* As of January 31, 2012

The returns set forth above assume redemption at the end of each period and reinvestment of dividends. These performance numbers reflect the deduction of each Fund's annual operating expenses. The returns set forth above assume redemption at the end of each period and reinvestment of dividends. These performance numbers reflect the deduction of each Fund's annual operating expenses. Annual operating expenses for each Fund, as stated in the most recent Prospectus, and expressed as a percentage of each Fund's net assets, are: Value, 1.21%; Partners Value, 1.21%; Partners III Opportunity - Institutional Class, 1.53%; Partners III Opportunity - Investor Class, 1.74% (estimated gross); Research, 1.81% (estimated gross); Hickory, 1.28%; Balanced, 1.15%; Short-Intermediate Income - Institutional Class, 0.65%; Short-Intermediate Income - Investor Class, 0.84% (estimated gross); and Nebraska Tax-Free Income, 0.74%. Total returns shown include fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waiver of fees and/or reimbursement of expenses by the investment adviser. This information represents past performance and past performance does not guarantee future results. The investment return and the principal value of an investment in these Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be higher or lower than the performance data quoted above. Click here for performance data current to the most recent month-end.

Investors should consider carefully the investment objectives, risks, and charges and expenses of a Fund before investing. The Funds' Prospectus contains this and other information about the Funds.

Effective August 1, 2011, the existing shares of Partners III Opportunity Fund were designated as "Institutional Class." From and after August 1, 2011, shares of Partners III Opportunity Fund - Institutional Class and shares of Partners III Opportunity Fund - Investor Class are both available for sale. The investment adviser has agreed, in writing, to limit the total class-specific operating expenses of the Investor Class shares to an amount not greater than 0.25% more than the total class-specific operating expenses of the Institutional Class shares (in each case, as such expenses are expressed as a percentage of the average daily net assets of the respective share class) through July 31, 2012.

Effective August 1, 2011, the existing shares of Short-Intermediate Income Fund were designated as "Institutional Class." From and after August 1, 2011, shares of Short-Intermediate Income Fund - Institutional Class and shares of Short-Intermediate Income Fund - Investor Class are both available for sale. The investment adviser has agreed, in writing, to limit the total class-specific operating expenses of the Investor Class shares to an amount not greater than 0.20% more than the total class-specific operating expenses of the Institutional Class shares (in each case, as such expenses are expressed as a percentage of the average daily net assets of the respective share class) through July 31, 2012.

With respect to the Government Money Market Fund, there can be no assurance that the Fund will be able to maintain a stable net asset value. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. An investment in the Government Money Market Fund is neither insured nor guaranteed by the U.S. Government.

The performance data presented includes performance for the period before the Partners Value Fund, Partners III Opportunity Fund, Research Fund and Nebraska Tax-Free Income Fund each became an investment company registered with the Securities and Exchange Commission. During this time, each predecessor partnership (see notes below) was not registered under the Investment Company Act of 1940 and, therefore, was not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If each Partnership had been registered during this period, each Partnership's performance might have been adversely affected.

1. Fund inception dates: Value - 5/9/1986, Partners Value - 6/1/1983, Partners III Opportunity - Institutional Class - 6/1/1983, Partners III Opportunity - Investor Class - 8/1/2011, Research - 4/1/2005, Hickory - 4/1/1993, Balanced - 10/1/2003, Short-Intermediate Income - Institutional Class - 12/23/1988, Short-Intermediate Income - Investor Class - 8/1/2011, Nebraska Tax-Free Income - 10/1/1985, Government Money Market - 8/1/1991

2. Performance of the Partners Value Fund is measured from June 1, 1983, the inception of Weitz Partners-II Limited Partnership ("Partners II"). Partners Value Fund succeeded to substantially all of the assets of Partners II as of December 31, 1993. The investment objectives, policies, guidelines and restrictions of the Partners Value Fund are materially equivalent to those of Partners II and Partners II was managed at all times with full investment authority by Wallace R. Weitz & Company ("Weitz").

3. Performance of the Partners III Opportunity Fund - Institutional Class is measured from June 1, 1983, the inception of Weitz Partners-III Limited Partnership ("Partners III"). Partners III Opportunity Fund succeeded to substantially all of the assets of Partners III as of December 30, 2005. The investment objectives, policies and restrictions of the Partners III Opportunity Fund are materially equivalent to those of Partners III and Partners III was managed at all times with full investment authority by Weitz.

4. Investor Class shares first became available for sale on August 1, 2011. For performance prior to that date, this table includes the actual performance of the Fund's Institutional Class (and uses the actual expenses of the Fund's Institutional Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund's Investor Class would have been substantially similar to, yet lower than, the performance of the Fund's Institutional Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.

5. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund L.P. (the "Research Partnership"). Research Fund succeeded to substantially all of the assets of the Research Partnership as of December 31, 2010. The investment objectives, policies and restrictions of the Research Fund are materially equivalent to those of the Research Partnership and the Research Partnership was managed at all times with full investment authority by Weitz. The investment adviser has agreed, in writing, to limit the total annual fund operating expenses (excluding taxes, interest, brokerage commissions, and acquired fund fees and expenses) to 0.90% of the Fund's average daily net assets through July 31, 2012.

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