<PAGE>
WEITZ PARTNERS, INC.
Supplement dated March 1, 2000 to the
Statement of Additional Information dated April 30, 1999,
as supplemented June 21, 1999 and July 30, 1999
The information included under the caption "THE ADMINISTRATOR" on pages 13 and
14 of the Statement of Additional Information is amended in its entirety to read
as follows:
ADMINISTRATOR
Wallace R. Weitz & Company is also the administrator for the Funds in accordance
with an administration agreement with the Company. Under the agreement,
effective March 1, 2000, the Fund pays the administrator a monthly fee equal, on
an annual basis, to the following amounts, based upon total assets of the Fund:
Asset Break Points
<TABLE>
<CAPTION>
GREATER THAN LESS THAN % OF NAV MINIMUM
------------ --------- -------- -------
<S> <C> <C> <C>
$0 $25,000,000 0.200% $25,000
25,000,000 100,000,000 0.175%
100,000,000 500,000,000 0.150%
500,000,000 0.050%
</TABLE>
In no event will the fee be less than $25,000 per year. Prior to this date the
Fund paid the administrator a monthly fee equal, on an annual basis, to .150% of
average daily net assets, but not less than $25,000 per year. Services provided
under the administration agreement include, without limitation, customary
services related to fund accounting, recordkeeping, compliance, registration,
transfer agent and dividend disbursing. The total amount of fees paid under the
administration agreement for the fiscal years ended December 31, 1998, 1997 and
1996 was $276,929, $126,978 and $99,953, respectively.
