<PAGE>

                             WEITZ SERIES FUND, INC.

                     Supplement dated January 5, 1999 to the
             Statement of Additional Information dated July 30, 1998

The fee table included in the first paragraph of the caption " THE
ADMINISTRATOR" is amended in its entirety to read as follows:
<TABLE>
<CAPTION>

                          Asset break points
        Greater than           Less than           % of NAV           Minimum
        ------------         -----------           --------         -----------
        <S>               <C>                      <C>              <C>
                   0          25,000,000             0.225%           25,000
          25,000,000         100,000,000             0.200%
         100,000,000         500,000,000             0.175%
         500,000,000                                 0.150%
</TABLE>



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