<PAGE>
- --------------------------------------------------------------------------------
WEITZ SERIES FUND, INC.
FIXED INCOME PORTFOLIO
GOVERNMENT MONEY MARKET
PORTFOLIO
ANNUAL
REPORT
MARCH 31, 1999
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NEBRASKA 68124-6008
402-391-1980
800-232-4161
402-391-2125 FAX
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
FIXED INCOME PORTFOLIO
Period Overview................................................................ 2
Schedule of Investments........................................................ 6
Financial Statements........................................................... 9
GOVERNMENT MONEY MARKET PORTFOLIO
Period Overview................................................................ 14
Schedule of Investments........................................................ 15
Financial Statements........................................................... 16
Notes to Financial Statements........................................................ 20
Shareholder Vote and Year 2000 Update................................................ 24
Independent Auditor's Report......................................................... 25
</TABLE>
1
<PAGE>
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, five, and
ten year periods ended March 31, 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
Mar. 31, 1999 11,065 14 9,720 20,799 0.7+
</TABLE>
The portfolio's average annual total return for the one, five and ten year
periods ended March 31, 1999, was 5.7%, 7.0% and 7.4%, 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
$9,273. 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 1/1/99 through 3/31/99
2
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
The chart below depicts the change in the value of a $25,000 investment for the
period March 31, 1989, through March 31, 1999, as compared with the growth of
the Lehman Brothers Intermediate Government/Corporate Index during the same
period. The Lehman Brothers Intermediate Government/ Corporate Index is a total
return performance benchmark consisting of government securities and publicly
issued corporate debt issued with maturities from one to ten years and rated at
least BBB by Standard & Poors or Baa by Moodys Investor Service. The information
assumes reinvestment of dividends and capital gains distributions. A $25,000
investment in the Fixed Income Portfolio on March 31, 1989, would have been
valued at $51,254 on March 31, 1999.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
FIXED INCOME PORTFOLIO LEHMAN BOND INDEX
<S> <C> <C>
Mar-89 $25,000 $25,000
Apr-89 $25,255 $25,500
May-89 $25,541 $26,005
Jun-89 $25,865 $26,660
Jul-89 $26,133 $27,206
Aug-89 $26,176 $26,855
Sep-89 $26,318 $26,982
Oct-89 $26,522 $27,554
Nov-89 $26,760 $27,815
Dec-89 $26,867 $27,893
Jan-90 $27,025 $27,715
Feb-90 $27,139 $27,818
Mar-90 $27,221 $27,854
Apr-90 $27,219 $27,757
May-90 $27,634 $28,367
Jun-90 $27,864 $28,747
Jul-90 $28,166 $29,147
Aug-90 $28,280 $29,027
Sep-90 $28,538 $29,251
Oct-90 $28,750 $29,590
Nov-90 $29,055 $30,039
Dec-90 $29,289 $30,451
Jan-91 $29,738 $30,761
Feb-91 $29,851 $31,007
Mar-91 $30,043 $31,218
Apr-91 $30,351 $31,558
May-91 $30,527 $31,751
Jun-91 $30,489 $31,774
Jul-91 $30,804 $32,130
Aug-91 $31,301 $32,744
Sep-91 $31,600 $33,307
Oct-91 $31,829 $33,686
Nov-91 $32,168 $34,074
Dec-91 $32,615 $34,905
Jan-92 $32,467 $34,587
Feb-92 $32,548 $34,722
Mar-92 $32,630 $34,587
Apr-92 $32,909 $34,891
May-92 $33,193 $35,432
Jun-92 $33,548 $35,957
Jul-92 $33,854 $36,672
Aug-92 $34,047 $37,039
Sep-92 $34,469 $37,543
Oct-92 $33,995 $37,055
Nov-92 $33,960 $36,914
Dec-92 $34,418 $37,409
Jan-93 $35,000 $38,135
Feb-93 $35,530 $38,737
Mar-93 $35,697 $38,892
Apr-93 $35,914 $39,203
May-93 $35,875 $39,117
Jun-93 $36,465 $39,730
Jul-93 $36,572 $39,828
Aug-93 $37,107 $40,459
Sep-93 $37,253 $40,627
Oct-93 $37,326 $40,736
Nov-93 $37,038 $40,509
Dec-93 $37,191 $40,694
Jan-94 $37,595 $41,146
Feb-94 $37,083 $40,538
Mar-94 $36,527 $39,869
Apr-94 $36,325 $39,598
May-94 $36,352 $39,624
Jun-94 $36,187 $39,630
Jul-94 $36,740 $40,200
Aug-94 $36,865 $40,326
Sep-94 $36,360 $39,955
Oct-94 $36,245 $39,949
Nov-94 $36,115 $39,768
Dec-94 $36,313 $39,909
Jan-95 $37,010 $40,581
Feb-95 $37,927 $41,423
Mar-95 $38,132 $41,659
Apr-95 $38,539 $42,174
May-95 $39,731 $43,449
Jun-95 $40,045 $43,741
Jul-95 $39,953 $43,747
Aug-95 $40,410 $44,145
Sep-95 $40,688 $44,465
Oct-95 $41,106 $44,960
Nov-95 $41,596 $45,551
Dec-95 $42,039 $46,029
Jan-96 $42,348 $46,426
Feb-96 $41,829 $45,880
Mar-96 $41,653 $45,644
Apr-96 $41,384 $45,483
May-96 $41,334 $45,448
Jun-96 $41,819 $45,931
Jul-96 $41,973 $46,068
Aug-96 $41,934 $46,104
Sep-96 $42,643 $46,746
Oct-96 $43,529 $47,573
Nov-96 $44,282 $48,200
Dec-96 $43,886 $47,891
Jan-97 $44,004 $48,077
Feb-97 $44,134 $48,169
Mar-97 $43,813 $47,837
Apr-97 $44,347 $48,399
May-97 $44,693 $48,800
Jun-97 $45,204 $49,306
Jul-97 $46,275 $50,248
Aug-97 $45,940 $49,995
Sep-97 $46,601 $50,577
Oct-97 $47,177 $51,137
Nov-97 $47,296 $51,250
Dec-97 $47,680 $51,659
Jan-98 $48,283 $52,336
Feb-98 $48,261 $52,296
Mar-98 $48,511 $52,464
Apr-98 $48,728 $52,727
May-98 $49,082 $53,114
Jun-98 $49,366 $53,454
Jul-98 $49,549 $53,642
Aug-98 $50,200 $54,485
Sep-98 $50,754 $55,853
Oct-98 $50,533 $55,798
Nov-98 $50,785 $55,794
Dec-98 $50,902 $56,018
Jan-99 $51,331 $56,326
Feb-99 $50,934 $55,498
Mar-99 $51,254 $55,912
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
SINCE INCEPTION
1-YEAR 5-YEARS (DEC. 23, 1988)
----------- ----------- -----------------
<S> <C> <C> <C>
FIXED INCOME PORTFOLIO........................ 5.7% 7.0% 7.4%
Lehman Brothers Intermediate/Corporate
Index......................................... 6.6% 7.0% 8.3%
</TABLE>
This information represents past performance of the Fixed Income 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.
3
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
MARCH 31, 1999 - ANNUAL REPORT
April 7, 1999
Dear Fellow Shareholder:
The Fixed Income Portfolio's total return for the first quarter of 1999
was .7%, which consisted of +1.5% from net interest income (after deducting fees
and expenses) and -.8% from (unrealized) depreciation 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.
<TABLE>
<CAPTION>
1 YEAR 5 YEARS
----------- -----------
<S> <C> <C>
FIXED INCOME PORTFOLIO 5.7% 7.0%
Average Intermediate Investment
Grade Fixed Income Fund* 5.2% 6.9%
*Source: Lipper Analytical Services
</TABLE>
OVERVIEW
Interest rates moved higher in the first quarter as a number of events
caused investors to reassess their economic assumptions. Highlights included:
- Firming oil and commodity prices sparked in part by an agreement by OPEC
nations to curtail production;
- Signs of improvement in the manufacturing sector of the economy after a
yearlong slide;
- Continued labor market tightness that culminated in the lowest
unemployment reading since 1970;
- Evidence that some of the countries hardest hit by economic turmoil over
the last year were on the mend, leading to global inflation worries;
- Further buoyancy in the equity markets as most major stock market indexes
reached new highs.
We believe that inflation worries may be misplaced. Consumer prices have
risen less than 2% over the last 12 months and while oil has risen 40% so far
this year, it is still only at last October's level. Federal Reserve officials
themselves have helped to lower inflationary expectations (which are an
important determinant of interest rates). Alan Greenspan, in semi-annual
testimony before Congress, suggested that recent experience seems to suggest
that the economy MAY have become less inflation prone than in the past. And
another Fed official said that the tight labor markets may actually be helping
to hold down inflation by forcing companies to become more efficient, exactly
the opposite of the traditional view that tight labor markets tend to accelerate
inflation.
4
<PAGE>
The Fed's own questioning of the historical relationship between growth
and inflation reaffirms our conviction that predicting the near-term direction
of interest rates is difficult at best. Therefore we remain focused on managing
our portfolio so that success does not DEPEND on a correct interest rate bet. By
investing in high quality, short to intermediate-term bonds and a few selected
preferred stock issues, we expect to earn reasonable returns over time.
The following table shows a profile of our portfolio as of March 31:
<TABLE>
<S> <C>
Average Maturity 6.8 years
Average Duration 3.2 years
Average Coupon 6.9%
30-Day SEC Yield 5.5%
Average Rating AA
</TABLE>
SHAREHOLDER INFORMATION MEETING -- MAY 26
Please plan to join us on Wednesday, May 26 for our Shareholder
Information Meeting at 4:30 p.m. at the Omaha Marriott. There will be no formal
business to conduct, so we will be able to spend the entire time discussing
investments. Because of the number of new shareholders, we do not know how many
people to expect, so PLEASE send back the reply card which came with your
newsletter or call our receptionist to let us know you are coming (no need to do
both, or we'll have a very large, half-empty room).
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
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
MARCH 31, 1999
<TABLE>
<CAPTION>
RATING* FACE AMOUNT COST VALUE
- --------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
CORPORATE BONDS -- 22.0%
A $ 500,000 Lehman Brothers Holdings Notes 7.625% 7/15/99 $ 500,024 $ 502,752
A 500,000 Salomon, Inc. Sr. Notes 7.125% 8/01/99 500,000 502,971
A 500,000 Phillip Morris Notes 7.125% 8/15/02 500,000 518,043
BBB 500,000 Tenneco, Inc. Notes 8.075% 10/01/02 498,869 525,467
750,000 Superior Financial Corp. Sr. Notes 8.65% 4/01/03 750,000 748,072
A+ 48,000 Homeside, Inc. 11.25% 5/15/03 48,000 55,440
Ba3 500,000 USA Networks, Inc. 7.0% 7/01/03 488,273 495,625
250,000 Local Financial Corp. 11.0% 9/08/04 250,000 258,750
BBB 1,000,000 ConAgra, Inc. Sub. Notes 7.4% 9/15/04 1,000,000 1,057,138
BB- 750,000 Century Communications Sr. Notes 9.5% 3/1/05 801,952 808,125
A 600,000 General Motors Acceptance Corp. Debs. 6.625% 10/15/05 597,606 616,599
BBB- 375,000 CalEnergy Sr. Notes 9.5% 9/15/06 402,485 410,625
BBB 500,000 Harcourt General 6.5% 5/15/11 485,540 472,500
AA- 1,000,000 Merrill Lynch 7.15% 7/30/12 1,000,000 1,019,060
AAA 1,000 Berkshire Hathaway, Inc. Debs. 9.75% 1/15/18 1,044 1,073
------------ ------------
Total Corporate Bonds 7,823,793 7,992,240
------------ ------------
MORTGAGE-BACKED SECURITIES -- 22.3%
AAA 15,032 Fannie Mae 11.0% 1/01/01 (Avg. Life 0.8 years) 15,187 15,539
AAA 36,054 Freddie Mac 9.5% 9/01/03 (Avg. Life 1.7 years) 36,054 37,770
AAA 500,000 Fannie Mae REMIC Planned Amortization Class 7.5% 4/25/19
(Avg. Life 1.8 years) 496,008 508,630
AAA 500,000 Fannie Mae REMIC Planned Amortization Class 6.5% 10/25/18
(Avg. Life 2.4 years) 486,769 502,958
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 8/15/20
(Avg. Life 2.7 years) 1,003,485 1,016,097
AAA 500,000 Freddie Mac REMIC Planned Amortization Class 6.65% 9/15/21
(Avg. Life 3.2 years) 490,930 505,982
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 6.75% 12/15/21
(Avg. Life 4.1 years) 992,271 1,004,373
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 4/15/21
(Avg. Life 4.3 years) 976,886 1,021,792
AAA 500,000 Freddie Mac REMIC Planned Amortization Class 7.0% 7/15/21
(Avg. Life 4.7 years) 495,606 506,391
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
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 $ 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 8/15/21
(Avg. Life 4.8 years) $ 1,019,270 $ 1,023,038
AAA 1,000,000 Freddie Mac REMIC Planned Amortization Class 7.0% 9/15/09
(Avg. Life 5.1 years) 1,003,577 1,022,146
AAA 936,274 Fannie Mae 6.5% 6/01/18 (Avg. Life 5.8 years) 935,156 936,480
------------ ------------
Total Mortgage-Backed Securities 7,951,199 8,101,196
------------ ------------
TAXABLE MUNICIPAL BONDS -- 3.3%
AAA 325,000 Baltimore Maryland 7.25% 10/15/05 329,135 346,522
AAA 500,000 Stratford Connecticut 6.55% 2/15/13 500,000 507,340
AAA 120,000 Oklahoma Hsg. Fin. Auth. 8.7% 9/01/13 120,000 120,600
AAA 220,000 Oklahoma Hsg. Fin. Auth. 7.3% 12/01/14 220,000 221,100
------------ ------------
Total Taxable Municipal Bonds 1,169,135 1,195,562
------------ ------------
U.S. GOVERNMENT AND AGENCY
SECURITIES -- 40.5%
AAA 2,000,000 Fannie Mae 5.75% 4/15/03 1,994,332 2,019,430
AAA 1,000,000 Federal Home Loan Bank 5.125% 9/15/03 1,000,000 984,104
AAA 2,500,000 Fannie Mae 7.55% 6/10/04 2,500,000 2,512,497
AAA 100,000 U.S. Treasury Note 8.25% 5/15/05 103,184 103,219
AAA 1,000,000 Freddie Mac 7.09% 6/01/05 1,000,866 1,016,985
AAA 1,000,000 Fannie Mae 7.27% 8/24/05 1,000,553 1,024,592
AAA 2,000,000 Federal Home Loan Bank 6.04% 9/08/05 2,000,000 1,989,768
AAA 500,000 Federal Home Loan Bank 6.44% 11/28/05 500,521 520,900
AAA 500,000 Freddie Mac 6.407% 2/22/06 497,413 502,492
AAA 1,000,000 Fannie Mae 7.15% 10/11/06 988,260 1,029,505
AAA 1,000,000 Fannie Mae 6.56% 11/26/07 1,000,000 1,012,712
AAA 1,000,000 Fannie Mae 6.50% 3/19/08 992,547 999,252
AAA 1,000,000 Freddie Mac 6.41% 7/15/13 1,015,292 986,766
------------ ------------
Total U.S. Government and Agency Securities 14,592,968 14,702,222
------------ ------------
</TABLE>
See accompanying notes to financial statements.
7
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
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 $ 206,344
------------ ------------
CONVERTIBLE PREFERRED STOCKS -- 2.1%
26,100 Redwood Trust, Inc. 9.74% Pfd. Class B 687,674 771,581
------------ ------------
NON-CONVERTIBLE PREFERRED STOCKS -- 0.7%
Caa 5,000 Crown American Realty Trust 11.0% Pfd. Series A 222,500 240,000
------------ ------------
<CAPTION>
FACE
AMOUNT
---------
<S> <C> <C> <C> <C>
SHORT-TERM SECURITIES -- 7.2%
$2,631,527 Norwest U.S. Government Money Market Fund 2,631,527 2,631,527
------------ ------------
Total Investments in Securities $ 35,501,441 35,840,672
------------ ------------
------------
Other Assets Less Liabilities -- 1.3% 473,619
------------
Total Net Assets -- 100% $ 36,314,291
------------
------------
Net Asset Value Per Share $ 11.222
------------
------------
</TABLE>
*Ratings are unaudited.
See accompanying notes to financial statements.
8
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1999
<TABLE>
<S> <C>
Assets:
Investment in securities at value (cost $35,501,441) $ 35,840,672
Cash 10,141
Accrued interest and dividends receivable 490,800
------------
Total assets 36,341,613
------------
Liabilities:
Due to adviser 15,410
Other expenses 11,912
------------
Total liabilities 27,322
------------
Net assets applicable to outstanding capital stock $ 36,314,291
------------
------------
Net assets represented by:
Capital stock outstanding, at par (note 4) 3,236
Additional paid-in capital 35,807,957
Accumulated undistributed net investment income 515,750
Accumulated net realized (loss) (351,883)
Net unrealized appreciation of investments (note 5) 339,231
------------
Total representing net assets applicable to shares outstanding $ 36,314,291
------------
------------
Net asset value per share of outstanding capital stock
(3,236,004 shares outstanding) $ 11.222
------------
------------
</TABLE>
See accompanying notes to financial statements.
9
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1999
<TABLE>
<S> <C> <C>
Investment income:
Dividends $ 44,659
Interest 2,343,634
-----------
Total investment income 2,388,293
-----------
Expenses (note 3):
Investment advisory fee $ 179,033
Administrative fee 77,853
Directors fees 721
Other expenses 49,873
-----------
Total expenses 307,480
Less administrative fee waived by investment adviser (38,930)
-----------
Net expenses 268,550
-----------
Net investment income 2,119,743
-----------
Realized and unrealized gain (loss) on investments:
Net realized gain on investments 47,697
Net unrealized depreciation of investments (230,752)
-----------
Net realized and unrealized gain (loss) on investments (183,055)
-----------
Net increase in net assets resulting from operations $ 1,936,688
-----------
-----------
</TABLE>
See accompanying notes to financial statements.
10
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1999 1998
------------- -------------
<S> <C> <C>
Increase (decrease) in net assets:
From operations:
Net investment income $ 2,119,743 $ 1,614,327
Net realized gain 47,697 59,909
Net unrealized appreciation (depreciation) (230,752) 892,110
------------- -------------
Net increase in net assets resulting from operations 1,936,688 2,566,346
------------- -------------
Distributions to shareholders from:
Net investment income (2,051,550) (1,462,725)
------------- -------------
Total distributions (2,051,550) (1,462,725)
------------- -------------
Capital share transactions (note 4):
Proceeds from sales 21,496,314 12,009,972
Payments for redemptions (17,256,576) (6,457,068)
Reinvestment of distributions 1,854,988 1,328,862
------------- -------------
Total increase from capital share transactions 6,094,726 6,881,766
------------- -------------
Total increase in net assets 5,979,864 7,985,387
------------- -------------
Net assets:
Beginning of period 30,334,427 22,349,040
------------- -------------
End of period $ 36,314,291 $ 30,334,427
------------- -------------
------------- -------------
</TABLE>
See accompanying notes to financial statements.
11
<PAGE>
WEITZ SERIES FUND, INC. -- FIXED INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
The following financial information provides selected data for a share of the
Fixed Income Portfolio outstanding throughout the periods indicated.
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
-------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.26 $ 10.77 $ 10.90 $ 10.61 $ 10.78
------- ------- ------- ------- -------
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.66 0.65 0.66 0.65 0.67
Net gains or losses on securities (realized and unrealized) (0.04) 0.47 (0.11) 0.31 (0.23)
------- ------- ------- ------- -------
Total from investment operations 0.62 1.12 0.55 0.96 0.44
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.66) (0.63) (0.68) (0.67) (0.61)
Distributions from realized gains -- -- -- -- --
------- ------- ------- ------- -------
Total distributions (0.66) (0.63) (0.68) (0.67) (0.61)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 11.22 $ 11.26 $ 10.77 $ 10.90 $ 10.61
------- ------- ------- ------- -------
------- ------- ------- ------- -------
TOTAL RETURN 5.7% 10.7% 5.2% 9.2% 4.4%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period ($000) $36,314 $30,334 $22,349 $16,901 $11,824
Ratio of net expenses to average net assets+ 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income to average net assets 5.91% 6.18% 6.30% 6.18% 6.16%
Portfolio turnover rate 26% 21% 24% 28% 49%
</TABLE>
+ Absent voluntary waivers, the expense ratio would have been 0.86%, 0.91%,
0.93% and 0.95% for the years ended March 31, 1999, 1998, 1997 and 1996,
respectively.
See accompanying notes to financial statements.
12
<PAGE>
(This page has been left blank intentionally.)
13
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
MARCH 31, 1999 - ANNUAL REPORT
April 7, 1999
Dear Shareholder:
Short-term interest rates were mostly unchanged during the first quarter
as was the yield on our Government Money Market Portfolio. As of March 31, our
average 7-day and 30-day effective yields were 4.2% and 4.1%, respectively.
As usual this letter is short as there is very little to report in a
quarterly letter from a money market fund invested in short-term government
securities. It is impossible to predict what our fund will yield over the next
year, but since the maturities of its securities are short, we will constantly
be reinvesting at new rates, and the yield will continue to reflect the interest
rates on short-term Treasuries.
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
14
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS IN SECURITIES
MARCH 31, 1999
<TABLE>
<CAPTION>
RATING FACE AMOUNT VALUE
- --------- ------------ ------------
<C> <C> <S> <C>
U.S. GOVERNMENT AND AGENCY SECURITIES -- 90.6%*
AAA $ 3,200,000 Federal Farm Credit Bank Discount Note 4.828% 4/16/99 $ 3,193,693
AAA 3,500,000 Federal Farm Credit Bank Discount Note 4.748% 4/19/99 3,491,985
AAA 1,000,000 Federal Farm Credit Bank Discount Note 4.739% 4/26/99 996,792
AAA 13,000,000 Federal Home Loan Bank Discount Corp. Note 4.798% 4/30/99 12,950,990
AAA 9,500,000 US Treasury Bill 4.484% 6/10/99 9,419,372
------------
Total U.S. Government and Agency Securities 30,052,832
------------
SHORT-TERM SECURITIES -- 9.0%
2,972,436 Norwest Treasury Money Market Fund, 4.236% 2,972,436
------------
Total Investments in Securities (Cost $33,025,268)** 33,025,268
------------
Other Assets Less Liabilities -- 0.4% 131,735
------------
Total Net Assets -- 100% $ 33,157,003
------------
------------
</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.
15
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1999
<TABLE>
<S> <C>
Assets:
Investment in securities at amortized cost, which approximates value $ 33,025,268
Cash 258,940
Accrued interest 2,980
------------
Total assets 33,287,188
------------
Liabilities:
Due to adviser 6,958
Distributions payable 112,087
Other expenses 11,140
------------
Total liabilities 130,185
------------
Net assets applicable to outstanding capital stock $ 33,157,003
------------
------------
Net assets represented by:
Capital stock outstanding, at par (note 4) 33,157
Additional paid-in capital 33,123,846
------------
Total representing net assets applicable to shares outstanding $ 33,157,003
------------
------------
Net asset value per share of outstanding
capital stock (33,157,003 shares outstanding) $ 1.000
------------
------------
</TABLE>
See accompanying notes to financial statements.
16
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 1999
<TABLE>
<S> <C> <C>
Investment income:
Interest $ 962,646
-----------
Total investment income 962,646
-----------
Expenses (note 3):
Investment advisory fee $ 96,481
Administrative fee 43,663
Registration expenses 36,366
Audit fees 14,347
Directors fees 304
Other expenses 9,024
-----------
Total expenses 200,185
Less advisory and administrative fees waived and other
expenses assumed by investment adviser (103,704)
-----------
Net expenses 96,481
-----------
Net investment income 866,165
Realized gain on investments 13,754
-----------
Net increase in net assets resulting from operations $ 879,919
-----------
-----------
</TABLE>
See accompanying notes to financial statements.
17
<PAGE>
WEITZ SERIES FUND, INC.
GOVERNMENT MONEY MARKET PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1999 1998
-------------- --------------
<S> <C> <C>
Increase (decrease) in net assets:
From operations:
Net investment income $ 866,165 $ 415,115
Net realized gain 13,754 --
-------------- --------------
Net increase in net assets resulting from operations 879,919 415,115
-------------- --------------
Distributions to shareholders from:
Net investment income (866,165) (415,115)
Net realized gain (13,754) --
-------------- --------------
Total distributions (879,919) (415,115)
-------------- --------------
Capital share transactions, at $1.00 per share (note 4):
Proceeds from sales 115,827,219 16,478,253
Payments for redemptions (91,793,527) (14,371,953)
Reinvestment of distributions 793,390 403,683
-------------- --------------
Total increase from capital share transactions 24,827,082 2,509,983
-------------- --------------
Total increase in net assets 24,827,082 2,509,983
-------------- --------------
Net assets:
Beginning of period 8,329,921 5,819,938
-------------- --------------
End of period $ 33,157,003 $ 8,329,921
-------------- --------------
-------------- --------------
</TABLE>
See accompanying notes to financial statements.
18
<PAGE>
WEITZ SERIES FUND, INC. -- GOVERNMENT MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
The following financial information provides selected data for a share of the
Government Money Portfolio outstanding throughout the periods indicated.
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.05 0.05 0.05 0.05 0.04
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.05) (0.05) (0.05) (0.05) (0.04)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
-------- -------- -------- -------- --------
TOTAL RETURN 4.7% 5.1% 4.8% 5.2% 4.2%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period ($000) $ 33,157 $ 8,330 $ 5,820 $ 4,142 $ 2,669
Ratio of net expenses to average net
assets+ 0.50% 0.50% 0.50% 0.50% 0.50%
Ratio of net investment income to
average net assets 4.47% 4.95% 4.71% 4.95% 4.18%
</TABLE>
+ Absent voluntary waivers, the expense ratio would have been 1.03%, 1.12%,
1.15% and 1.14% for the years ended March 31, 1999, 1998, 1997 and 1996,
respectively.
See accompanying notes to financial statements.
19
<PAGE>
WEITZ SERIES FUND, INC.
FIXED INCOME PORTFOLIO
GOVERNMENT MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
(1) ORGANIZATION
Weitz Series Fund, Inc. (the "Fund"), is registered under the Investment
Company Act of 1940 as an open-end management investment company issuing
shares in series, each series representing a distinct portfolio with its own
investment objectives and policies. At March 31, 1999, the Fund had four
series in operation: the Fixed Income Portfolio, the Government Money Market
Portfolio, the Value Portfolio, and the Hickory Portfolio. The accompanying
financial statements present the financial position and results of
operations of the Fixed Income and the Government Money Market Portfolios
(the "Portfolios").
The Fixed Income Portfolio's investment objective is high current income
consistent with preservation of capital.
The Government Money Market Portfolio's investment objective is current
income consistent with the preservation of capital and maintenance of
liquidity. The Government Money Market Portfolio invests principally in debt
obligations issued or guaranteed by the U.S. Government, its agencies and
instrumentalities and repurchase agreements thereon with maturities not
exceeding one year.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies are in accordance with
accounting policies generally accepted in the investment company industry.
(a) VALUATION OF INVESTMENTS
FIXED INCOME PORTFOLIO
Investment securities are carried at market determined using the
following valuation methods:
- Securities traded on a national or regional securities exchange
and over-the-counter securities traded on the NASDAQ national
market are valued at the last sales price; if there were no sales
on that day, securities are valued at the mean between the latest
available and representative bid and asked prices.
- Securities not listed on an exchange are valued at the mean
between the latest available and representative bid and ask
prices.
20
<PAGE>
- The value of certain debt securities for which market quotations
are not readily available may be based upon current market prices
of securities which are comparable in coupon, rating and maturity
or an appropriate matrix utilizing similar factors.
- The value of securities for which market quotations are not
readily available, including restricted and not readily marketable
securities, is determined in good faith in accordance with
procedures approved by the Fund's Board of Directors.
GOVERNMENT MONEY MARKET PORTFOLIO
Investment securities are carried at amortized cost, which approximates
market value. Pursuant to Rule 2a-7 of the Investment Company Act of
1940, amortized cost, as defined, is a method of valuing securities at
acquisition cost, adjusted for amortization of premium or accretion of
discount rather than at their value based on current market factors. This
method of valuation is used consistently throughout the industry by money
market funds wishing to maintain a constant net asset value per share.
(b) FEDERAL INCOME TAXES
Since the Portfolios' policy is to comply with all sections of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders, no provision for
income or excise taxes is required.
Net investment income and net realized gains may differ for financial
statement and tax purposes. The character of distributions made during
the year from net investment income or net realized gains may differ from
their ultimate characterization for Federal income tax purposes. Also,
due to the timing of dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that the income or
realized gains were recorded by the Fixed Income Portfolio.
(c) SECURITY TRANSACTIONS
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). Realized gains or losses are determined
by specifically identifying the security sold.
With respect to the Fixed Income Portfolio, income dividends and
distributions to shareholders are recorded on the ex-dividend date.
Interest, including amortization of discount and premium, is accrued as
earned. With respect to the Government Money Market Portfolio, in
computing net investment income, the portfolio amortizes premiums and
discounts and accrues interest income daily.
(d) DIVIDEND POLICY
The Fixed Income Portfolio will declare and distribute income dividends
and capital gains distributions as may be required to qualify as a
regulated investment company under the Internal Revenue Code.
21
<PAGE>
Generally, the Fixed Income Portfolio pays income dividends on a
quarterly basis. All dividends and distributions will be reinvested
automatically unless the shareholder elects otherwise.
The Government Money Market Portfolio will declare dividends daily and
pay dividends monthly.
(e) USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increase and decrease in
net assets from operations during the period. Actual results may differ
from those estimates.
(3) RELATED PARTY TRANSACTIONS
The Fund and Portfolios have retained Wallace R. Weitz & Company (the
"Adviser") as their investment adviser. In addition, the Fund has an
agreement with Weitz Securities, Inc. to act as distributor for the
Portfolios' shares. Certain officers and directors of the Fund are also
officers and directors of the Adviser and Weitz Securities, Inc.
Under the terms of a management and investment advisory agreement, the
Adviser receives a management fee equal to 1/2% per annum of the Portfolios'
average daily net asset value. The Adviser has agreed to reimburse each
Portfolio up to the amount of advisory fees paid to the extent that total
expenses exceed 1% of the respective Portfolio's average annual daily net
asset value.
For the year ended March 31, 1999, the Adviser waived investment advisory
fees of 1/4% per annum of the Government Money Market Portfolio's average
daily net asset value.
Under the terms of an administration agreement, certain services are being
provided including the transfer of shares, disbursement of dividends, fund
accounting and related administrative services of the Fund for which the
Adviser is being paid a monthly fee. During the year ended March 31, 1999,
the fee was calculated as follows:
<TABLE>
<CAPTION>
AVERAGE ANNUAL RATE
ON PORTFOLIO'S DAILY NET ASSETS WAIVED
------------------------------- -----------
<S> <C> <C>
Fixed Income Portfolio .22% .11%
Government Money Market Portfolio .22% .22%
</TABLE>
The total investment advisory and administrative fees waived and other
expenses assumed by the Adviser are set forth in each Portfolio's Statement
of Operations.
Weitz Securities, Inc. as distributor, received no compensation for
distribution of shares of the Portfolios.
22
<PAGE>
(4) CAPITAL STOCK
The Fund is authorized to issue a total of five billion shares of common
stock in series with a par value of $.001 per share. Ten million of these
shares have been authorized by the Board of Directors to be issued in the
series designated Fixed Income Portfolio and 100 million of these shares
have been authorized to be issued in the series designated Government Money
Market Portfolio. The Board of Directors may authorize additional shares in
other series of the Fund's shares without shareholder approval. Each share
of stock will have a pro rata interest in the assets of the portfolio to
which the stock of that series relates and will have no interest in the
assets of any other series.
Transactions in the capital stock of the Fixed Income Portfolio are
summarized as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1999 1998
----------- -----------
<S> <C> <C>
Transactions in shares:
Shares issued............................................................ 1,910,572 1,080,177
Shares redeemed.......................................................... (1,533,634) (583,294)
Reinvested dividends..................................................... 166,030 121,126
----------- -----------
Net increase........................................................... 542,968 618,009
----------- -----------
----------- -----------
</TABLE>
(5) SECURITIES TRANSACTIONS
FIXED INCOME PORTFOLIO
Purchases and proceeds from maturities or sales of investment securities of
the Fixed Income Portfolio, other than short-term securities, aggregated
$14,211,478 and $8,523,551, respectively. The cost of investments is the
same for financial reporting and Federal income tax purposes. At March 31,
1999, the aggregate gross unrealized appreciation and depreciation, based on
cost for Federal income tax purposes, were $628,610 and $289,379,
respectively.
For Federal income tax purposes, the Fixed Income Portfolio has realized
capital loss carryforwards of $351,883 available to offset future realized
capital gains. To the extent that such carryforwards are used, no capital
gains distributions will be made. The carryforwards expire as follows: March
31, 2004 -- $337,251 and March 31, 2005 -- $14,632.
23
<PAGE>
WEITZ SERIES FUND, INC.
FIXED INCOME PORTFOLIO AND
GOVERNMENT MONEY MARKET PORTFOLIO
SHAREHOLDER VOTE
On October 6, 1998, a special meeting of the shareholders of Weitz Series
Fund, Inc. (The "Fund"), consisting of the Fixed Income Portfolio, the
Government Money Market Portfolio, Value Portfolio and the Hickory Portfolio was
held at which the following proposal was approved by the shareholders:
PROPOSAL 1: AMENDMENT OF ARTICLE 5 OF THE FUND'S ARTICLES OF INCORPORATION
<TABLE>
<CAPTION>
FOR AGAINST/WITHHELD ABSTAIN/BROKER NON-VOTES
- ------------ ---------------- ------------------------
<S> <C> <C>
28,480,468 1,035,425 536,225
</TABLE>
----------------------------------------
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, two
application servers, 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.
24
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors and Shareholders
Weitz Series Fund, Inc. -- Fixed Income and Government Money Market Portfolios:
We have audited the accompanying statements of assets and liabilities
of Weitz Series Fund, Inc., -- Fixed Income and Government Money Market
Portfolios, including the schedules of investments in securities, as of March
31, 1999, and the related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the three years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for all years prior to April 1, 1996, were
audited by other auditors whose report, dated April 17, 1996, expressed an
unqualified opinion on those financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1999, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Weitz Series Fund, Inc. -- Fixed Income and Government Money Market
Portfolios as of March 31, 1999, and the results of their operations, changes in
their net assets, and financial highlights for the periods indicated above in
conformity with generally accepted accounting principles.
/s/ McGladrey & Pullen, LLP
New York, New York
April 15, 1999
25
<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. -- 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.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS INCLUDED IN THE COMPANY'S ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> WEITZ FIXED INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 35,501,441
<INVESTMENTS-AT-VALUE> 35,840,672
<RECEIVABLES> 490,800
<ASSETS-OTHER> 10,141
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,341,613
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,322
<TOTAL-LIABILITIES> 27,322
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,811,193
<SHARES-COMMON-STOCK> 3,236,004
<SHARES-COMMON-PRIOR> 2,693,036
<ACCUMULATED-NII-CURRENT> 515,750
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (351,883)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 339,231
<NET-ASSETS> 36,314,291
<DIVIDEND-INCOME> 44,659
<INTEREST-INCOME> 2,343,634
<OTHER-INCOME> 0
<EXPENSES-NET> (268,550)
<NET-INVESTMENT-INCOME> 2,119,743
<REALIZED-GAINS-CURRENT> 47,697
<APPREC-INCREASE-CURRENT> (230,752)
<NET-CHANGE-FROM-OPS> 1,936,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,051,550)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,910,572
<NUMBER-OF-SHARES-REDEEMED> (1,533,634)
<SHARES-REINVESTED> 166,030
<NET-CHANGE-IN-ASSETS> 5,979,864
<ACCUMULATED-NII-PRIOR> 447,557
<ACCUMULATED-GAINS-PRIOR> (339,580)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 179,033
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 307,480
<AVERAGE-NET-ASSETS> 35,407,017
<PER-SHARE-NAV-BEGIN> 11.26
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> (0.04)
<PER-SHARE-DIVIDEND> (0.66)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.22
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS INCLUDED IN THE COMPANY'S ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> WEITZ GOVERNMENT MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 33,025,268
<INVESTMENTS-AT-VALUE> 33,025,268
<RECEIVABLES> 2,980
<ASSETS-OTHER> 258,940
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33,287,188
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 130,185
<TOTAL-LIABILITIES> 130,185
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,157,003
<SHARES-COMMON-STOCK> 33,157,003
<SHARES-COMMON-PRIOR> 8,329,921
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 33,157,003
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 962,646
<OTHER-INCOME> 0
<EXPENSES-NET> (96,481)
<NET-INVESTMENT-INCOME> 866,165
<REALIZED-GAINS-CURRENT> 13,754
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 879,919
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (866,165)
<DISTRIBUTIONS-OF-GAINS> (13,754)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 115,827,219
<NUMBER-OF-SHARES-REDEEMED> (91,793,527)
<SHARES-REINVESTED> 793,390
<NET-CHANGE-IN-ASSETS> 24,827,082
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 96,481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 200,185
<AVERAGE-NET-ASSETS> 19,407,269
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
