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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
QUARTERLY REPORT
JUNE 30, 1997
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
JUNE 30, 1997 -- QUARTERLY REPORT
July 9, 1997
Dear Shareholder:
Short-term interest rates decreased during the second quarter as fears of
further Federal Reserve interest rate increases failed to materialize. However,
we were able to improve the yield of the Government Money Market Portfolio which
closed the quarter with a 7-day yield of 5.1% and a 30-day yield of 5.0%. We
accomplished this by modestly extending the average life of the portfolio and by
increasing the percentage of federal agency securities that we hold. Yields
increased more for agency "bills" than for Treasury-bills with similar
maturities because of the uncertainty of not knowing what the Fed's "next" move
would be. This represented an opportunity for us to enhance the yield of our
portfolio.
Our policy of investing in a "basket" of government securities with an
average life of less than 90 days, while protecting principal, will continue to
be impacted by changes in monetary policy and the effect such policy has on
short-term interest rates. Therefore, our returns should continue to track that
of Treasury-bills.
We would welcome any questions or comments you may have.
Best Regards,
/s/ Wallace R. Weitz /s/ Thomas D. Carney
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
JUNE 30, 1997
(UNAUDITED)
FACE
AMOUNT DESCRIPTION VALUE
- ------ ----------- -----
U.S. GOVERNMENT AND AGENCY SECURITIES - 100.3%*
$2,500,000 Federal Farm Credit Discount Note 5.633% 8/20/97 $2,481,004
1,050,000 U.S. Treasury Bill 5.486% 8/21/97 1,042,100
1 000,000 Federal Farm Credit Discount Note 5.583% 8/25/97 991,689
2,000,000 Federal Home Loan Bank Discount Note 5.602% 9/10/97 1,978,503
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Total U.S. Government and Agency Securities 6,493,296
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SHORT-TERM SECURITIES - 0.2%
15,454 Norwest Treasury Money Market Fund, 4.736% 15,454
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Total Investments in Securities (Cost $6,508,750)+ 6,508,750
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Other Liabilities in Excess of Other Assets - (0.5%) (31,526)
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Total Net Assets - 100.0% $6,477,224
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*Interest rates presented for treasury bills and discount notes are based
upon yield to maturity rate(s) at date(s) of purchase.
+Cost is the same for Federal income tax purposes.
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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.-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.
