Mutual Fund Summary Prospectus (497k)

WEITZ FUNDS

(the “Trust”)

Value Fund (WVALX)

Partners Value Fund (WPVLX)

Partners III Opportunity Fund

Institutional Class (WPOPX)

Investor Class (WPOIX)

Research Fund (WRESX)

Hickory Fund (WEHIX)

Balanced Fund (WBALX)

Short-Intermediate Income Fund

Institutional Class (WEFIX)

Investor Class (WSHNX)

Nebraska Tax-Free Income Fund (WNTFX)

Government Money Market Fund (WGMXX)

Supplement dated April 1, 2013

to the Summary Prospectuses, Prospectus and Statement of Additional Information dated August 1, 2012

for the Funds listed above

Change in Name of the Investment Adviser

Effective immediately, all references to “Wallace R. Weitz & Company” and “Weitz & Co.” in the Summary Prospectuses, Prospectus and Statement of Additional Information for the Funds listed above are removed and replaced with “Weitz Investment Management, Inc.” and “Weitz Inc.”, respectively, to reflect the new name of the Funds’ investment adviser.

Investors should retain this supplement for future reference.

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