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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
QUARTERLY REPORT
DECEMBER 31, 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
DECEMBER 31, 1997 -- QUARTERLY REPORT
January 6, 1998
Dear Shareholder:
The yield on our Government Money Market Portfolio was little changed since
the last time we reported to you. As of December 31st, our 7-day and 30-day
yields were 4.7% and 4.9%, respectively. For the year, assuming reinvestment of
dividends, our total return was 5.0%
The relatively high level of short-term interest rates provided good
returns for our money market fund in 1997. The Federal Reserve's interest rate
increase in March proved to be an isolated event. Economic growth remained
strong, jobs were plentiful, and wages were on the rise, yet improved
productivity and events in Asia helped keep inflationary pressures from
building. The result was steady short-term interest rates and falling inflation
which provided increased purchasing power for fixed income investors.
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, the return
should continue tracking 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
DECEMBER 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FACE
AMOUNT DESCRIPTION VALUE
- ------ ----------- -----
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES - 97.6%*
$2,250,000 Federal Home Loan Bank Discount Note 5.530% 1/02/98 $2,249,663
3,150,000 U.S. Treasury Bill 5.170% 1/08/98 3,146,921
3,000,000 Federal Home Loan Bank Discount Note 5.724% 3/06/98 2,970,293
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Total U.S. Government and Agency Securities 8,366,877
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SHORT-TERM SECURITIES - 2.8%
237,112 Norwest Treasury Money Market Fund, 4.841% 237,112
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Total Investments in Securities (Cost $8,603,989)+ 8,603,989
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Other Liabilities in Excess of Other Assets - (0.4%) (34,866)
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Total Net Assets - 100.0% $8,569,123
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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.
+ Cost is the same for Federal income tax purposes.
3
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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.
