<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.
04/28/2000
513421
VALUE FUND
ANNUAL
REPORT
MARCH 31, 2000
ONE PACIFIC PLACE, SUITE 600
1125 SOUTH 103 STREET
OMAHA, NEBRASKA 68124-6008
402-391-1980
800-232-4161
402-391-2125 FAX
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 March 31, 2000 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
Dec. 31, 1999 82,700 83,540 27,328 193,568 21.0
Mar. 31, 2000 80,025 80,838 26,444 187,307 -3.3++
</TABLE>
The fund's average annual total return for the one, five and ten year periods
ending March 31, 2000, was 9.7%, 26.1% 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 $54,888, and the total amount of income distributions reinvested was
$12,930. 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 1/01/00 through 03/31/00
2
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
The chart below depicts the change in the value of a $25,000 investment for the
period March 31, 1990, through March 31, 2000 for the Value Fund and its
predecessor, as compared with the growth of the Standard & Poor's 500 Index
during the same period. The Standard & Poor's 500 Index is an unmanaged index
consisting of 500 companies generally representative of the market for the
stocks of large-size U.S. companies. The information assumes reinvestment of
dividends and capital gains distributions. A $25,000 investment in the Value
Fund on March 31, 1990, would have been valued at $132,929 on March 31, 2000.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE FUND S&P 500
<S> <C> <C>
Mar-90 $25,000 $25,000
Apr-90 $24,915 $24,377
May-90 $26,192 $26,748
Jun-90 $26,175 $26,568
Jul-90 $25,724 $26,483
Aug-90 $24,399 $24,091
Sep-90 $23,640 $22,921
Oct-90 $22,568 $22,823
Nov-90 $23,920 $24,295
Dec-90 $24,593 $24,972
Jan-91 $26,136 $26,056
Feb-91 $27,502 $27,917
Mar-91 $28,158 $28,592
Apr-91 $28,363 $28,660
May-91 $29,156 $29,892
Jun-91 $28,196 $28,523
Jul-91 $28,921 $29,851
Aug-91 $29,378 $30,516
Sep-91 $29,908 $30,005
Oct-91 $30,119 $30,408
Nov-91 $29,471 $29,185
Dec-91 $31,387 $32,517
Jan-92 $31,634 $31,912
Feb-92 $32,073 $32,325
Mar-92 $32,196 $31,697
Apr-92 $32,382 $32,626
May-92 $32,657 $32,785
Jun-92 $32,788 $32,297
Jul-92 $33,166 $33,616
Aug-92 $32,532 $32,929
Sep-92 $32,903 $33,315
Oct-92 $32,507 $33,430
Nov-92 $34,603 $34,564
Dec-92 $35,664 $34,988
Jan-93 $36,628 $35,281
Feb-93 $37,474 $35,761
Mar-93 $38,082 $36,515
Apr-93 $36,923 $35,632
May-93 $37,929 $36,582
Jun-93 $38,670 $36,689
Jul-93 $39,235 $36,541
Aug-93 $41,614 $37,924
Sep-93 $41,353 $37,633
Oct-93 $42,475 $38,411
Nov-93 $41,808 $38,046
Dec-93 $42,810 $38,506
Jan-94 $43,203 $39,813
Feb-94 $41,886 $38,733
Mar-94 $39,957 $37,047
Apr-94 $40,071 $37,522
May-94 $41,079 $38,136
Jun-94 $40,301 $37,202
Jul-94 $40,903 $38,422
Aug-94 $41,815 $39,994
Sep-94 $40,651 $39,018
Oct-94 $40,903 $39,891
Nov-94 $39,210 $38,440
Dec-94 $38,598 $39,009
Jan-95 $39,719 $40,020
Feb-95 $41,332 $41,577
Mar-95 $41,600 $42,802
Apr-95 $42,475 $44,062
May-95 $44,513 $45,819
Jun-95 $46,303 $46,882
Jul-95 $48,295 $48,436
Aug-95 $50,382 $48,557
Sep-95 $51,281 $50,604
Oct-95 $50,682 $50,424
Nov-95 $52,921 $52,635
Dec-95 $53,408 $53,648
Jan-96 $55,736 $55,472
Feb-96 $56,808 $55,987
Mar-96 $56,532 $56,526
Apr-96 $57,139 $57,359
May-96 $58,365 $58,835
Jun-96 $58,946 $59,059
Jul-96 $55,248 $56,451
Aug-96 $57,636 $57,644
Sep-96 $59,652 $60,885
Oct-96 $59,838 $62,563
Nov-96 $62,593 $67,288
Dec-96 $63,392 $65,955
Jan-97 $65,624 $70,073
Feb-97 $67,452 $70,623
Mar-97 $64,614 $67,726
Apr-97 $65,191 $71,766
May-97 $71,414 $76,132
Jun-97 $73,740 $79,541
Jul-97 $77,657 $85,868
Aug-97 $77,075 $81,061
Sep-97 $81,824 $85,497
Oct-97 $83,413 $82,645
Nov-97 $83,683 $86,468
Dec-97 $88,071 $87,951
Jan-98 $89,553 $88,923
Feb-98 $93,390 $95,333
Mar-98 $121,161 $100,211
Apr-98 $106,366 $101,218
May-98 $104,258 $99,481
Jun-98 $108,988 $103,518
Jul-98 $110,596 $102,419
Aug-98 $99,753 $87,626
Sep-98 $101,023 $93,239
Oct-98 $103,931 $100,817
Nov-98 $108,902 $106,924
Dec-98 $113,563 $113,082
Jan-99 $117,704 $117,809
Feb-99 $117,415 $114,148
Mar-99 $121,161 $118,713
Apr-99 $129,642 $123,311
May-99 $129,779 $120,403
Jun-99 $132,370 $127,079
Jul-99 $131,251 $123,115
Aug-99 $126,933 $122,501
Sep-99 $128,533 $119,147
Oct-99 $137,648 $126,684
Nov-99 $135,969 $129,264
Dec-99 $137,372 $136,872
Jan-00 $129,357 $129,996
Feb-00 $122,256 $127,537
Mar-00 $132,929 $140,006
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
1-YEAR 5-YEARS 10-YEARS
------ ------- --------
<S> <C> <C> <C>
VALUE FUND.................................. 9.7% 26.1% 18.2%
Standard & Poor's 500 Index................. 17.9% 26.7% 18.8%
</TABLE>
This information represents past performance of the Value 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.
For the fiscal year ended March 31, 2000, the Value Fund designated $110,877,264
as a long-term capital gain distribution.
3
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
MARCH 31, 2000 - ANNUAL REPORT
April 9, 2000
Dear Fellow Shareholder:
The stock market was very volatile in the first quarter of 2000, but for
all the sound and fury, the Value Fund's total return was a tame -3.3%. During
this same period, the S&P 500 rose +2.3%; a handful of biotechnology stocks
carried the Russell 2000 to a +7.1% gain; and the semi-"old economy" Dow Jones
Industrials fell by -4.7%.
The table below is the familiar long-term comparison of our fund with the
S&P 500 Index of very large companies, the Russell 2000, which is a proxy for
smaller-capitalization stocks, and our peer group of mutual funds (according to
Lipper Analytical Services). (All return numbers assume reinvestment of
dividends and are AFTER deducting fees and expenses.)
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
VALUE FUND 9.7% 27.2% 26.1% 18.2%
S&P 500 Index 17.9 27.4 26.7 18.8
Russell 2000 Index 37.3 17.8 17.2 14.4
Average Growth and Income Fund 14.2 19.0 20.3 15.3
</TABLE>
The performance gap between the few technology favorites and the many
also-rans has reached epic proportions. One analyst has calculated that current
valuation levels are so far from market norms that they should occur only once
every 285 BILLION years. My last several letters have dwelled on the phenomenon
of the "two-tier" market, and I am sure shareholders are tired of statistics
showing how skewed the stock market has become--I know I am tired of explaining
why we don't own the stocks that have been rising so explosively. This letter
will discuss what we are doing while waiting for the world to regain its sanity,
but for those who just want the bottom line, I offer this summary of my take on
the current state of affairs:
- there is a speculative bubble in technology stocks that virtually
guarantees large losses for some "investors;"
- many low-tech and non-tech stocks have become VERY cheap because they have
been sold to raise cash to buy the bubble stocks;
- when the bubble breaks, all stocks will probably suffer for a while, but I
believe that from today's levels, our stocks will bring us good returns
over the next few years.
4
<PAGE>
BENCHMARKS--IN AN INSANE STOCK MARKET, HOW SHOULD WE MEASURE SUCCESS?
In recent years, the world has become fascinated with mutual fund
performance. Investors, consultants, journalists, and mutual fund companies
themselves have all contributed to an unhealthy fixation on relative
performance--tracking quarterly, monthly and even weekly fund rankings. Tens of
billions of dollars flow from the under-performing funds to the hot ones. The
result is a "perform or die" mindset among many portfolio managers and their
bosses. Many investment professionals publicly admit to buying stocks that they
do not understand and that they believe to be grossly over-valued, because they
feel that is the only way they can "make their benchmark" returns. Everyone
seems to be buying "what is working," so expensive stocks go up BECAUSE THEY
HAVE BEEN GOING UP.
Mutual funds are required to pick a "reasonable" benchmark and to compare
their fund's performance to that benchmark. We have used the S&P 500 over the
years because we think it has been fairly representative of the universe of
stocks in which we tend to invest. Recently, as the arithmetic of this
capitalization-weighted index has caused it to be distorted by the enormous
growth of a few of its components, it has been tempting to seek out a different
standard. However, as Warren Buffett puts it, this would be like shooting an
arrow and then painting a target around the spot where it lands. We make
reference to other indices to illustrate points and to give our investors a
frame of reference, but whatever the benchmark, to invest irresponsibly just to
keep up with some market index, would be to let the benchmark tail wag the
investment dog.
Good RELATIVE performance is nice. It is fun to beat "the market" and to
out-perform other funds. The resulting attention is flattering and it is good
for business. However, at our firm, we have always been much more concerned with
ABSOLUTE performance. We know that when stocks go down, clients can't EAT
relative performance, and since virtually all of our analysts' and portfolio
managers' investable net worth is invested in our own funds, we all have a
personal interest in capital preservation and positive returns. So, we are going
to focus on the stocks that we think will make us all wealthier over the next
several years, not the technology companies that drive the S&P 500. As a result,
our portfolio may be out of step with its "benchmark" for some time.
OUR GAME PLAN
As an ocean of cash has been drawn into the technology bubble stocks, lots
of very good companies have been "beached." Granted, some of the stocks that
have been left behind are
5
<PAGE>
the "perma-cheaps"--poor businesses whose stocks always seem to be statistically
cheap but that tend to be "value traps." However, many are strong, growing
companies that are selling at big discounts to their private market values. Our
plan is to continue to buy these good companies and to wait for someone to care.
Before we talk about specific stocks, let's consider an example that shows
how a slowly growing company at a very attractive price can be a better
investment than an exciting growth company selling at a very inflated price.
Suppose you have $100 to invest and have a choice between two companies:
- Hare.com will earn $1 in the first year you own it, sells at 100 times
earnings, or $100, and earnings are expected to grow at a 25% rate in
years 2 through 10;
- Tortoise, Inc. will earn $20 in year one, sells at 5 times earnings, or
$100, and earnings are expected to grow at 8% through year 10.
After 10 years, Hare.com earnings will have grown by 645% to $7.45 and its
owner will have collected $33 in earnings (assuming no R&D or capital
expenditures). If its stock sells at a generous 50 time earnings in year 10, or
$373, its price plus accumulated earnings would equal $406.
During the same 10-year period, Tortoise earnings will have merely
doubled, to $40, but cumulative owner earnings would have been $290. If the
company sells at a modest 8 times earnings, or $320, price plus cumulative
profits would equal $610.
In this grossly over-simplified example, $100 invested in the dull, slow
investment grows to $610, while the exciting tech company turns $100 into $406.
In the real world, it is very unlikely that any company could actually grow at
25% per year for 10 years. In fact, we could adjust the assumptions of our
example in a number of ways, but in my opinion, the more realistic we made the
models, the more likely it would be that Tortoise, Inc. would turn out to be the
superior investment. The reason lies in the beginning P/E ratios and the
expected growth rates. Hare.com clearly has a better business, and it is worth a
higher multiple of earnings than Tortoise, but $1 of Hare.com earnings is NOT
worth 20 TIMES as much as $1 of Tortoise earnings. This is the kind of valuation
disconnect we see in today's market.
As for our stocks, there were very few name changes in our portfolio
during the quarter. For the most part, we tried to be opportunistic about adding
to positions when stocks were particularly weak. Berkshire Hathaway, Countrywide
Credit, Host Marriott, Washington Mutual, and others were up for the quarter but
suffered sharp dips along the way. Others
6
<PAGE>
dropped very sharply and have only partially recovered, such as Valassis
($42-25-33), Greenpoint ($23-15-20), and Premier Parks ($29-18-21). In each
case, as the stocks declined, we rechecked our assumptions and valuations and
bought more shares, just as we did with cable, cellular, and financial companies
in the '90s. This "averaging down" approach is in sharp contrast to the fashion
of the day--"momentum" investing, but it has worked very well for us over the
years.
Volatility in the first week of April was particularly intense. One day
the Dow Industrials rose 300 points while the NASDAQ composite fell 300. The
next day, both indexes fell about 500 points during the day and recovered to
close almost unchanged. Maybe this is the beginning of the end of the tech stock
bubble--maybe not. Speculative habits die hard. In any event, we will continue
to buy the cheap and sell the expensive and try not to get caught up in the
emotions of the day.
Sincerely,
/S/ WALLACE R. WEITZ
Wallace R. Weitz
President, Portfolio
Manager
7
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
MARCH 31, 2000
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
--------- -------------- --------------
<C> <S> <C> <C>
COMMON STOCKS -- 89.0%
AUTO SERVICES -- 0.4%
645,100 Insurance Auto Auctions, Inc.* $ 7,525,098 $ 10,886,063
-------------- --------------
BANKING -- 18.7%
262,300 Astoria Financial Corp. 8,677,709 7,442,763
2,104,420 Commercial Federal Corp. 45,264,747 34,985,982
175,300 East West Bancorp, Inc. 1,638,400 1,939,256
67,500 First Federal Bankshares, Inc. 672,813 523,125
78,000 First Place Financial Corp. 838,500 780,000
5,879,900 Golden State Bancorp, Inc.* 110,159,134 87,831,006
4,482,500 Greenpoint Financial Corp. 111,688,488 87,969,062
343,300 Local Financial Corp.* 3,191,222 2,939,506
4,725,000 North Fork Bancorporation, Inc. 84,816,457 84,459,375
50,000 Troy Financial Corp.* 491,875 512,500
1,881,000 U.S. Bancorp 45,522,265 41,146,875
447,000 Virginia Capital Bancshares, Inc. 5,719,344 6,537,375
3,926,602 Washington Mutual, Inc. 118,135,971 104,054,953
-------------- --------------
536,816,925 461,121,778
-------------- --------------
CABLE TELEVISION -- 4.1%
2,065,433 Adelphia Communications Corp. CL A* 62,195,198 101,206,217
-------------- --------------
CONSUMER PRODUCTS AND SERVICES -- 1.7%
633,400 American Classic Voyages Co.* 10,522,188 15,953,763
4,875 Lady Baltimore Foods, Inc. CL A 227,781 243,750
1,013,000 Premier Parks, Inc.* 25,497,480 21,273,000
2,744,000 Protection One, Inc.* 14,948,651 5,659,500
-------------- --------------
51,196,100 43,130,013
-------------- --------------
FEDERAL AGENCIES -- 3.4%
75,000 Fannie Mae 1,270,544 4,232,813
90,000 Freddie Mac 385,147 3,976,875
2,312,900 SLM Holding Corp. 81,273,012 77,048,481
-------------- --------------
82,928,703 85,258,169
-------------- --------------
</TABLE>
The accompanying notes form an integral part of these financial statements.
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>
FINANCIAL SERVICES -- 12.5%
1,357,300 Allied Capital Corp. $ 23,911,458 $ 23,667,919
350,000 American Capital Strategies, Ltd. 5,950,000 8,881,250
585 Berkshire Hathaway, Inc. CL A* 25,010,024 33,462,000
66,917 Berkshire Hathaway, Inc. CL B* 129,904,212 121,788,940
2,835,500 Imperial Credit Industries, Inc.* 37,083,542 12,759,750
1,541,850 The PMI Group, Inc. 44,124,709 73,141,509
1,999,000 United Asset Management Corp. 43,634,897 34,607,687
300,000 United Panam Financial Corp.* 2,019,813 393,750
-------------- --------------
311,638,655 308,702,805
-------------- --------------
HEALTH CARE -- 0.2%
40,900 Lincare Holdings Inc.* 1,012,280 1,160,538
644,350 LabOne, Inc. 8,795,635 4,268,819
-------------- --------------
9,807,915 5,429,357
-------------- --------------
INFORMATION AND DATA PROCESSING -- 1.4%
1,195,600 Data Transmission Network Corp.* 26,547,062 33,999,875
180,000 Intelligent Systems Corp.* 380,869 1,687,500
-------------- --------------
26,927,931 35,687,375
-------------- --------------
LODGING AND GAMING -- 6.8%
2,493,100 Extended Stay America, Inc.* 16,998,332 18,698,250
546,000 Harrah's Entertainment, Inc.* 7,985,042 10,135,125
8,382,900 Hilton Hotels Corp. 81,793,897 64,967,475
1,253,500 Mandalay Resort Group* 17,115,158 21,152,812
4,491,500 Park Place Entertainment Corp.* 30,454,203 51,932,969
-------------- --------------
154,346,632 166,886,631
-------------- --------------
MEDIA AND ENTERTAINMENT -- 7.0%
1,729,100 AT&T Corp. - Liberty Media Group A* 21,659,567 102,449,175
227,908 Chris-Craft Industries, Inc.* 9,212,917 14,514,891
58,700 Daily Journal Corp.* 1,306,716 1,834,375
39,700 Gabelli Global Multimedia Trust, Inc. 270,357 699,713
1,641,300 Valassis Communications, Inc.* 36,167,476 54,675,806
-------------- --------------
68,617,033 174,173,960
-------------- --------------
</TABLE>
The accompanying notes form an integral part of these financial statements.
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>
MORTGAGE BANKING -- 5.1%
4,265,700 Countrywide Credit Industries, Inc. $ 141,242,820 $ 116,240,325
126,800 New Century Financial Corp.* 1,139,875 1,260,075
1,380,400 Resource Bancshares Mtg. Grp., Inc. 18,271,246 5,435,325
391,606 WMF Group, Limited* 2,762,590 2,055,932
-------------- --------------
163,416,531 124,991,657
-------------- --------------
PRINTING SERVICES -- 1.0%
2,825,700 Mail-Well, Inc.* 32,688,556 24,548,269
-------------- --------------
REAL ESTATE AND CONSTRUCTION -- 2.7%
3,615,100 Catellus Development Corp.* 46,508,516 50,159,512
545,600 Forest City Enterprises, Inc. CL A 11,075,278 16,027,000
-------------- --------------
57,583,794 66,186,512
-------------- --------------
REAL ESTATE INVESTMENT TRUSTS -- 7.8%
1,571,500 Capital Automotive REIT 20,768,123 18,858,000
416,000 Dynex Capital, Inc.* 11,646,215 2,340,000
1,337,980 Fortress Investment Corp. 24,369,219 17,895,482
301,300 Hanover Capital Mortgage Holdings, Inc. 3,265,468 1,111,044
62,805 Healthcare Financial Partners Units** 6,264,799 6,280,500
13,991,700 Host Marriott Corp. 126,313,713 124,176,337
465,000 IMPAC Mortgage Holdings, Inc. 6,507,830 1,627,500
475,000 NovaStar Financial, Inc.* 7,282,611 1,662,500
1,198,117 Redwood Trust, Inc. 28,274,791 17,747,108
-------------- --------------
234,692,769 191,698,471
-------------- --------------
RESTAURANTS -- 0.3%
690,200 CBRL Group, Inc. 11,149,531 6,902,000
-------------- --------------
RETAIL DISCOUNT -- 1.3%
2,786,000 Consolidated Stores Corp.* 40,768,009 31,690,750
-------------- --------------
SATELLITE SERVICES -- 0.8%
1,317,300 Orbital Sciences Corp.* 17,920,702 19,759,500
-------------- --------------
</TABLE>
The accompanying notes form an integral part of these financial statements.
10
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
SHARES
OR UNITS COST VALUE
--------- -------------- --------------
<C> <S> <C> <C>
TELECOMMUNICATIONS -- 7.1%
891,900 Centennial Communications Corp.* $ 3,173,666 $ 21,684,319
456,600 Corecomm, Limited* 1,442,028 20,090,400
1,184,300 Telephone and Data Systems, Inc. 48,693,177 131,457,300
38,100 United States Cellular Corp.* 1,794,528 2,705,100
-------------- --------------
55,103,399 175,937,119
-------------- --------------
UTILITIES -- 6.7%
6,709,600 Citizens Utilities Co. CL B* 68,174,346 109,869,700
24,100 Empire District Electric Co. 615,996 472,963
3,558,600 Western Resources, Inc. 81,791,414 56,270,362
-------------- --------------
150,581,756 166,613,025
-------------- --------------
Total Common Stocks 2,075,905,237 2,200,809,671
-------------- --------------
WARRANTS -- 0.0%
338,100 Hanover Capital Mtg. Holdings, Inc., Expiring 9/15/00* 42,263 5,283
350,000 NovaStar Financial, Inc., Expiring 2/03/01* 175,000 350
-------------- --------------
Total Warrants 217,263 5,633
-------------- --------------
CONVERTIBLE PREFERRED STOCKS -- 0.5%
2,100,000 NovaStar Financial, Inc. 7% Pfd. Class B Cumulative* 13,911,099 11,928,000
-------------- --------------
NON-CONVERTIBLE PREFERRED STOCKS -- 0.1%
15,000 Crown American Realty Trust 11.0% Pfd. Series A 667,500 556,875
30,000 Prime Retail, Inc. 10.5% Pfd. Series A 645,000 397,500
34,000 RB Asset, Inc. 15.0% Pfd. Series A 845,750 510,000
-------------- --------------
Total Non-Convertible Preferred Stocks 2,158,250 1,464,375
-------------- --------------
</TABLE>
The accompanying notes form an integral part of these financial statements.
11
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SCHEDULE OF INVESTMENTS IN SECURITIES, CONTINUED
<TABLE>
<CAPTION>
FACE
AMOUNT COST VALUE
--------- -------------- --------------
<C> <S> <C> <C>
CORPORATE BONDS -- 0.3%
$4,500,000 USA Networks, Inc. 7.0% 7/01/03 $ 4,430,010 $ 4,606,875
750,000 Local Financial Corp. 11.0% 9/08/04 750,000 753,750
2,000,000 Harcourt General 6.5% 5/15/11 1,945,356 1,795,000
-------------- --------------
Total Corporate Bonds 7,125,366 7,155,625
-------------- --------------
U.S. GOVERNMENT AND AGENCY SECURITIES -- 3.7%
4,750,000 Fannie Mae 6.625% 7/12/00 4,750,222 4,757,168
13,000,000 Federal Home Loan Bank 5.5% 7/14/00 12,995,750 12,979,018
40,000,000 Freddie Mac 5.0% 2/15/01 39,708,067 39,463,760
25,000,000 Fannie Mae 5.88% 3/25/04 24,699,988 23,927,825
3,000,000 Federal Home Loan Bank 6.04% 9/08/05 3,000,000 2,839,986
1,000,000 Federal Home Loan Bank 6.44% 11/28/05 1,000,920 970,631
6,000,000 Fannie Mae 6.56% 11/26/07 6,000,000 5,690,496
-------------- --------------
Total U.S. Government and Agency Securities 92,154,947 90,628,884
-------------- --------------
SHORT-TERM SECURITIES -- 6.3%
108,134,851 Wells Fargo Government Money Market Fund 108,134,851 108,134,851
47,500,000 U. S. Treasury Bill 5/04/00 47,271,939 47,264,827
-------------- --------------
Total Short-Term Securities 155,406,790 155,399,678
-------------- --------------
Total Investments in Securities $2,346,878,952 2,467,391,866
==============
Other Assets Less Liabilities -- 0.1% 3,824,215
--------------
Total Net Assets -- 100% $2,471,216,081
==============
Net Asset Value Per Share $ 32.00
==============
</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.
The accompanying notes form an integral part of these financial statements.
12
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2000
<TABLE>
<S> <C>
Assets:
Investment in securities at value (cost $2,346,878,952) $2,467,391,866
Cash 115,753
Accrued interest and dividends receivable 7,016,347
Receivable for fund shares sold 59,395
--------------
Total assets 2,474,583,361
--------------
Liabilities:
Due to adviser 2,156,479
Payable for securities purchased 656,260
Payable for fund shares redeemed 51,218
Other expenses 503,323
--------------
Total liabilities 3,367,280
--------------
Net assets applicable to outstanding capital stock $2,471,216,081
==============
Net assets represented by:
Paid-in capital (note 4) 2,165,592,755
Accumulated undistributed net investment income 8,843,269
Accumulated undistributed net realized gains 176,267,143
Net unrealized appreciation of investments 120,512,914
--------------
Total representing net assets applicable to shares
outstanding $2,471,216,081
==============
Net asset value per share of outstanding capital stock
(77,216,345 shares outstanding) $ 32.00
==============
</TABLE>
The accompanying notes form an integral part of these financial statements.
13
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
STATEMENT OF OPERATIONS
YEAR ENDED MARCH 31, 2000
<TABLE>
<S> <C> <C>
Investment income:
Dividends $ 32,232,593
Interest 28,011,557
-------------
Total investment income 60,244,150
-------------
Expenses:
Investment advisory fee 23,385,327
Administrative fee 2,773,564
Directors fees 26,802
Dividends on securities sold short 33,000
Other expenses 1,536,648
-------------
Total expenses 27,755,341
-------------
Net investment income 32,488,809
-------------
Realized and unrealized gain on investments:
Net realized gain on securities $249,587,420
Net realized gain on options written 508,142
Net realized gain on securities sold short 1,800,609
------------
Net realized gain 251,896,171
Net unrealized depreciation of investments (119,706,379)
-------------
Net realized and unrealized gain on investments 132,189,792
-------------
Net increase in net assets resulting from operations $ 164,678,601
=============
</TABLE>
The accompanying notes form an integral part of these financial statements.
14
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
2000 1999
--------------- --------------
<S> <C> <C>
Increase in net assets:
From operations:
Net investment income $ 32,488,809 $ 12,109,837
Net realized gain 251,896,171 83,334,331
Net unrealized appreciation (depreciation) (119,706,379) 90,647,280
--------------- --------------
Net increase in net assets resulting from
operations 164,678,601 186,091,448
--------------- --------------
Distributions to shareholders from:
Net investment income (27,983,268) (6,752,686)
Net realized gains (121,700,923) (70,722,258)
--------------- --------------
Total distributions (149,684,191) (77,474,944)
--------------- --------------
Capital share transactions:
Proceeds from sales 1,857,579,347 1,385,279,195
Payments for redemptions (1,230,245,336) (324,158,069)
Reinvestment of distributions 137,856,163 73,017,382
--------------- --------------
Total increase from capital share transactions 765,190,174 1,134,138,508
--------------- --------------
Total increase in net assets 780,184,584 1,242,755,012
--------------- --------------
Net assets:
Beginning of period 1,691,031,497 448,276,485
--------------- --------------
End of period (including undistributed investment income
of $8,843,269 and $5,357,151, respectively) $2,471,216,081 $1,691,031,497
=============== ==============
</TABLE>
The accompanying notes form an integral part of these financial statements.
15
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
FINANCIAL HIGHLIGHTS
The following information provides selected data for a share of the Value Fund
outstanding throughout the periods indicated.
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
----------------------------------------------------------
2000 1999 1998 1997 1996
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD: $ 31.02 $ 29.31 $ 20.99 $ 19.46 $ 15.55
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.38 0.27 0.22 0.18 0.16
Net gains on securities (realized and
unrealized) 2.64 4.62 11.02 2.58 5.25
---------- ---------- ---------- ---------- ----------
Total from investment operations 3.02 4.89 11.24 2.76 5.41
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income (0.37) (0.17) (0.31) (0.13) (0.42)
Distributions from realized gains (1.67) (3.01) (2.61) (1.10) (1.08)
---------- ---------- ---------- ---------- ----------
Total distributions (2.04) (3.18) (2.92) (1.23) (1.50)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 32.00 $ 31.02 $ 29.31 $ 20.99 $ 19.46
========== ========== ========== ========== ==========
TOTAL RETURN 9.7% 18.0% 58.8% 14.3% 35.9%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period ($000) $2,471,216 $1,691,031 $ 448,276 $ 275,597 $ 170,509
Ratio of expenses to average net
assets 1.19% 1.26% 1.27% 1.29% 1.35%
Ratio of net investment income to
average net assets 1.39% 1.35% 0.87% 0.93% 0.91%
Portfolio turnover rate 31% 36% 39% 39% 40%
</TABLE>
The accompanying notes form an integral part of these financial statements.
16
<PAGE>
NOTES TO FINANCIAL STATEMENTS
17
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000
(1) ORGANIZATION
Weitz Series Fund, Inc. (the "Company"), is registered under the Investment
Company Act of 1940 as an open-end diversified management investment company
issuing shares in series, each series representing a distinct portfolio with
its own investment objectives and policies. At March 31, 2000, the Company
had four series: the Value Fund, the Fixed Income Fund, the Government Money
Market Fund, and the Hickory Fund. The accompanying financial statements
present the financial position and results of operations of the Value Fund
(the "Fund").
The Fund's investment objective is capital appreciation. The Fund invests
principally in common stocks, preferred stocks and a variety of securities
convertible into equity such as rights, warrants, preferred stocks and
convertible bonds.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies are in accordance with accounting policies
generally accepted in the investment company industry.
(a) VALUATION OF INVESTMENTS
Investments are carried at value 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 ask prices.
- Securities not listed on an exchange are valued at the mean
between the latest available and representative bid and ask
prices.
- 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 under the supervision of
the Company's Board of Directors.
18
<PAGE>
When the Fund writes a call option, an amount equal to the premium
received by the Fund is included in the Fund's statement of assets and
liabilities as a liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option
written. The current market value of a traded option is the last sales
price on the principal exchange on which such option is traded, or, in
the absence of such sale, the latest ask quotation. When an option
expires on its stipulated expiration date or the Fund enters into a
closing purchase transaction, the Fund realizes a gain (or loss if the
cost of a closing purchase transaction exceeds the premium received when
the option was sold) without regard to any unrealized gain or loss on the
underlying security, and the liability related to such option is
extinguished. When a call option is exercised, the Fund realizes a gain
or loss from the sale of the underlying security and the proceeds from
such sale are increased by the premium originally received.
The risk in writing a call option is that the Fund gives up the
opportunity of profit if the market price of the security increases. The
Fund also has the additional risk of not being able to enter into a
closing transaction if a liquid secondary market does not exist.
(b) FEDERAL INCOME TAXES
Since the Fund's 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 Fund.
(c) SECURITY TRANSACTIONS AND DISTRIBUTIONS TO SHAREHOLDERS
Security transactions are accounted for on the date the securities are
purchased or sold (trade date). Income dividends and dividends on short
positions are recorded on the ex-dividend date. Interest, including
amortization of discount or premium, is accrued as earned. Distributions
to shareholders are recorded on the ex-dividend date.
Realized gains or losses are determined by specifically identifying the
security sold.
(d) 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
19
<PAGE>
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 could differ from those estimates.
(e) SECURITIES SOLD SHORT
The Fund periodically engages in selling securities short, which
obligates the Fund to replace a security borrowed by purchasing the same
security at the current market value. The Fund would incur a loss if the
price of the security increases between the date of the short sale and
the date on which the Fund replaces the borrowed security. The Fund would
realize a gain if the price of the security declines between those dates.
The Fund is required to establish a margin account with the broker
lending the security sold short. While the short sale is outstanding, the
broker retains the proceeds of the short sale. The Fund will place in a
segregated account a sufficient amount of cash and securities as required
by applicable federal securities regulations in order to cover the
transaction.
(3) RELATED PARTY TRANSACTIONS
The Company and Fund have retained Wallace R. Weitz & Company (the
"Adviser") as their investment adviser. In addition, the Company has an
agreement with Weitz Securities, Inc. to act as distributor for the Fund's
shares. Certain officers and directors of the Company 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 an investment advisory fee equal to 1% per annum of the
Fund's average daily net asset value. The Adviser has agreed to reimburse
the Fund up to the amount of advisory fees paid to the extent that total
expenses exceed 1.50% of the Fund's average annual daily net asset value.
The expenses incurred by the Fund did not exceed the percentage limitation
during the year ended March 31, 2000.
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 Company for which the
Adviser is being paid a monthly fee. During the year ended March 31, 2000,
the fee was calculated at an average annual rate of .12% of the Fund's
average daily net assets.
Weitz Securities, Inc. as distributor, received no compensation for
distribution of Fund shares.
(4) CAPITAL STOCK
The Company is authorized to issue a total of five billion shares of common
stock in series with a par value of $.001. One hundred fifty million of
these shares have been authorized by the Board of Directors to be issued in
the series designated Value Fund. The Board of Directors
20
<PAGE>
may authorize additional shares in other series of the Company's shares
without shareholder approval. Each share of stock will have a pro rata
interest in the assets of the series 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 Fund are summarized as follows:
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
2000 1999
--------------- ------------
<S> <C> <C>
Transactions in shares:
Shares issued............................ 56,874,094 47,995,546
Shares redeemed.......................... (38,377,112) (11,332,079)
Reinvested dividends..................... 4,196,062 2,566,143
----------- -----------
Net increase........................... 22,693,044 39,229,610
=========== ===========
</TABLE>
(5) SECURITIES TRANSACTIONS
Purchases and proceeds from maturities or sales of investment securities of
the Fund, other than short-term securities, aggregated $1,677,718,989 and
$598,862,709 respectively. The cost of investments for Federal income tax
purposes is $2,347,064,428. At March 31, 2000, the aggregate gross
unrealized appreciation and depreciation, based on cost for Federal income
tax purposes, were $413,038,162 and $292,710,724, respectively.
Transactions relating to covered call options during the year ended
March 31, 2000, are summarized as follows:
<TABLE>
<CAPTION>
NUMBER OF
CONTRACTS PREMIUM
--------- -----------
<S> <C> <C>
Options outstanding, beginning of period................... 2,595 $ 1,327,088
Options split, during the period........................... 325 --
Options written, during the period......................... 1,950 997,554
Options expired, during the period......................... (1,500) (531,973)
Options exercised, during the period....................... (1,620) (776,559)
Options closed, during the period.......................... (1,750) (1,016,110)
-------- -----------
Options outstanding, end of period......................... -- $ --
======== ===========
</TABLE>
21
<PAGE>
(6) AFFILIATED ISSUERS
Affiliated issuers, as defined under the Investment Company Act of 1940, are
those in which the Fund's holdings of an issuer represent 5% or more of the
outstanding voting securities of the issuer. A summary of the Fund's
holdings in the securities of such issuers is set forth below:
<TABLE>
<CAPTION>
NUMBER OF
SHARES HELD VALUE
MARCH 31, MARCH 31, DIVIDEND REALIZED
NAME OF ISSUER 2000 2000 INCOME GAINS/(LOSSES)
- ----------------------------------------- ----------- ------------ ----------- --------------
<S> <C> <C> <C> <C>
Capital Automotive REIT.................. 1,571,500 $ 18,858,000 $ 2,052,074 $ --
Data Transmission Network Corp........... 1,195,600 33,999,875 -- --
Fortress Investment Corp................. 1,337,980 17,895,482 979,638 --
Hanover Capital Mortgage
Holdings, Inc........................... 301,300 1,111,044 150,650 --
Hanover Capital Mortgage Holdings, Inc.
Warrants, Expiring 9/15/00.............. 338,100 5,283 -- --
Host Marriott Corp....................... 13,991,700 124,176,337 6,123,678 --
Imperial Credit Industries, Inc.......... 2,835,500 12,759,750 -- --
Insurance Auto Auctions, Inc............. 645,100 10,886,063 -- --
LabOne, Inc.............................. 644,350 4,268,819 347,196 4,548
Mail-Well Inc............................ 2,825,700 24,548,269 -- --
NovaStar Financial, Inc.................. 475,000 1,662,500 -- --
NovaStar Financial, Inc. Warrants,
Expiring 2/03/01........................ 350,000 350 -- --
NovaStar Financial, Inc. 7% Pfd. Class B
Cumulative.............................. 2,100,000 11,928,000 -- --
Redwood Trust, Inc....................... 1,198,117 17,747,108 898,588 --
Resource Bancshares Mtg. Grp., Inc....... 1,380,400 5,435,325 607,376 --
Western Resources, Inc................... 3,558,600 56,270,362 5,301,208 --
------------ ----------- ------
Totals................................... $341,552,567 $16,460,408 $4,548
============ =========== ======
</TABLE>
(7) LINE OF CREDIT
A $40,000,000 unsecured line of credit has been made available to the
Hickory and Value Funds of the Weitz Series Fund, Inc. and to the Partners
Value Fund of the Weitz Partners, Inc. (collectively, the "Funds").
Borrowings under this arrangement bear interest, at the option of the Funds,
at either (i) the prime rate of interest as announced by the lending bank
(but not less than the Federal Funds Base Rate plus 0.50%) or (ii) the
Federal Funds Base Rate plus 0.75%. The line of credit is available until
December 14, 2000 when all outstanding advances are to be repaid. As
compensation for holding available the lending commitment, the Funds will
pay a 0.15% per annum fee of the maximum commitment payable in arrears on
the last day of each quarter. The fee will initially be paid by the Hickory
Fund until such time as the Value Fund and/or the Partners Value Fund have a
need to access the line of credit at which time the allocation methodology
will be re-evaluated.
22
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders
Weitz Series Fund, Inc. - Value Fund:
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments in securities, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Weitz
Series Fund, Inc. - Value Fund (the "Fund") at March 31, 2000, and the results
of its operations, the changes in its net assets and the financial highlights
for the year then ended, in conformity with accounting principles generally
accepted in the United States. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audit. We conducted our audit
of these financial statements in accordance with auditing standards generally
accepted in the United States, which require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit, which included confirmation of securities at March 31, 2000, by
correspondence with the custodian and brokers, provides a reasonable basis for
the opinion expressed above. The financial statements for the year ended
March 31, 1999, including the financial highlights for each of the four years in
the period then ended, were audited by other independent accountants whose
reports dated April 15, 1999, and April 17, 1996, expressed an unqualified
opinion on those financial statements.
PricewaterhouseCoopers LLP
New York, New York
April 20, 2000
23
<PAGE>
WEITZ SERIES FUND, INC. -- VALUE FUND
SHAREHOLDER INFORMATION
ANNUAL SHAREHOLDER INFORMATION MEETING Please plan to join us on Wednesday,
May 24, at 4:30 at the Omaha Marriott in the Regency area of West Omaha. This
meeting is a good opportunity to meet your fellow shareholders and the client
service people you have talked to on the phone. There will be no official
business meeting, but Wally, Rick and Tom will take shareholder questions until
about 5:45.
This year we are going to experiment with taking questions IN WRITING before and
during the meeting to try to combine questions on similar topics and to try to
make sure we get to everyone's questions, including those of the shy
shareholders. Please send a note by mail or an e-mail to
[email protected] if you would like to toss a question into the mix.
WEB SITE ACCESS TO ACCOUNT INFORMATION Our web site's address is
www.weitzfunds.com, and it contains daily prices, performance information, and
virtually all of our printed material, including previous quarters' shareholder
letters and a transcript of a recent conference call that Rick and Wally held
with a group of investment advisors. Now, thanks to our webmaster Patty Weist's
hard work and help from our DST friends in Kansas City, shareholders can check
balances and transaction histories on our web site. The first time you do this,
you should (1) click on the "Account Access" button and follow instructions for
creating a personal identification number (PIN). (2) Read the legal disclaimer
and CHECK THE BOX at the bottom of the disclaimer. (3) Access your account(s).
AUTOMATED PHONE ACCOUNT ACCESS You may also check your account balances and
recent transactions by calling (800) 773-6472 and wending your way through the
(dreaded) phone tree. Instructions for using this line are shown on the back of
your account statements and on the web site.
24
