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WEITZ PARTNERS, INC.
Supplement dated July 30, 2000
to the Prospectus dated April 30, 2000
1. On Page 8 of the Prospectus, the second full paragraph of the section
titled "Opening a Regular New Account" is amended in its entirety to read
as follows:
"Please note that the minimum investment required to
open a regular account is $100,000. There is
currently no subsequent minimum investment."
2. The section titled "By Automatic Investment" on Page 10 of the Prospectus
is amended in its entirety to read as follows:
"BY AUTOMATIC INVESTMENT. At the time you open an account you can choose to
make automatic investments in Fund shares (minimum investment of $100) at
regular intervals (on the 1st or 15th day of the month or, if such day is
not a business day, on the next following business day) by:
- Completing the Automatic Investment Plan section
of the Purchase Application;
- Sending a voided check from your bank account.
Your request to establish automatic investment privileges must be received
by the Fund at least 15 days prior to the initial automatic investment.
You can add or cancel the automatic investment service or change the amount
by sending a request in writing to the Weitz Funds that must be received at
least three business days before the effective date of the change.
If your automatic investment transaction is returned by the bank, the Fund
may hold you responsible for any costs to the Fund resulting from (i) fees
charged to the Fund or (ii) a decline in the net asset value when the
shares issued are canceled."
3. The section titled "Confirmations and Shareholder Reports" on Page 10 of
the Prospectus is amended in its entirety to read as follows:
"Confirmations and Shareholder Reports
Each time you purchase, redeem or exchange shares, you will receive a
confirmation of the transaction from the Fund. At the end of each calendar
quarter you will receive a statement which will include information on the
activity in your account."
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4. The section titled "Telephone Communications" on page 11 of the Prospectus
is amended in its entirety to read as follows:
"Telephone Communications
Telephone conversations with the Fund may be recorded or monitored for
verification, recordkeeping and quality assurance purposes."
5. The section titled "Fund Custodian" on page 18 of the Prospectus is amended
in its entirety to read as follow:
"Fund Custodian
Wells Fargo Bank Minnesota, National Association, Sixth and Marquette,
Minneapolis, Minnesota 55479-0001, is the Custodian for the Fund."
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WEITZ PARTNERS, INC.
Supplement dated July 30, 2000
to the Statement of Additional Information dated April 30, 2000
1. On page 7 of the Statement of Additional Information, an additional
paragraph is added to the section titled "Securities and Other Investment
Practices" to read as follows:
"REPURCHASE AGREEMENTS The Fund may invest in repurchase agreements on U.S.
Government Securities. Repurchase agreements involve the purchase of U.S.
Government Securities and a simultaneous agreement with the seller to
"repurchase" the securities at a specified price and time, thereby determining
the yield during the purchaser's holding period. This results in a fixed rate of
return insulated from market fluctuations during such period. Repurchase
agreements usually are for short periods, such as one week. If a repurchase
agreement is construed to be a collateralized loan, the underlying securities
will not be considered to be owned by the Fund but only constitute collateral
for the seller's obligation to pay the repurchase price and, in the event of a
default by the seller, the respective Fund may suffer delays and incur costs or
losses in connection with the disposition of the collateral. A repurchase
agreement may involve certain risks not associated with a direct purchase of
U.S. Government Securities. For example, the bank or broker selling the
repurchase agreement may default on its obligations to deliver additional
securities or to maintain the value of collateral underlying the repurchase
agreement or it may fail to repurchase the underlying securities at a time when
the value has declined. The Fund may incur a loss as a result of such default if
the liquidation of the collateral results in proceeds less than the repurchase
price. In an effort to minimize such risks, the Fund will only enter into
repurchase agreements with member banks of the Federal Reserve with assets,
surplus and undivided profits of $100,000,000 or more or recognized regional or
national securities dealers."
2. The section titled "Custodian" on page 14 of the Statement of Additional
Information is amended in its entirety to read as follows:
"Custodian
The Fund's custodian is Wells Fargo Bank Minnesota, National Association,
Minneapolis, Minnesota. The custodian has custody of all securities and cash of
the Fund, delivers and receives payment for securities sold, receives and pays
for securities purchased, collects income from investments, and performs other
duties as directed by officers of the Fund."
3. The section titled "Auditor" on page 14 of the Statement of Additional
Information is amended in its entirety to read as follows:
"Auditor
The Fund's independent accountant is PricewaterhouseCoopers, 1177 Avenue of the
Americas, New York, New York 10036. The independent accountant provides audit
services and consultation to the Fund."
