1.

On page 23 of the Statement of Additional Information, the first full paragraph of the section titled “Investment Adviser and Distributor” is amended in its entirety to read as follows:

“Wallace R. Weitz & Company, a Nebraska corporation whose stock is owned primarily by Wallace R. Weitz, is the Fund’s investment adviser. Weitz Securities, Inc., a Nebraska corporation wholly owned by Wallace R. Weitz, distributes the Fund’s shares on a continuous basis without compensation from the Fund.”