Weitz Funds 2011 Supplemental Tax Information
	Value	Partners Value	Partners III Opportunity		Research
NASDAQ Symbol	WVALX	WPVLX	WPOPX	WPOIX	WRESX
CUSIP	94904P203	94904P609	94904P708	94904P872	94904P880
Per Share Information:
Capital Gain Distribution	N/A	N/A	$0.3000	N/A	$0.2228
Ordinary Income	$0.0700	N/A	N/A	N/A	$0.2975
Total Distribution	$0.0700	N/A	$0.3000	N/A	$0.5203
U.S. Treasury Income*	1.22%	N/A	N/A		0.04%
U.S. Government Agency Income†	0.00%	N/A	N/A		0.01%
Total U.S. Treasury/Government Agency	1.22%	N/A	N/A		0.05%
Qualified Dividends	100%	N/A	N/A		30.79%
	Hickory	Balanced	Short-Intermediate Income		Government Money Market
NASDAQ Symbol	WEHIX	WBALX	WEFIX	WSHNX	WGMXX
CUSIP	94904P500	94904P104	94904P302	94904P864	94904P401
Per Share Information:
Capital Gain Distribution	N/A	N/A	N/A	N/A	N/A
Ordinary Income	N/A	$0.0775	$0.2700	$0.1100	$0.0003
Total Distribution	N/A	$0.0775	$0.2700	$0.1100	$0.0003
U.S. Treasury Income*	N/A	0.71%	2.04%		96.20%
U.S. Government Agency Income†	N/A	0.00%	0.35%		0.14%
Total U.S. Treasury/Government Agency	N/A	0.71%	2.39%		96.34%
Qualified Dividends	N/A	100%	0.29%		N/A

U.S. Treasury and Government Agency Obligations
Mutual fund dividends that include income from certain U.S. Treasury and Government Agency obligations may be exempt from state income taxes. A portion of the ordinary income dividend paid to you by the Weitz Funds may qualify for this pass-through exemption. State law varies as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. Please consult your tax adviser about the specific rules in the state in which you pay taxes to determine whether any portion of these dividends is exempt from state income tax.

Qualified Dividends (Form 1099-DIV, Box 1b) as expressed as a percentage of total ordinary income are taxed at a maximum federal tax rate for individual taxpayers of 15%. A shareholder must also satisfy a 61-day holding period with respect to any distributions of qualifying dividends in order to obtain the benefit of the lower tax rate. Please consult your tax adviser to determine if you qualify for the lower rate.

Corporate Dividends Received Deduction
The amount eligible for the corporate dividends received deduction as a percentage of total ordinary income is: Value - 100%; Research - 31.11%; Balanced - 100%; Short-Intermediate Income - 0.29%.   [This information is relevant only to corporate shareholders and does not apply to non-corporate shareholders.]

* Income attributable from investments in U.S. Treasury securities expressed as a percentage of total ordinary income.
^† attributable from investments in U.S. Government Agency issues expressed as a percentage of total ordinary income. (Federal Home Loan Banks)


 

Tax-Exempt Interest Dividends
Of the tax-exempt interest dividends reported to you on your Form 1099-INT, Box 8, 100% is tax-exempt for federal income tax purposes. Please consult your tax adviser about the specific rules in the state in which you pay taxes to determine whether a portion of these tax-exempt interest dividends may also be exempt from state or local taxes. The tax-exempt interest dividends earned from obligations issued by U.S. territories are generally exempt for state purposes. Therefore, the percentages listed above include 4.21% of tax-exempt interest dividends from Puerto Rico.

Alternative Minimum Tax
A portion of the tax-exempt interest dividends is from private activity bonds issued after August 7, 1986, and is a tax preference item subject to the Federal Alternative Minimum Tax. Your share of the tax-exempt interest dividends for such bonds is 3.83% of the amount reported on Form 1099-INT, Box 8.

Assets by State
State and local governments may require residents to pay intangible or personal property tax on investments. The table above provides the percentage of assets that the Nebraska Tax-Free Income Fund had invested in each state and U.S. territory at the end of 2011. The percentages listed above include 2.77% of assets from Puerto Rico. Please consult your tax adviser about the specific rules in the state in which you pay taxes to determine if your state or local government requires you to pay intangible or personal property taxes.

Ordinary Interest Dividends
A portion of the total dividends paid by the Nebraska Tax-Free Income Fund is considered taxable for federal and state income tax purposes. This amount is reported to you on your Form 1099-DIV, Box 1a, if applicable.