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WEITZ SERIES FUND, INC.
FIXED INCOME FUND
GOVERNMENT MONEY MARKET
FUND
QUARTERLY
REPORT
JUNE 30, 1999
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NEBRASKA 68124-6008
402-391-1980
800-232-4161 (INFORMATION)
800-773-6472 (AUTOMATED)
402-391-2125 (FACSIMILE)
WWW.WEITZFUNDS.COM
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TABLE OF CONTENTS
<TABLE>
<S> <C>
FIXED INCOME FUND
Performance Since Inception.................................................... 3
Shareholder Letter............................................................. 4
Schedule of Investments........................................................ 6
GOVERNMENT MONEY MARKET FUND
Shareholder Letter............................................................. 10
Schedule of Investments........................................................ 11
</TABLE>
2
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WEITZ SERIES FUND, INC. -- FIXED INCOME FUND
PERFORMANCE SINCE INCEPTION
A long-term perspective on the Fixed Income Fund's performance is shown below.
The table shows how an investment of $10,000 in the Fixed Income Fund 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 Fund for the one, five, and ten
year periods ended June 30, 1999.
<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 8,419 19,349 8.6
Dec. 31, 1998 10,989 14 9,653 20,656 6.8
June 30, 1999 10,895 14 9,814 20,723 0.3+
</TABLE>
The Fixed Income Fund's average annual total return for the one, five and ten
year periods ended June 30, 1999, was 3.4%, 7.1% and 7.0%, 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
$9,518. This information represents past performance of the fund 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.
+Return is for the period 1/1/99 through 6/30/99
3
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WEITZ SERIES FUND, INC. -- FIXED INCOME FUND
JUNE 30, 1999 - QUARTERLY REPORT
July 7, 1999
Dear Fellow Shareholder:
The Fixed Income Fund's total return for the second quarter of 1999 was
- -0.4%, which consisted of +1.5% from net interest income (after deducting fees
and expenses) and -1.9% from (unrealized) depreciation of our bonds. This brings
our year to date return to +0.3%. The table below summarizes total return data
for our fund as well as the average intermediate-term, investment grade fixed
income fund.
<TABLE>
<CAPTION>
1 YEAR 5 YEARS
----------- -----------
<S> <C> <C>
FIXED INCOME FUND 3.4% 7.1%
Average Intermediate Investment
Grade Fixed Income Fund* 2.0% 6.9%
*Source: Lipper Analytical Services
</TABLE>
The following table shows a profile of our portfolio as of June 30:
<TABLE>
<S> <C>
Average Maturity 6.8 years
Average Duration 4.2 years
Average Coupon 6.8%
30-Day SEC Yield at 6-30-99 5.6%
Average Rating AA
</TABLE>
OVERVIEW
Worries about a global credit crisis, so prevalent nine months ago gave
way to renewed concerns of an overheating domestic economy during the second
quarter. With the world's economic situation seemingly on the mend, the Federal
Reserve elected to raise short-term interest rates in order to preempt either
real or potential inflationary pressures, which could disrupt economic growth.
The Fed cited continued tight labor markets and potentially unsustainable high
economic growth as the primary factors in their decision.
The bond market, however, had already done much of the Fed's "heavy
lifting" prior to the Fed's actual monetary action. Bond yields, for example,
have risen approximately 1 1/2% from their lows reached last October. Rising
interest rates mean falling bond prices, and our portfolio was not immune.
Fortunately, the impact was not major, due to our strategy of investing in high
quality, intermediate-term bonds.
4
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For a long-term investor, the depressed rate of return during the quarter
should not be cause for alarm. The declines in the prices of our bonds were
strictly a function of rising interest rates and had nothing to do with credit
quality. We are comfortable with the quality of our bonds and expect any decline
from face value to be recovered at maturity (if not before).
The good news is that when interest rates increase and inflation remains
low, we can reinvest our income at very attractive "real" rates of return. With
good quality bonds available at 7% yields, the real rate of return (nominal
rates minus expected inflation) is about 4 1/2%. This is high by historical
standards.
We cannot predict interest rates, and we will never make any "risk the
farm" bets that rates have peaked, but we try to lean to the longer side when
pessimism rules and rates are generally high, and to shorten our maturities when
optimism leads to (inadequate) lower rates.
AN INVITATION TO SHAREHOLDERS
As we continue our conversion to the new transfer agent system, we want to
make sure you understand the new procedures and that you know how to take
advantage of the new features. Please call or send us a note if we can help make
the new system more user-friendly.
If you have any questions about any of our investments or strategy, please
feel free to call.
Best regards,
/S/ WALLACE R. WEITZ /S/ THOMAS CARNEY
Wallace R. Weitz Thomas D. Carney
President, Portfolio Manager Portfolio Manager
5
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WEITZ SERIES FUND, INC. -- FIXED INCOME FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
RATING FACE AMOUNT COST VALUE
- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
CORPORATE BONDS -- 22.3%
A $ 500,000 Lehman Brothers Holdings Notes 7.625% 7/15/99 $ 500,003 $ 500,187
A 500,000 Salomon, Inc. Sr. Notes 7.125% 8/01/99 500,000 500,450
A 500,000 Phillip Morris Notes 7.125% 8/15/02 500,000 506,343
BBB 500,000 Tenneco, Inc. Notes 8.075% 10/01/02 498,940 515,258
750,000 Superior Financial Corp. Sr. Notes 8.65% 4/01/03 750,000 736,298
A+ 48,000 Homeside, Inc. 11.25% 5/15/03 48,000 54,840
Ba3 1,100,000 USA Networks, Inc. 7.0% 7/01/03 1,081,666 1,109,625
1,000,000 Countrywide Home Loans, Inc. 6.85% 6/15/04 995,483 1,000,897
250,000 Local Financial Corp. 11.0% 9/08/04 250,000 260,000
BBB 1,000,000 ConAgra, Inc. Sub. Notes 7.4% 9/15/04 1,000,000 1,027,139
BB- 750,000 Century Communications Sr. Notes 9.5% 3/1/05 800,225 774,375
A 600,000 General Motors Acceptance Corp. Debs. 6.625% 10/15/05 597,679 593,446
BBB- 375,000 CalEnergy Sr. Notes 9.5% 9/15/06 401,812 404,143
BBB 500,000 Harcourt General 6.5% 5/15/11 485,734 455,000
AA- 1,000,000 Merrill Lynch 7.15% 7/30/12 1,000,000 967,551
AAA 1,000 Berkshire Hathaway, Inc. Debs. 9.75% 1/15/18 1,042 1,063
------------ ------------
Total Corporate Bonds 9,410,584 9,406,615
------------ ------------
MORTGAGE-BACKED SECURITIES -- 18.8%
AAA 13,023 Fannie Mae 11.0% 1/01/01 (Avg. Life 0.7 years) 13,141 13,424
AAA 500,000 Fannie Mae REMIC Planned Amortization Class 7.5% 4/25/19 (Avg.
Life 1.5 years) 496,029 505,988
AAA 33,986 Freddie Mac 9.5% 9/01/03 (Avg. Life 1.7 years) 33,986 35,475
AAA 500,000 Fannie Mae REMIC Planned Amortization Class 6.5% 10/25/18
(Avg. Life 2.8 years) 486,852 497,698
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 8/15/20
(Avg. Life 3.1 years) 1,003,467 1,008,493
AAA 500,000 Freddie Mac REMIC Planned Amortization Class 6.65% 9/15/21
(Avg. Life 3.8 years) 490,973 493,993
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 6.75% 12/15/21
(Avg. Life 5.2 years) 992,307 984,107
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 4/15/21
(Avg. Life 5.4 years) 976,994 1,005,335
</TABLE>
6
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WEITZ SERIES FUND, INC. -- FIXED INCOME FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
RATING FACE AMOUNT COST VALUE
- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
MORTGAGE-BACKED SECURITIES -- (CONTINUED)
AAA $ 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 9/15/09
(Avg. Life 5.5 years) $ 1,003,518 $ 1,005,395
AAA 500,000 Freddie Mac REMIC Planned Amortization Class 7.0% 7/15/21
(Avg. Life 5.7 years) 495,626 496,935
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 8/15/21
(Avg. Life 5.9 years) 1,019,178 1,003,205
AAA 911,553 Fannie Mae 6.5% 6/01/18 (Avg. Life 6.7 years) 910,471 889,082
------------ ------------
Total Mortgage-Backed Securities 7,922,542 7,939,130
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TAXABLE MUNICIPAL BONDS -- 2.7%
AAA 325,000 Baltimore Maryland 7.25% 10/15/05 329,009 340,791
AAA 500,000 Stratford Connecticut 6.55% 2/15/13 500,000 497,726
AAA 120,000 Oklahoma Hsg. Fin. Auth. 8.7% 9/01/13 120,000 121,200
AAA 175,000 Oklahoma Hsg. Fin. Auth. 7.3% 12/01/14 175,000 175,438
------------ ------------
Total Taxable Municipal Bonds 1,124,009 1,135,155
------------ ------------
U.S. GOVERNMENT AND AGENCY SECURITIES -- 51.3%
AAA 2,000,000 Fannie Mae 5.75% 4/15/03 1,994,645 1,978,806
AAA 1,000,000 Federal Home Loan Bank 5.125% 9/15/03 1,000,000 963,065
AAA 10,000,000 Fannie Mae 5.88% 3/25/04 9,990,088 9,780,620
AAA 100,000 U.S. Treasury Note 8.25% 5/15/05 103,081 102,437
AAA 1,000,000 Freddie Mac 7.09% 6/01/05 1,000,687 1,003,916
AAA 1,000,000 Fannie Mae 7.27% 8/24/05 1,000,458 1,002,295
AAA 2,000,000 Federal Home Loan Bank 6.04% 9/08/05 2,000,000 1,948,898
AAA 500,000 Federal Home Loan Bank 6.44% 11/28/05 500,506 504,864
AAA 500,000 Freddie Mac 6.407% 2/22/06 497,489 492,837
AAA 1,000,000 Fannie Mae 7.15% 10/11/06 989,317 994,582
AAA 1,000,000 Fannie Mae 6.56% 11/26/07 1,000,000 983,644
AAA 1,000,000 Fannie Mae 6.50% 3/19/08 992,699 965,042
AAA 1,000,000 Freddie Mac 6.41% 7/15/13 1,014,500 946,830
------------ ------------
Total U.S. Government and Agency Securities 22,083,470 21,667,836
------------ ------------
</TABLE>
7
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WEITZ SERIES FUND, INC. -- FIXED INCOME FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
RATING SHARES COST VALUE
- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
COMMON STOCKS -- 0.6%
46,500 Hanover Capital Mortgage Holdings, Inc. $ 422,645 $ 249,938
------------ ------------
CONVERTIBLE PREFERRED STOCKS -- 2.1%
30,100 Redwood Trust, Inc. 9.74% Pfd. Class B 805,489 890,772
------------ ------------
NON-CONVERTIBLE PREFERRED STOCKS -- 0.6%
Caa 5,000 Crown American Realty Trust 11% Pfd. Series A 222,500 235,625
------------ ------------
<CAPTION>
FACE
AMOUNT
-----------
<S> <C> <C> <C> <C>
SHORT-TERM SECURITIES -- 0.1%
$ 33,709 Norwest U.S. Government Money Market Fund 33,709 33,709
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Total Investments in Securities $ 42,024,948 41,558,780
------------ ------------
------------
Other Assets Less Liabilities -- 1.5% 625,872
------------
Total Net Assets -- 100% $ 42,184,652
------------
------------
Net Asset Value Per Share $ 11.05
------------
------------
</TABLE>
8
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9
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WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET FUND
JUNE 30, 1999 - QUARTERLY REPORT
July 7, 1999
Dear Shareholder:
The Government Money Market Fund closed the second quarter with a 7-day
yield of 4.2% and a 30-day yield of 4.1%.
Short-term interest rates rose during the quarter as the market
anticipated the Federal Reserve's next monetary move, which happened to be an
increase in the federal funds rate on the last day of the quarter. The Fed cited
the strong domestic economy, tight labor markets, and firming world-wide
economies as reasons to reverse some of the monetary insurance taken during the
credit crisis of last fall.
Our strategy is to invest in liquid short-term Government securities that
have a weighted average maturity of less than 90 days. The returns on such
securities will continue to be affected by near-term monetary policy. Given the
Fed's recent action, we would expect that the return on our portfolio will
increase over the ensuing months as short-term investments mature and we are
able to reinvest at higher rates.
If you have any question about the mechanics of the fund or our investment
strategy, please feel free to call.
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 FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
RATING FACE AMOUNT VALUE
- --------- ----------- ------------
<C> <C> <S> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES -- 99.1%*
AAA $ 1,657,000 Federal Home Loan Bank Discount Note 4.795% 7/16/99 $ 1,653,769
AAA 5,000,000 U.S. Treasury Bill 4.286% 8/5/99 4,979,583
AAA 1,577,000 Federal Farm Credit Bank Discount Note 4.938% 8/11/99 1,568,325
AAA 5,500,000 Federal Home Loan Bank Discount Note 4.87% 8/13/99 5,468,795
AAA 3,753,000 Federal Farm Credit Bank Discount Note 5.041% 8/24/99 3,725,247
AAA 4,000,000 Federal Home Loan Bank Discount Note 5.0% 9/24/99 3,954,100
AAA 500,000 U.S. Treasury Bill 4.67% 11/4/99 492,143
AAA 2,900,000 U.S. Treasury Bill 4.523% 11/12/99 2,852,936
------------
Total U.S. Government and Agency Securities 24,694,898
------------
SHORT-TERM SECURITIES -- 1.3%
309,498 Norwest Treasury Money Market Fund, 4.255% 309,498
------------
Total Investments in Securities (Cost $25,004,396)** 25,004,396
------------
Other Assets Less Liabilities -- (0.4%) (93,163)
------------
Total Net Assets -- 100% $ 24,911,233
------------
------------
</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.
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
SUB-TRANSFER AGENT
National Financial Data Services, Inc.
This report has been prepared for the information of the shareholders of Weitz
Series Fund, Inc. -- Fixed Income Fund and Government Money Market Fund. 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.
508593
