Performance data represents past performance, which does not guarantee future results. The investment return and the principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be higher or lower than the performance data quoted. Performance data current to the most recent month end may be obtained at weitzinvestments.com.

Average annual total returns for the Partners III Opportunity Fund’s Institutional Class for the one-, five- and ten- year periods ended September 30, 2017, were 9.63%, 8.85% and 7.32%, respectively. Returns assume reinvestment of dividends and redemption at the end of each period, and reflect the deduction of annual operating expenses, which as stated in the most recent Prospectus are 1.80% of the Fund’s Institutional Class net assets. Returns also include fee waivers and/or expense reimbursements, if any; total returns would have been lower had there been no waivers or reimbursements.

Average annual total returns for the S&P 500 for the one-, five- and ten-year periods ended September 30, 2017, were 18.61%, 14.22% and 7.44%. Index performance is hypothetical and is shown for illustrative purposes only. Comparative returns are the average returns for the applicable period of the reflected indices. The S&P 500® is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

On the last business day of 2005, the Fund succeeded to substantially all of the assets of Weitz Partners III Limited Partnership, (the “Partnership”). The investment objectives, policies and restrictions of the Fund are materially equivalent to those of the Partnership, and the Partnership was managed at all times with full investment authority by the Investment Adviser. The performance information includes performance for the Partnership. The Partnership was not registered under the Investment Company Act of 1940 and, therefore, was not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If the Partnership had been registered under the 1940 Act, the Partnership’s performance might have been adversely affected.

As of September 30, 2017, each of the following portfolio companies constituted a portion of the net assets of Partners III Opportunity Fund as follows: Alphabet, Inc. (Parent of Google)-Class C: 3.7%; Amazon.com, Inc.: 0%; Mastercard Inc.-Class A: 6.0%; Thermo Fisher Scientific Inc: 0%; and Visa Inc.-Class A: 3.4%. Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk.

Included is a reference to the term margin of safety. This term refers to purchasing securities at a price that is less than our estimate of intrinsic value. A potential margin of safety may limit downside risk and optimize the potential for growth.

Investors should consider carefully the investment objectives, risks, and charges and expenses of the Fund before investing. The Fund’s Prospectus contains this and other information about the Fund and should be read carefully before investing. The Prospectus is available from Weitz Investment Management, Inc. Weitz Securities, Inc. is the distributor of the Weitz Funds.