<PAGE>
- --------------------------------------------------------------------------------
WEITZ SERIES FUND, INC.
FIXED INCOME PORTFOLIO
S E M I - A N N U A L
R E P O R T
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. -- FIXED INCOME PORTFOLIO
PERFORMANCE SINCE INCEPTION
A long-term perspective on our fund's performance is shown below. The table
shows how an investment of $10,000 in the Fixed Income Portfolio at its
inception would have grown over the years (after deducting all fees and expenses
and assuming reinvestment of all dividends). The table also sets forth average
annual total return data for the Fixed Income Portfolio for the one and five
year periods ended September 30, 1996, and for the period since inception,
calculated in accordance with SEC standardized formulas.
<TABLE>
<CAPTION>
VALUE OF VALUE OF VALUE OF
INITIAL CUMULATIVE CUMULATIVE TOTAL
$10,000 CAPITAL GAIN REINVESTED VALUE OF ANNUAL RATE
PERIOD ENDED INVESTMENT DISTRIBUTIONS DIVIDENDS SHARES OF RETURN
- -------------------------- ----------- ----------------- ------------- --------- -----------
<S> <C> <C> <C> <C> <C>
Dec. 23, 1988 $ 10,000 -- -- $ 10,000 --
Dec. 31, 1988 9,939 -- 68 10,007 --
Dec. 31, 1989 10,020 -- 900 10,920 9.1%
Dec. 31, 1990 10,232 12 1,661 11,905 9.0
Dec. 31, 1991 10,625 13 2,597 13,235 11.4
Dec. 31, 1992 10,557 13 3,396 13,966 5.5
Dec. 31, 1993 10,820 14 4,258 15,092 8.1
Dec. 31, 1994 9,961 13 4,763 14,737 -2.4
Dec. 31, 1995 10,847 14 6,199 17,060 15.8
Sept. 30, 1996 (9 Mos.) 10,671 14 6,619 17,304 1.4
</TABLE>
The Portfolio's average annual total return for the one and five year periods
ended September 30, 1996, and for the period since inception (December 23,
1988), were 4.8%, 6.2% and 7.3%, respectively. These returns assume redemption
at the end of each period.
Since inception, the total amount of capital gains distributions reinvested in
shares was $13, and the total amount of "income" distributions reinvested was
$6,468. This information represents past performance of the Portfolio and is not
indicative of future performance. The investment return and the 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. Additional information is
available from Wallace R. Weitz & Co. at the address listed on the front cover.
1
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SEPTEMBER 30, 1996 - SEMI-ANNUAL REPORT
October 3, 1996
Dear Fellow Shareholder:
The Fixed Income Portfolio's total return for the third quarter of 1996
was +2.0%, which consisted of +1.6% from net interest income (after deducting
fees and expenses) and +.4% from (unrealized) appreciation of our bonds. This
brings our year to date return, as shown on the previous page, to +1.4%. The
table below summarizes total return data for our fund as well as the average
intermediate-term, investment grade fixed income fund. (Returns shown are after
deducting all fees and expenses.)
<TABLE>
<CAPTION>
YEAR
3RD Q TO DATE 1 YEAR 5 YEARS
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Fixed Income Portfolio 2.0% 1.4% 4.8% 6.2%
Average Intermediate Investment
Grade Fixed Income Fund* 1.8% 0.3% 4.3% 7.0%
</TABLE>
*Source: Lipper Analytical Services
OVERVIEW
Interest rates edged down slightly in the third quarter with returns for
fixed income investors consisting primarily of coupon payments on positions in
their portfolios. Attention was once again focused on each piece of economic
data released in an attempt to discern the direction of the economy. Any news of
a possibly overheating economy caused the market to react in a hypersensitive
fashion with economic forecasts changing with each new piece of the puzzle.
The current picture continues to remain quite confusing, but generally
benign. While economic growth continues to surprise market participants on the
upside, inflationary pressures continue to remain absent. Given this complicated
scenario, the Federal Reserve opted to leave short-term interest rates unchanged
at their regularly scheduled meetings during the quarter. The Fed's action (or
more precisely, inaction), coupled with building confidence that Alan Greenspan
& Co. will not let inflation get out of the bag anytime soon, allowed fixed
income securities to post modest gains for the quarter.
2
<PAGE>
We remain committed to an investment philosophy (namely, achieving a high
level of current income consistent with the preservation of capital through the
purchase of short to intermediate-term, high-quality bonds) which we feel allows
us to capture most of the returns on long-term bonds with substantially less
risk. This approach, as the table on page 2 illustrates, should continue to
allow us to outperform the average fund in our class when interest rates are
rising which has been the case so far in 1996. Conversely, our conservative
strategy will likely act as a drag on returns should interest rates decline
sharply. We will continue to refrain from making any investment whose success
depends on a correct interest rate prediction. Given the large number of
variables which interact to create the price of money, i.e. interest rates, we
feel very comfortable with this position.
PORTFOLIO REVIEW
We didn't make major changes to the portfolio during the quarter. The
entire portfolio is listed later in this report, but the following table
provides a snap-shot of some of the vital characteristics as of September 30:
<TABLE>
<S> <C>
Average Maturity 9.4 years
Average Duration 4.6 years
Average Coupon 7.1%
30-Day SEC Yield at 9-30-96 6.4%
Average Rating AA
</TABLE>
If you have any questions about this letter or about our portfolio, please
feel free to call either of us any time.
Best regards,
<TABLE>
<S> <C>
/s/ Wallace Weitz /s/ Thomas Carney
Wallace R. Weitz Thomas D. Carney
President, Portfolio Manager Portfolio Manager
</TABLE>
3
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATING AMOUNT COST VALUE
- ------ ---------- ----------- ------------
<S> <C> <C> <C> <C>
CORPORATE BONDS -- 31.2%
AA- $ 250,000 Norwest Financial Corp. Notes 7.1% 11/15/96 $ 250,000 $ 250,383
A 500,000 Lehman Brothers Holdings Notes 7.625% 7/15/99 500,226 509,212
BBB 500,000 Salomon, Inc. Sr. Notes 7.125% 8/1/99 500,000 501,890
A 500,000 Phillip Morris Notes 7.125% 8/15/02 500,000 495,588
BBB- 500,000 Tenneco, Inc. Notes 7.875% 10/1/02 498,069 517,175
B+ 75,000 Homeside Inc. 11.25% 5/15/03 75,000 81,000
A+ 1,000,000 Merrill Lynch Notes 7.25% 6/14/04 998,409 1,007,062
BBB- 1,000,000 ConAgra, Inc. Sub. Notes 7.4% 9/15/04 1,000,000 999,940
A- 600,000 General Motors Acceptance Corp. Debs. 6.625%
10/15/05 596,933 569,735
BB 200,000 Dime Savings 10.5% 11/15/05 214,732 216,500
AAA 1,000 Berkshire Hathaway, Inc. Debs. 9.75% 1/15/18 1,063 1,058
----------- ------------
Total Corporate Bonds 5,134,432 5,149,543
----------- ------------
MORTGAGE-BACKED SECURITIES -- 10.0%
AAA 68,009 Federal Home Loan Mtg. REMIC Planned Amortization
Class 9.0% 11/15/19 (Avg. Life 0.5 years) 68,009 68,009
AAA 87,379 Federal Natl. Mtg Assn. 11.0% 1/1/01 (Avg. Life
1.7 years) 89,575 90,874
AAA 93,855 Federal Home Loan Mtg. Corp. 9.5% 9/1/03 (Avg.
Life 2.7 years) 93,856 97,375
AAA 500,000 Federal Natl. Mtg. Assn. REMIC Planned
Amortization Class 6.5% 10/25/18 (Avg. Life 7.1
years) 485,088 467,812
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 6.65% 9/15/21 (Avg. Life 8.3
yrs) 489,928 465,938
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 7/15/21 (Avg. Life 11.9
yrs) 495,117 465,313
----------- ------------
Total Mortgage-Backed Securities 1,721,573 1,655,321
----------- ------------
TAXABLE MUNICIPAL BONDS -- 5.3%
AA+ 140,000 Missouri Hsg. Dev. Comm. 8.6% 9/1/05 140,934 140,700
AAA 250,000 Oklahoma Hsg. Fin. Auth. 8.7% 9/1/13 250,000 251,250
AAA 500,000 Oklahoma Hsg. Fin. Auth. 7.3% 12/1/14 500,000 480,520
----------- ------------
Total Taxable Municipal Bonds 890,934 872,470
----------- ------------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
FACE
RATING AMOUNT COST VALUE
- ------ ---------- ----------- ------------
U.S. GOVERNMENT AND AGENCY SECURITIES -- 50.9%
<S> <C> <C> <C> <C>
AAA $ 100,125 U.S. Treasury Zero Coupon Receipts 2/15/97 $ 97,986 $ 97,990
AAA 100,100 U.S. Treasury Zero Coupon Receipts 2/15/98 92,732 91,976
AAA 99,960 U.S. Treasury Zero Coupon Receipts 2/15/99 86,971 85,949
AAA 200,000 Federal Home Loan Bank 6.0% 4/12/01 199,879 199,930
AAA 1,000,000 Federal Home Loan Bank 7.01% 7/30/01 1,000,000 998,806
AAA 2,500,000 Federal Natl. Mtg. Assn. 7.55% 6/10/04 2,498,259 2,514,795
AAA 500,000 Federal Natl. Mtg. Assn. 8.05% 7/14/04 505,091 503,101
AAA 100,000 U.S. Treasury Note 8.25% 5/15/05 104,474 104,891
AAA 1,000,000 Federal Home Loan Mtg. Corp. 7.09% 6/1/05 1,002,724 982,781
AAA 500,000 Federal Home Loan Bank 6.44% 11/28/05 500,720 483,906
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.64% 2/02/06 1,000,000 949,279
AAA 500,000 Federal Home Loan Mtg. Corp. 6.407% 2/22/06 496,485 472,183
AAA 1,000,000 Federal Home Loan Mtg. Corp. 6.77% 3/21/11 920,842 932,500
----------- ------------
Total U.S. Government and Agency Securities 8,506,163 8,418,087
----------- ------------
SHORT-TERM SECURITIES -- 1.1%
177,084 Norwest U.S. Government Money Market Fund, 5.0% 177,084 177,084
----------- ------------
Total Investments in Securities $16,430,186 16,272,505
-----------
----------- ------------
Other Assets Less Liabilities -- 1.5%
253,543
------------
Total Net Assets -- 100% $16,526,048
------------
------------
Net Asset Value Per Share $ 10.823
------------
------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<S> <C>
Assets:
Investment in securities at value (cost $16,430,186) $ 16,272,505
Accrued interest 258,929
Prepaid expenses 1,452
------------
Total assets 16,532,886
------------
Liabilities:
Due to adviser 6,838
------------
Net assets applicable to outstanding capital stock $ 16,526,048
------------
------------
Net assets represented by:
Capital stock outstanding, at par (note 4) 1,527
Additional paid-in capital 16,870,748
Accumulated undistributed net investment income 272,421
Accumulated undistributed net realized loss (460,967)
Net unrealized depreciation of investments (note 5) (157,681)
------------
Total representing net assets applicable to
shares outstanding $ 16,526,048
------------
------------
Net asset value per share of outstanding capital stock
(1,526,926 shares outstanding) $ 10.823
------------
------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENT OF OPERATIONS
SIX MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<S> <C> <C>
Investment income:
Interest $ 593,856
---------
Expenses (note 3):
Investment advisory fee $ 41,811
Administrative fee 20,905
Audit fee 7,422
Bank custodial fee 2,508
Registration expense 4,246
Other expenses 1,503
---------
Total expenses 78,395
Less administrative fee waived and other expenses
assumed
by investment adviser (15,679)
---------
Net expenses 62,716
---------
Net investment income 531,140
---------
Realized and unrealized loss on investments:
Realized loss on investments (15,760)
Net unrealized depreciation of investments (124,474)
---------
Net realized and unrealized loss on investments (140,234)
---------
Net increase in net assets resulting from
operations $ 390,906
---------
---------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME 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 (decrease) in net assets:
From operations:
Net investment income $ 531,140 $ 883,164
Net realized gain (loss) (15,760) 20,379
Unrealized appreciation (depreciation) (124,474) 229,011
------------- --------------
Net increase in net assets resulting from operations 390,906 1,132,554
------------- --------------
Distributions to shareholders from:
Net investment income (507,420) (835,268)
Net realized gain -- --
------------- --------------
Total distributions (507,420) (835,268)
------------- --------------
Capital share transactions (note 4):
Proceeds from sales 2,842,963 8,446,107
Payments for redemptions (3,572,589) (4,445,863)
Reinvestment of distributions 470,814 780,100
------------- --------------
Total increase (decrease) from capital share transactions (258,812) 4,780,344
------------- --------------
Total increase (decrease) in net assets (375,326) 5,077,630
------------- --------------
Net assets:
Beginning of period 16,901,374 11,823,744
------------- --------------
End of period $16,526,048 $ 16,901,374
------------- --------------
------------- --------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
The following financial information provides selected data for a share of the
Fixed Income Portfolio outstanding throughout the periods indicated.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED SEPT. YEAR ENDED MARCH 31,
30, 1996 ----------------------------------------------------------------
(UNAUDITED) 1996 1995 1994 1993 1992 1991
------------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.900 $ 10.608 $ 10.778 $ 11.105 $ 10.781 $ 10.644 $ 10.296
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.327 0.645 0.667 0.551 0.615 0.720 0.613
Net gains or losses on securities
(realized and unrealized) (0.076) 0.312 (0.224) (0.290) 0.360 0.149 0.417
------------- --------- --------- --------- --------- --------- ---------
Total from investment operations 0.251 0.957 0.443 0.261 0.975 0.869 1.030
LESS DISTRIBUTIONS:
Dividends from net investment income (0.328) (0.665) (0.613) (0.588) (0.651) (0.731) (0.671)
Distributions from realized gains -- -- -- -- -- (0.001) (0.011)
------------- --------- --------- --------- --------- --------- ---------
Total distributions (0.328) (0.665) (0.613) (0.588) (0.651) (0.732) (0.682)
------------- --------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.823 $ 10.900 $ 10.608 $ 10.778 $ 11.105 $ 10.781 $ 10.644
------------- --------- --------- --------- --------- --------- ---------
------------- --------- --------- --------- --------- --------- ---------
TOTAL RETURN 2.4%+ 9.2% 4.4% 2.3% 9.4% 8.6% 10.4%
RATIOS/SUPPLEMENTAL DATA:
Net assets, End of period $16,526,048 $16,901,374 $11,823,744 $20,559,783 $19,655,058 $11,691,070 $6,260,787
Ratio of net expenses to average net
assets++ 0.75%* 0.75% 0.75% 0.75% 0.76% 0.72% 0.73%
Ratio of net investment income to average
net assets 6.35%* 6.18% 6.16% 4.94% 6.22% 7.50% 8.45%
Portfolio turnover rate 15% 28% 49% 12% 15% 31% 8%
<CAPTION>
DEC. 23, 1988
(INCEPTION) TO
1990 MARCH 31, 1989
--------- --------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.236 $ 10.142
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.874 0.210
Net gains or losses on securities
(realized and unrealized) 0.002 (0.047)
--------- --------------
Total from investment operations 0.876 0.163
LESS DISTRIBUTIONS:
Dividends from net investment income (0.816) (0.069)
Distributions from realized gains -- --
--------- --------------
Total distributions (0.816) (0.069)
--------- --------------
NET ASSET VALUE, END OF PERIOD $ 10.296 $ 10.236
--------- --------------
--------- --------------
TOTAL RETURN 8.9% 1.6%+
RATIOS/SUPPLEMENTAL DATA:
Net assets, End of period $1,418,604 $1,316,152
Ratio of net expenses to average net
assets++ 0.62% 1.00%*
Ratio of net investment income to average
net assets 8.22% 9.32%*
Portfolio turnover rate 30% 0%
</TABLE>
* Annualized
+ Not annualized
++ Absent voluntary waivers, the expense ratio would have been 0.95% for the
year ended March 31, 1996 and 0.94% (annualized) for the six months ended
September 30, 1996.
See accompanying notes to financial statements.
9
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
(1) ORGANIZATION AND BUSINESS CHANGES
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 in operation: the Fixed Income Portfolio, the Value Portfolio, the
Government Money Market Portfolio, and the Hickory Portfolio. The
accompanying financial statements present the financial position and results
of operations of the Fixed Income Portfolio (the "Portfolio").
The Portfolio's investment objective is high current income consistent with
preservation of capital. 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 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
Company'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.
(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.
10
<PAGE>
(C)SECURITY TRANSACTIONS
Security transactions are accounted for on the date the 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. Generally, the
Portfolio pays income dividends on a quarterly basis. 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.
Under the terms of a 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.
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 year 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 .19% was waived.
Weitz Securities, Inc. as distributor, received no compensation for
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 Fixed Income Portfolio paid directors' fees of $766.
11
<PAGE>
(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 Fixed Income Portfolio shares, of which 1,526,926 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
follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPT. 30, 1996 YEAR ENDED
(UNAUDITED) MARCH 31, 1996
----------------- --------------
<S> <C> <C>
Transactions in shares:
Shares issued...................................................... 265,117 770,638
Shares redeemed.................................................... (332,949) (406,925)
Reinvested dividends............................................... 44,208 72,266
-------- --------------
Net increase..................................................... (23,624) 435,979
-------- --------------
-------- --------------
</TABLE>
(5) SECURITIES TRANSACTIONS
Purchases and proceeds from maturities or sales of investment securities of
the Portfolio, other than short-term securities, aggregated $3,068,496 and
$2,361,457, 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 $81,647 and $239,328, respectively.
For Federal income tax purposes, the Portfolio has realized capital loss
carryforwards of $460,967 available to offset future realized capital gains.
To the extent that such carryforwards are used, no capital gains
distributions will be made. The carryforwards expire as follows: March 31,
2000 - $25,694, March 31, 2001 - $31,035, March 31, 2002 - $35,365, March
31, 2003 - $4,254, March 31, 2004 - $348,510, and March 31, 2005 - $16,109.
12
<PAGE>
[This page left blank intentionally.]
13
<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. -- Fixed Income 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.
