February 26, 2019
Dear Fellow Shareholders:
We are pleased to announce that the investment focus for Hickory Fund will be changing, effective March 29, 2019. We believe this change will benefit shareholders by giving us added investment flexibility and by clarifying the Fund's opportunity set.
The Fund will now have the flexibility to invest in larger mid-cap companies. The Fund will maintain its investment objective of capital appreciation. Our investment philosophy and process will be unaffected. The Fund will not be required to sell any current holdings.
Also, effective March 29, 2019, we are updating the Fund's benchmark index to be the Russell Midcap Index1. We believe this new index will be more reflective of the Fund's revised investment focus.
As always, should you have any questions or need additional information, please contact our shareholder services team at (402) 391-1980 or (800) 304-9745. We want to thank you for your continued trust and the opportunity to invest your capital alongside ours.
Wally Weitz Drew Weitz
The Hickory Fund intends to file a supplement to its registration statement with the United States Securities and Exchange Commission relating to the changes set forth above, which supplement is not yet effective. Investors should consider carefully the Fund's investment objectives, risks, and charges and expenses before investing. The Fund's Prospectus or Summary Prospectus contains this and other information about the Fund and should be read carefully before investing. The Prospectus or Summary Prospectus, after being supplemented as described above, when available, can be obtained from Weitz Investment Management, Inc., 1125 South 103rd Street, Suite 200, Omaha NE 68124-1071 or weitzinvestments.com. You may call us at (402) 391-1980 or (800) 304-9745. Weitz Securities, Inc. is the distributor of the Weitz Funds.
Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk.
Midcap Index tracks the performance of the 800 next-largest U.S. companies,
after the 1000 largest U.S. companies.