The investment objective of the Nebraska Tax-Free Income Fund (the “Nebraska Fund”) is to provide a high level of current income that is exempt from both federal and Nebraska personal income taxes. A secondary objective is the preservation of capital. The Nebraska Fund seeks to achieve these objectives by investing, under normal circumstances, at least 80% of its nets assets, plus the amount of any borrowings for investment purposes, in municipal securities that generate income exempt from Nebraska state income tax and from federal incomes tax or in open or closed-end mutual funds which in turn invest in such assets. In addition, the Nebraska Fund will invest no more than 20% of its net assets in municipal securities subject to the federal alternative minimum tax.

Performance of the Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership (“Income Partners”). The Fund succeeded to substantially all the assets of Income Partners as of December 29, 2006. The investment objectives, policies, guidelines and restrictions of the Fund are materially equivalent to those of Income Partners and Income Partners was managed at all times with full investment authority by Wallace R. Weitz & Company.