# EDGAR Filing Document

**Accession Number:** 0001257927
**File Stem:** 0001821268-25-000161
**Filing Date:** 2025-7
**Character Count:** 28797
**Document Hash:** 4b07d5826c5d9647b39427817d5aec19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-25-000161.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001821268-25-000161

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**EFFECTIVENESS DATE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WEITZ FUNDS
- **CENTRAL INDEX KEY:** 0001257927

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-107797
- **FILM NUMBER:** 251170264

**BUSINESS ADDRESS:**
- **STREET 1:** BLACKSTONE PLAZA
- **STREET 2:** 3555 FARNAM STREET, SUITE 800
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68131
- **BUSINESS PHONE:** 4023911980

**MAIL ADDRESS:**
- **STREET 1:** BLACKSTONE PLAZA
- **STREET 2:** 3555 FARNAM STREET, SUITE 800
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68131

## Series and Classes Contracts Data

### Conservative Allocation Fund (Series ID: S000003482)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000009628 | Conservative Allocation Fund - Investor Class      | WBALX           |
| C000212508 | Conservative Allocation Fund - Institutional Class | WBAIX           |

![](image_001.jpg)

**CONSERVATIVE ALLOCATION FUND**

**WBAIX / WBALX**

**Summary Prospectus**

July 31, 2025

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated July 31, 2025 and as currently filed with the U.S. Securities and Exchange Commission, are incorporated by reference into this Summary Prospectus. You can find the Fund's Prospectus and other information about the Fund online at https://weitzinvestments.com/resources/product-literature/default.fs. You can also get this information at no cost by calling 888-859-0698 or by sending an e-mail request to clientservices@weitzinvestments.com.

**Investment Objective**

The investment objectives of the Fund are long-term capital appreciation, capital preservation and current income.

**Fees and Expenses of the Fund**

The tables below describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER FEES** |  |  |
| (fees paid directly from your investment) | | |
| | **Institutional Class** | **Investor Class** |
| Maximum sales charge (load) on purchase | None | None |
| Maximum deferred sales charge (load) | None | None |
| Redemption fee | None | None |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** |  |  |
| (expenses that you pay each year as a percentage of the value of your investment) | (expenses that you pay each year as a percentage of the value of your investment) | (expenses that you pay each year as a percentage of the value of your investment) |
|  | **Institutional Class** | **Investor Class** |
| Management fees | 0.60% | 0.60% |
| Distribution (12b-1) fees |  |  |
| Other expenses | 0.16% | 0.40% |
| **Total annual fund operating expenses** | **0.76%** | **1.00%** |
| Fee waiver and/or expense reimbursement<sup>(1)</sup> | (0.06)% | (0.15)% |
| **Total annual fund operating expenses after** | **0.70%** | **0.85%** |
| **fee waiver and/or expense reimbursement** |  |  |

---

*<sup>(1)</sup> The investment adviser has agreed in writing to waive its fees and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses for Institutional Class shares and Investor Class shares to 0.70% and 0.85%, respectively, of each Class's average daily net assets through July 31, 2026. This agreement may only be terminated by the Board of Trustees of the Fund.*

**Weitz Funds** – Conservative Allocation Fund

**Example**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the periods indicated and then redeem in full at the end of each of the periods indicated. The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same each year. The example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
| Institutional Class | $72 | $237 | $416 | $937 |
| Investor Class | $87 | $303 | $538 | $1211 |

---

**Portfolio Turnover**

The Fund pays transactions costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of the portfolio.

**Principal Investment Strategies**

The Fund invests primarily in a portfolio of equity and debt securities. Under normal circumstances, the Fund will invest at least 25% of its total assets in equity securities, such as common stocks and a variety of securities convertible into common stock such as rights, warrants and convertible preferred stock. Also, under normal circumstances, the Fund will invest at least 25% of its total assets in investment-grade debt securities, which may include: (1) U.S. Government securities (including securities issued by government-sponsored enterprises); (2) corporate debt securities; (3) structured products, such as agency and non-agency residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities (such as automobile loans, credit card receivables, other consumer loans and other debt securitizations), and collateralized obligations (such as collateralized debt obligations, collateralized loan obligations and collateralized mortgage obligations) (collectively, "Structured Products"); (4) loans and participation interests in loans or loan pools, such as bank loans, commercial loans, mortgage loans and consumer loans (collectively, "Loans"); and (5) securities issued by foreign governments, which may include sovereign debt. We consider investment grade to mean rated at least BBB-by one or more nationally recognized credit ratings firms. The Fund may also invest up to 20% of its total assets in debt securities which are unrated or non-investment grade (commonly referred to as "high yield" or "junk bonds"); however, U.S. Government securities, as described above, even if unrated, do not count toward this 20% limit.

The Fund may invest in the equity securities of issuers of all sizes. The Fund may invest in debt securities of all maturities. The Fund may, but is not required to, use derivatives, such as options, futures and forward contracts, including interest rate futures, and options on futures. The Fund may use derivatives for a variety of purposes, including to attempt to hedge against adverse changes in the market price of securities, interest rates; as a substitute for purchasing or selling securities; to attempt to increase the fund's return; to manage portfolio characteristics; and as a cash flow management technique. These derivative instruments will count toward the Fund's "at least 25%" policy for investment grade debt securities only if the derivative instruments have economic characteristics similar to the securities included within that policy. The Fund may invest in equity or debt securities issued by non-U.S. issuers, which securities may be denominated in U.S. dollars or foreign currencies. As part of the Fund's strategy, the Fund may concentrate its investments in securities of relatively few issuers.

The Fund's investment strategy for equity securities (which we call "Quality at a Discount") is to buy above-average to highest-quality businesses, at prices that we believe are less than what the companies are worth. We assess a company's quality based on its competitive position, return on invested capital, ability to redeploy capital, cash flow consistency, financial leverage and management team. We compare the company's stock price to our estimate of business value, i.e., all the cash that the company will generate for its owners in the future. For each company, we look at a range of business value estimates. We then seek to buy stocks of companies that meet our quality criteria when they are priced are at a discount to our estimates of business value.

We invest with a multiple-year time horizon. We believe that purchasing stocks at prices less than our business value estimates provides opportunities for stock price appreciation, both as business values grow and as the market recognizes companies' values. Typically, we consider selling stocks as they approach or exceed our business value estimates. We may also sell stocks for other reasons, including for the purchase of stocks that we believe offer better investment opportunities.

The Fund's investment strategy with respect to debt securities is to select debt securities whose yield is sufficiently attractive in view of the risks of ownership. We consider a number of factors such as the security's price, coupon and yield-to-maturity, as well as the credit quality of the issuer in deciding whether to invest in a particular debt security. In addition, we review the terms of the debt security, including subordination, default, sinking fund and early redemption provisions.

We do not try to "time" the market. However, if there is cash available for investment and there are not securities that meet the Fund's investment criteria, the Fund may invest without limitation in high-quality cash and cash equivalents such as U.S. government securities or government money market fund shares. If the Fund takes such a defensive position, it may be temporarily unable to achieve its investment objective.

**Weitz Funds** – Conservative Allocation Fund

**Principal Investment Risks**

You should be aware that an investment in the Fund involves certain risks, including, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Market Risk*** As with any mutual fund, investment return and principal value
will fluctuate, depending on general market conditions and other factors. Market risk includes political, regulatory, economic, social
and health risks (including the risks presented by the spread of infectious diseases) which can lead to increased market volatility and
negative impacts on local and global financial markets, and the duration and severity of the impact of these risks on markets cannot
be reasonably estimated. **You may lose money if you invest in the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Active Management Risk*** The investment adviser's judgment about the attractiveness,
value or potential appreciation of the Fund's investments may prove to be incorrect. The Fund could underperform other funds with
similar objectives or investment strategies, if the Fund's overall investment selections or strategies fail to produce the intended
results.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Concentration Risk*** The risk that the Fund's performance may be hurt disproportionately
by the poor performance of relatively few stocks. The Fund tends to invest a high percentage of assets in its largest holdings.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Large Company Risk*** Securities of large companies tend to have less overall
volatility compared to those of mid-size and small companies; however, large companies may not be able to attain the high growth rates
of successful mid-size or small companies. In addition, large companies may be less capable of responding to competitive challenges and
disruptive changes.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Mid-Size Company Risk*** Securities of mid-size companies may be more volatile
and less liquid, compared to those of large companies, due to the mid-size companies' limited product lines, markets, financing
sources and management depth. Also, securities of mid-size companies may be affected to a greater extent by the underperformance of a
sector or changing market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Small Company Risk*** Securities of small companies may be more volatile and less
liquid, compared to those of large and mid-size companies, due to the small companies' size, limited product lines, markets, financing
sources and management depth. Also, securities of small companies may be affected to a greater extent by the underperformance of a sector
or changing market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Non-U.S. Securities Risk*** The Fund may invest in securities issued by non-U.S.
issuers, which securities may be denominated in U.S. dollars or foreign currencies. Investments in non-U.S. securities may involve additional
risks including exchange rate fluctuation, political or economic instability, the imposition of exchange controls (including tariffs),
excessive taxation, sanctions, expropriation, limited disclosure and illiquid markets.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Interest Rate Risk*** Debt securities are subject to interest rate risk because
the prices of debt securities tend to move in the opposite direction of interest rates. A wide variety of factors can cause interest
rates to fluctuate (e.g., central bank monetary policies, inflation rates, disinflation or deflation, general economic conditions, etc.).
When interest rates rise, debt securities prices fall. When interest rates fall, debt securities prices rise. Changing interest rates
(or the expectation of such changes) can be difficult to forecast and may have sudden and unpredictable effects in the markets and on
the Fund's investments. In general, debt securities with longer maturities are more sensitive to changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Credit Risk*** The risk that the issuer or guarantor of a debt security is unable
or unwilling, or perceived to be unable or unwilling, to pay interest or principal in a timely manner or that negative perceptions of
the issuer's ability to make such payments will cause the price of that security to fall. In general, lower-rated debt securities
may have greater credit risk than investment grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Non-Investment Grade Debt (Junk Bond) Securities Risk*** Non-investment grade
debt securities (commonly referred to as "high yield" or "junk bonds") are more speculative and involve a greater
risk of default and price change than investment grade debt securities due to the issuer's creditworthiness. The market prices of
these securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in response
to adverse economic changes, issuer developments or rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Call Risk*** Certain debt securities may be called (redeemed) at the option of
the issuer at a specified price before reaching their stated maturity date. Call risk is the risk, especially during periods of falling
interest rates, that an issuer will call or repay a debt security before its maturity date, likely causing the Fund to reinvest the proceeds
at a lower interest rate, and thereby decreasing the Fund's income.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Debt Securities Liquidity Risk*** Debt securities purchased by the Fund may be
illiquid at the time of purchase or may be liquid at the time of purchase but subsequently become illiquid due to, among other things,
events relating to the issuer of the securities (e.g., changes to the market's perception of the credit quality of the issuer),
market events, economic conditions, investor perceptions or lack of market participants. The Fund may be unable to sell illiquid securities
on short notice or only at a price below current value.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Structured Products Risk*** The term Structured Products includes a wide variety
of investment products, such as mortgage-backed securities and other types of asset-backed securities as well as various types of collateralized
obligations. Risks from Structured Products include (i) underlying collateral may not be adequate to make payments to investors, (ii)
underlying collateral may default, decline in value or quality or be downgraded by a rating agency; (iii) the structure and complexity
of the transaction and the legal documents could lead to disputes among investors and (iv) the Structured Product's manager may
perform poorly. Non-payment on a Structured Product would result in a

**Weitz Funds** – Conservative Allocation Fund

reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the Fund's net asset value per share. In most cases, structured products are issued in several classes (sometimes called tranches), with different payment priorities. Generally, the lower classes are subordinated in priority of payments, and will be impacted first in case of an issuer's non-payment of scheduled interest or principal. In some cases, the securities holders of one class must receive payment in full before the securities holders of a lower class receive any payments. The Fund may invest in any class of a Structured Product offering. Some Structured Products have credit ratings (or in some cases only certain classes of a Structured Product have credit ratings), but in many cases Structured Products do not have credit ratings. Normally, Structured Products are privately offered and sold (that is, they are not registered under the securities laws), which means (A) the security will not be traded on an exchange, (B) less information about the security may be available as compared to publicly offered securities, (C) only certain institutions may buy and sell the security, and (D) the security may have greater liquidity risk. There can be no assurance that a market will exist or will be active enough for the Fund to sell any Structured Product.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Loan Investment Risk*** Investments in Loans and participation interests in Loans
are subject to credit risk, including the risk of non-payment of scheduled interest or principal. Such non-payment would result in a
reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the Fund's net asset value
per share. Also, increases in interest rates may lead to an increase in loan defaults. In the event of a loan borrower's non-payment
of scheduled interest or principal, there can be no assurance that any collateral securing a Loan could be readily liquidated, or that
liquidation proceeds would satisfy the Loan borrower's obligations. In the event of bankruptcy of a Loan borrower, the Fund could
experience delays or limitations with respect to its ability to realize the benefits of the collateral securing the Loan. Loans in which
the Fund may invest may be not rated by a rating agency, may be not registered with the SEC or any state securities commission, and will
not be listed on any national securities exchange. The amount of public information available with respect to Loans will generally be
less extensive than that available for registered or exchange-listed securities.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Government-Sponsored Enterprises Risk*** Obligations of U.S. Government agencies
and authorities (such as Fannie Mae and Freddie Mac) are supported by varying degrees of credit but generally are not backed by the full
faith and credit of the U.S. Government. The Fund may purchase residential mortgage-backed securities and other asset-backed securities
that are sponsored by U.S. Government agencies and authorities, and may purchase debt securities directly issued by U.S. Government agencies
and authorities. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if
it is not obligated by law to do so. In addition, the value of obligations of U.S. Government agencies and authorities may be affected
by changes in the credit rating of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Derivatives Risk*** Derivatives are instruments, such as options, futures and
forward contracts, whose value is derived from that of other assets, rates or indices. The use of derivatives may carry more risk than
other types of investments. Derivatives are subject to a number of risks including leverage, counterparty, liquidity, interest rate,
market, credit, operational, management and legal risks, and the risk of improper valuation. Changes in the value of a derivative may
not correlate perfectly with the underlying asset, rate or index, and in some cases the Fund could lose more than the principal amount
invested. Derivative strategies may also involve leverage, which may further exaggerate a loss.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Large Investor Risk*** Ownership of shares of the Fund may be concentrated in
one or more large investors, including related persons of the investment adviser. These investors may redeem shares in substantial quantities
or on a frequent basis, which may negatively impact the Fund's performance, may increase realized capital gains, may accelerate
the realization of taxable income to other shareholders and may potentially limit the use of available capital loss carryforwards or
certain other losses to offset any future realized capital gains. Large investor redemption activity also may increase the Fund's
brokerage and other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Failure to Meet Investment Objective*** There can be no assurance that the Fund
will meet its investment objective.

Your investment in the Fund is not a bank deposit and is not insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency.

**Weitz Funds** – Conservative Allocation Fund

**Performance**

The following chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year over the periods indicated and by showing how the Fund's average annual total returns for the periods indicated, both before and after taxes, compared to those of a relevant securities market index. The Bloomberg US Aggregate Bond Index, the Fund's primary comparative index, is a broad-based securities market index generally representative of the market for investment grade, U.S. dollar-denominated, fixed-rate taxable bonds. All Fund performance numbers are calculated after deducting fees and expenses, and all numbers assume reinvestment of dividends. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waivers and/or reimbursements. The Fund's past performance is not necessarily an indication of how the Fund will perform in the future both before and after taxes. Updated performance information is available at weitzinvestments.com or by calling us toll-free at 888-859-0698.

**Calendar Year Total Returns—Investor Class**

![](image_002.jpg)

The year-to-date return for the Fund's Investor Class for the six months ended June 30, 2025 was 1.44%.

---

| | | |
|:---|:---|:---|
| **BEST AND WORST PERFORMING QUARTERS** |  |  |
| (during the period shown above) |  |  |
|  | **Quarter/Year** | **Total Return** |
| Best quarter | 1st quarter 2019 | 8.18% |
| Worst quarter | 1st quarter 2020 | -7.95% |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** |  |  |  |
| (for periods ended December 31, 2024) |  |  |  |
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 6.84% | 5.35% | 5.57% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | 5.32% | 4.57% | 4.55% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of fund | 4.61% | 3.98% | 4.13% |
| &nbsp;&nbsp;&nbsp; shares |  |  |  |
| Institutional Class return before taxes<sup>(1)</sup> | 7.00% | 5.50% | 5.65% |
| Comparative Index (reflect no deduction for fees, expenses or taxes): | Comparative Index (reflect no deduction for fees, expenses or taxes): |  |  |
| Bloomberg US Aggregate Bond Index | 1.25% | -0.32% | 1.35% |

---

*<sup>(1)</sup> Institutional Class shares first became available for sale on March 29, 2019. For performance prior to that date, this table includes the actual performance of the Fund's Investor Class (and uses the actual expenses of the Fund's Investor Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund's Institutional Class would have been substantially similar to, and higher than, the performance of the Fund's Investor Class, because the shares of both classes are invested in the same portfolio of securities, but Institutional Class shares would have had lower expenses.*

**Weitz Funds** – Conservative Allocation Fund

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. In some instances, the return after taxes may be greater than the return before taxes because you are assumed to be able to use the capital loss on the sale of Fund shares to offset other taxable gains. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account (IRA).

**Fund Management**

**Investment Adviser**

Weitz Investment Management, Inc. ("Weitz Inc.") is the investment adviser for the Fund.

**Portfolio Managers**

Bradley P. Hinton, CFA, and Nolan P. Anderson are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Hinton has been a portfolio manager of the Fund since its inception. He currently manages the equity securities portion of the Fund's portfolio, and co-manages the debt securities portion of the Fund's portfolio with Mr. Anderson. Mr. Anderson became a portfolio manager of the Fund on July 31, 2021, and currently co-manages the debt securities portion of the Fund's portfolio with Mr. Hinton.

**Purchase and Sale of Fund Shares**

For Investor Class shares, the minimum investment required to open an account in the Fund is $2,500. The subsequent minimum investment requirement is $25.

For Institutional Class shares, the minimum investment required to open an account in the Fund is $1,000,000. The subsequent minimum investment requirement is $25.

Investors may purchase, redeem or exchange Fund shares by written request, telephone, online, or through a financial intermediary on any day the New York Stock Exchange is open for business. You may conduct transactions by mail (Weitz Funds, c/o Ultimus Fund Solutions, P.O. Box 541150, Omaha, Nebraska 68154), by telephone at 888-859-0698, or online at weitzinvestments.com. Purchases and redemptions by telephone are only permitted if you previously established this option on your account.

**Tax Information**

The Fund's distributions may be taxable to you as ordinary income and/or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Such tax-deferred arrangements may be taxed upon withdrawals made from those arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a financial adviser), the Fund and/ or its investment adviser may pay the intermediary an administrative fee to compensate them for the services they provide (commonly referred to as administrative fee payments). These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**WBAIX, WBALX Sum Pro<br> 5402025**