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WEITZ SERIES FUND, INC.
FIXED INCOME PORTFOLIO
GOVERNMENT MONEY MARKET PORTFOLIO
QUARTERLY
REPORT
JUNE 30, 1998
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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TABLE OF CONTENTS
<TABLE>
<S> <C>
FIXED INCOME PORTFOLIO
Period Overview........................................................ 3
Schedule of Investments................................................ 6
GOVERNMENT MONEY MARKET PORTFOLIO
Period Overview........................................................ 10
Schedule of Investments................................................ 11
</TABLE>
2
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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, 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 19,349 8.6
June 30, 1998 11,135 14 8,884 20,033 3.5 +
</TABLE>
The portfolio's average annual total return for the one and five year periods
ended June 30, 1998, and for the period since inception (December 23, 1988), was
9.2%, 6.2% 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
$8,383. 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 6/30/98
3
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WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
JUNE 30, 1998 - QUARTERLY REPORT
July 6, 1998
Dear Fellow Shareholder:
The Fixed Income Portfolio's total return for the second quarter of 1998
was 1.8%, which consisted of +1.5% from net interest income (after deducting
fees and expenses) and +.3% from (unrealized) appreciation of our bonds. 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 9.2% 6.2%
Average Intermediate Investment
Grade Fixed Income Fund* 9.4% 6.1%
*Source: Lipper Analytical Services
</TABLE>
OVERVIEW
The environment for fixed income investors remains quite favorable. Low
inflation, weak Asian economies, a strong U.S. dollar, and the real possibility
of budget surpluses have all helped to drive interest rates lower. Our portfolio
has grown 9.2% over the past 12 months (after fees and expenses), which
represents approximately 6% from interest income and the remainder of 3.2% from
unrealized appreciation of our bonds. We remain optimistic about the future and
are pleased with the composition of our portfolio. As usual, we have no way of
knowing the near-term direction of interest rates, and so we remain focused on
owning intermediate-term, high-quality bonds whose coupon returns rival that of
long-term bonds but with substantially less interest rate risk.
4
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The following table shows some of the vital characteristics of our
portfolio as of June 30:
<TABLE>
<S> <C>
Average Maturity 6.5 years
Average Duration 3.1 years
Average Coupon 7.1%
30-Day SEC Yield at 6-30-98 5.7%
Average Rating AA
</TABLE>
We would welcome the opportunity to discuss fixed income investing in more
detail for anyone interested.
Best Regards,
/s/ WALLACE R. WEITZ /s/ THOMAS D. 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, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
RATING FACE AMOUNT COST VALUE
- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
CORPORATE BONDS -- 25.3%
A $ 500,000 Lehman Brothers Holdings Notes 7.625% 7/15/99 $ 500,088 $ 507,601
A 500,000 Salomon, Inc. Sr. Notes 7.125% 8/01/99 500,000 506,228
A 500,000 Phillip Morris Notes 7.125% 8/15/02 500,000 512,326
BBB 500,000 Tenneco, Inc. Notes 8.075% 10/01/02 498,630 533,811
750,000 Superior Financial Corp. Sr. Notes 8.65% 4/01/03 750,000 768,750
A+ 48,000 Homeside, Inc. 11.25% 5/15/03 48,000 56,880
Ba3 500,000 USA Networks, Inc. 7.0% 7/01/03 486,223 491,371
250,000 Local Financial Corp. 11.0% 9/08/04 250,000 272,500
BBB 1,000,000 ConAgra, Inc. Sub. Notes 7.4% 9/15/04 1,000,000 1,062,905
BB- 250,000 Century Communications Sr. Notes 9.5% 3/1/05 260,767 271,016
A 600,000 General Motors Acceptance Corp. Debs. 6.625% 10/15/05 597,392 616,441
BBB- 500,000 Dime Savings 10.5% 11/15/05 524,369 527,500
B+ 500,000 Vanguard Cellular Systems 9.375% 4/15/06 527,777 522,500
BB+ 375,000 CalEnergy Sr. Notes 9.5% 9/15/06 405,067 407,077
BBB+ 500,000 Harcourt General 6.5% 5/15/11 484,665 491,663
AA- 1,000,000 Merrill Lynch 7.15% 7/30/12 1,000,000 1,031,620
AAA 1,000 Berkshire Hathaway, Inc. Debs. 9.75% 1/15/18 1,047 1,049
------------ ------------
Total Corporate Bonds 8,334,025 8,581,238
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MORTGAGE-BACKED SECURITIES -- 24.3%
AAA 34,772 Federal Natl. Mtg Assn. 11.0% 1/01/01 (Avg. Life 1.1 yrs) 35,287 34,772
AAA 53,004 Federal Home Loan Mtg. Corp 9.5% 9/01/03 (Avg. Life 1.9 years) 53,004 54,991
AAA 500,000 Federal Natl. Mtg. Assn. REMIC Planned
Amortization Class 7.5% 4/25/19 (Avg. Life 3.0 years) 495,861 511,406
AAA 500,000 Federal Natl. Mtg. Assn. REMIC Planned
Amortization Class 6.5% 10/25/18 (Avg. Life 4.3 years) 486,268 500,781
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 6.65% 9/15/21 (Avg. Life 4.7 years) 490,634 502,813
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 8/15/20 (Avg. Life 4.7 years) 1,003,605 1,016,875
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 6.75% 12/15/21 (Avg. Life 5.9 years) 992,023 1,015,313
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 9/15/09 (Avg. Life 6.1 years) 1,003,828 1,028,750
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 4/15/21 (Avg. Life 6.7 years) 976,122 1,023,125
</TABLE>
6
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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>
MORTGAGE-BACKED SECURITIES, CONTINUED
AAA $ 997,161 Federal Natl. Mtg. Assn. 6.5% 6/01/18 (Avg. Life 6.9 years) $ 995,923 $ 997,784
AAA 1,000,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 8/15/21 (Avg. Life 7.0 years) 1,019,898 1,021,875
AAA 500,000 Federal Home Loan Mtg. Corp. REMIC Planned
Amortization Class 7.0% 7/15/21 (Avg. Life 7.1 years) 495,462 507,969
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Total Mortgage-Backed Securities 8,047,915 8,216,454
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TAXABLE MUNICIPAL BONDS -- 2.6%
AA+ 25,000 Missouri Hsg. Dev. Comm. 8.6% 9/01/05 25,135 25,000
AAA 325,000 Baltimore Maryland 7.25% 10/15/05 329,510 347,606
AAA 205,000 Oklahoma Hsg. Fin. Auth. 8.7% 9/01/13 205,000 206,025
AAA 305,000 Oklahoma Hsg. Fin. Auth. 7.3% 12/01/14 305,000 306,525
------------ ------------
Total Taxable Municipal Bonds 864,645 885,156
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U.S. GOVERNMENT AND AGENCY SECURITIES -- 40.8%
AAA 99,960 U.S. Treasury Zero Coupon Receipts 2/15/99 95,259 96,515
AAA 1,000,000 Federal Home Loan Bank 5.50% 4/14/00 996,181 997,069
AAA 2,000,000 Federal Natl. Mtg. Assn. 5.75% 4/15/03 1,993,286 2,002,188
AAA 2,500,000 Federal Natl. Mtg. Assn. 7.55% 6/10/04 2,499,589 2,539,062
AAA 100,000 U.S. Treasury Note 8.25% 5/15/05 103,569 104,656
AAA 1,000,000 Federal Home Loan Mtg. Corp. 7.09% 6/01/05 1,001,423 1,016,811
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.27% 8/24/05 1,000,866 1,026,250
AAA 500,000 Federal Home Loan Bank 6.44% 11/28/05 500,581 521,172
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.64% 2/02/06 1,000,000 996,985
AAA 500,000 Federal Home Loan Mtg. Corp. 6.407% 2/22/06 497,136 502,185
AAA 1,000,000 Federal Natl. Mtg. Assn. 7.15% 10/11/06 984,803 1,034,688
AAA 950,000 Federal Natl. Mtg. Assn. 7.44% 11/06/06 951,012 955,047
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.56% 11/26/07 1,000,000 1,017,092
AAA 1,000,000 Federal Natl. Mtg. Assn. 6.50% 3/19/08 991,930 1,002,166
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Total U.S. Government and Agency Securities 13,615,635 13,811,886
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</TABLE>
7
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WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES COST VALUE
----------- ------------ ------------
<S> <C> <C> <C> <C>
NON-CONVERTIBLE PREFERRED STOCKS -- 0.8%
Caa 5,000 Crown American Realty Trust 11.0% Pfd. Series A $ 250,000 $ 268,125
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<CAPTION>
FACE
AMOUNT
-----------
<S> <C> <C> <C> <C>
SHORT-TERM SECURITIES -- 4.9%
$ 1,666,600 Norwest U.S. Government Money Market Fund 1,666,600 1,666,600
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Total Investments in Securities $ 32,778,820 33,429,459
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Other Assets Less Liabilities -- 1.3% 436,586
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Total Net Assets -- 100% $ 33,866,045
------------
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Net Asset Value Per Share $ 11.293
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</TABLE>
+Ratings are unaudited
8
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9
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
JUNE 30, 1998 - QUARTERLY REPORT
July 7, 1998
Dear Shareholder:
Short-term interest rates were mostly unchanged during the second quarter.
As of June 30th, our 7-day and 30-day yields were 4.8% and 4.9%, respectively.
Given the favorable interest rate environment, we have kept our average maturity
as close to its maximum 90 days as possible.
Your investment in our portfolio, while insulated from principal
fluctuations, will continue to be impacted by changes in monetary policy and the
effect such policy has on short-term interest rates. In short, your return
should continue to track that of Treasury-bills.
Best Regards,
/s/ WALLACE R. WEITZ /s/ THOMAS CARNEY
Wallace R. Weitz Thomas D. Carney
President, Portfolio Manager Portfolio Manager
10
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
JUNE 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
RATING AMOUNT VALUE
- --------- ----------- ------------
<C> <C> <S> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES -- 99.1%*
AAA $ 3,000,000 Federal Home Loan Bank Discount Note 5.506% 8/03/98 $ 2,985,397
AAA 2,600,000 U.S. Treasury Bill 5.079% 8/20/98 2,582,117
AAA 3,250,000 Federal Home Loan Bank Discount Note 5.512% 9/02/98 3,219,458
AAA 3,000,000 Federal Home Loan Bank Discount Note 5.519% 9/23/98 2,962,410
AAA 3,500,000 U.S. Treasury Bill 5.244% 10/01/98 3,454,652
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Total U.S. Government and Agency Securities 15,204,034
------------
SHORT-TERM SECURITIES -- 0.1%
7,558 Norwest Treasury Money Market Fund, 4.762% 7,558
------------
Total Investments in Securities (Cost $15,211,592)** 15,211,592
------------
Other Assets in Excess of Other Liabilities -- 0.8% 117,373
------------
Total Net Assets -- 100% $ 15,328,965
------------
------------
</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.
11
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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 Minnesota, 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.
