<PAGE>
- --------------------------------------------------------------------------------
WEITZ SERIES FUND, INC.
HICKORY PORTFOLIO
SEMI-ANNUAL
REPORT
SEPTEMBER 30, 1996
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NEBRASKA 68124-6008
402-391-1980
800-232-4161
402-391-2125 FAX
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
PERFORMANCE SINCE INCEPTION
The following table summarizes our results for the nine month period ended
September 30, 1996, the one year periods ended December 31, 1995, 1994, 1993,
and the period since inception. The table also sets forth average annual total
return data for the fund for the one year period ended September 30, 1996, and
for the period since inception, calculated in accordance with SEC standardized
formulas.
<TABLE>
<CAPTION>
DIFFERENCE
PERIOD ENDED HICKORY FUND S&P 500 HICKORY FUND -- S&P 500
- ------------------------------------ ------------- ------------ ------------------------
<S> <C> <C> <C>
Sept. 30, 1996 (9 Mos.) 20.8% 13.5% 7.3%
Dec. 31, 1995 40.5 37.5 3.0
Dec. 31, 1994 -17.3 1.3 -18.6
Dec. 31, 1993 34.1 10.1 24.0
Since Inception (Jan. 1, 1993)
Cumulative 88.1 74.0 14.1
Compound Annual
Average Return 18.3 15.9 2.4
</TABLE>
The Portfolio's average annual total return for the one year period ending
September 30, 1996, and for the period since inception (January 1, 1993) was
21.3% and 18.3%, respectively. The returns assume redemption at the end of each
period and reinvestment of dividends.
2
<PAGE>
The graph below shows the growth in value of an initial $100,000 investment in
Hickory, assuming the reinvestment of all capital gain distributions and
dividends, compared to the growth in value of $100,000 invested in the S&P 500,
also assuming dividend reinvestment. Hickory's performance numbers are
calculated after deducting all fees and expenses.
9/30/96
HICKORY PORTFOLIO
COMPARISON OF CHANGE IN VALUE OF $100,000
INVESTMENT IN HICKORY PORTFOLIO & S&P 500
<TABLE>
<CAPTION>
HICKORY S&P 500
----------- -----------
VALUE OF VALUE OF
PERIOD $100,000 $100,000
- ----------- ----------- -----------
<S> <C> <C>
12/31/92 $ 100,000 $ 100,000
01/31/93 $ 109,800 $ 100,835
02/28/93 $ 113,000 $ 102,208
03/31/93 $ 111,470 $ 104,363
04/30/93 $ 102,130 $ 101,840
05/31/93 $ 107,010 $ 104,555
06/30/93 $ 107,690 $ 104,860
07/31/93 $ 110,900 $ 104,437
08/31/93 $ 119,500 $ 108,390
09/30/93 $ 120,390 $ 107,558
10/31/93 $ 128,220 $ 109,782
11/30/93 $ 124,220 $ 108,739
12/31/93 $ 134,062 $ 110,053
01/31/94 $ 132,004 $ 113,791
02/28/94 $ 129,836 $ 110,704
03/31/94 $ 122,739 $ 105,884
04/30/94 $ 121,569 $ 107,243
05/31/94 $ 122,690 $ 108,996
06/30/94 $ 116,808 $ 106,326
07/31/94 $ 116,099 $ 109,815
08/31/94 $ 123,019 $ 114,308
09/30/94 $ 121,713 $ 111,517
10/31/94 $ 120,150 $ 114,013
11/30/94 $ 113,488 $ 109,865
12/31/94 $ 110,886 $ 111,491
01/31/95 $ 111,325 $ 114,380
02/28/95 $ 115,922 $ 118,832
03/31/95 $ 117,615 $ 122,333
04/30/95 $ 117,299 $ 125,933
05/31/95 $ 123,792 $ 130,954
06/30/95 $ 131,904 $ 133,993
07/31/95 $ 139,180 $ 138,434
08/31/95 $ 148,752 $ 138,779
09/30/95 $ 155,065 $ 144,633
10/31/95 $ 148,519 $ 144,116
11/30/95 $ 153,098 $ 150,435
12/31/95 $ 155,754 $ 153,332
01/31/96 $ 163,839 $ 158,545
02/29/96 $ 165,921 $ 160,018
03/31/96 $ 165,348 $ 161,558
04/30/96 $ 169,045 $ 163,938
05/31/96 $ 177,809 $ 168,157
06/30/96 $ 182,123 $ 168,798
07/31/96 $ 167,366 $ 161,344
08/31/96 $ 178,872 $ 164,751
09/30/96 $ 188,114 $ 174,020
</TABLE>
This information represents past performance of the Portfolio and is not
indicative of future performance. The investment return and principal value of
an investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than the original cost. The index used for comparison
purposes is the S&P 500 Index which consists of 500 companies. The index is
unmanaged and widely recognized as representative of the equity market in
general. Investment expenses are not deducted from the S&P 500 Index. Additional
information is available from Wallace R. Weitz & Co. at the address listed on
the front cover.
3
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
SEPTEMBER 30, 1996 - SEMI-ANNUAL REPORT
October 9, 1996
Dear Fellow Shareholders:
Despite a rocky July in the overall stock market, Hickory's return in the
third quarter was reasonably good. The table below summarizes the recent
performance of Hickory and the S&P 500 (including reinvested dividends).
<TABLE>
<CAPTION>
HICKORY S&P 500
PERIOD TOTAL RETURN TOTAL RETURN
- -------------------------- --------------- ---------------
<S> <C> <C>
Third Quarter 1996 3.3% 3.1%
First 9 Months 1996 20.8% 13.5%
Last 12 months
(10-1-95 to 9-30-96) 21.3% 20.3%
</TABLE>
REVIEW AND OUTLOOK
My concerns about the stock market were finally vindicated in July, when
stocks had their worst month since 1990. Small cap growth stocks were
particularly hard hit. The bad news did not last long, however. Gains in August
and September more than made up for July's losses. In the final analysis, the
quarter was actually a little better than average. The S&P 500 returned 3.1
percent during the quarter, which works out to an annual compound return of 13.0
percent. I still believe stocks will generally return about 10 percent per year
over the very long run.
Investors could, I suppose, reach two conclusions based on the behavior of
stocks this quarter: stocks are volatile and buy on dips. I agree completely
with the first conclusion, but I have serious concerns about the second. Any
study of historical stock trends would show that stocks fluctuate a great deal.
We, as investors, need to constantly remind ourselves that a ten or twenty
percent drop in the value of our stock investments is not only NOT a surprising
occurrence, it is something that we should always EXPECT to happen sooner or
later. In the long run stocks give higher returns than other investments but you
get these returns because stocks have greater risk. I think this trade-off is a
very good one for a long-term investor, but each of us needs to decide for
ourselves that the reward is worth the risk.
The second conclusion, buy on dips, is a shorthand way of saying that
every decrease in stock prices is a good opportunity to buy stocks because
stocks always retrace their losses and reach new highs. I think this conclusion,
as it is used by many investors today, is a serious mistake. They are failing to
consider two important factors, valuation and timing. As a value investor, I do
view the decline in stock price of an attractive company from undervalued to
4
<PAGE>
grossly undervalued as a great buying opportunity. I would much rather pay 40
cents than 50 cents for something that is worth a dollar. On the other hand, I
view the opportunity to spend $1.50 instead of $2.00 for an item that is worth
$1.00 to be no improvement whatsoever. We shouldn't expect an overvalued stock
to ever return to its previous grossly overvalued state.
I also believe that investors have come to expect an IMMEDIATE bounce back
in stock prices. I think this is psychologically very dangerous. It is, I think,
inevitable that at some point a 10 percent dip will be followed by a further 15
percent swoon. At that point I fear that many of today's stock market believers
will lose faith and sell. I think it is much better to always concentrate on
absolute values and NOT try to predict when the stock market will recognize that
value. When you don't expect to be rewarded immediately it is easier to keep the
faith when the stock market is slow to deliver.
Hickory's performance during the quarter was a continuation of recent
trends. Our financial stocks continued to shine and our media and
telecommunications stocks continued to lag. I didn't make any major changes to
the portfolio during the quarter. However, if these trends continue, it wouldn't
be unreasonable to expect me to adjust Hickory's asset allocation to take
advantage of the superior relative valuations that seem to exist in media
stocks. Stay tuned.
As to the future, my message is really no different than it was last
quarter. I still believe that in the overall stock market, earnings are at risk
and valuations are high. July's correction helped reduce speculative fever
somewhat, but it was over much too quickly to do the job thoroughly. Initial
public offerings are once again rising 40 percent or more on the first day of
trading. I do not believe the risk of a major correction has been removed from
the market.
Hickory's long-term prospects continue to look good. The strategy of
buying growing value, priced at a discount has worked thus far, and I see
nothing different on the horizon that would change the effectiveness of our
approach.
As always, I look forward to your questions. Thank you for your continuing
support.
Sincerely,
/s/ Richard F. Lawson
Richard F. Lawson
Portfolio Manager
5
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
- --------- ---------- ----------
<C> <S> <C> <C>
COMMON STOCKS -- 92.9%
BANKING -- 3.2%
1,000 Wells Fargo & Co. $ 88,506 $ 260,000
---------- ----------
CABLE TELEVISION -- 12.7%
22,000 Adelphia Communications Corp. CL A* 163,625 222,750
19,000 Comcast Corporation CL A 291,177 292,125
23,000 Tele-Communications, Inc. CL A* 367,217 343,562
6,000 Tele-Communications Liberty Media CL A* 133,169 171,750
---------- ----------
955,188 1,030,187
---------- ----------
CONSUMER PRODUCTS AND SERVICES -- 5.3%
46,000 American Classic Voyages Co.* 377,562 431,250
---------- ----------
DIVERSIFIED INDUSTRIES -- 1.3%
1,500 Lynch Corp.* 112,560 103,875
---------- ----------
FINANCIAL SERVICES -- 14.3%
12,000 Capital One Financial Corp. 272,571 358,500
4,000 First USA, Inc. 180,345 221,500
10,000 Imperial Credit Industries, Inc.* 58,886 366,250
5,000 Ocwen Financial Corp.* 75,000 101,875
2,500 Salomon, Inc. 99,838 114,063
---------- ----------
686,640 1,162,188
---------- ----------
HEALTH CARE -- 3.3%
7,500 Seafield Capital Corp. 268,175 266,250
---------- ----------
MEDIA/OTHER -- 7.4%
15,000 Katz Media Group, Inc.* 169,500 133,125
30,000 Valassis Communications, Inc.* 421,012 468,750
---------- ----------
590,512 601,875
---------- ----------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
- --------- ---------- ----------
<C> <S> <C> <C>
MORTGAGE BANKING -- 16.4%
35,000 Countrywide Credit Industries, Inc. $ 547,546 $ 896,875
33,305 Resource Bancshares Mtg. Grp., Inc. 363,500 432,965
---------- ----------
911,046 1,329,840
---------- ----------
REAL ESTATE AND CONSTRUCTION -- 4.5%
6,000 Forest City Enterprises, Inc. CL A 197,678 294,000
4,000 NHP, Inc.* 53,500 75,750
---------- ----------
251,178 369,750
---------- ----------
REAL ESTATE INVESTMENT TRUSTS -- 12.2%
27,031 Redwood Trust, Inc. 430,715 864,992
8,000 Thornburg Mortgage Asset Corp. 120,480 130,000
---------- ----------
551,195 994,992
---------- ----------
TELECOMMUNICATIONS SERVICES -- 12.3%
12,000 360 Communication Co.* 276,400 282,000
9,000 Cellular Communications of Puerto Rico, Inc.* 238,526 229,500
25,000 Centennial Cellular Corp. CL A* 386,138 340,625
5,000 CommNet Cellular, Inc.* 133,125 144,375
---------- ----------
1,034,189 996,500
---------- ----------
Total Common Stocks 5,826,751 7,546,707
---------- ----------
WARRANTS -- 4.9%
23,500 Redwood Trust, Inc., Expiring 12/31/97 92,548 399,500
---------- ----------
<CAPTION>
FACE
AMOUNT
- ---------
<C> <S> <C> <C>
SHORT-TERM SECURITIES -- 2.1%
$167,401 Norwest U.S. Government Money Market Fund, 5.0% 167,401 167,401
---------- ----------
Total Investments in Securities $6,086,700 8,113,608
---------- ----------
----------
Other Liabilities in Excess of Other Assets -- 0.1% 6,601
----------
Total Net Assets -- 100.0% $8,120,209
----------
----------
Net Asset Value Per Share $ 17.707
----------
----------
</TABLE>
*Non-income producing
See accompanying notes to financial statements.
7
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<S> <C>
Assets:
Investment in securities at value
(cost $6,086,700) $8,113,608
Accrued interest and dividends
receivable 15,270
----------
Total assets 8,128,878
----------
Liabilities:
Accrued expenses 2,276
Due to adviser 6,393
----------
Total liabilities 8,669
----------
Net assets applicable to outstanding
capital stock $8,120,209
----------
----------
Net assets represented by:
Capital stock outstanding, at par
(note 4) 459
Additional paid-in capital 5,592,008
Accumulated undistributed net
investment loss (2,262)
Accumulated undistributed net
realized gains 503,096
Net unrealized appreciation of
investments (note 5) 2,026,908
----------
Total representing net
assets applicable to shares
outstanding $8,120,209
----------
----------
Net asset value per share of outstanding
capital stock
(458,588 shares outstanding) $ 17.707
----------
----------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<S> <C> <C>
Investment income:
Dividends $ 46,456
Interest 3,997
--------
Total investment income 50,453
--------
Expenses (note 3):
Investment advisory fee $35,980
Administrative fee 8,995
Audit fee 4,704
Printing expense 3,676
Other expenses 4,323
-------
Total expenses 57,678
Less administrative fee waived and
other expenses assumed
by investment adviser (3,708)
--------
Net expenses 53,970
--------
Net investment income (3,517)
--------
Realized and unrealized gain on
investments:
Realized gain on investments 52,274
Net unrealized appreciation of
investments 890,111
--------
Net realized and unrealized
gain on investments 942,385
--------
Net increase in net assets
resulting from operations $938,868
--------
--------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
SEPT. 30, 1996 YEAR ENDED
(UNAUDITED) MARCH 31, 1996
-------------- --------------
<S> <C> <C>
Increase in net assets:
From operations:
Net investment income (loss) $ (3,517) $ 1,255
Net realized gain 52,274 543,395
Unrealized appreciation 890,111 1,047,935
-------------- --------------
Net increase in net assets
resulting from operations 938,868 1,592,585
-------------- --------------
Distributions to shareholders from:
Net investment income -- (44,007)
Net realized gain -- (23,785)
-------------- --------------
Total distributions -- (67,792)
-------------- --------------
Capital share transactions (note 4):
Proceeds from sales 966,331 1,866,882
Payments for redemptions (443,204) (419,250)
Reinvestment of distributions -- 66,521
-------------- --------------
Total increase from capital
share transactions 523,127 1,514,153
-------------- --------------
Total increase in net assets 1,461,995 3,038,946
-------------- --------------
Net assets:
Beginning of period 6,658,214 3,619,268
-------------- --------------
End of period $8,120,209 $6,658,214
-------------- --------------
-------------- --------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
FINANCIAL HIGHLIGHTS
The following information provides selected data for a share of the Hickory
Portfolio outstanding throughout the periods indicated.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED SEPT. YEAR ENDED MARCH 31,
30, 1996 ---------------------------------------------
(UNAUDITED) 1996++++ 1995 1994
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.564 $ 11.257 $ 12.227 $ 11.147
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.008) 0.004 (0.008) (0.290)
Net gains or losses on securities (realized and
unrealized) 2.151 4.504 (0.508) 1.420
-------------- ------------- ------------- -------------
Total from investment operations 2.143 4.508 (0.516) 1.130
LESS DISTRIBUTIONS:
Dividends from net investment income -- (0.136) -- 0.083
Distributions from realized gains -- (0.065) (0.454) (0.133)
-------------- ------------- ------------- -------------
Total distributions -- (0.201) (0.454) (0.050)
-------------- ------------- ------------- -------------
NET ASSET VALUE, END OF PERIOD $ 17.707 $ 15.564 $ 11.257 $ 12.227
-------------- ------------- ------------- -------------
-------------- ------------- ------------- -------------
TOTAL RETURN 13.8%+ 40.6% (4.2)% 10.1%
RATIOS/SUPPLEMENTAL DATA:
Net assets, End of period $8,120,209 $6,658,214 $3,619,268 $2,499,365
Ratio of net expenses to average net assets++ 1.50%* 1.50% 1.50% 1.50%
Ratio of net investment income (loss) to average net
assets (0.10)%* 0.02% (0.17)% (2.92)%
Portfolio turnover rate 12% 28% 20% 29%
Average commission rate paid (per share) $0.0485+++
<CAPTION>
JAN. 1, 1993
(INCEPTION) TO
MARCH 31, 1993
-----------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.000
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.014)
Net gains or losses on securities (realized and
unrealized) 1.161
-----------------
Total from investment operations 1.147
LESS DISTRIBUTIONS:
Dividends from net investment income --
Distributions from realized gains --
-----------------
Total distributions --
-----------------
NET ASSET VALUE, END OF PERIOD $ 11.147
-----------------
-----------------
TOTAL RETURN 11.5%+
RATIOS/SUPPLEMENTAL DATA:
Net assets, End of period $1,583,672
Ratio of net expenses to average net assets++ 1.19%*
Ratio of net investment income (loss) to average net
assets (0.65)%*
Portfolio turnover rate 0%
Average commission rate paid (per share)
</TABLE>
* Annualized
+ Not annualized
++ Absent voluntary waivers, the expense ratio would have been 1.61% for the
year ended March 31, 1996 and 1.60% (annualized) for the six months ended
September 30, 1996.
+++ Required by regulations issued in 1995.
++++ Calculated using average daily shares.
See accompanying notes to financial statements.
11
<PAGE>
WEITZ SERIES FUND, INC. -- HICKORY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
(1) ORGANIZATION
Weitz Series Fund, Inc. (the "Fund") is registered under the Investment
Company Act of 1940 as an open-end management investment company issuing
shares in series, each series representing a distinct portfolio with its own
investment objectives and policies. At September 30, 1996, the Fund had four
series: the Hickory Portfolio, the Value Portfolio, the Fixed Income
Portfolio, and the Government Money Market Portfolio. The accompanying
financial statements present the financial position and results of
operations of the Hickory Portfolio (the "Portfolio").
The Portfolio's investment objective is capital appreciation. The Portfolio
intends to invest principally in common stocks, preferred stocks and a
variety of securities convertible into equity such as rights, warrants,
preferred stocks and convertible bonds. The following significant accounting
policies are in accordance with accounting policies generally accepted in
the investment company industry.
(2) SIGNIFICANT ACCOUNTING POLICIES
(a)Valuation of Investments
Investments are carried at market determined using the following
valuation methods:
- Securities traded on a national or regional securities exchange are
valued at the last quoted sales price.
- Securities not listed on an exchange or securities in which there
were no reported transactions will be valued at the mean between the
last current closing bid and ask prices.
- Securities or other assets for which reliable recent market
quotations are not readily available will be valued at fair market
value as determined in good faith by or under the direction of the
Fund's Board of Directors or a committee of the Board.
All securities are valued in accordance with the above noted policies at
the close of each business day.
When the Portfolio writes a call option, an amount equal to the premium
received by the Portfolio is included in the Portfolio's statement of
assets and liabilities as a liability. The amount of the liability is
subsequently marked-to-market to reflect the current market value of the
option written. The current market value of a traded option is the last
sales price on the principal exchange on which such option is traded, or,
in the absence of such sale, the latest ask quotation. When an option
expires on its stipulated expiration date or the Portfolio enters into a
closing purchase transaction, the Portfolio realizes a gain (or loss if
the cost of a closing purchase transaction exceeds the premium received
when the option was sold) without regard to any unrealized gain or loss
on the underlying security, and the liability related to such option is
extinguished. When a call option is exercised, the Portfolio realizes a
gain or loss from the sale of the underlying security and the proceeds
from such sale are
12
<PAGE>
increased by the premium originally received. Although no call options
were written in the six months ended September 30, 1996, such options are
authorized.
The risk in writing a call option is that the Portfolio gives up the
opportunity of profit if the market price of the security increases. The
Portfolio also has the additional risk of not being able to enter into a
closing transaction if a liquid secondary market does not exist.
(b)Federal Income Taxes
Since the Portfolio's policy is to comply with all sections of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders, no provision for
income or excise taxes is required.
Net investment income and net realized gains may differ for financial
statement and tax purposes. The character of distributions made during
the year from net investment income or net realized gains may differ from
their ultimate characterization for Federal income tax purposes. Also,
due to the timing of dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that the income or
realized gains were recorded by the funds.
(c)Security Transactions
Security transactions are accounted for on the date securities are
purchased or sold (trade date). Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Interest, including
amortization of discount and premium, is accrued as earned.
Realized gains or losses are determined by specifically identifying the
issue sold.
(d)Dividend Policy
The Portfolio will declare and distribute income dividends and capital
gains distributions as may be required to qualify as a regulated
investment company under the Internal Revenue Code. All dividends and
distributions will be reinvested automatically unless the shareholder
elects otherwise.
(e)Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increase and decrease in
net assets from operations during the period. Actual results could differ
from those estimates.
(3) RELATED PARTY TRANSACTIONS
The Fund and Portfolio have retained Wallace R. Weitz & Company (the
"Adviser") as their exclusive investment adviser. In addition, the Fund has
an agreement with Weitz Securities, Inc. to act as distributor for the
Portfolio's shares. Certain officers and directors of the Fund are also
officers and directors of the Adviser and Weitz Securities, Inc.
13
<PAGE>
Under the terms of a management and investment advisory agreement, the
Adviser receives a management fee equal to 1% per annum of the Portfolio's
average daily net asset value. The Adviser has agreed to reimburse the
Portfolio up to the amount of advisory fees paid to the extent that total
expenses exceed 1.50% of the Portfolio's average daily net asset value. The
expenses incurred by the Portfolio did not exceed the percentage limitation
during the six months ended September 30, 1996.
Under the terms of an administration agreement, certain services are being
provided including the transfer of shares, disbursement of dividends, fund
accounting and related administrative services of the Fund for which the
Adviser is being paid a monthly fee. During the six months ended September
30, 1996, the fee was calculated at an average annual rate of .25% of the
Portfolio's average daily net assets, of which .10% was waived.
Weitz Securities, Inc., as distributor, received no compensation for the
distribution of Fund shares.
The Fund pays directors (other than directors who are also officers of the
Adviser) an annual retainer of $2,000 and fees of $800 per board meeting
attended and $200 per audit committee meeting attended, which are allocated
to the various portfolios. During the six months ended September 30, 1996,
the Hickory Portfolio paid directors' fees of $316.
(4) CAPITAL STOCK
The Fund is authorized to issue a total of 100 million shares of common
stock in series with a par value of $.001 per share. Ten million of these
shares have been authorized by the Board of Directors to be issued in the
series designated Hickory Portfolio shares, of which 458,588 shares are
outstanding at September 30, 1996. The Board of Directors may authorize
additional shares in other series of the Fund's shares without shareholder
approval. Each share of stock will have a pro rata interest in the assets of
the Portfolio to which the stock of that series relates and will have no
interest in the assets of any other portfolio.
Transactions in the capital stock of the Portfolio are summarized as follow:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPT. 30, 1996 YEAR ENDED
(UNAUDITED) MARCH 31, 1996
----------------- --------------
<S> <C> <C>
Transactions in shares:
Shares issued..................................................... 58,526 129,659
Shares redeemed................................................... (27,744) (28,893)
Distributions reinvested.......................................... -- 5,526
------- -------
Net increase.................................................... 30,782 106,292
------- -------
------- -------
</TABLE>
(5) SECURITIES TRANSACTIONS
Purchases and proceeds from maturities or sales of investment securities of
the Portfolio, other than short-term securities, aggregated $1,304,258 and
$878,899, respectively. The cost of investments is the same for financial
reporting and Federal income tax purposes. At September 30, 1996, the
aggregate gross unrealized appreciation and depreciation, based on cost for
Federal income tax purposes, were $2,219,699 and $192,791, respectively.
14
<PAGE>
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15
<PAGE>
- --------------------------------------------------------------------------------
WEITZ SERIES FUND, INC.
BOARD OF DIRECTORS
John W. Hancock
Richard D. Holland
Thomas R. Pansing, Jr.
Delmer L. Toebben
Wallace R. Weitz
OFFICERS
Wallace R. Weitz, President
Mary K. Beerling, Vice-President & Secretary
Linda L. Lawson, Vice-President
Richard F. Lawson, Vice-President
INVESTMENT ADVISER
Wallace R. Weitz & Company
DISTRIBUTOR
Weitz Securities, Inc.
CUSTODIAN
Norwest Bank Nebraska, N.A.
TRANSFER AGENT AND DIVIDEND PAYING AGENT
Wallace R. Weitz & Company
This report has been prepared for the information of shareholders of Weitz
Series Fund, Inc. -- Hickory Portfolio and is not authorized for distribution to
prospective investors unless preceded or accompanied by a current prospectus
which describes the Fund's objectives, policies and other information.
