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Past performance does not guarantee future results. Weitz Value Fund-Investor Class (WVALX) average annual total returns for the one, five, and ten-year periods ended March 31, 2015, were 10.19%, 14.34% and 6.08%. Weitz Partners Value Fund-Institutional Class (WPVIX) average annual total returns for the one, five, and ten-year periods ended March 31, 2015, were 8.99%, 13.54% and 7.59%, respectively. Weitz Hickory Fund (WEHIX) average annual total returns for the one, five, and ten-year periods ended March 31, 2015, were 8.31%, 14.56% and 7.37%. Weitz Partners III Opportunity Fund-Institutional Class (WPOPX) average annual total returns for the one, five, and ten-year periods ended March 31, 2015, were 7.76%, 14.64% and 8.76%.  These 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 1.21% (estimated gross) for WVALX, 1.08% (estimated gross) for WPVIX, 1.22% for WEHIX and 1.45% for WPOPX. The Investment Adviser has agreed in writing to limit the total annual operating expenses (excluding taxes, interest, portfolio transaction expenses, acquired fund fees and expenses and extraordinary expenses) to 1.18% and 0.99% for WVALX’s and WPVIX’s average daily net assets, respectively, through July 31, 2015. The returns above also include fee waivers and/or expense reimbursements, if any; total returns would have been lower had there been no waivers or reimbursements. Portfolio composition is subject to change at any time and references to specific securities, industries, and sectors in this letter/presentation are not recommendations to purchase or sell any particular security.   Current and future portfolio holdings are subject to risk. WPVIX shares became available for sale on July 31, 2014. For performance prior to that date, this tables include the actual performance of the Fund’s Investor Class (and use the actual expenses of the Fund’s Investor Class), without adjustment. For any such period of time, the performance of WPVIX would have been similar to the performance of the Fund’s Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses. As of December 31, 1993 and December 30, 2005, the Partners Value Fund and the Partners III Opportunity Fund succeeded to substantially all of the assets of Weitz Partners II Limited Partnership and Weitz Partners III Limited Partnership (the "Partnerships"), respectively, each of which commenced operations on June 1, 1983.  The investment objectives, policies and restrictions of each Fund are materially equivalent to those of its respective Partnership, and each Partnership was managed at all times with full investment authority by the Investment Adviser.  The performance information  includes performance for the periods before these Funds became investment companies registered with the Securities and Exchange Commission.  During such periods, the Partnerships were not registered under the Investment Company Act of 1940 and, therefore, were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code.  If the Partnerships had been registered under the 1940 Act during these periods, the Partnerships’ performance might have been adversely affected.

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., 1125 South 103rd Street, Suite 200, Omaha NE 68124-1071, weitzinvestments.com, 800-304-9745 or 402-391-1980.