# EDGAR Filing Document

**Accession Number:** 0001257927
**File Stem:** 0001821268-25-000164
**Filing Date:** 2025-7
**Character Count:** 19421
**Document Hash:** dec7e6c29eca7927daca236d421fa479
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-25-000164.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001821268-25-000164

**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:** 251170273

**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

### Ultra Short Government Fund (Series ID: S000003484)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000009630 | Ultra Short Government Fund - Institutional Class | SAFEX           |

![](image_001.jpg)

**ULTRA SHORT GOVERNMENT FUND**

**SAFEX**

**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 objective of the Fund is current income consistent with the preservation of capital and maintenance of liquidity.

**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** |
| Maximum sales charge (load) on purchase | None |
| Maximum deferred sales charge (load) | None |
| Redemption fee | 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) |
|  | **Institutional Class** |
| Management fees | 0.30% |
| Distribution (12b-1) fees |  |
| Other expenses | 0.21% |
| Acquired Fund Fees | 0.01% |
| **Total annual fund operating expenses** | **0.52%** |
| Fee waiver and/or expense reimbursement<sup>(1)</sup> | (0.19)% |
| **Total annual fund operating expenses after fee waiver and/or** | **0.33%** |
| **expense reimbursement** |  |

---

*<sup>(1)</sup> The investment adviser has agreed in writing to limit the total annual fund operating expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.32% of the Institutional Class shares' average daily net assets through July 31, 2026. This agreement may only be terminated by the Board of Trustees of the Fund.*

**Weitz Funds** – Ultra Short Government 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 | $34 | $148 | $272 | $634 |

---

**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 3% of the average value of the portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities and repurchase agreements on such securities. The balance of the Fund's assets may be invested in U.S. dollar-denominated investment grade debt securities, including corporate debt securities, mortgage-backed securities and asset backed securities. We consider investment grade to mean rated at least BBB- by one or more nationally recognized credit ratings firms. The Fund may invest in securities that are unrated if we determine that such securities are of investment grade quality. The Fund may also invest in government money market funds or exchange traded funds which invest substantially all of their assets in U.S. government securities.

The Fund may invest in debt securities of all maturities, but expects to limit its average effective duration to one year or less. The average effective duration of the Fund's portfolio as of June 30, 2025 was 0.3 years. "Duration" is a measure of a debt security's price sensitivity to changes in interest rates. The longer the duration of the Fund's overall portfolio (or an individual debt security), the more sensitive its market price will be to changes in interest rates. For example, if interest rates increase by 1%, the market price of a debt security with a duration of 1 year will generally decrease by approximately 1%. Conversely, a 1% decline in interest rates will generally result in an increase of approximately 1% of that security's market price.

**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;•  ***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.

**Weitz Funds** – Ultra Short Government Fund

&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;•  ***Mortgage-Backed (and Other Asset-Backed) Securities Risk*** Mortgage-backed securities
(and other asset-backed securities) are generally structured for the securities holders to receive periodic payments as the securities
issuer receives payments of principal and/or interest on the mortgages (or loans) in an underlying asset pool. Sometimes these securities
are issued in separate tranches, which can mean the securities holders of one tranche receive payment in full before the securities holders
of another tranche receive payments. Credit support may be provided for these securities, which can mean the securities issuer, an affiliated
party or a third party provides additional assets, or makes additional promises, with respect to payment to the securities holders. Risks
to the securities holders can include (i) the underlying asset pool may not pay as expected (which could mean sooner or later than expected),
(ii) the securities issuer may have insufficient cash to make payment on the securities generally, or on certain tranches of securities
and (iii) the credit support may be insufficient to make payment on the 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;•  ***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** – Ultra Short Government 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 two relevant securities market indexes. 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. Effective December 16, 2016, the Fund revised its principal investment strategies and policies to permit the Fund to invest in a diversified portfolio of short-term debt securities and to have a fluctuating net asset value. Prior to December 16, 2016, the Fund operated as a "government money market fund" as defined under Rule 2a-7 of the Investment Company Act of 1940 and maintained a stable net asset value of $1.00 per share. The Fund's past performance in the bar chart and table for periods prior to December 16, 2016 reflect the Fund's prior principal investment strategies and policies and may not be indicative of future performance results. Updated performance information is available at weitzinvestments.com or by calling us toll-free at 888-859-0698.

**Calendar Year Total Returns—Institutional Class**

![](image_002.jpg)

The year-to-date return for the Fund's Institutional Class for the six months ended June 30, 2025 was 2.03%.

**Weitz Funds** – Ultra Short Government Fund

---

| | | |
|:---|:---|:---|
| **BEST AND WORST PERFORMING QUARTERS** |  |  |
| (during the period shown above) |  |  |
|  | **Quarter/Year** | **Total Return** |
| Best quarter | 4th quarter 2023 | 1.46% |
| Worst quarter | 4th quarter 2021 | -0.07% |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** |  |  |  |
| (for periods ended December 31, 2024) |  |  |  |
|  | **1 Year** | **5 Year** | **10 Year** |
| Institutional Class<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Return before taxes | 4.87% | 2.40% | 1.71% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | 2.81% | 1.41% | 1.00% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of | 2.86% | 1.41% | 1.00% |
| &nbsp;&nbsp;&nbsp;fund shares |  |  |  |
| Comparative Indexes (reflect no deduction for fees, expenses or taxes): | Comparative Indexes (reflect no deduction for fees, expenses or taxes): |  |  |
| Bloomberg US Aggregate Bond Index | 1.25% | -0.32% | 1.35% |

---

*<sup>(1)</sup> Returns prior to December 16, 2016 were achieved while the Fund was operated as a government money market 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**

Thomas D. Carney, CFA, and Nolan P. Anderson are jointly and primarily responsible for the day-to-day management of the Fund. Mr. Carney became a portfolio manager of the Fund on January 1, 1996. Mr. Anderson became a portfolio manager of the Fund on December 16, 2016.

**Purchase and Sale of Fund Shares**

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

**Weitz Funds** – Ultra Short Government Fund

**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 individual retirement account. Such tax-deferred arrangements may be taxed upon withdrawals made from those arrangements. As a result of the investment strategies of the Fund, it is not anticipated that a significant amount of the Fund's distributions will be taxable as capital gains.

**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.

**SAFEX SumPro<br> 3302025**