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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
QUARTERLY REPORT
DECEMBER 31, 1996
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NE 68124-6008
402-391-1980
800-232-4161
402-391-2125 FAX
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
DECEMBER 31, 1996 -- QUARTERLY REPORT
January 9, 1997
Dear Shareholder:
"Irrational exuberance". These two words uttered in a speech by Alan
Greenspan, President of the Federal Reserve, shook markets the world over in
early December but certainly did not reflect the mood of fixed income investors
in 1996. Above-trend growth in the economy in the first and second quarters,
coupled with the perception of an increasingly tight labor market, led bond
investors to fear that rising inflation lurked just around the corner. The
resultant rise in interest rates was partly reversed in the second half of the
year as those growth and inflation fears subsided, but longer term bonds still
produced negative total returns. In fact, inflation as measured by the
(over-stated) Consumer Price Index, remained about 3% for the fourth consecutive
year. The Federal Reserve has made no move to tighten credit, and we do not
expect any significant changes in interest rates over the next several
quarters.
Our money market fund continues to provide a good place to remain
"insulated" from principal fluctuation caused by interest rate or share-price
moves. The trade-off for this reduced risk profile is that our portfolio's
return should continue to track those of short-term Treasury bills. Rates on
these instruments, as well as securities in our fund, will continue to be
affected by near-term monetary policy.
As of quarter end, our 7-day and 30-day yields were both 4.7%.
Best Regards,
/s/ Wallace R. Weitz /s/ Thomas D. Carney
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Wallace R. Weitz Thomas D. Carney
President, Portfolio Manager Portfolio Manager
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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
United States Government and there can be no assurance that it will maintain a
steady net asset value of $1.00.
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
AMOUNT DESCRIPTION VALUE
-------- ------------- -------
<C> <S> <S>
U.S. GOVERNMENT AND AGENCY SECURITIES - 96.8%*
$1,100,000 Federal Home Loan Bank Discount Note 5.366% 01/02/97 $1,099,839
3,000,000 Farm Credit Discount Note 5.389% 03/13/97 2,968,938
2,430,000 U.S. Treasury Bill 5.210% 04/17/97 2,393,937
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Total U.S. Government and Agency Securities 6,462,714
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SHORT-TERM SECURITIES - 3.3%
221,025 Norwest Treasury Money Market Fund, 4.6% 221,025
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Total Investments in Securities 6,683,739
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Other Liabilities in Excess of Other Assets - (0.1%) (1,883)
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Total Net Assets - 100.0% $6,681,856
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----------
</TABLE>
*Interest rates presented for treasury bills and discount notes are based upon
yield to maturity rate(s) at date(s) of purchase.
3
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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.-Government Money Market 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.
