<PAGE>
- --------------------------------------------------------------------------------
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 and Government Money Market Portfolios. For
more detailed information about the Funds, their 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.
FIXED INCOME PORTFOLIO
GOVERNMENT MONEY MARKET PORTFOLIO
ANNUAL
REPORT
MARCH 31, 1998
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NEBRASKA 68124-6008
402-391-1980
800-232-4161
402-391-2125 FAX
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
FIXED INCOME PORTFOLIO
Period Overview........................................................ 3
Schedule of Investments................................................ 8
Financial Statements................................................... 10
GOVERNMENT MONEY MARKET PORTFOLIO
Period Overview........................................................ 14
Schedule of Investments................................................ 15
Financial Statements................................................... 16
Notes to Financial Statements................................................ 20
Independent Auditor's Report................................................. 24
</TABLE>
2
<PAGE>
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 March 31, 1998, 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
Dec. 31, 1996 10,637 13 7,158 17,808 4.4
Dec. 31, 1997 10,916 14 8,416 19,346 8.6
Mar. 31, 1998 11,106 14 8,563 19,683 1.7 +
</TABLE>
The portfolio's average annual total return for the one and five year periods
ended March 31, 1998, and for the period since inception (December 23, 1988),
was 10.7%, 6.3% and 7.6%, 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
$8,090. 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 the Weitz Funds at the address listed on the front cover.
+ For the period from 1/1/98 through 3/31/98
3
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
MARCH 31, 1998 - ANNUAL REPORT
April 6, 1998
Dear Shareholder:
The Fixed Income Portfolio's total return for the first quarter of 1998
was +1.7%, which consisted of +1.5% from net interest income (after deducting
fees and expenses) and +0.2% from (unrealized) appreciation of our bonds. The
table below summarizes total return data for our fund and for 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 10.7% 6.3%
Average Intermediate Investment
Grade Fixed Income Fund* 10.8% 6.2%
*Source: Lipper Analytical Services
</TABLE>
MARKET REVIEW
Interest rates moved modestly lower during the first quarter of 1998, so
our portfolio's return slightly exceeded the "coupon" income on our bonds.
Economic news was classic "two-handed" economist fare -- a declining inflation
rate on the one hand and strong economic growth on the other.
The ongoing Asian "crisis" seemed to have a positive impact on U.S.
interest rates. Reform efforts by many of these Asian countries decreased global
demand and caused a decline in commodity prices. Crude oil, for example, fell to
a nine-year low and gave us first hand experience with declining inflation in
the form of lower airfares and gasoline at less than $1 per gallon. The Consumer
Price Index, one measure of inflation, has risen a modest 1.4% over the past 12
months. Bond investors, heartened by this trend, pushed long-term bond yields to
a 30-year low in mid-January.
4
<PAGE>
Yet bond investors remained wary as economic growth continued to surprise
on the upside. Home sales set records, unemployment remained low, and consumer
confidence climbed. Asian turmoil may have helped to keep inflation low but it
has not yet caused the economic slowdown that many expected. In fact, the
decline in the inflation rate may actually have stimulated the economy.
We do not know whether strong growth will cause increased inflation or
whether the DEFLATIONARY forces unleashed by the Asian "flu" will lead to even
lower domestic inflation. So, our strategy is to continue to invest in
short-to-intermediate term bonds, which provide an attractive risk/reward
tradeoff. Since there is very little difference between long-term and short-term
interest rates (a "flat yield curve"), our portfolio is able to generate over
90% of long-term bonds' "coupon" returns with substantially less duration risk.
Our portfolio remains concentrated in government agency and
mortgage-backed securities, since these AAA bonds yield almost as much as most
corporates in today's bond market. However, we occasionally discover a bargain,
such as the USA Networks 7% convertible bonds due 2003 (purchased to yield 7.7%
to maturity). USA owns the Home Shopping, USA, and Sci-Fi cable networks, as
well as Ticketmaster and interests in television stations and programming. It is
managed by Barry Diller and controlled by Diller, Seagrams, and Liberty Media
(strong parents). The company has little public debt except for two convertible
issues that we feel have been overlooked in the marketplace. With improving
fundamentals, solid management, and an attractive yield, we believe this
enhances our portfolio.
The following table shows some of the vital characteristics of our
portfolio as of March 31:
<TABLE>
<S> <C>
Average Maturity 7.2 years
Average Duration 3.3 years
Average Coupon 7.2%
30-Day SEC Yield at 3-31-98 5.7%
Average Rating AA
</TABLE>
5
<PAGE>
SHAREHOLDER INFORMATION MEETING
Please join us on WEDNESDAY, MAY 27, 1998 AT THE OMAHA MARRIOTT for this
annual chance to meet our staff and your fellow shareholders and to ask any
questions you may have of your portfolio managers. There is no formal business
to conduct, so the doors will open at 4:00 p.m. and the investment discussion
will begin at 4:30 p.m. The meeting will conclude at 5:45 p.m. We have a large
number of new shareholders this year, so PLEASE CALL THE RECEPTIONIST TO LET US
KNOW IF YOU PLAN TO ATTEND. We look forward to seeing you then.
If you have questions about any of our investments or strategy, please
feel free to call either of us anytime.
Best Regards,
/S/ WALLACE R. WEITZ /S/ THOMAS CARNEY
Wallace R. Weitz Thomas D. Carney
President, Portfolio Manager Portfolio Manager
6
<PAGE>
SCHEDULE OF INVESTMENTS
7
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
MARCH 31, 1998
<TABLE>
<CAPTION>
RATING+ FACE AMOUNT COST VALUE
- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
CORPORATE BONDS -- 28.2%
A $ 500,000 Lehman Brothers Holdings Notes 7.625% 7/15/99 $ 500,109 $ 509,701
A 500,000 Salomon, Inc. Sr. Notes 7.125% 8/01/99 500,000 507,464
A 500,000 Phillip Morris Notes 7.125% 8/15/02 500,000 512,613
BBB 500,000 Tenneco, Inc. Notes 8.075% 10/01/02 498,550 533,266
750,000 Superior Financial Corp. Sr. Notes 8.65% 4/01/03 750,000 750,000
A+ 48,000 Homeside, Inc. 11.25% 5/15/03 48,000 56,880
Ba3 500,000 USA Networks, Inc. 7.0% 7/01/03 485,537 489,031
250,000 Local Financial Corp. 11.0% 9/08/04 250,000 271,250
BBB 1,000,000 ConAgra, Inc. Sub. Notes 7.4% 9/15/04 1,000,000 1,056,439
BB- 250,000 Century Communications Sr. Notes 9.5% 3/1/05 261,066 268,215
A 600,000 General Motors Acceptance Corp. Debs. 6.625% 10/15/05 597,323 611,175
BBB- 500,000 Dime Savings 10.5% 11/15/05 526,616 533,750
B+ 500,000 Vanguard Cellular Systems 9.375% 4/15/06 528,125 527,741
BB+ 375,000 CalEnergy Sr. Notes 9.5% 9/15/06 405,902 405,458
BBB+ 500,000 Harcourt General 6.5% 5/15/11 484,368 489,943
AA- 1,000,000 Merrill Lynch 7.15% 7/30/12 1,000,000 1,022,383
AAA 1,000 Berkshire Hathaway, Inc. Debs. 9.75% 1/15/18 1,048 1,049
------------ ------------
Total Corporate Bonds 8,336,644 8,546,358
------------ ------------
MORTGAGE-BACKED SECURITIES -- 20.4%
AAA 38,011 Federal Natl. Mtg. Assn. 11.0% 1/01/01 (Avg. Life 1.2 years) 38,630 38,011
AAA 59,202 Federal Home Loan Mtg. Corp. 9.5% 9/01/03 (Avg. Life 2.1
years) 59,202 61,422
AAA 500,000 Federal Natl. Mtg. Assn. REMIC Planned
Amortization Class 7.5% 4/25/19 (Avg. Life 4.0 years) 495,812 514,375
AAA 500,000 Federal Natl. Mtg. Assn. REMIC Planned
Amortization Class 6.5% 10/25/18 (Avg. Life 5.1 years) 486,100 499,844
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 6.65% 9/15/21 (Avg. Life 5.9 years) 490,534 500,313
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 8/15/20 (Avg. Life 5.9 years) 1,003,646 1,017,812
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 6.75% 12/15/21 (Avg. Life 6.1 years) 991,938 1,008,750
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 9/15/09 (Avg. Life 7.3 years) 1,003,912 1,030,000
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 4/15/21 (Avg. Life 7.4 years) 975,861 1,018,125
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 7/15/21 (Avg. Life 8.5 years) 495,413 505,313
------------ ------------
Total Mortgage-Backed Securities 6,041,048 6,193,965
------------ ------------
</TABLE>
See accompanying notes to financial statements.
8
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
RATING+ FACE AMOUNT COST VALUE
- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
TAXABLE MUNICIPAL BONDS -- 3.1%
AA+ $ 25,000 Missouri Hsg. Dev. Comm. 8.6% 9/01/05 $ 25,139 $ 25,125
AAA 325,000 Baltimore Maryland 7.25% 10/15/05 329,632 347,184
AAA 205,000 Oklahoma Hsg. Fin. Auth. 8.7% 9/01/13 205,000 206,025
AAA 355,000 Oklahoma Hsg. Fin. Auth. 7.3% 12/01/14 355,000 358,550
------------ ------------
Total Taxable Municipal Bonds 914,771 936,884
------------ ------------
U.S. GOVERNMENT AND AGENCY SECURITIES -- 38.9%
AAA 99,960 U.S. Treasury Zero Coupon Receipts 2/15/99 94,077 95,025
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.54% 6/04/04 1,001,145 1,002,969
AAA 2,500,000 Federal Natl. Mtg. Assn. 7.55% 6/10/04 2,499,389 2,544,531
AAA 100,000 U.S. Treasury Note 8.25% 5/15/05 103,698 104,953
AAA 1,000,000 Federal Home Loan Mtg. Corp. 7.09% 6/01/05 1,001,608 1,016,105
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.27% 8/24/05 1,000,968 1,025,000
AAA 500,000 Federal Home Loan Bank 6.44% 11/28/05 500,601 516,016
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.64% 2/02/06 1,000,000 995,067
AAA 500,000 Federal Home Loan Mtg. Corp. 6.407% 2/22/06 497,043 500,115
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.15% 10/11/06 983,649 1,030,312
AAA 950,000 Federal Natl. Mtg. Assn. 7.44% 11/06/06 951,849 956,383
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.56% 11/26/07 1,000,000 1,011,716
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.50% 3/19/08 991,723 994,900
------------ ------------
Total U.S. Government and Agency Securities 11,625,750 11,793,092
------------ ------------
<CAPTION>
SHARES
-----------
<S> <C> <C> <C> <C>
NON-CONVERTIBLE PREFERRED STOCKS -- 0.9%
Caa 5,000 Crown American Realty Trust 11.0% Pfd. Series A 250,000 268,438
------------ ------------
<CAPTION>
FACE
AMOUNT
-----------
<S> <C> <C> <C> <C>
SHORT-TERM SECURITIES -- 11.5%
$ 1,501,824 Norwest U.S. Government Money Market Fund 1,501,824 1,501,824
2,000,000 Federal Home Loan Bank Discount Note 5/06/98 1,989,480 1,988,940
------------ ------------
Total Short-Term Securities 3,491,304 3,490,764
------------ ------------
Total Investments in Securities $ 30,659,517 31,229,501
------------ ------------
------------
Other Liabilities In Excess of Other Assets -- (3.0%) (895,074)
------------
Total Net Assets -- 100% $ 30,334,427
------------
------------
Net Asset Value Per Share $ 11.264
------------
------------
</TABLE>
+Ratings are unaudited
See accompanying notes to financial statements.
9
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1998
<TABLE>
<S> <C>
Assets:
Investment in securities at value (cost $30,659,517) $ 31,229,501
Accrued interest 426,959
------------
Total assets 31,656,460
------------
Liabilities:
Due to adviser 12,902
Payable for securities purchased 1,299,739
Other expenses 9,392
------------
Total liabilities 1,322,033
------------
Net assets applicable to outstanding capital stock $ 30,334,427
------------
------------
Net assets represented by:
Capital stock outstanding, at par (note 4) 2,693
Additional paid-in capital 29,713,773
Accumulated undistributed net investment income 447,557
Accumulated net realized (loss) (399,580)
Net unrealized apprecation of investments (note 5) 569,984
------------
Net assets $ 30,334,427
------------
------------
Net asset value and redemption price per share of outstanding
capital stock (2,693,036 shares outstanding) $ 11.264
------------
------------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1998
<TABLE>
<S> <C> <C>
Investment income:
Dividends $ 18,716
Interest 1,791,220
-----------
Total investment income 1,809,936
-----------
Expenses (note 3):
Investment advisory fee $ 130,406
Administrative fee 58,302
Audit fees 15,221
Director's fees 1,575
Other expenses 31,680
-----------
Total expenses 237,184
Less administrative fee waived by investment adviser (41,575)
-----------
Net expenses 195,609
-----------
Net investment income 1,614,327
-----------
Realized and unrealized gain on investments:
Realized gain on investments 59,909
Net unrealized appreciation of investments 892,110
-----------
Net realized and unrealized gain on investments 952,019
-----------
Net increase in net assets resulting from operations $ 2,566,346
-----------
-----------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1998 1997
------------- -------------
<S> <C> <C>
Increase in net assets:
From operations:
Net investment income $ 1,614,327 $ 1,091,889
Net realized gain (loss) 59,909 (14,283)
Net unrealized appreciation (depreciation) 892,110 (288,919)
------------- -------------
Net increase in net assets resulting from operations 2,566,346 788,687
------------- -------------
Distributions to shareholders from:
Net investment income (1,462,725) (1,044,634)
------------- -------------
Total distributions (1,462,725) (1,044,634)
------------- -------------
Capital share transactions (note 4):
Proceeds from sales 12,009,972 11,280,073
Payments for redemptions (6,457,068) (6,523,492)
Reinvestment of distributions 1,328,862 947,032
------------- -------------
Total increase from capital share transactions 6,881,766 5,703,613
------------- -------------
Total increase in net assets 7,985,387 5,447,666
------------- -------------
Net assets:
Beginning of period 22,349,040 16,901,374
------------- -------------
End of period $ 30,334,427 $ 22,349,040
------------- -------------
------------- -------------
</TABLE>
See accompanying notes to financial statements.
12
<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>
DEC. 23, 1988
YEAR ENDED MARCH 31, (INCEPTION) TO
------------------------------------------------------------------------------- MARCH 31,
1998 1997 1996 1995 1994 1993 1992 1991 1990 1989
------- ------- ------- ------- ------- ------- ------- ------- ------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD $10.770 $10.900 $10.608 $10.778 $11.105 $10.781 $10.644 $10.296 $10.236 $10.142
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
INCOME (LOSS) FROM INVESTMENT
OPERATIONS:
Net investment income 0.653 0.659 0.645 0.667 0.551 0.615 0.720 0.613 0.874 0.210
Net gains or losses on
securities (realized and
unrealized) 0.470 (0.112) 0.312 (0.224) (0.290) 0.360 0.149 0.417 0.002 (0.047)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total from investment
operations 1.123 0.547 0.957 0.443 0.261 0.975 0.869 1.030 0.876 0.163
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income (0.629) (0.677) (0.665) (0.613) (0.588) (0.651) (0.731) (0.671) (0.816) (0.069)
Distributions from realized
gains -- -- -- -- -- -- (0.001) (0.011) -- --
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total distributions (0.629) (0.677) (0.665) (0.613) (0.588) (0.651) (0.732) (0.682) (0.816) (0.069)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $11.264 $10.770 $10.900 $10.608 $10.778 $11.105 $10.781 $10.644 $10.296 $10.236
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
TOTAL RETURN 10.7% 5.2% 9.2% 4.4% 2.3% 9.4% 8.6% 10.4% 8.9% 1.6%++
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period ($000) $30,334 $22,349 $16,901 $11,824 $20,560 $19,655 $11,691 $ 6,261 $ 1,419 $ 1,316
Ratio of net expenses to average
net assets+ 0.75% 0.75% 0.75% 0.75% 0.75% 0.76% 0.72% 0.73% 0.62% 1.00%*
Ratio of net investment income
to average net assets 6.18% 6.30% 6.18% 6.16% 4.94% 6.22% 7.50% 8.45% 8.22% 9.32%*
Portfolio turnover rate 21% 24% 28% 49% 12% 15% 31% 8% 30% 0%
</TABLE>
* Annualized
+ Absent voluntary waivers, the expense ratio would have been 0.91%, 0.93% and
0.95% for the years ended March 31, 1998, 1997 and 1996, respectively.
++ Not annualized
See accompanying notes to financial statements.
13
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
MARCH 31, 1998 - ANNUAL REPORT
April 6, 1998
Dear Shareholder:
The yield on our Government Money Market Portfolio increased modestly from
the fourth quarter. As of March 31st, our 7-day and 30-day yields were 5.0% and
4.9%, respectively.
Short-term interest rates were mostly unchanged during the first quarter.
Economic turmoil in Asia helped keep U.S. inflation low, and even falling, while
domestic growth continued to surprise market participants on the upside. Given
these mixed economic signals, the Federal Reserve left the federal funds rate
(the rate charged for overnight loans between banks) unchanged.
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 which the
Federal Reserve controls. Thus, we expect that the fund's yield will closely
track Treasury bill rates.
Best Regards,
/S/ WALLACE R. WEITZ /S/ THOMAS CARNEY
Wallace R. Weitz Thomas D. Carney
President, Portfolio Manager Portfolio Manager
14
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
MARCH 31, 1998
<TABLE>
<CAPTION>
RATING FACE AMOUNT VALUE
- --------- ----------- -----------
<C> <C> <S> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES -- 98.5%*
AAA $ 2,800,000 U.S. Treasury Bill 5.196% 5/14/98 $ 2,783,149
AAA 2,500,000 Federal Home Loan Bank Discount Note 5.536% 6/12/98 2,473,000
AAA 3,000,000 Federal Home Loan Bank Discount Note 5.506% 8/03/98 2,945,130
-----------
Total U.S. Government and Agency Securities 8,201,279
-----------
SHORT-TERM SECURITIES -- 2.0%
166,385 Norwest Treasury Money Market Fund, 4.914% 166,385
-----------
Total Investments in Securities (Cost $8,367,664)** 8,367,664
-----------
Other Liabilities in Excess of Other Assets -- (0.5%) (37,743)
-----------
Total Net Assets -- 100% $ 8,329,921
-----------
-----------
</TABLE>
* 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.
See accompanying notes to financial statements.
15
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1998
<TABLE>
<S> <C>
Assets:
Investment in securities at amortized cost, which approximates value $ 8,367,664
Accrued interest 1,102
------------
Total assets 8,368,766
------------
Liabilities:
Due to adviser 1,779
Distributions payable 34,662
Other expenses 2,404
------------
Total liabilities 38,845
------------
Net assets applicable to outstanding capital stock $ 8,329,921
------------
------------
Net assets represented by:
Capital stock outstanding, at par (note 4) 8,330
Additional paid-in capital 8,321,591
------------
Net assets $ 8,329,921
------------
------------
Net asset value and redemption price per share of outstanding
capital stock (8,329,921 shares outstanding) $ 1.000
------------
------------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1998
<TABLE>
<S> <C> <C>
Investment income:
Interest $ 457,092
-----------
Total investment income 457,092
-----------
Expenses (note 3):
Investment advisory fee $ 41,977
Administrative fee 20,810
Audit fees 15,114
Registration expenses 7,810
Director's fees 467
Other expenses 7,573
-----------
Total expenses 93,751
Less advisory and administrative fees waived and other
expenses assumed by investment adviser (51,774)
-----------
Net expenses 41,977
-----------
Net investment income and net increase
in net assets resulting from operations $ 415,115
-----------
-----------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1998 1997
-------------- --------------
<S> <C> <C>
Net increase in net assets resulting from operations: $ 415,115 $ 249,145
Distributions to shareholders from:
Net investment income (415,115) (249,145)
-------------- --------------
Total distributions (415,115) (249,145)
-------------- --------------
Capital share transactions, at $1.00 per share (note 4):
Proceeds from sales 16,478,253 14,177,677
Payments for redemptions (14,371,953) (12,740,140)
Reinvestment of distributions 403,683 240,799
-------------- --------------
Total increase from capital share transactions 2,509,983 1,678,336
-------------- --------------
Total increase in net assets 2,509,983 1,678,336
-------------- --------------
Net assets:
Beginning of period 5,819,938 4,141,602
-------------- --------------
End of period $ 8,329,921 $ 5,819,938
-------------- --------------
-------------- --------------
</TABLE>
See accompanying notes to financial statements.
18
<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 Portfolio outstanding throughout the periods indicated.
<TABLE>
<CAPTION>
AUG. 1, 1991
YEAR ENDED MARCH 31, (INCEPTION) TO
---------------------------------------------------------- MARCH 31,
1998 1997 1996 1995 1994 1993 1992
-------- -------- -------- -------- -------- -------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.049 0.047 0.051 0.042 0.028 0.031 0.031
-------- -------- -------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.049) (0.047) (0.051) (0.042) (0.028) (0.031) (0.069)
-------- -------- -------- -------- -------- -------- -------
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- -------- -------
TOTAL RETURN 5.1% 4.8% 5.2% 4.2% 2.9% 3.2% 4.7%*
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period ($000) $ 8,330 $ 5,820 $ 4,142 $ 2,669 $ 1,918 $ 555 $ 278
Ratio of net expenses to average net
assets+ 0.50% 0.50% 0.50% 0.50% 0.25% 0.26% 0.27%*
Ratio of net investment income to
average net assets 4.95% 4.71% 4.95% 4.18% 2.81% 3.05% 4.65%*
</TABLE>
* Annualized
+ Absent voluntary waivers, the expense ratio would have been 1.12%, 1.15% and
1.14% for the years ended March 31, 1998, 1997 and 1996, respectively.
See accompanying notes to financial statements.
19
<PAGE>
WEITZ SERIES FUND, INC.
FIXED INCOME PORTFOLIO
GOVERNMENT MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1998
(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, 1998, the Fund had four
series in operation: the Fixed Income Portfolio, the Government Money Market
Portfolio, the Value Portfolio, and the Hickory Portfolio. The accompanying
financial statements present the financial position and results of
operations of the Fixed Income and the Government Money Market Portfolios
(the "Portfolios").
The Fixed Income Portfolio's investment objective is high current income
consistent with preservation of capital.
The Government Money Market Portfolio's investment objective is current
income consistent with the preservation of capital and maintenance of
liquidity. The Government Money Market Portfolio invests 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
FIXED INCOME PORTFOLIO
Investment securities are carried at market determined using the
following valuation methods:
- Securities traded on a national or regional securities exchange
and over-the-counter securities traded on the NASDAQ national
market are valued at the last sales price; if there were no sales
on that day, securities are valued at the mean between the latest
available and representative bid and asked prices.
- Securities not listed on an exchange are valued at the mean
between the latest available and representative bid and ask
prices.
20
<PAGE>
- The value of certain debt securities for which market quotations
are not readily available may be based upon current market prices
of securities which are comparable in coupon, rating and maturity
or an appropriate matrix utilizing similar factors.
- The value of securities for which market quotations are not
readily available, including restricted and not readily marketable
securities, is determined in good faith under the supervison of
the Fund's Board of Directors.
GOVERNMENT MONEY MARKET PORTFOLIO
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.
(b) FEDERAL INCOME TAXES
Since the Portfolios' 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.
Net investment income and net realized gains may differ for financial
statement and tax purposes. The character of distributions made during
the year from net investment income or net realized gains may differ from
their ultimate characterization for Federal income tax purposes. Also,
due to the timing of dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that the income or
realized gains were recorded by the Fixed Income Portfolio.
(c) SECURITY TRANSACTIONS
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). Realized gains or losses are determined
by specifically identifying the security sold.
With respect to the Fixed Income Portfolio, income dividends and
distributions to shareholders are recorded on the ex-dividend date.
Interest, including amortization of discount and premium, is accrued as
earned.
With respect to the Government Money Market Portfolio, in computing net
investment income, the portfolio amortizes premiums and discounts and
accrues interest income daily.
(d) DIVIDEND POLICY
The Fixed Income Portfolio will declare and distribute income dividends
and capital gains distributions as may be required to qualify as a
regulated investment company under the
21
<PAGE>
Internal Revenue Code. Generally, the Fixed Income Portfolio pays income
dividends on a quarterly basis. All dividends and distributions will be
reinvested automatically unless the shareholder elects otherwise.
The Government Money Market Portfolio will declare dividends daily and
pay dividends monthly.
(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 Portfolios 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
Portfolios' 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 Portfolios'
average daily net asset value. The Adviser has agreed to reimburse each
Portfolio up to the amount of advisory fees paid to the extent that total
expenses exceed 1% of the respective Portfolio's average annual daily net
asset value.
For the year ended March 31, 1998, the Adviser waived investment advisory
fees of 1/4% per annum of the Government Money Market Portfolio's average
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 March 31, 1998,
the fee was calculated as follows:
<TABLE>
<CAPTION>
AVERAGE ANNUAL RATE
ON PORTFOLIO'S DAILY NET
ASSETS WAIVED
----------------------------- -----------
<S> <C> <C>
Fixed Income Portfolio .22% .16%
Government Money Market Portfolio .25% .25%
</TABLE>
The total investment advisory and administrative fees waived and other
expenses assumed by the Adviser are set forth in each Portfolio's Statement
of Operations.
Weitz Securities, Inc. as distributor, received no compensation for
distribution of shares of the Portfolios.
22
<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 and thirty million of these shares
have been authorized to be issued in the series designated Government Money
Market Portfolio. 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 series.
Transactions in the capital stock of the Fixed Income Portfolio are
summarized as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1998 1997
----------- -----------
<S> <C> <C>
Transactions in shares:
Shares issued 1,080,177 1,040,794
Shares redeemed (583,294) (604,489)
Reinvested dividends 121,126 88,172
----------- -----------
Net increase 618,009 524,477
----------- -----------
----------- -----------
</TABLE>
(5) SECURITIES TRANSACTIONS
FIXED INCOME PORTFOLIO
Purchases and proceeds from maturities or sales of investment securities of
the Fixed Income Portfolio, other than short-term securities, aggregated
$12,176,830 and $5,126,510, respectively. The cost of investments is the
same for financial reporting and Federal income tax purposes. At March 31,
1998, the aggregate gross unrealized appreciation and depreciation, based on
cost for Federal income tax purposes, were $578,951 and $8,967,
respectively.
For Federal income tax purposes, the Fixed Income Portfolio has realized
capital loss carryforwards of $399,580 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, 2002 -- $32,184, March 31, 2003 -- $4,254, March 31, 2004 -- $348,510,
and March 31, 2005 -- $14,632.
23
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors and Shareholders
Weitz Series Fund, Inc. -- Fixed Income Portfolio and Government Money Market
Portfolio:
We have audited the accompanying statements of assets and liabilities of the
Fixed Income Portfolio and Goverment Money Market Portfolio, series of Weitz
Series Fund, Inc., including the schedules of investments in securities, as of
March 31, 1998, and the related statements of operations for the year then
ended, and the statements of changes in net assets and the financial highlights
for each of the two years in the period then ended. These financial statements
and financial highlights are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The financial highlights for all years
prior to April 1, 1996, were audited by other auditors whose report, dated April
17, 1996, expressed an unqualified opinion on those financial highlights.
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, 1998, by correspondence with the custodian 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 the
Fixed Income Portfolio and Government Money Market Portfolio, series of Weitz
Series Fund, Inc. as of March 31, 1998, and the results of their operations,
changes in their net assets, and financial highlights for the periods indicated
above in conformity with generally accepted accounting principles.
/s/ McGladrey & Pullen, LLP
New York, New York
April 17, 1998
24
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS INCLUDED IN THE COMPANY'S ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> WEITZ VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 298,501,036
<INVESTMENTS-AT-VALUE> 448,105,012
<RECEIVABLES> 857,972
<ASSETS-OTHER> 528,762
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 449,491,746
<PAYABLE-FOR-SECURITIES> 207,336
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,007,925
<TOTAL-LIABILITIES> 1,215,261
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 266,264,073
<SHARES-COMMON-STOCK> 15,293,691
<SHARES-COMMON-PRIOR> 13,131,071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32,440,393
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 149,572,019
<NET-ASSETS> 448,276,485
<DIVIDEND-INCOME> 4,140,662
<INTEREST-INCOME> 3,393,357
<OTHER-INCOME> 0
<EXPENSES-NET> (4,574,011)
<NET-INVESTMENT-INCOME> 2,960,008
<REALIZED-GAINS-CURRENT> 51,507,135
<APPREC-INCREASE-CURRENT> 106,357,105
<NET-CHANGE-FROM-OPS> 160,824,248
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,210,726)
<DISTRIBUTIONS-OF-GAINS> (34,829,986)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,346,283
<NUMBER-OF-SHARES-REDEEMED> (1,914,458)
<SHARES-REINVESTED> 1,730,795
<NET-CHANGE-IN-ASSETS> 172,679,110
<ACCUMULATED-NII-PRIOR> 1,152,564
<ACCUMULATED-GAINS-PRIOR> 15,861,398
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,401,132
<INTEREST-EXPENSE> 33,608
<GROSS-EXPENSE> 4,574,011
<AVERAGE-NET-ASSETS> 341,691,888
<PER-SHARE-NAV-BEGIN> 20.988
<PER-SHARE-NII> 0.219
<PER-SHARE-GAIN-APPREC> 11.026
<PER-SHARE-DIVIDEND> (0.313)
<PER-SHARE-DISTRIBUTIONS> (2.609)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.311
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS INCLUDED IN THE COMPANY'S ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> WEITZ FIXED INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 30,659,517
<INVESTMENTS-AT-VALUE> 31,229,501
<RECEIVABLES> 426,959
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,656,460
<PAYABLE-FOR-SECURITIES> 1,299,739
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,294
<TOTAL-LIABILITIES> 1,322,033
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,716,466
<SHARES-COMMON-STOCK> 2,693,036
<SHARES-COMMON-PRIOR> 2,075,027
<ACCUMULATED-NII-CURRENT> 447,557
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (399,580)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 569,984
<NET-ASSETS> 30,334,427
<DIVIDEND-INCOME> 18,716
<INTEREST-INCOME> 1,791,220
<OTHER-INCOME> 0
<EXPENSES-NET> (195,609)
<NET-INVESTMENT-INCOME> 1,614,327
<REALIZED-GAINS-CURRENT> 59,909
<APPREC-INCREASE-CURRENT> 892,110
<NET-CHANGE-FROM-OPS> 2,566,346
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,462,725)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,080,177
<NUMBER-OF-SHARES-REDEEMED> (583,294)
<SHARES-REINVESTED> 121,126
<NET-CHANGE-IN-ASSETS> 7,985,387
<ACCUMULATED-NII-PRIOR> 295,955
<ACCUMULATED-GAINS-PRIOR> (459,490)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 130,406
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237,184
<AVERAGE-NET-ASSETS> 26,148,495
<PER-SHARE-NAV-BEGIN> 10.770
<PER-SHARE-NII> 0.653
<PER-SHARE-GAIN-APPREC> 0.470
<PER-SHARE-DIVIDEND> (0.629)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.264
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS INCLUDED IN THE COMPANY'S ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> WEITZ GOVERNMENT MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 8,367,664
<INVESTMENTS-AT-VALUE> 8,367,664
<RECEIVABLES> 1,102
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,368,766
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,845
<TOTAL-LIABILITIES> 38,845
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,329,921
<SHARES-COMMON-STOCK> 8,329,921
<SHARES-COMMON-PRIOR> 5,819,938
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 8,329,921
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 457,092
<OTHER-INCOME> 0
<EXPENSES-NET> (41,977)
<NET-INVESTMENT-INCOME> 415,115
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 415,115
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (415,115)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,478,253
<NUMBER-OF-SHARES-REDEEMED> (14,371,953)
<SHARES-REINVESTED> 403,683
<NET-CHANGE-IN-ASSETS> 2,509,983
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41,977
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 93,751
<AVERAGE-NET-ASSETS> 8,392,108
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.049)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS INCLUDED IN THE COMPANY'S ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> WEITZ HICKORY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 32,896,894
<INVESTMENTS-AT-VALUE> 45,544,063
<RECEIVABLES> 53,558
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 45,597,621
<PAYABLE-FOR-SECURITIES> 1,221,836
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47,672
<TOTAL-LIABILITIES> 1,269,508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,520,950
<SHARES-COMMON-STOCK> 1,507,036
<SHARES-COMMON-PRIOR> 646,671
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,159,994
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,647,169
<NET-ASSETS> 44,328,113
<DIVIDEND-INCOME> 176,690
<INTEREST-INCOME> 90,595
<OTHER-INCOME> 0
<EXPENSES-NET> (292,745)
<NET-INVESTMENT-INCOME> (25,460)
<REALIZED-GAINS-CURRENT> 1,995,094
<APPREC-INCREASE-CURRENT> 10,256,171
<NET-CHANGE-FROM-OPS> 12,225,805
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (54,656)
<DISTRIBUTIONS-OF-GAINS> (1,462,058)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 917,276
<NUMBER-OF-SHARES-REDEEMED> (128,242)
<SHARES-REINVESTED> 71,331
<NET-CHANGE-IN-ASSETS> 32,106,777
<ACCUMULATED-NII-PRIOR> 29,576
<ACCUMULATED-GAINS-PRIOR> 677,498
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 199,039
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 292,745
<AVERAGE-NET-ASSETS> 20,571,563
<PER-SHARE-NAV-BEGIN> 18.899
<PER-SHARE-NII> (0.007)
<PER-SHARE-GAIN-APPREC> 12.503
<PER-SHARE-DIVIDEND> (0.073)
<PER-SHARE-DISTRIBUTIONS> (1.908)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.414
<EXPENSE-RATIO> 1.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
