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- --------------------------------------------------------------------------------
WEITZ SERIES FUND, INC.
FIXED INCOME PORTFOLIO
QUARTERLY
REPORT
JUNE 30, 1997
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NEBRASKA 68124-6008
402-391-1980
800-232-4161
402-391-2125 FAX
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WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
PERFORMANCE SINCE INCEPTION
A long-term perspective on our portfolio'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 June 30, 1997, 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 ANNUAL
$10,000 CAPITAL GAIN REINVESTED VALUE OF RATE OF
PERIOD ENDED INVESTMENT DISTRIBUTIONS DIVIDENDS SHARES 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
Dec. 31, 1996 10,637 13 7,158 17,808 4.4
June 30, 1997 10,810 14 7,521 18,345 3.0+
</TABLE>
The portfolio's average annual total return for the one and five year periods
ended June 30, 1997, and for the period since inception (December 23, 1988),
were 8.1%, 6.1% and 7.4%, respectively. These returns assume redemption at the
end of each period and reinvestment of dividends.
Since inception, the total amount of capital gains distributions reinvested in
shares was $13, and the total amount of income distributions reinvested was
$7,270. 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.
+Return is for the six month period 12/31/96 through 6/30/97.
2
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WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
JUNE 30, 1997 - QUARTERLY REPORT
July 7, 1997
Dear Fellow Shareholder:
The Fixed Income Portfolio's total return for the second quarter of 1997
was 3.2%. This was made up of +1.5% from net interest income (after deducting
fees and expenses) and +1.7% from (unrealized) appreciation of our bonds. This
brings our year to date return, as shown on the previous page, to +3.0%. 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>
1 YEAR 5 YEARS
--------- -----------
<S> <C> <C>
Fixed Income Portfolio 8.1% 6.1%
Average Intermediate Investment
Grade Fixed Income Fund* 7.5% 6.4%
</TABLE>
*Source: Lipper Analytical Services
MARKET REVIEW
Market sentiment gradually improved in the second quarter as concerns
about an overheating economy, rising inflation, and further rate increases by
the Federal Reserve failed to materialize. The result was a decline in interest
rates that produced solid returns for bond investors.
The current U.S. economic expansion is very unusual. The expansion is in
its seventh year (longest since the '60's), the unemployment rate is only 4.8%
(lowest since 1973), and the inflation rate is very low. In fact, the Producer
Price Index - one measure of inflation - has actually declined for 5 consecutive
months, something that has not happened since the early 1950's. Most economists
have assumed that high employment and low inflation could not co-exist, and
there was fear that the Federal Reserve would continue to raise short-term
interest
3
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rates as it had in March. Given the favorable economic conditions, the Fed left
rates unchanged during the quarter. This was a pleasant surprise to many, and
relieved bond investors pushed bond prices higher.
Ideal bond market conditions will undoubtedly give way to less ideal
conditions. Bond market participants are obsessed with day-to-day economic data,
so the bond market will continue to be volatile. However, our portfolio is
designed to earn reasonable returns over long periods of time without trying to
predict short-term interest rate changes. So, we will continue to own high
quality, intermediate-term bonds and to ignore the daily bond market "noise".
PORTFOLIO REVIEW
We took advantage of the higher interest rates earlier in the quarter to
modestly extend the average maturity of our portfolio. This allowed us to lock
in returns in excess of 7% on high-quality, intermediate-term bonds. With the
current "flat" yield curve, (long-term bond yields only modestly higher than
intermediate-term yields), our 8 1/2 year average life portfolio will continue
to capture most of a long-term bond's "coupon" returns with significantly less
risk.
The entire portfolio is listed later in this report, but the following
table provides a snapshot of some of the vital characteristics as of June 30:
<TABLE>
<S> <C>
Average Maturity 8.5 years
Average Duration 4.0 years
Average Coupon 6.8%
30-Day SEC Yield at 6-30-97 6.4%
Average Rating AA
</TABLE>
4
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1997 SHAREHOLDERS' MEETING
On June 2, about 150 clients attended our shareholders' meeting. All of
the proposals regarding directors, auditors, by-laws and investment policies
were approved. After the official business portion of the meeting, Rick Lawson,
Wally and Tom answered investment questions for about an hour. We also announced
that we would offer a series of informal "classes" for interested shareholders
on "mutual fund basics," "how we pick stocks," and "planning for retirement."
The initial response was good, and we have already held the first two sessions.
If you are interested in finding out more about future classes, please call Mary
Bickels.
The shareholder meeting is a good chance to get together, meet the staff
and your fellow shareholders, and talk about investments. We hope you will be
able to join us next year.
Best Regards,
/S/ WALLACE R. WEITZ /S/ THOMAS CARNEY
Wallace R. Weitz Thomas D. Carney
President, Portfolio Manager Portfolio Manager
5
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WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATING AMOUNT COST VALUE
- ------ ---------- ----------- ------------
<S> <C> <C> <C> <C>
CORPORATE BONDS -- 18.5%
A $ 500,000 Lehman Brothers Holdings Notes 7.625% 7/15/99 $ 500,170 $ 510,535
BBB 500,000 Salomon, Inc. Sr. Notes 7.125% 8/01/99 500,000 505,174
A 500,000 Phillip Morris Notes 7.125% 8/15/02 500,000 503,660
BBB 500,000 Tenneco, Inc. Notes 8.075% 10/01/02 498,309 525,404
BB+ 48,000 Homeside, Inc. 11.25% 5/15/03 48,000 55,200
BBB 1,000,000 ConAgra, Inc. Sub. Notes 7.4% 9/15/04 1,000,000 1,011,487
A- 600,000 General Motors Acceptance Corp. Debs. 6.625%
10/15/05 597,123 584,121
BB+ 500,000 Dime Savings 10.5% 11/15/05 533,299 540,000
AAA 1,000 Berkshire Hathaway, Inc. Debs. 9.75% 1/15/18 1,051 1,053
----------- ------------
Total Corporate Bonds 4,177,952 4,236,634
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MORTGAGE-BACKED SECURITIES -- 17.7%
AAA 11,484 Federal Home Loan Mtg. REMIC Planned
Amortization Class 9.0% 11/15/19 (Avg. Life 0.1
years) 11,484 11,484
AAA 64,891 Federal Natl. Mtg. Assn. 11.0% 1/01/01
(Avg. Life 1.5 years) 66,236 66,838
AAA 75,852 Federal Home Loan Mtg. Corp. 9.5% 9/01/03
(Avg. Life 2.5 years) 75,852 78,696
AAA 500,000 Federal Natl. Mtg. Assn. REMIC Planned
Amortization Class 7.5% 4/25/19 (Avg. Life 5.5
years) 495,663 502,500
AAA 500,000 Federal Natl. Mtg. Assn. REMIC Planned
Amortization Class 6.5% 10/25/18 (Avg. Life 6.3
years) 485,593 479,063
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 6.75% 12/15/21 (Avg. Life 6.9
years) 991,683 975,000
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 6.65% 9/15/21 (Avg. Life 7.0
years) 490,230 480,937
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 4/15/21 (Avg. Life 8.2
years) 975,075 983,750
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 7/15/21 (Avg. Life 10.6
years) 495,265 484,375
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Total Mortgage-Backed Securities 4,087,081 4,062,643
----------- ------------
</TABLE>
6
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WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
FACE
RATING AMOUNT COST VALUE
- ------ ---------- ----------- ------------
<S> <C> <C> <C> <C>
TAXABLE MUNICIPAL BONDS -- 4.8%
AA+ $ 95,000 Missouri Hsg. Dev. Comm. 8.6% 9/01/05 $ 95,581 $ 95,475
AAA 325,000 Baltimore Maryland 7.25% 10/15/05 329,995 332,722
AAA 250,000 Oklahoma Hsg. Fin. Auth. 8.7% 9/01/13 250,000 251,250
AAA 435,000 Oklahoma Hsg. Fin. Auth. 7.3% 12/01/14 435,000 429,067
----------- ------------
Total Taxable Municipal Bonds 1,110,576 1,108,514
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U.S. GOVERNMENT AND AGENCY SECURITIES -- 48.9%
AAA 100,100 U.S. Treasury Zero Coupon Receipts 2/15/98 96,557 96,510
AAA 99,960 U.S. Treasury Zero Coupon Receipts 2/15/99 90,517 90,443
AAA 1,000,000 Federal Home Loan Bank 6.77% 3/20/02 1,000,000 998,023
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.54% 6/04/04 1,006,189 1,001,562
AAA 2,500,000 Federal Natl. Mtg. Assn. 7.55% 6/10/04 2,498,806 2,523,828
AAA 500,000 Federal Natl. Mtg. Assn. 8.05% 7/14/04 500,267 500,469
AAA 100,000 U.S. Treasury Note 8.25% 5/15/05 104,087 104,703
AAA 1,000,000 Federal Home Loan Mtg. Corp. 7.09% 6/01/05 1,002,167 995,144
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.27% 8/24/05 1,001,262 1,001,562
AAA 500,000 Federal Home Loan Bank 6.44% 11/28/05 500,660 491,719
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.64% 2/02/06 1,000,000 968,852
AAA 500,000 Federal Home Loan Mtg. Corp. 6.407% 2/22/06 496,764 481,144
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.15% 10/11/06 980,174 996,719
AAA 1,000,000 Federal Home Loan Mtg. Corp. 6.77% 3/21/11 924,932 946,719
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Total U.S. Government and Agency
Securities 11,202,382 11,197,397
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SHORT-TERM SECURITIES -- 8.9%
1,047,239 Norwest U.S. Government Money Market Fund 1,047,239 1,047,239
AAA 1,000,000 U.S. Treasury Bill 7/24/97 996,802 996,673
----------- ------------
Total Short-Term Securities 2,044,041 2,043,912
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Total Investments in Securities $22,622,032 22,649,100
----------- ------------
-----------
Other Assets Less Liabilities -- 1.2% 270,659
------------
Total Net Assets -- 100% $ 22,919,759
------------
------------
Net Asset Value Per Share $ 10.963
------------
------------
</TABLE>
7
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WEITZ SERIES FUND, INC.
BOARD OF DIRECTORS
Lorraine Chang
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. For more detailed information about
the Fund, its investment objectives, management, fees and expenses, please see a
current prospectus. This report is not authorized for distribution to
prospective investors unless preceded or accompanied by a current prospectus.
