<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
ANNUAL REPORT
MARCH 31, 1996
AMENDED NOVEMBER 8, 1996
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NE 68124-6008
402-391-1980
800-232-4161
402-391-2125 FAX
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
MARCH 31, 1996 -- ANNUAL REPORT
April 5, 1996
Dear Shareholder:
The Federal Reserve continued to ease monetary policy in the first quarter
of 1996 by lowering the federal funds rate (the rate charged for overnight loans
between banks) by 1/4 percent. As a result, short-term interest rates declined
slightly in the quarter. Our 7-day and 30-day yields slipped to 4.5% (after
expenses).
Our strategy is to invest in liquid short-term Government securities that
have a weighted average maturity of less than 90 days. Rates on these
instruments will continue to be affected by near-term monetary policy. Thus, we
expect that the fund's yield will closely track Treasury bill rates.
ANNUAL MEETING
On Wednesday, May 29, 1996, we will have our annual meeting for
shareholders at the Omaha Marriott. The meeting room will open at 4:00 p.m. for
snacks and drinks, and the business meeting will start at 4:30. This is a great
opportunity to ask questions about your investment and to meet the members of
our staff that you have been talking to on the phone. If you plan to join us
for the meeting, please let Mary Bickels know so we can plan for the right
number of people.
Best regards,
/s/ Wallace R. Weitz /s/ Thomas Carney
Wallace R. Weitz Thomas Carney
President, Portfolio Manager Portfolio Manager
- --------------------------------------------------------------------------------
Yields quoted are historical and will fluctuate in the future. An
investment in the Government Money Market Portfolio is neither
insured, nor guaranteed by the U.S. Government and there can be no
assurance that it will maintain a steady net asset value of $1.00.
- --------------------------------------------------------------------------------
2
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
MARCH 31, 1996
<TABLE>
<CAPTION>
AMORTIZED
COST, WHICH
FACE APPROXIMATES
AMOUNT DESCRIPTION MARKET VALUE
------ ----------- ------------
<S> <C> <C>
U.S. GOVERNMENT SECURITIES - 99.9%
$ 2,750,000 U.S. Treasury Bill 5.025% 4/04/96** $2,748,878
1,395,000 U.S. Treasury Bill 5.142% 5/16/96** 1,386,314
----------
Total U.S. Government Securities 4,135,192
----------
SHORT-TERM SECURITIES - 0.5%
21,932 Norwest Treasury Money Market Fund, 4.6% 21,932
Total Investments in Securities 4,157,124*
Other Liabilities in Excess of Other Assets - (0.4%) (15,522)
Total Net Assets - 100.0% $4,141,602
----------
----------
</TABLE>
*Also approximates cost for federal income tax purposes
**Interest rates presented for treasury bills are based upon yield to maturity
rate(s) at date(s) of purchase
See accompanying notes to financial statements.
3
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1996
<TABLE>
<CAPTION>
<S> <C>
Assets:
Investments in securities at amortized cost,
which approximates market value $4,157,124
Interest receivable 288
----------
Total assets 4,157,412
----------
Liabilities (note 3) 15,810
----------
Net assets applicable to outstanding capital stock $4,141,602
----------
----------
Net assets represented by:
Capital stock outstanding, at par (notes 3 & 4) 4,142
Additional paid-in capital 4,137,460
----------
Total representing net assets applicable
to shares outstanding $4,141,602
----------
----------
Net asset value per share of outstanding capital stock $ 1.000
-----
-----
</TABLE>
See accompanying notes to financial statements.
4
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1996
<TABLE>
<CAPTION>
<S> <C>
Investment income:
Interest $ 197,243
---------
Total investment income 197,243
---------
Expenses (note 3):
Investment advisory fee 17,638
Administrative fee 8,819
Registration expenses 6,379
Audit fees 3,138
Bank custodial fees 2,278
Other expenses 2,024
Less advisory fee, administrative fee and other expenses
waived by investment adviser (22,638)
---------
Total expenses 17,638
---------
Net investment income and net increase
in net assets resulting from operations $ 179,605
---------
---------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
----------------------------
1996 1995
----------- -----------
<S> <C> <C>
Net increase in net assets resulting from operations $ 179,605 $ 86,625
Distributions to shareholders from:
Net investment income 179,605 86,625
Capital share transactions (note 4):
Proceeds from sales 11,203,040 5,536,327
Payments for redemptions (9,905,860) (4,863,478)
Reinvestment of net investment income at net asset value 175,488 77,958
----------- -----------
Total increase from capital share transactions 1,472,668 750,807
----------- -----------
Total increase in net assets 1,472,668 750,807
----------- -----------
Net assets:
Beginning of period 2,668,934 1,918,127
----------- ----------
End of period $ 4,141,602 $2,668,934
----------- -----------
----------- -----------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
The following financial information provides selected data for a share of
the Government Money Market Portfolio outstanding throughout the periods
indicated.
<TABLE>
<CAPTION>
Year ended March 31, Period August 1, 1991
-------------------------------------------------------- (inception) to
1996# 1995# 1994# 1993# March 31, 1992#
--------- --------- --------- --------- ---------------------
<S> <C> <C> <C> <C> <C>
Net asset value, Beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from investment operations:
Net investment income 0.051 0.042 0.028 0.031 0.031
----- ----- ----- ----- -----
Less distributions:
Dividends (from net investment income) (0.051) (0.042) (0.028) (0.031) (0.031)
----- ----- ----- ----- -----
Net asset value, End of period $1.000 $1.000 $1.000 $1.000 $1.000
----- ----- ----- ----- -----
----- ----- ----- ----- -----
Total return 5.2% 4.2% 2.9% 3.2% 4.7%*
Ratios/supplemental data:
Net assets, End of period $4,141,602 $2,668,933 $1,918,127 $555,050 $277,582
Ratio of expenses to average net assets 0.50%** 0.50% 0.25% 0.26% 0.27%*
Ratio of net investment income to
average net assets 4.95% 4.18% 2.81% 3.05% 4.65%*
Portfolio turnover rate N/A N/A N/A N/A N/A
</TABLE>
*Annualized for periods of less than twelve months.
**Absent voluntary waivers, the expense ratio would have been 1.14%.
#The per share amounts and total return figures have been restated to reflect
the correction of a computational error in the original 1996 annual report to
shareholders.
See accompanying notes to financial statements.
7
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
FEDERAL INCOME TAX INFORMATION
Information for federal income tax purposes is presented as an aid to
shareholders in reporting dividend distributions for the year ended March 31,
1996, as shown below.
PER SHARE,
YEAR ENDED
MARCH 31, 1996
--------------
Net investment income distributions
(none qualifying for corporate dividends
received deduction).................... $ 0.051
---------
---------
For federal income tax purposes, 100% of the above net investment income
distributions were derived from interest on securities exempt from federal
income tax. Net investment income distributions exempt from federal income tax
should not be included in shareholder's gross income, but are reported on the
federal income tax return for informational purposes. Each shareholder should
consult a tax adviser about reporting this income for state and local purposes.
8
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996
(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 March 31, 1996, the Fund had four
series in operation: the Government Money Market Portfolio, the Fixed Income
Portfolio, the Value Portfolio and the Hickory Portfolio. The accompanying
financial statements present the financial position and results of operations
of the Government Money Market Portfolio (the "Portfolio").
The Portfolio's investment objective is current income consistent with the
preservation of capital and maintenance of liquidity. The Portfolio intends
to invest principally in debt obligations issued or guaranteed by the U.S.
Government, its agencies and instrumentalities and repurchase agreements
thereon with maturities not exceeding one year. 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
Investment securities are carried at amortized cost, which approximates
market value. Pursuant to Rule 2a-7 of the Investment Company Act of 1940,
amortized cost, as defined, is a method of valuing securities at
acquisition cost, adjusted for amortization of premium or accretion of
discount rather than at their value based on current market factors. This
method of valuation is used consistently throughout the industry by money
market funds wishing to maintain a constant net asset value per share. The
Portfolio maintains a constant net asset value of $1 per share.
(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.
(c) SECURITY TRANSACTIONS
Security transactions are accounted for on the date securities are
purchased or sold (trade date). Realized gains or losses are determined by
specifically identifying the issue sold.
9
<PAGE>
In computing net investment income, the Portfolio amortizes premiums and
discounts and accrues interest income daily.
Dividends to shareholders are declared daily and paid monthly in shares or
cash.
(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.
Under the terms of the management and investment advisory agreement, the
Adviser receives a management fee equal to 1/2% 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% of the Portfolio's average annual daily net asset value.
For the year ended March 31, 1996, the Adviser received a management fee
equal to 1/4% per annum of the Portfolio's average daily net asset value and
waived 1/4% per annum. At March 31, 1996, the Portfolio had accrued advisory
fees of $824, which were classified as accrued expenses.
Under the terms of the administrative services 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 year ended
March 31, 1996, the fee was calculated at an average annual rate of .25% of
the Portfolio's average daily net assets, of which .25% was waived.
Weitz Securities, Inc., as distributor, received no compensation for the
distribution of Fund shares.
As of March 31, 1996, directors, officers and employees of the Fund, the
Adviser and Weitz Securities, Inc. and their immediate family members held
105,514 shares of capital stock of the Portfolio representing 2.5% of the
Portfolio.
(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. Thirty million of these
shares have been authorized by the Board of Directors to be issued in the
series designated Government Money Market Portfolio shares, of which
4,141,602 shares were outstanding at March 31, 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.
10
<PAGE>
Transactions in the capital stock of the Portfolio are summarized as follows:
<TABLE>
<CAPTION>
Year ended Year ended
March 31, 1996 March 31, 1995
-------------- --------------
<S> <C> <C>
Transactions in shares:
Shares issued 11,203,040 5,536,327
Shares redeemed (9,905,860) (4,863,478)
Distributions reinvested 175,488 77,958
---------- ----------
Net increase 1,472,668 750,807
---------- ----------
---------- ----------
</TABLE>
(5) DIRECTORS' FEES AND EXPENSES
The Fund pays directors (other than directors who are also officers of the
Adviser) a fee of $400 per board meeting attended and $100 per audit
committee meeting attended, which is allocated to the various portfolios.
During the year ended March 31, 1996, the Government Money Market Portfolio
paid directors' fees of $146.
11
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[LOGO]
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders
Weitz Series Fund, Inc. - Government Money Market Portfolio:
We have audited the accompanying statement of assets and liabilities of Weitz
Series Fund, Inc. - Government Money Market Portfolio, including the schedule of
investments in securities, as of March 31, 1996, the related statement of
operations for the year then ended and changes in net assets for each of the
years in the two-year period then ended and financial highlights for each of the
years in the four-year period then ended and for the period from August 1, 1991
(inception) to March 31, 1992. 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 generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
March 31, 1996, by correspondence with custodians and brokers. 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 Weitz
Series Fund, Inc. - Government Money Market Portfolio as of March 31, 1996, the
results of its operations for the year then ended and the changes in its net
assets for each of the years in the two-year period then ended and financial
highlights for each of the years in the four-year period then ended and for the
period from August 1, 1991 (inception) to March 31, 1992 in conformity with
generally accepted accounting principles.
KPMG PEAT MARWICK LLP
April 17, 1996
Omaha, Nebraska
[LOGO]
<PAGE>
WEITZ SERIES FUND, INC.
BOARD OF DIRECTORS
Carroll E. Fredrickson
John W. Hancock
Richard D. Holland
Thomas R. Pansing, Jr.
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.-Government Money Market 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.
