<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 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. -- Value 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.
VALUE PORTFOLIO
QUARTERLY
REPORT
DECEMBER 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>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
PERFORMANCE SINCE INCEPTION
A long-term perspective on our portfolio's performance is shown below. The table
below shows how an investment of $25,000 in the Value 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 Value Portfolio for the one, five and ten year
periods ended December 31, 1998, calculated in accordance with SEC standardized
formulas.
<TABLE>
<CAPTION>
VALUE OF VALUE OF VALUE OF
INITIAL CUMULATIVE CUMULATIVE TOTAL ANNUAL
$25,000 CAPITAL GAIN REINVESTED VALUE OF RATE OF
PERIOD ENDED INVESTMENT DISTRIBUTIONS DIVIDENDS SHARES RETURN
- ---------------- ----------- ------------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
May 9, 1986 $ 25,000 -- -- $ 25,000 --
Dec. 31, 1986 25,863 -- -- 25,863 3.5%+
Dec. 31, 1987 24,253 264 1,205 25,722 -0.5
Dec. 31, 1988 27,430 299 2,223 29,952 16.5
Dec. 31, 1989 30,763 2,103 3,701 36,567 22.1
Dec. 31, 1990 28,040 2,112 4,500 34,652 -5.2
Dec. 31, 1991 33,940 3,811 6,475 44,226 27.6
Dec. 31, 1992 36,350 6,019 7,884 50,253 13.6
Dec. 31, 1993 42,010 9,114 9,199 60,323 20.0
Dec. 31, 1994 36,075 10,414 7,899 54,388 -9.8
Dec. 31, 1995 45,955 17,447 11,855 75,257 38.4
Dec. 31, 1996 51,478 24,054 13,792 89,324 18.7
Dec. 31, 1997 62,878 42,824 18,398 124,100 38.9
Dec. 31, 1998 72,675 65,163 22,181 160,019 28.9
</TABLE>
The portfolio's average annual total return for the one, five and ten year
periods ending December 31, 1998, was 28.9%, 21.5%, and 18.2%, 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 $45,563, and the total amount of income distributions reinvested was
$10,858. 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.
+Return is for the period 5/9/86 through 12/31/86
2
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
DECEMBER 31, 1998 - QUARTERLY REPORT
January 1, 1999
Dear Fellow Shareholder:
1998 was a great year for the Value Portfolio. Our total return (income
plus appreciation, after expenses) was +28.9%. This compares favorably with the
major market indices and our mutual fund peers (see table below), but more
importantly, it does wonders for our shareholders' net worths.
I am especially pleased with these returns since our portfolio included
cash and short-term bond "reserves" ranging from 20-40% during the year. The
high cash levels were a product of new cash flows into the fund, sales of fully
valued stocks, and a shortage of great new investment ideas. We do not try to
"time" the market, but we are more interested in ABSOLUTE value than RELATIVE
value. That is, we would prefer to hold cash than to buy an over-valued stock
just because it was LESS over-valued than others. (We would find small comfort
in being down 20% just because others were down 30%.) Some would call this
market timing, but we call it disciplined value investing.
The table on page 2 shows annual performance of the fund since it was
started, and the table below compares our performance to that of various market
indices and the other mutual funds in our category (according to Lipper
Analytical Services). All of the performance data assumes reinvestment of
dividends (except Value Line and Russell for which dividend data are not
available) and are calculated after deducting all expenses.
<TABLE>
<CAPTION>
1 YEAR 5 YEARS 10 YEARS
--------- ----------- -----------
<S> <C> <C> <C>
VALUE PORTFOLIO 28.9% 21.5% 18.2%
S&P 500 Index 28.6 24.0 19.2
Dow Jones Industrial Average 18.1 22.3 18.8
Value Line Index 5.8 15.3 14.2
Russell 2000 -3.4 10.3 11.1
Average Growth and Income Fund 15.6 18.5 15.8
</TABLE>
Our portfolio continues to be concentrated in three types of
businesses--cable television, cellular telephone, and financial services. This
year, cable and cellular were unusually strong performers as takeover activity
drew attention to the underlying business values. Financial stocks were very
weak in the second half of the year and were a drag on
3
<PAGE>
performance for the year. For the most part, our portfolio has been concentrated
outside of the mainstream of the stock market. This approach has worked for us
over the years because our companies have done well and investor perceptions of
them (and thus their valuations) have improved, but in any given year, our
results are likely to be very different (for better or worse) from the rest of
the market.
Meanwhile, back IN the mainstream, some extreme divergences have
developed. There is now a "two-tier" market, in which a few "star" companies
(e.g. Microsoft, Intel, Cisco, Dell, AOL) have attracted (perhaps) more than
their share of investment capital. These stocks have driven the S&P 500 to new
highs, while the "average" stock has lagged. In 1998, the 10 largest companies
(2% of the 500 stocks in the index) accounted for 50% of the S&P's 28.6% gain,
and the 25 largest contributed 85% of the gain. The average New York Stock
Exchange stock DECLINED BY 8% in 1998, and the Russell 2000 was down 3.4%.
This stock market schizophrenia has unhealthy elements, such as the
vulnerability of the "stars" to nasty declines that would cost investors
(speculators?) billions, and might spread to other stocks. However, I believe
there is some basis for celebration because many of the second tier of
(neglected) stocks are much more reasonably priced, and a little market weakness
could create some terrific bargains.
OUTLOOK FOR OUR PORTFOLIO
As usual, I have no idea what "the market" or our stocks will do in the
short-run. I have thought for some time that we, and investors in general, may
have borrowed some returns from the future and that we should expect lower
absolute returns than we have earned over the past 15 years. However, I like the
companies we own, and I feel good about the long-term prospects for our
portfolio.
- - BANKS AND FINANCIALS
The liquidity crisis that was triggered by economic problems in Asia,
Russia, and the Wall Street hedge fund community did serious (and in some cases,
permanent) damage to some financial companies, but created great opportunities
for others. Some of our mortgage REIT's were forced to sell good assets at
distress prices when their lenders threatened to withdraw credit lines. Their
business values declined accordingly, but we believe they have good recovery
potential. For example, Redwood Trust sells at $14, has a liquidation value over
$19, and has earning power of well over $2 per share (all of which would be paid
out in dividends). As Redwood's earnings recover, we believe the stock will move
up substantially.
We have been adding to our positions in several banks and thrifts, which
are selling at very modest price/earnings levels. We are also buying some small
thrifts which have recently
4
<PAGE>
converted from mutual to stock companies. These thrifts are generally
over-capitalized (allowing for future stock buybacks and dividends) and sell at
discounts to their book values. We do not expect spectacular gains from these
stocks, but they offer a high probability of solid total returns over the years.
Other financial companies such as Freddie Mac, Fannie Mae, Sallie Mae,
American Express, Berkshire Hathaway, and Countrywide Credit are relatively
fully-priced, but in moments of panic over liquidity or credit quality, such as
last September-October, extreme volatility can give us great opportunities to
add to our positions. Smaller companies are also subject to takeovers (e.g.
Headlands by Greenpoint) and partnerships (e.g. New Century with USBancorp)
which could boost our returns.
- - REAL ESTATE
Some real estate companies got carried away over the past few years and
over-borrowed and over-paid for properties. After this year's liquidity crisis,
financing for new projects disappeared, and some leveraged owners are being
forced to sell properties at bargain prices. This has created opportunities for
strong, well-financed companies such as Hilton and Forest City to expand their
portfolios. Other opportunistic real estate investment trusts, such as Fortress,
should also benefit.
One specific real estate market, Las Vegas, is showing signs of temporary
over-building, and the publicly-traded gambling stocks are very depressed.
Hilton's gambling properties, which were spun out at year-end as Park Place
Entertainment, are selling in the open market at about 1/2 of their takeover
value. We believe the value is growing and will eventually be recognized.
- - TELECOMMUNICATIONS
Our cellular stocks were strong this year, as cellular service turned out
to be more popular in rural areas than expected, and as competition in those
areas developed more slowly than expected. Several of our companies received
takeover bids (e.g. 360 Communications, Vanguard, and Centennial), and as this
is written, AirTouch is in negotiations to be acquired. Of our remaining telecom
holdings, Telephone and Data Systems and U.S.Cellular are particularly cheap.
- - CABLE TELEVISION
Last, but not least, a quarterly report on the Value Portfolio would not
be complete without mention of the cable stocks. Telecommunications, Inc. is
being taken over by AT&T, Century has put itself up for sale, and Comcast and
others are selling at prices very close to takeover value. We really like these
businesses, but their values have been recognized. We have been scaling back our
holdings.
5
<PAGE>
All in all, 1998 was an interesting and profitable year for our fund. I
would guess that 1999 will bring more surprises and volatility, and with luck,
we will be able to take advantage of the opportunities.
SHAREHOLDER MEETING -- WEDNESDAY, MAY 26, 1999
Please plan to join us at the Omaha Marriott Hotel at 4:30 p.m. on May 26.
At this time, it appears that we will not need to have a formal business
meeting, so we will be able to get right to a discussion of our investments and
a question and answer period with the portfolio managers. In the meantime, if
you have questions about your account, please feel free to call Client Services.
Best regards,
/S/ WALLACE R. WEITZ
Wallace R. Weitz
President
6
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
YEAR 2000 UPDATE
Wallace R. Weitz & Company ("Weitz"), investment adviser and
administrator for the Weitz Funds has developed a plan to address whether its
systems will operate correctly after December 31, 1999. The plan has been
reviewed by Weitz's management and by the Board of Directors of Weitz Series
Fund, Inc. and Weitz Partners, Inc. Weitz has assigned one employee to take the
lead on Year 2000 issues and is also working with a consulting firm to assist in
the remediation of hardware and software systems. Regular reports are made to
the Board of Directors. Weitz has agreed to commit the resources necessary to
address the Year 2000 issue.
Weitz's local area network is comprised of a single file server and
individual workstations with desktop machines, related peripherals and software
developed by third parties. Such software is a combination of off-the-shelf
applications and accounting or industry specific applications developed by third
party vendors. Weitz has no internally developed or modified software
applications. Due to the recent growth of the Weitz Funds, Weitz has replaced or
expanded the majority of its network. These changes have all been effected with
Year 2000 compliance issues in mind. Weitz has been in communication with
critical third party service providers who have provided assurances to us that
they are either Year 2000 compliant or are in the final stages of testing. As
Weitz investigates certain possible changes in third party service providers, we
intend to make Year 2000 inquiries and obtain assurances about the Year 2000
readiness of such providers.
With respect to the companies in which the Weitz Funds invest, Weitz
intends to review the disclosure included in regular filings with the Securities
and Exchange Commission for certain of those companies in which the funds have a
significant investment. In addition, Weitz receives and will continue to receive
Y2K readiness information from securities analysts and from certain of the
issuing companies themselves. Such information is reviewed as it becomes
available. Weitz and the Weitz Funds have no reason to believe that these steps
will not be sufficient to avoid any material adverse impact on the Funds,
although there can be no assurance of this.
7
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
DECEMBER 31, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
- ------------ --------------- ---------------
<C> <S> <C> <C>
COMMON STOCKS -- 63.0%
AUTO SERVICES -- 0.3%
290,000 Insurance Auto Auctions, Inc.* $ 3,240,125 $ 3,443,750
--------------- ---------------
BANKING -- 3.8%
140,300 Astoria Financial Corp. 5,230,247 6,418,725
465,470 Commercial Federal Corp. 10,797,798 10,793,086
150,000 Community Savings Bankshares, Inc. 1,568,745 1,612,500
777,800 Golden State Bancorp, Inc.* 15,714,516 12,930,925
132,300 Local Financial Corp.* 1,091,475 1,190,700
200,000 Virginia Capital Bancshares, Inc. 2,569,843 2,700,000
269,000 Washington Mutual, Inc. 9,543,347 10,272,437
--------------- ---------------
46,515,971 45,918,373
--------------- ---------------
CABLE TELEVISION -- 8.2%
205,500 Adelphia Communications Corp. CL A* 1,414,656 9,401,625
1,349,000 Century Communications Corp. CL A* 7,990,357 42,788,661
187,000 Comcast Corp. Special CL A 2,102,559 10,974,563
295,000 MediaOne Group, Inc.* 6,009,023 13,865,000
394,400 Tele-Communications, Inc. CL A* 6,372,921 21,815,250
--------------- ---------------
23,889,516 98,845,099
--------------- ---------------
CONSUMER PRODUCTS AND SERVICES -- 0.9%
81,000 American Classic Voyages Co.* 806,925 1,427,625
361,900 Lab Holdings, Inc. 7,771,669 6,333,250
4,000 LabOne, Inc. 46,452 52,000
4,875 Lady Baltimore Foods, Inc. 227,781 277,875
270,000 Protection One, Inc. 463,074 2,311,875
--------------- ---------------
9,315,901 10,402,625
--------------- ---------------
FEDERAL AGENCIES -- 4.6%
75,000 Fannie Mae 1,270,544 5,550,000
90,000 Freddie Mac 385,147 5,799,375
915,000 SLM Holding Corp. 26,520,073 43,920,000
--------------- ---------------
28,175,764 55,269,375
--------------- ---------------
FINANCIAL SERVICES -- 5.8%
575,000 Allied Capital Corp. 9,720,937 9,954,687
70,000 American Express Co. 2,031,996 7,157,500
120 Berkshire Hathaway, Inc. CL A* 2,626,850 8,400,000
2,835,500 Imperial Credit Industries, Inc.* 37,083,542 23,747,313
30,000 PS Group, Inc.* 207,625 352,500
717,300 United Asset Management Corp. 18,047,823 18,649,800
378,000 United Panam Financial Corp.* 3,423,206 1,582,875
--------------- ---------------
73,141,979 69,844,675
--------------- ---------------
</TABLE>
8
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
- ------------ --------------- ---------------
INFORMATION AND DATA PROCESSING -- 0.4%
<C> <S> <C> <C>
18,490 BRC Holdings, Inc.* $ 161,306 $ 346,687
128,300 Data Transmission Network Corp.* 3,476,583 3,704,663
180,000 Intelligent Systems Corp.* 380,869 303,750
--------------- ---------------
4,018,758 4,355,100
--------------- ---------------
LODGING AND GAMING -- 3.3%
1,950,000 Hilton Hotels Corp. 35,561,696 37,293,750
278,500 Park Place Entertainment Corp.* 1,702,946 1,775,438
--------------- ---------------
37,264,642 39,069,188
--------------- ---------------
MEDIA AND ENTERTAINMENT -- 8.4%
50,537 Chris-Craft Industries, Inc.* 2,232,856 2,435,252
57,200 Daily Journal Corp.* 1,254,216 2,180,750
300,000 Gabelli Global Multimedia Trust, Inc. 2,071,150 3,281,250
515,000 Tele-Communications Liberty Media CL A* 6,755,834 23,722,187
1,035,000 Tele-Communications TCI Ventures Group A* 14,996,027 24,387,188
863,200 Valassis Communications, Inc.* 24,491,367 44,562,700
--------------- ---------------
51,801,450 100,569,327
--------------- ---------------
MORTGAGE BANKING -- 5.3%
470,000 Countrywide Credit Industries, Inc. 12,432,040 23,588,125
571,500 Franchise Mortgage Acceptance Co.* 5,380,083 4,429,125
80,000 Headlands Mortgage Co.* 600,000 1,675,000
334,000 New Century Financial Corp.* 3,295,250 4,467,250
1,678,600 Resource Bancshares Mtg. Grp., Inc. 23,711,294 27,801,813
188,999 WMF Group, Limited* 1,749,555 1,133,994
--------------- ---------------
47,168,222 63,095,307
--------------- ---------------
REAL ESTATE AND CONSTRUCTION -- 0.9%
419,400 Catellus Development Corp.* 4,822,726 6,002,663
180,000 Forest City Enterprises, Inc. CL A 2,159,453 4,725,000
30,000 Syntroleum Corp.* 95,750 185,625
--------------- ---------------
7,077,929 10,913,288
--------------- ---------------
REAL ESTATE INVESTMENT TRUSTS -- 6.2%
935,000 Capital Automotive REIT 12,811,400 13,908,125
915,500 Dynex Capital, Inc. 8,333,225 4,234,188
1,287,980 Fortress Investment Corp. 24,936,070 21,895,660
301,300 Hanover Capital Mortgage Holdings, Inc. 3,204,798 1,318,188
72,000 Healthcare Financial Partners Units** 7,200,000 7,200,000
465,000 IMPAC Mortgage Holdings, Inc. 6,606,364 2,121,562
366,200 Imperial Credit Commercial Mtg. Inv. Corp. 4,201,010 3,433,125
475,000 NovaStar Financial, Inc. 7,282,611 2,939,062
1,198,117 Redwood Trust, Inc. 28,274,791 16,773,638
--------------- ---------------
102,850,269 73,823,548
--------------- ---------------
</TABLE>
9
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
- ------------ --------------- ---------------
TELECOMMUNICATIONS -- 14.9%
<C> <S> <C> <C>
90,000 Airtouch Communications, Inc.* $ 2,453,614 $ 6,491,250
236,800 Alltel Corp. 5,730,786 14,163,600
580,900 Cellular Communications of Puerto Rico* 5,785,764 10,746,650
1,291,300 Centennial Cellular Corp. CL A* 28,846,783 52,943,300
532,000 Corecomm, Limited* 5,464,525 8,379,000
1,388,800 Telephone and Data Systems, Inc. 55,899,076 62,409,200
624,400 United States Cellular Corp.* 19,284,288 23,727,200
--------------- ---------------
123,464,836 178,860,200
--------------- ---------------
Total Common Stocks 557,925,362 754,409,855
--------------- ---------------
WARRANTS -- 0.0%
338,100 Hanover Capital Mtg. Holdings, Inc., Expiring 9/15/00 42,263 42,263
350,000 Novastar Financial, Inc., Expiring 2/03/01 175,000 21,875
--------------- ---------------
Total Warrants 217,263 64,138
--------------- ---------------
NON-CONVERTIBLE PREFERRED STOCKS -- 0.2%
10,000 Community Bank Pasadena CA 13% Pfd. Series B 257,550 271,250
15,000 Crown American Realty Trust 11% Pfd. Series A 750,000 733,125
30,000 Prime Retail, Inc. 10.5% Pfd. Series A 645,000 750,000
34,000 RB Asset, Inc. 15.0% Pfd. Series A 845,750 510,000
--------------- ---------------
Total Non-Convertible Preferred Stocks 2,498,300 2,264,375
--------------- ---------------
<CAPTION>
FACE
AMOUNT
- ------------
<C> <S> <C> <C>
CORPORATE BONDS -- 0.7%
$ 500,000 Salomon, Inc. Notes 7.125% 8/01/99 500,000 504,721
4,500,000 USA Networks, Inc. 7.0% 7/01/03 4,406,663 4,483,125
750,000 Local Financial Corp. 11.0% 9/08/04 750,000 761,250
1,000,000 Dime Savings 10.5% 11/15/05 1,046,095 1,055,000
2,000,000 Harcourt General 6.5% 5/15/11 1,941,062 1,910,000
--------------- ---------------
Total Corporate Bonds 8,643,820 8,714,096
--------------- ---------------
U.S. GOVERNMENT AND AGENCY SECURITIES -- 3.8%
15,000,000 U.S. Treasury Note 5.5% 3/31/00 14,983,906 15,154,695
4,750,000 Fannie Mae 6.625% 7/12/00 4,750,349 4,863,919
13,000,000 Federal Home Loan Bank 5.5% 7/14/00 12,977,990 13,100,139
2,500,000 Fannie Mae 7.55% 6/10/04 2,499,660 2,526,842
3,000,000 Federal Home Loan Bank 6.04% 9/08/05 3,000,000 3,014,427
1,000,000 Federal Home Loan Bank 6.44% 11/28/05 1,001,089 1,070,258
6,000,000 Fannie Mae 6.56% 11/26/07 6,000,000 6,204,924
--------------- ---------------
Total U.S. Government and Agency Securities 45,212,994 45,935,204
--------------- ---------------
</TABLE>
10
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
FACE
AMOUNT COST VALUE
- ------------ --------------- ---------------
SHORT-TERM SECURITIES -- 32.4%
<C> <S> <C> <C>
$ 103,317,793 Norwest U.S. Government Money Market Fund $ 103,317,793 $ 103,317,793
20,000,000 Federal Farm Credit Bank 5.54% 1/04/99 20,000,000 20,000,000
9,000,000 Federal Farm Credit Bank Discount Note 1/07/99 8,992,005 8,996,184
12,995,000 U.S. Treasury Bill 1/07/99 12,984,675 12,991,504
9,750,000 U. S. Treasury Bill 1/14/99 9,733,280 9,740,679
15,000,000 Fannie Mae Discount Note 1/14/99 14,970,966 14,978,790
23,600,000 Federal Home Loan Bank Discount Note 1/15/99 23,554,111 23,563,302
25,000,000 Freddie Mac Discount Note 1/29/99 24,905,305 24,911,625
20,000,000 Fannie Mae Discount Note 2/05/99 19,902,389 19,909,860
25,000,000 Freddie Mac Discount Note 2/12/99 24,852,417 24,862,700
13,000,000 Federal Home Loan Bank Discount Note 2/19/99 12,912,236 12,915,786
7,000,000 Federal Home Loan Bank Discount Note 2/24/99 6,947,500 6,949,726
30,000,000 Freddie Mac Discount Note 2/26/99 29,766,200 29,776,080
19,000,000 Federal Home Loan Bank Discount Note 3/12/99 18,817,864 18,820,716
35,000,000 U. S. Treasury Bill 4/15/99 34,562,189 34,598,375
21,475,000 Federal Farm Credit Bank Discount Note 4/19/99 21,176,650 21,163,698
--------------- ---------------
Total Short-Term Securities 387,395,580 387,496,818
--------------- ---------------
Total Investments in Securities $ 1,001,893,319 1,198,884,486
--------------- ---------------
---------------
Covered Call Options Written at Market Value -- (0.1%) (1,549,156)
Securities Sold Short -- (1.4%) (16,931,250)
Other Assets Less Liabilities -- 1.4% 16,239,977
---------------
Total Net Assets -- 100% $ 1,196,644,057
---------------
---------------
Net Asset Value Per Share $ 29.070
---------------
---------------
<CAPTION>
SHARES
OR
UNITS PROCEEDS VALUE
- ------------- --------------- ---------------
<C> <S> <C> <C>
SECURITIES SOLD SHORT
225,500 AT&T Corp. $ 13,856,457 $ 16,931,250
--------------- ---------------
--------------- ---------------
</TABLE>
11
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
EXPIRATION
NO. OF DATE/STRIKE
CONTRACTS PRICE VALUE
- ------------- --------------- ---------------
COVERED CALL OPTIONS WRITTEN AT MARKET VALUE
<C> <S> <C> <C>
200 American Express Co. Apr. 1999/100 $ (198,750)
70 Century Communications Corp. CL A Feb. 1999/30 (28,875)
375 Century Communications Corp. CL A May 1999/35 (147,656)
325 Comcast Corp. Special CL A July 1999/60 (215,312)
700 Countrywide Credit Industries, Inc. Apr. 1999/50 (315,000)
700 Valassis Communications, Inc. Apr. 1999/45 (608,125)
70 Valassis Communications, Inc. Apr. 1999/50 (35,438)
--------------- ---------------
Total call options written (premiums received $1,287,399) $ (1,549,156)
---------------
---------------
</TABLE>
*Non-income producing
**Each unit, which is restricted as to sale, consists of five shares of common
stock and one stock purchase warrant. The company distributed an additional
warrant per unit to unitholders during 1998. The warrants currently have no
value or cost assigned to them.
12
