<PAGE>
- --------------------------------------------------------------------------------
WEITZ SERIES FUND, INC.
VALUE 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
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
PERFORMANCE SINCE INCEPTION
A long-term perspective on the Value Fund's performance is shown below. The
table below shows how an investment of $25,000 in the Value 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 Value Fund for the one, five and ten year
periods ended June 30, 1999, calculated in accordance with SEC standardized
formulas.
<TABLE>
<CAPTION>
VALUE OF VALUE OF VALUE OF
INITIAL CUMULATIVE CUMULATIVE TOTAL
$25,000 CAPITAL GAIN REINVESTED VALUE OF ANNUAL RATE
PERIOD ENDED INVESTMENT DISTRIBUTIONS DIVIDENDS SHARES OF 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
June 30, 1999 82,775 78,116 25,630 186,521 16.6++
</TABLE>
The fund's average annual total return for the one, five and ten year periods
ending June 30, 1999, was 21.5%, 26.9% and 18.3%, 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 $49,433, and the total amount of income distributions reinvested was
$11,221. 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 5/9/86 through 12/31/86
++Return is for the period 1/1/99 through 6/30/99
2
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
JUNE 30, 1999 - QUARTERLY REPORT
July 9, 1999
Dear Fellow Shareholder:
The 2nd quarter of 1999 was a good one for the Value Fund. Our total
return, after deducting expenses, was +9.3% vs. +7.0% for the S&P 500. This
brings our gain for the first six months to +16.6% vs. +12.4% for the S&P.
The table below shows the fund's returns over various intervals, and
compares it to the performances of the S&P 500 (very large companies), the
Russell 2000 (an index of smaller company stocks), and our peer group of mutual
funds (according to Lipper Analytical Services). All of the performance data
assume reinvestment of dividends and are calculated after deducting expenses.
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
VALUE FUND 16.6% 31.0% 26.9% 18.3%
S&P 500 Index 22.8 29.1 27.9 18.7
Russell 2000 Index 1.5 11.2 15.4 12.4
Average Growth and Income Fund 14.5 21.8 21.9 15.4
</TABLE>
PORTFOLIO REVIEW
During the quarter, net cash flows into the fund remained heavy and the
new cash was added primarily to existing positions in banks and other financial
services stocks. As a result, the names in the portfolio will look very
familiar, with HEAVY emphasis on financials, media, and telecommunications. The
percentage of assets in each area has shifted, however, with financial stocks
now accounting for over 30% of the portfolio. Cash (and other reserves) fell
slightly to 31%.
In the financials category, we added heavily to our holdings of Sallie
Mae, Countrywide Credit, Berkshire Hathaway, and Washington Mutual. (We also
bought Long Beach Financial as a way of buying Washington Mutual at a 7%
discount, on the assumption that their proposed merger will be completed.) These
companies have solid long-term growth prospects, and each was available at a
discount to its business value because of what we think are temporary or
misplaced investor fears.
We also made Citizens Utilities a "top 10" position during the quarter.
Citizens is in the process of dramatically increasing the size of its telephone
business, while selling its valuable
3
<PAGE>
but slower-growing electric, gas, and water utility operations. We began buying
Citizens at $8, believing that its business value was at least $16 (and
growing), and we hope that we have the opportunity to add to this position at
reasonable prices over time. Although Citizens is currently labeled a "utility"
company, it will probably belong in the "telecommunications" category in the
future.
These second quarter additions are solid, growing, but rather defensive
investments. They, along with our (still) large cash position, betray the fact
that my expectations for near-term performance are very modest. What counts,
though, is total return over the next several years, and I feel very good about
the long-term prospects for our companies.
SHAREHOLDER MEETING
On May 26, about 450 investors attended our annual shareholder information
meeting and asked some very good questions. We did not make a transcript of the
Q&A session, but I thought this letter might be a good place to answer some of
the questions that came up at the meeting (plus some that are frequently asked
by callers).
IS THE CHANGE IN TRANSFER AGENT SYSTEMS GOOD NEWS FOR SHAREHOLDERS?
There are pluses and minuses, but I think the answer is clearly "yes, it's
good news." Our previous system was relatively unsophisticated, which allowed us
to over-ride it to provide clients with certain services that were unique in the
industry (though very inefficient to perform). We enjoyed being different and
surprising clients with these "extras." However, we wanted to be able to offer
new features, such as automated telephone access to account information and
statements that could show multiple accounts. We also needed a more powerful
computer system and stronger technical support, both for disaster recovery and
Y2K compliance and for developing new services and products. Finally, we needed
a system that could reliably accommodate our expanded client roster. Hence the
change.
The new system is more sophisticated, and we expect that it will allow us
to provide better service, with better quality control, at a very reasonable
cost. In the meantime, the process of converting files from the old system to
the new is taking an enormous amount of staff energy. There have also been
occasional glitches that have annoyed some shareholders, and that is harder on
the staff than the long hours, because we do not like to disappoint clients.
We are confident that our selection of the DST system was a good decision
and that both clients and staff will be happy about the change ... hopefully
soon. In the meantime, thanks for your patience.
4
<PAGE>
VALUE VS. GROWTH -- WHAT'S THE DIFFERENCE?
The words "value" and "growth" mean different things to different people.
For some, including many journalists, value stocks are cyclical, capital
intensive, heavy industry or extractive businesses that sell at low
price-to-earnings (P/E) or low price-to-book value (P/BV) ratios, while growth
stocks are those whose earnings are growing so fast that an investor can safely
pay almost any price for them. To these observers, value and growth are opposite
poles, and investment managers can be categorized according to which variety of
stocks they buy.
When pressed to distinguish between value and growth investing, we
describe value investing as buying predictable businesses at a DISCOUNT to what
they are worth today, based on their current operations and very likely future
prospects -- "bird in the hand" investing. By contrast, growth stock investing
might be described as paying a PREMIUM today for business value that MIGHT
develop in the future -- "two birds in the bush" investing. In both cases,
future growth in earnings is an important consideration, and the distinction is
more about price sensitivity and the need for predictability than rigid
classifications of types of stocks.
The debate over definitions is much more important to consultants and the
financial press, who feel the need to make generalizations, than it is to
investors who ought to focus on what they want to pay to be a minority owner in
a particular business.
WILL THE VALUE FUND BE SAFER THAN OTHER STOCK FUNDS IN A BEAR MARKET?
In a bear market, most stocks go down together. When margin borrowers are
being forced to sell, mutual fund managers are selling to accommodate
redemptions, and many investors are scared, value considerations are secondary.
The fact that we think our stocks are cheap will make no difference. If our cash
position remains large, it will cushion the fund in a decline. However, the
concentration of our portfolio in a few industries may make it more volatile and
more susceptible to weakness in those particular industries.
We do not try to guess when the market will go up or down (and we hope
market timers will not use our fund). By owning strong companies with good
long-term prospects, we hope to avoid PERMANENT losses, but there is nothing
about our fund that will protect it from temporary, but sharp, declines in a
bear market.
5
<PAGE>
DO WE OWN INTERNET STOCKS? HOW WILL THE INTERNET AFFECT OUR COMPANIES?
The Internet will have a huge impact on our lives and our companies. The
trouble with "cashing in" on these changes is that the long-term impacts are
totally unpredictable (at least to me), and some of the changes will be very
harmful to corporate profits. In fact, the next bear market for stocks may be
caused by an "e-commerce"-induced profit squeeze.
We cannot begin to predict whether companies such as Yahoo, Amazon, Lycos,
and eBay, which are identified as "Internet Stocks," will prosper (or even
survive), so they are not candidates for our portfolio. Hardware and software
companies visibly involved in "building" the Internet are very expensive, and
will need to successfully "re-invent" themselves regularly -- so they are also
too unpredictable for us. The closest company we have to a direct play is
Liberty Media, which holds venture capital investments in many Internet
companies and has been creative about monetizing its investments.
A few of these stocks will probably be big winners, but as value
investors, insisting on a reasonably predictable future, we will forego our
chance to win the Internet lottery in the interest of avoiding large permanent
losses on the stocks that do not live up to speculators' expectations.
As for the companies we do own, we are both excited and concerned about
how they will use the Internet to increase revenues, cut expenses, and develop
new products and distribution channels. Nearly all industries are becoming more
competitive as new "virtual" companies enter markets. Price cutting is being
used as a primary competitive weapon, and comparison-shopping is becoming much
easier. A common result is shrinking profit margins. Some of our companies are
being very innovative, while others have work to do. Assessing the impact of the
Internet will be an ongoing challenge for us as we do our research.
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.
Sincerely,
/s/ WALLACE R. WEITZ
Wallace R. Weitz
President, Portfolio Manager
6
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
JUNE 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
---------- ------------ ------------
<C> <S> <C> <C>
COMMON STOCKS -- 69.2%
AUTO SERVICES -- 0.5%
645,100 Insurance Auto Auctions, Inc.* $ 7,525,098 $ 10,402,237
------------ ------------
BANKING -- 9.1%
140,300 Astoria Financial Corp. 5,230,247 6,164,431
20,000 Cohoes Bancorp, Inc.* 220,000 240,000
1,401,320 Commercial Federal Corp. 32,281,261 32,493,107
150,000 Community Savings Bankshares, Inc. 1,568,745 1,893,750
310,000 East West Bancorp, Inc. 2,870,000 3,119,375
67,500 First Federal Bankshares Inc. 672,813 653,906
646,000 First Place Financial Corp.* 6,915,937 7,953,875
2,704,600 Golden State Bancorp, Inc.* 51,910,636 59,501,200
606,200 Greenpoint Financial Corp. 18,674,634 19,890,937
132,300 Local Financial Corp.* 1,091,475 1,323,000
105,000 Roslyn Bancorp, Inc. 1,805,000 1,804,688
275,000 South Jersey Financial Corp., Inc.* 2,982,558 3,850,000
400,000 Troy Financial Corp.* 3,977,744 4,175,000
447,000 Virginia Capital Bancshares, Inc. 5,719,344 6,816,750
1,488,000 Washington Mutual, Inc. 54,680,434 52,638,000
------------ ------------
190,600,828 202,518,019
------------ ------------
CABLE TELEVISION -- 4.7%
202,200 Adelphia Communications Corp. CL A* 1,388,256 12,864,975
1,342,000 Century Communications Corp. CL A* 7,924,704 61,732,000
240,000 Comcast Corp. Special CL A 1,188,075 9,225,000
295,000 MediaOne Group, Inc.* 6,009,023 21,940,625
------------ ------------
16,510,058 105,762,600
------------ ------------
CONSUMER PRODUCTS AND SERVICES -- 1.6%
679,400 American Classic Voyages Co.* 11,028,863 16,305,600
394,900 Lab Holdings, Inc. 8,349,262 5,479,238
4,000 LabOne, Inc. 46,452 41,000
4,875 Lady Baltimore Foods, Inc. CL A 227,781 301,031
2,611,000 Protection One, Inc. 14,260,376 14,034,125
------------ ------------
33,912,734 36,160,994
------------ ------------
FEDERAL AGENCIES -- 4.0%
75,000 Fannie Mae 1,270,544 5,128,125
90,000 Freddie Mac 385,147 5,220,000
1,735,900 SLM Holding Corp. 61,023,762 79,525,919
------------ ------------
62,679,453 89,874,044
------------ ------------
</TABLE>
7
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
---------- ------------ ------------
<C> <S> <C> <C>
FINANCIAL SERVICES -- 9.6%
1,322,300 Allied Capital Corp. $ 23,139,708 $ 31,735,200
50,000 American Express Co. 1,345,796 6,506,250
210 Berkshire Hathaway, Inc. CL A* 9,133,250 14,469,000
13,305 Berkshire Hathaway, Inc. CL B* 30,534,830 29,803,200
433,000 Healthcare Financial Partners, Inc. 9,906,957 14,830,250
2,835,500 Imperial Credit Industries, Inc.* 37,083,542 20,114,328
30,000 PS Group Holdings, Inc. 117,625 328,125
1,027,900 The PMI Group, Inc. 44,124,709 64,564,969
1,376,100 United Asset Management Corp. 32,525,057 31,306,275
300,000 United Panam Financial Corp.* 2,019,813 975,000
------------ ------------
189,931,287 214,632,597
------------ ------------
INFORMATION AND DATA PROCESSING -- 1.4%
1,055,600 Data Transmission Network Corp.* 23,690,812 29,688,750
180,000 Intelligent Systems Corp.* 380,869 540,000
------------ ------------
24,071,681 30,228,750
------------ ------------
LODGING AND GAMING -- 4.1%
546,000 Harrah's Entertainment, Inc.* 7,985,042 12,012,000
1,950,000 Hilton Hotels Corp. 24,017,029 27,665,625
709,000 Mandalay Resort Group* 9,086,282 14,977,625
3,841,500 Park Place Entertainment Corp.* 23,557,302 37,214,531
------------ ------------
64,645,655 91,869,781
------------ ------------
MEDIA AND ENTERTAINMENT -- 7.9%
3,169,536 AT&T Corp. -- Liberty Media Group A* 49,015,183 116,480,448
221,270 Chris-Craft Industries, Inc.* 9,212,917 10,427,349
58,700 Daily Journal Corp.* 1,306,716 2,179,238
300,000 Gabelli Global Multimedia Trust, Inc. 2,071,150 4,500,000
1,179,300 Valassis Communications, Inc.* 23,179,419 43,191,862
------------ ------------
84,785,385 176,778,897
------------ ------------
MORTGAGE BANKING -- 6.8%
2,080,500 Countrywide Credit Industries, Inc. 76,911,692 88,941,375
734,500 Franchise Mortgage Acceptance Co.* 6,450,583 6,426,875
2,252,000 Long Beach Financial Corp. 30,856,433 33,076,250
334,000 New Century Financial Corp.* 3,295,250 6,053,750
1,380,400 Resource Bancshares Mtg. Grp., Inc. 18,271,247 14,149,100
391,606 WMF Group, Limited* 2,762,590 2,447,538
------------ ------------
138,547,795 151,094,888
------------ ------------
PRINTING SERVICES -- 0.3%
350,000 Mail-Well Inc. 4,688,735 5,665,625
------------ ------------
REAL ESTATE AND CONSTRUCTION -- 1.4%
1,269,800 Catellus Development Corp.* 16,439,848 19,681,900
372,800 Forest City Enterprises, Inc. CL A 6,921,166 10,438,400
30,000 Syntroleum Corp.* 95,750 268,125
------------ ------------
23,456,764 30,388,425
------------ ------------
</TABLE>
8
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
---------- ------------ ------------
<C> <S> <C> <C>
REAL ESTATE INVESTMENT TRUSTS -- 3.8%
1,498,200 Capital Automotive REIT $ 19,851,317 $ 19,851,150
1,664,000 Dynex Capital, Inc. 11,646,215 3,328,000
1,287,980 Fortress Investment Corp. 24,946,570 21,895,660
301,300 Hanover Capital Mortgage Holdings, Inc. 3,265,468 1,619,488
72,000 Healthcare Financial Partners Units** 7,200,000 7,200,000
465,000 IMPAC Mortgage Holdings, Inc. 6,666,907 2,354,063
576,200 Imperial Credit Commercial Mtg. Inv. Corp. 6,080,510 6,230,163
475,000 NovaStar Financial, Inc. 7,282,611 3,028,125
1,198,117 Redwood Trust, Inc. 28,274,791 19,843,813
------------ ------------
115,214,389 85,350,462
------------ ------------
RESTAURANTS -- 0.3%
365,000 CBRL Group, Inc. 6,614,375 6,319,062
------------ ------------
TELECOMMUNICATIONS -- 9.3%
236,800 Alltel Corp. 5,730,786 16,931,200
580,900 Cellular Communications of Puerto Rico* 5,785,764 16,555,650
351,281 Centennial Cellular Corp. CL A* 3,654,432 12,514,386
374,000 Corecomm, Limited* 3,350,600 18,045,500
1,446,200 Telephone and Data Systems, Inc. 59,141,627 105,662,987
700,400 United States Cellular Corp.* 22,864,526 37,471,400
65,000 West Teleservices Corp.* 545,625 609,375
------------ ------------
101,073,360 207,790,498
------------ ------------
UTILITIES -- 4.4%
5,491,000 Citizens Utilities Co. CL B 53,476,857 61,087,375
24,100 Empire District Electric Co. 615,996 628,106
1,412,000 Western Resources Inc. 36,784,599 37,594,500
------------ ------------
90,877,452 99,309,981
------------ ------------
Total Common Stocks 1,155,135,049 1,544,146,860
------------ ------------
WARRANTS -- 0.0%
338,100 Hanover Capital Mtg. Holdings, Inc., Expiring 9/15/00 42,263 42,263
350,000 NovaStar Financial, Inc., Expiring 2/03/01 175,000 175,000
------------ ------------
Total Warrants 217,263 217,263
------------ ------------
CONVERTIBLE PREFERRED STOCKS -- 0.7%
2,100,000 NovaStar Financial, Inc. 7% Pfd. Class B Cumulative 14,700,000 14,700,000
------------ ------------
</TABLE>
9
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
---------- ------------ ------------
<C> <S> <C> <C>
NON-CONVERTIBLE PREFERRED STOCKS -- 0.1%
10,000 Community Bank Pasadena CA 13% Pfd. Series B $ 257,550 $ 265,000
15,000 Crown American Realty Trust 11% Pfd. Series A 667,500 706,875
30,000 Prime Retail, Inc. 10.5% Pfd. Series A 645,000 594,375
34,000 RB Asset, Inc. 15.0% Pfd. Series A 845,750 510,000
------------ ------------
Total Non-Convertible Preferred Stocks 2,415,800 2,076,250
------------ ------------
<CAPTION>
FACE
AMOUNT
----------
<C> <S> <C> <C>
CORPORATE BONDS -- 0.3%
$ 500,000 Salomon, Inc. Notes 7.125% 8/01/99 500,000 500,450
4,500,000 USA Networks, Inc. 7.0% 7/01/03 4,416,130 4,539,375
750,000 Local Financial Corp. 11.0% 9/08/04 750,000 780,000
2,000,000 Harcourt General 6.5% 5/15/11 1,942,939 1,820,000
------------ ------------
Total Corporate Bonds 7,609,069 7,639,825
------------ ------------
U.S. GOVERNMENT AND AGENCY SECURITIES -- 4.4%
15,000,000 U.S. Treasury Note 5.5% 3/31/00 14,990,223 15,037,500
4,750,000 Fannie Mae 6.625% 7/12/00 4,750,278 4,796,963
13,000,000 Federal Home Loan Bank 5.5% 7/14/00 12,985,009 12,983,750
40,000,000 Freddie Mac 5.0% 02/15/01 39,469,496 39,531,400
15,000,000 Fannie Mae 5.88% 3/25/04 14,985,132 14,670,930
3,000,000 Federal Home Loan Bank 6.04% 9/08/05 3,000,000 2,923,347
1,000,000 Federal Home Loan Bank 6.44% 11/28/05 1,001,019 1,009,728
6,000,000 Fannie Mae 6.56% 11/26/07 6,000,000 5,901,864
------------ ------------
97,181,157 96,855,482
Total U.S. Government and Agency Securities
------------ ------------
</TABLE>
10
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
FACE
AMOUNT COST VALUE
---------- ------------ ------------
<C> <S> <C> <C>
SHORT-TERM SECURITIES -- 25.6%
$100,827,555 Norwest U. S. Government Money Market Fund $100,827,555 $100,827,555
51,000,000 Federal Home Loan Bank Discount Note 7/16/99 50,900,550 50,897,796
5,000,000 U. S. Treasury Bill 8/5/99 4,979,044 4,978,755
150,000,000 U.S. Treasury Note 5.875% 8/31/99 150,293,639 150,281,250
50,000,000 Freddie Mac Discount Note 9/13/99 49,516,944 49,502,550
74,500,000 U. S. Treasury Bill 11/4/99 73,326,376 73,284,905
74,100,000 U. S. Treasury Bill 11/12/99 72,895,265 72,800,879
30,250,000 Fannie Mae 4.78% 11/30/99 30,245,360 30,178,126
40,000,000 Freddie Mac Discount Note 12/9/99 39,112,711 39,125,240
------------ ------------
Total Short-Term Securities 572,097,444 571,877,056
------------ ------------
Total Investments in Securities $1,849,355,782 2,237,512,736
------------
------------
------------
Covered Call Options Written at Market Value -- (0.0%) (568,750)
Securities Sold Short (0.4%) (8,371,875)
Other Assets Less Liabilities -- 0.1% 2,730,654
------------
Total Net Assets -- 100% $2,231,302,765
------------
------------
Net Asset Value Per Share $ 33.11
------------
------------
<CAPTION>
SHARES
OR UNITS PROCEEDS VALUE
---------- ------------ ------------
<C> <S> <C> <C>
SECURITIES SOLD SHORT
150,000 AT&T Corp. $ 9,083,532 $ 8,371,875
------------ ------------
------------ ------------
<CAPTION>
EXPIRATION
NO. OF DATE/ STRIKE
CONTRACTS PRICE VALUE
---------- ------------ ------------
<C> <S> <C> <C>
COVERED CALL OPTIONS WRITTEN AT
MARKET VALUE
650 Comcast Corp. Special CL A July 1999/30 $ (568,750)
(premiums received $232,611)
------------
------------
</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.
11
<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
SUB-TRANSFER AGENT
National Financial Data Services, Inc.
This report has been prepared for the information of shareholders of Weitz
Series Fund, Inc. -- Value 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.
508594
