,175)
Capital share transactions:
Net decrease from capital share
transactions........................... (7,419,368) (47,798,043)
------------ ------------
Total decrease in net assets............. (7,419,368) (47,798,043)
NET ASSETS
Beginning of year........................... 113,339,969 161,138,012
------------ ------------
End of year................................. $105,920,601 $113,339,969
============ ============
</Table>

See accompanying notes to financial statements.
6

THE WEISS FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR

<Table>
<Caption>
WEISS TREASURY ONLY MONEY MARKET FUND
--------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------------------------
2005 2004 2003 2002 2001
-------- -------- -------- -------- --------

NET ASSET VALUE,
BEGINNING OF YEAR:... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment
income............. 0.02 0.01 0.00 0.01 0.03
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
From net investment
income............. (0.02) (0.01) (0.00)* (0.01) (0.03)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF
YEAR:................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN........... 2.37% 0.59% 0.44% 1.14% 3.54%
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of year
(000)................ $105,921 $113,340 $161,138 $182,559 $137,136
Ratio of expenses to
average net
assets(1)............ 0.68% 0.68% 0.65% 0.60% 0.59%
Ratio of net investment
income to average net
assets(2)............ 2.37% 0.55% 0.46% 1.11% 3.48%
</Table>

- ------------
(1) Expense ratios before waivers and reimbursement of expenses for the years
ended December 31, 2005, 2004, 2003, 2002 and 2001 would have been 0.96%,
0.91%, 0.75%, 0.82%, and 0.87%, respectively.

(2) Net investment income ratios before waivers and reimbursement of expenses
for the years ended December 31, 2005, 2004, 2003, 2002, and 2001 would have
been 2.09%, 0.32%, 0.36%, 0.89%, and 3.20%, respectively.

* Distributions are less than a penny per share.

See accompanying notes to financial statements.
7

THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2005

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 2005 and 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 state-

THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

ment purposes. 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, SUB-ADVISER, 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.

Delray Financial Corporation ("Delray"), has been retained by the Manager to
provide subadvisory services to the Fund. Under a subadvisory agreement with the
Manager, Delray renders continuous investment advice to the Manager as to the
investment of the Fund's assets. However, the Manager is responsible for
implementing the execution of transactions recommended by Delray in the exercise
of the Manager's independent judgment regarding the appropriateness of Delray's
investment recommendations for the Fund in accordance with its investment
objectives, policies and restrictions. The Manager pays Delray a fee out of the
investment advisory fees it receives from the Fund.

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 year ended December 31, 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 $303,448.

THE WEISS FUND
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

The Chief Compliance Officer ("CCO") is an employee of the Manager. The Fund
reimburses the Manager for portion of her salary allocated to her duties as the
CCO of the Fund. The level of reimbursement is reviewed and determined by the
Trustees at least annually. For the year ended December 31, 2005, the Fund
reimbursed the Manager $12,000 for CCO fees.

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.

4. NET ASSETS
At December 31, 2005, the Fund's net assets consisted of:

<Table>

Paid in Capital............................................. $105,920,999
Accumulated net realized loss on investments................ (398)
------------
$105,920,601
============
</Table>

As of December 31, 2005, 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 year ended December 31, 2005 and the year
ended December 31, 2004, respectively, are summarized below.

<Table>
<Caption>
YEAR ENDED DECEMBER 31, 2005 YEAR ENDED DECEMBER 31, 2004
----------------------------- -----------------------------
SHARES VALUE SHARES VALUE
------------- -------------- ------------- --------------

Shares Sold......... 240,671,093 $ 240,671,093 300,661,340 $ 300,661,340

Shares Reinvested... 2,526,636 2,526,636 675,818 675,818

Shares
Repurchased....... (250,617,097) (250,617,097) (349,135,201) (349,135,201)
------------ ------------- ------------ -------------

Net Decrease........ (7,419,368) $ (7,419,368) (47,798,043) $ (47,798,043)
============ ============= ============ =============

</Table>

6. CAPITAL LOSS CARRYOVER

The Fund has a capital loss carryover of $398 that expires in 2006.

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 1999 - 1 None
7111 Fairway Drive November 30, 1995 present) (vitamin and supplements distributor);
Suite 102 Office Manager, Nutrition S'Mart (February
Palm Beach Gardens, FL 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 November 30, 1995 (textiles).
Suite 102
Palm Beach Gardens, FL
33418
Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
Donald Wilk, 67 Trustee since President, Donald Wilk Corporation 1 None
7111 Fairway Drive November 30, 1995 (1990 - present) (computer sales and credit card
Suite 102 processing).
Palm Beach Gardens, FL
33418
Trustee
- ----------------------------------------------------------------------------------------------------------------------------------
</Table>

OFFICER(S) WHO ARE NOT TRUSTEES
- ----------------------------------------------------------------------------------------------------------------------------------
Sharon A. President since President, The Weiss Fund, (February - present); 1 None
Parker-Daniels, 43 February 10, 2005 President, Weiss Capital Securities, Inc., (June
7111 Fairway Drive 2004 - Present); President, Weiss Capital
Suite 102 Management, Inc. (June 2004 - Present); Vice
Palm Beach Gardens, FL President, Weiss Research Inc., (February
33418 2001 - June 2004); Group Publisher, Weiss
President Research, Inc., (February 2000 - February 2003).
- ----------------------------------------------------------------------------------------------------------------------------------
Jeffrey Rano, 41 Secretary and Financial and Operations Principal, Weiss Capital 1 N/A
7111 Fairway Drive Treasurer since Securities, Inc. (May 2004 - present); Financial
Suite 102 February 10, 2005 Planning Manager, Weiss Capital Management, Inc.
Palm Beach Gardens, FL (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).
- ----------------------------------------------------------------------------------------------------------------------------------
</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.

THE WEISS FUND
SUPPLEMENTAL INFORMATION -- APPROVAL OF ADVISORY AGREEMENT
(UNAUDITED)

During the six-month period covered by this report, the Trust's Board of
Trustees ("Board" or "Trustees") approved the continuation of certain of those
agreements pursuant to which the Fund is provided with investment advisory
services by the Manager and Delray. (See Note 3.) Overall, the Board concluded
that continuation of such agreements would be in the best interests of the Fund
and its shareholders, as well as consistent with the expectations of the
shareholders of the Fund. In reaching this decision, the Board did not assign
relative weights to any factor or deem any one or group of them to be
controlling in and of themselves. In accordance with regulations promulgated by
the Securities and Exchange Commission, a summary of the material factors taken
into consideration by the Board in approving these contracts, including the
Board's conclusions with respect to these factors, appears below.

Consideration of the Advisory Agreement with the Manager. In reviewing the
nature, extent and quality of advisory services provided by the Manager, the
Board considered both the performance of the Fund and the various services
provided by the Manager giving, in each case, due regard to the fact that the
Fund is designed to invest exclusively in U.S. Government money market
instruments. The Board concluded that the services provided by the Manager were
satisfactory, after giving due regard to the Manager's commitment to operate the
Fund in a manner consistent with its use as a sweep vehicle for investment
advisory clients who have placed assets with the Manager and other financial
affiliates of the Manager and to provide oversight of the Fund's operations and
services providers, as well as the experience and background of the advisory,
compliance and administrative personnel responsible for providing services
(including the retention by the Manager of Delray to provide subadvisory
services) to the Fund. With respect to the performance achieved by the Fund, the
Board concluded that the short-term and long-term investment performance of the
Fund over various periods of time was comparable to the performance of the
Fund's peer group universe and that the investment results were consistent with
the expectations of the Fund's shareholders and the Fund's investment mandate.

In reviewing the structure of the advisory fee and corollary factors such as the
cost of services provided and profits realized by the Manager, the Board
considered information relating to advisory fee revenues and those expenses
borne by the Manager, including the fact that the Manager is responsible for the
payment of Delray's subadvisory fee and the Manager's continuing commitment to
cap the Fund's expenses. The Board also considered the Fund's management fee
rate and expense ratio relative to industry averages for the Fund's category and
the advisory fees charged by the Manager to other non-fund clients.
Specifically, the Trustees took into account the fact that due to the expense
cap of 68 basis points, the Fund's expense ratio was lower than the average
expense ratio of its peer group; that the 50 basis point fee charged by the
Manager's managed account program was comparable to the fee charged by the
Manager to the Fund; the level of profit realized by the Manager relative to the
entrepreneurial risks associated with management of the Fund and increased
resources that the Manager has allocated to Fund matters in response to
recently-enacted regulatory
13

THE WEISS FUND
SUPPLEMENTAL INFORMATION -- APPROVAL OF ADVISORY AGREEMENT (CONTINUED)
(UNAUDITED)

requirements and new or enhanced Fund policies and procedures. Based on these
factors, as well as the Manager's continuing commitment to "cap" the expenses of
the Fund, the Board concluded that the rate at which the Manager is compensated
for its services, and the profits realized by the Manager, are reasonable.

During the course of its review of the advisory fees paid by the Fund, the
Trustees considered whether there have been economies of scale with respect to
the management of the Fund and whether the Fund has appropriately benefited from
any economies of scale. The Trustees concluded that, while such economies may be
realized in the future, expenses relating to management of the Fund have
increased substantially in recent years and that such prospective economies do
not warrant reconsideration of the advisory fee structure at this time. The
Trustees also considered the character and amount of other incidental benefits
received by the Manager and its affiliates from its association with the Fund.
Finally, the Trustees considered the fact that many shareholders of the Fund
became shareholders as a result of other relationships with the Manager and
taking into account the extent to which the Fund is used as a sweep account for
cash positions for clients in other investment advisory programs operated by the
Manager.

Consideration of the Advisory Agreement with Delray. In considering the nature
and quality of the services provided by Delray, the Board considered the fact
that Delray's services are limited to the provision of non-discretionary
investment advice. The Board also considered the extensive experience of the
personnel responsible for providing these services. While the Board was informed
with respect to other accounts managed by Delray, the cost to Delray of
providing services under its agreement relating to the Fund and the relative
importance of Delray's relationship with the Fund to its overall operation, the
Board did not consider these matters to be of substantial significance in its
deliberations in light of the non-discretionary nature of the agreement with
Delray and the fact that Delray's fee is paid by the Manager and not by the
Fund. Rather, the Board concluded that Delray's services contributed to the
satisfactory performance achieved by the Fund and thus that continuation of
Delray's agreement was consistent with the best interests of the Fund and the
expectations of its shareholders.

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.

THE WEISS FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
The Weiss Fund
Palm Beach Gardens, Florida

We have audited the accompanying statement of net assets of Weiss Treasury
Only Money Market Fund, a series of The Weiss Fund, as of December 31, 2005, and
the related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). 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. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements, Our procedures included confirmation of securities owned as of
December 31, 2005 by correspondence with the custodian. 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
Weiss Treasury Only Money Market Fund as of December 31, 2005, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended and the financial highlights for each
of the five years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.

Tait, Weller & Baker LLP

Philadelphia, Pennsylvania
January 6, 2006

Officers
Sharon Parker-Daniels, President
Jeffrey Rano, Treasurer and Secretary

Investment Manager
Weiss Capital Management, Inc.
7111 Fairway Drive
Suite 102
Palm Beach Gardens, FL 33418

Sub-Adviser
Delray Financial Corp.
4521 PGA Blvd.
Suite 265
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 Registered Public Accounting Firm
Tait, Weller & Baker LLP
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

ANNUAL REPORT
TO SHAREHOLDERS
DECEMBER 31, 2005

WES0206

ITEM 2. CODE OF ETHICS.

(a) The registrant, as of the end of the period covered by this report,
has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by
the registrant or a third party.

(c) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party, and
that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party, that
relates to one or more of the items set forth in paragraph (b) of
this item's instructions.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Registrant's Board of Trustees has determined that it does not have an "audit
committee financial expert" serving on its audit committee. While Registrant
believes that each of the members of its audit committee has sufficient
knowledge of accounting principles and financial statements to serve on the
audit committee, none has the requisite experience to qualify as an "audit
committee financial expert"; as such term is defined by the Securities and
Exchange Commission.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services
that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal
years are $11,900 and $11,500 for 2005 and 2004, respectively.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are
reasonably related to the performance of the audit of the

registrant's financial statements and are not reported under
paragraph (a) of this Item are $0 for 2005 and $0 for 2004.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning are $0 for 2005 and $0 for
2004.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other
than the services reported in paragraphs (a) through (c) of this
Item are $0 for 2005 and $0 for 2004.

(e)(1) Before any accountant, including the Accountants, is engaged by the
Investment Company to render either audit or non-audit services,
such engagement must be approved by the Committee, with the
exception of any de minimus engagement meeting applicable
requirements. In addition, the Committee must also pre-approve the
engagement of any accountant, including the Accountants, by the
Investment Company's investment adviser (not including a subadviser
whose role is primarily portfolio management and is subcontracted or
overseen by another investment adviser) and any entity controlling,
controlled by, or under common control with the investment adviser,
if the engagement relates directly to the operations and financial
reporting of the Investment Company, with the exception of any de
minimus engagement meeting applicable requirements.

(e)(2) The percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
are as follows:

(b) Not applicable

(d) Not applicable.

(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the
most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent
employees was 0% (zero).

(g) The aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser whose
role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling,
controlled by, or under common control with the adviser that
provides ongoing services to the registrant for each of the last two
fiscal years of the registrant was $0 for 2005 and 0 for 2004.

(h) 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) Code of ethics, that is the subject of disclosure required by
Item 2, filed as Exhibit 12(a)(1) to the Registrant's Form
N-CSR, filed on March 7, 2005 (Accession No.
0000893220-05-000474).

(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

By (Signature and Title)* /s/ Sharon A. Parker-Daniels
-----------------------------------------------
Sharon A. Parker-Daniels, President
(principal executive officer)

Date February 28, 2006

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 February 28, 2006

By (Signature and Title)* /s/ Jeffrey S. Rano
-------------------------------------------------
Jeffrey S. Rano, Treasurer
(principal financial officer)

Date February 28, 2006

- ----------
* Print the name and title of each signing officer under his or her signature.