Archive Performance

As of March 31, 2014
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
20 Year
30 Year
Since
Inception
Value
5/09/86
2.99%
19.66%
15.52%
22.43%
5.58%
10.95%
--
10.91%
Russell 1000(b)
2.05
22.41
14.75
21.73
7.80
9.71
--
10.24
Russell 1000 Value(c)
3.02
21.57
14.80
21.75
7.58
10.07
--
10.66
Partners Value(a)
6/01/83
2.25
19.64
14.62
23.07
7.21
11.89
12.86
12.89
Partners III Opportunity(a)
6/01/83
Institutional Class
1.22
18.12
13.88
24.40
8.89
13.43
13.65
13.59
Investor Class(d)
1.23
17.94
13.62
24.23
 8.82
13.39
13.62
13.56
Research(a)(e)
4/01/05
-1.09
21.29
13.42
22.22
--
--
--
8.49
Russell 3000(f)
1.97
22.61
14.61
21.93
7.86
9.64
11.20
--
Russell 3000 Value(g)
2.92
21.65
14.63
21.88
7.62
10.08
11.62
--
Hickory
4/01/93
-1.33
15.23
12.06
24.03
7.48
10.88
--
10.83
Russell 2500(h)
2.30
24.01
13.95
25.33
9.43
11.02
--
10.91
Russell 2500 Value(i)
3.52
21.76
13.88
24.81
9.01
11.72
--
11.53
S&P 500(j)
1.81
21.86
14.66
21.16
7.42
9.53
11.23
--
Balanced
10/01/03
1.43
9.86
8.70
14.83
5.81
--
--
6.04
Blended Index(k)
1.53
12.69
10.11
14.35
6.30
--
--
6.90
Short-Intermediate Income
12/23/88
 
Institutional Class
 
0.56
0.56
2.39
4.19
3.82
5.16
--
5.69

Investor Class(d)
 
0.53
0.35
2.20
4.08
3.76
5.13
--
5.67
Barclays Intermediate Credit(l)
1.00
-0.13
3.13
4.18
3.94
5.51
--
6.33
Nebraska Tax-Free Income(a)
10/01/85
1.02
0.33
2.80
3.06
3.06
4.27
--
5.09
Barclays 5-Year Muni. Bond(m)
1.00
0.97
3.67
4.03
3.89
4.87
--
--
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, 1.20%; Partners Value, 1.19%; Partners III Opportunity - Institutional Class, 1.60%; Partners III Opportunity - Investor Class, 2.26% (gross);Research, 1.74% (gross); Hickory, 1.26%; Balanced, 1.13%; Short-Intermediate Income - Institutional Class, 0.63%; Short-Intermediate Income - Investor Class, 0.98% (gross); and Nebraska Tax-Free Income, 0.71%.  The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at www.weitzinvestments.com/funds_and_performance/fund_performance.fs.

Index performance is hypothetical and is shown for illustrative purposes only.

(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Weitz Investment Management, Inc. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.74% (gross) and 0.94% (net) of the Fund's net assets. 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, 2014.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
As of December 31, 2013
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
20 Year
30 Year
Since
Inception
Value
5/09/86
8.78%
31.75%
16.53%
19.35%
5.84%
10.41%
--
10.89%
Russell 1000(b)
10.23
33.11
16.30
18.59
7.78
9.38
--
10.25
Russell 1000 Value(c)
10.01
32.53
16.06
16.67
7.58
9.71
--
10.64
Partners Value(a)
6/01/83
7.77
30.87
16.40
21.43
7.47
11.33
12.84
12.92
Partners III Opportunity(a)
6/01/83
Institutional Class
6.15
32.81
16.54
24.50
9.57
12.88
13.64
13.66
Investor Class(d)
6.06
32.38
16.28
24.33
9.50
12.84
13.61
13.63
Research(a)(e)
4/01/05
10.75
39.03
15.26
22.59
--
--
--
8.87
Russell 3000(f)
10.10
33.55
16.24
18.71
7.88
9.32
10.97
--
Russell 3000 Value(g)
9.95
32.69
15.93
16.75
7.66
9.74
11.50
--
Hickory
4/01/93
6.71
27.83
15.59
23.93
8.35
10.46
--
11.04
Russell 2500(h)
8.66
36.80
16.28
21.77
9.81
10.77
--
10.92
Russell 2500 Value(i)
8.83
33.32
15.38
19.61
9.29
11.44
--
11.49
S&P 500(j)
10.51
32.39
16.18
17.94
7.40
9.22
11.08
--
Balanced
10/01/03
4.00
15.46
9.41
14.30
5.81
--
--
6.04
Blended Index(k)
6.21
18.09
10.88
12.48
6.35
--
--
6.91
Short-Intermediate Income
12/23/88
 
Institutional Class
 
0.23
1.11
2.41
4.52
3.92
5.04
--
5.73

Investor Class(d)
 
0.18
0.93
2.24
4.41
3.87
5.01
--
5.71
Barclays Intermediate Credit(l)
-0.02
-0.86
2.91
3.96
4.09
5.35
--
6.35
Nebraska Tax-Free Income(a)
10/01/85
0.37
-0.25
2.55
3.42
3.07
4.13
--
5.10
Barclays 5-Year Muni. Bond(m)
0.84
0.81
3.54
4.27
3.92
4.67
--
--
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, 1.20%; Partners Value, 1.19%; Partners III Opportunity - Institutional Class, 1.60%; Partners III Opportunity - Investor Class, 2.26% (gross);Research, 1.74% (gross); Hickory, 1.26%; Balanced, 1.13%; Short-Intermediate Income - Institutional Class, 0.63%; Short-Intermediate Income - Investor Class, 0.98% (gross); and Nebraska Tax-Free Income, 0.71%.  The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at www.weitzinvestments.com/funds_and_performance/fund_performance.fs.

Index performance is hypothetical and is shown for illustrative purposes only.

(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Weitz Investment Management, Inc. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.74% (gross) and 0.94% (net) of the Fund's net assets. 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, 2014.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
 
As of September 30, 2013
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
2.74%
21.19%
16.85%
10.87%
6.09%
10.13%
10.97%
10.66%
Russell 1000(b)
6.02
20.91
16.64
10.53
7.98
8.94
10.13
9.96
Russell 1000 Value(c)
3.94
22.30
16.25
8.86
7.99
9.17
10.22
10.36
Partners Value(a)
6/01/83
4.62
24.92
17.44
13.90
7.76
11.15
11.85
12.75
Partners III Opportunity(a)
6/01/83
Institutional Class
5.52
29.32
18.47
17.32
10.30
12.97
13.21
13.56
Investor Class(d)
5.48
29.03
18.23
17.18
10.23
12.93
13.18
13.53
Research(a)(e)
4/01/05
4.35
22.74
15.01
15.07
--
--
--
7.85
Russell 3000(f)
6.35
21.60
16.76
10.58
8.11
8.89
10.07
--
Russell 3000 Value(g)
4.23
22.67
16.27
8.88
8.09
9.22
10.27
--
Hickory
4/01/93
6.41
24.09
17.64
14.79
9.35
10.70
--
10.83
Russell 2500(h)
9.08
29.79
18.44
12.68
10.38
10.41
--
10.61
Russell 2500 Value(i)
6.43
27.58
17.12
11.07
10.03
11.03
--
11.17
S&P 500(j)
5.25
19.33
16.23
10.00
7.56
8.78
9.93
--
Balanced
10/01/03
2.43
12.67
10.53
9.60
5.78
--
--
5.78
Blended Index(k)
3.41
11.09
10.73
8.39
6.45
--
--
6.45
Short-Intermediate Income
12/23/88
 
Institutional Class
 
1.04
1.55
2.34
4.82
4.07
5.02
--
5.78

Investor Class(d)
 
1.00
1.35
2.18
4.72
4.02
4.99
--
5.76
Barclays Intermediate Credit(l)
0.62
-0.50
2.41
4.95
4.10
5.36
--
6.42
Nebraska Tax-Free Income(a)
10/01/85
0.59
-0.72
1.83
3.79
3.14
4.19
4.79
5.13
Barclays 5-Year Muni. Bond(m)
0.87
-0.24
2.71
4.90
3.85
4.69
5.50
--
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, 1.20%; Partners Value, 1.19%; Partners III Opportunity - Institutional Class, 1.60%; Partners III Opportunity - Investor Class, 2.26% (gross);Research, 1.74% (gross); Hickory, 1.26%; Balanced, 1.13%; Short-Intermediate Income - Institutional Class, 0.63%; Short-Intermediate Income - Investor Class, 0.98% (gross); and Nebraska Tax-Free Income, 0.71%.  The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at www.weitzinvestments.com/funds_and_performance/fund_performance.fs.

Index performance is hypothetical and is shown for illustrative purposes only.

(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Weitz Investment Management, Inc. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.74% (gross) and 0.94% (net) of the Fund's net assets. 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, 2014.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
 
 
As of June 30, 2013
Total Returns
Average Annual Total Returns
Expense
Ratio(n)
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
  4.0%
23.3%
19.1%
9.6%
5.9%
10.4%
10.9%
10.7%
1.20%
Russell 1000(b)
2.7
21.2
18.6
7.1
7.7
8.8
9.9
9.4
 
Russell 1000 Value(c)
3.2
25.3
18.5
6.7
7.8
9.2
10.1
9.8
 
Partners Value(a)
6/01/83
3.8
25.6
18.9
12.3
7.3
11.3
11.8
12.7
1.20
Partners III Opportunity(a)
6/01/83
Institutional Class
4.2
27.6 
20.0
15.7
9.9
13.2
13.1
13.5
1.49
Investor Class(d)
4.1
 27.3
19.7
15.6
9.9
13.2
13.1
13.5
2.32
Research(a)(e)
4/01/05
6.1
16.4
16.8
13.1
--
--
--
7.5
1.85
Russell 3000(f)
2.7
21.5
18.6
7.2
7.8
8.8
9.8
--
Russell 3000 Value(g)
3.1
25.3
18.4
6.8
7.9
9.3
10.1
--
Hickory
4/01/93
2.8
20.9
19.2
12.9
9.0
11.0
--
10.6
1.28
Russell 2500(h)
2.3
25.6
19.6
9.2
10.3
10.3
--
10.3
Russell 2500 Value(i)
1.5
26.9
18.9
9.4
10.2
11.0
--
11.0
S&P 500(j)
2.9
20.6
18.5
7.0
7.3
8.7
9.7
--
Balanced
10/01/03
1.7
13.4
11.5
8.6
--
--
--
5.7
1.14
Blended Index(k)
1.1
12.1
12.3
6.5
--
--
--
6.3
Short-Intermediate Income
12/23/88
 
Institutional Class
 
-1.3
1.8
2.5
4.4
4.0
5.1
--
5.8
0.62
Investor Class(d)
 
-1.4
1.6
2.3
4.3
3.9
5.1
--
5.8
1.16
Barclays Intermediate Credit(l)
-1.7
0.3
3.1
4.6
4.0
5.4
--
6.5
Nebraska Tax-Free Income(a)
10/01/85
-1.6
-0.5
2.3
3.3
3.1
4.3
4.8
5.2
0.71
Barclays 5-Year Muni. Bond(m)
-1.7
0.2
3.3
4.9
3.9
4.8
5.5
--
The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzinvestments.com/funds_and_performance/fund_performance.fs.
Index performance is hypothetical and is shown for illustrative purposes only.

(a)  Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively.  Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P.").  Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners").  On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively.  The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Weitz Investment Management, Inc.  The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission.  During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code.  If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.    

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.85% (gross) and 0.92% (net) of the Fund's net assets. 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, 2013.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Capital Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.

(n)  Figures are as stated in the most recent prospectus and represent the total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements.
As of March 31, 2013
Total Returns
Average Annual Total Returns
Expense
Ratio(n)
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
  13.4%
17.2%
14.0%
7.1%
7.4%
10.2%
11.0%
10.6%
1.20%
Russell 1000(b)
11.0
14.4
12.9
6.2
9.0
8.7
10.1
9.8
 
Russell 1000 Value(c)
12.3
18.8
12.7
4.8 
9.2
9.2
10.3
10.3
 
Partners Value(a)
6/01/83
11.9
19.4
15.0
9.9
8.7
11.2
11.8
12.7
1.20
Partners III Opportunity(a)
6/01/83
Institutional Class
13.8
19.2
15.9
13.1
12.1
13.1
13.1
13.4
1.49
Investor Class(d)
13.6
18.8
15.7
13.0
12.0 
13.0
13.1
13.4
2.32
Research(a)(e)
4/01/05
13.4
7.1
12.5
11.5
--
--
--
7.0
1.85
Russell 3000(f)
11.1
14.6
13.0
6.3
9.2
8.7
10.0
--
Russell 3000 Value(g)
12.3
18.7
12.7
5.0
9.3
9.3
10.3
--
Hickory
4/01/93
9.5
18.1
16.5
10.5
11.2
--
--
10.6
1.28
Russell 2500(h)
12.8
17.7
14.6
9.0
12.3
--
--
10.3
Russell 2500 Value(i)
13.4
21.2
14.2
8.8
12.1
--
--
11.0
S&P 500(j)
10.6
14.0
12.7
5.8
8.5
8.5
9.9
--
Balanced
10/01/03
6.6
10.0
9.3
7.2
--
--
--
5.6
1.14
Blended Index(k)
6.4
9.8
9.7
5.8
--
--
--
6.3
Short-Intermediate Income
12/23/88
 
Institutional Class
 
1.1
3.7
3.4
4.5
4.4
5.3
--
5.9
0.62
Investor Class(d)
 
1.1
3.5
3.3
4.4
4.4
5.2
--
5.9
1.16
Barclays Intermediate Credit(l)
0.3
3.5
4.7
4.6
4.5
5.6
--
6.6
Nebraska Tax-Free Income(a)
10/01/85
0.4
2.0
3.3
3.7
3.5
4.4
5.0
5.3
0.71
Barclays 5-Year Muni. Bond(m)
0.8
3.2
4.4
5.1
4.2
5.0
5.6
--
The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzinvestments.com/funds_and_performance/fund_performance.fs.
Index performance is hypothetical and is shown for illustrative purposes only.

(a)  Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively.  Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P.").  Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners").  On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively.  The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Weitz Investment Management, Inc.  The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission.  During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code.  If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.    

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.85% (gross) and 0.92% (net) of the Fund's net assets. 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, 2013.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Capital Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.

(n)  Figures are as stated in the most recent prospectus and represent the total annual fund operating expense ratio, gross of any fee waivers or expense reimbursements.

 

 

As of December 31, 2012
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
  0.1%
13.2%
12.9%
1.7%
5.6%
6.8%
9.9%
10.8%
10.2%
Russell 1000(b)
0.1
16.4
11.1
1.9
7.5
4.8
8.3
9.9
9.5
Russell 1000 Value(c)
1.5
17.5
10.9
0.6 
7.4
5.3
9.1
10.2
9.9
Partners Value(a)
6/01/83
2.9
17.9
15.4
4.6
7.0
7.8
11.0
11.5
12.4
Partners III Opportunity(a)
6/01/83
Institutional Class
3.4
12.9
16.6
8.1
10.4
9.5
12.9
13.0
13.1
Investor Class(d)
3.4
12.7
16.5
8.0
10.3 
9.5
12.8
13.0
13.0
Research(a)(e)
4/01/05
-2.2
5.7
12.8
6.7
--
--
--
--
5.5
Russell 3000(f)
0.3
16.4
11.2
2.0
7.7
4.8
8.3
9.8
--
Russell 3000 Value(g)
1.7
17.5
10.9
0.8
7.5
5.4
9.1
10.3
--
Hickory
4/01/93
3.6
19.0
18.8
6.0
9.9
6.6
--
--
10.3
Russell 2500(h)
3.1
17.9
13.3
4.3
10.5
7.4
--
--
9.8
Russell 2500 Value(i)
4.1
19.2
12.9
4.5
10.2
7.9
--
--
10.5
S&P 500(j)
-0.4
16.0
10.9
1.7
7.1
4.5
8.2
9.7
--
Balanced
10/01/03
1.5
10.9
9.5
4.3
--
--
--
--
5.1
Blended Index(k)
-0.1
11.1
8.9
3.5
--
--
--
--
5.8
Short-Intermediate Income
12/23/88
 
Institutional Class
 
0.7
4.0
3.6
4.8
4.4
4.9
5.4
--
5.9
Investor Class(d)
 
0.6
3.8
3.5
4.7
4.4
4.9
5.4
--
5.9
Barclays Intermediate Credit(l)
0.3
3.9
5.2
5.2
4.6
5.6
5.8
--
6.7
Nebraska Tax-Free Income(a)
10/01/85
-0.1
2.1
3.4
3.7
3.5
4.1
4.5
5.0
5.3
Barclays 5-Year Muni. Bond(m)
-0.2
3.0
4.4
5.3
4.3
4.8
5.1
--
--
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, 1.20%; Partners Value, 1.20%; Partners III Opportunity - Institutional Class, 1.49%; Partners III Opportunity - Investor Class, 2.32% (gross);Research, 1.85% (gross); Hickory, 1.28%; Balanced, 1.14%; Short-Intermediate Income - Institutional Class, 0.62%; Short-Intermediate Income - Investor Class, 1.16% (gross); and Nebraska Tax-Free Income, 0.71%.  The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzfunds.com/funds_and_performance/fund_performance.fs.
Index performance is hypothetical and is shown for illustrative purposes only.

(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.85% (gross) and 0.92% (net) of the Fund's net assets. 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, 2013.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Capital Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.

 

As of September 30, 2012
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
4.5%
26.1%
14.1%
0.3%
6.7%
7.3%
10.3%
10.4%
10.3%
Russell 1000(b)
6.3
30.1
13.3
1.2
8.4
5.0
8.7
8.8
9.6
Russell 1000 Value(c)
6.5
30.9
11.8
-0.9
8.2
5.5
9.3
9.1
9.9
Partners Value(a)
6/01/83
5.2
28.2
14.8
2.6
7.8
8.2
11.3
11.0
12.4
Partners III Opportunity(a)
6/01/83
Institutional Class
4.1
22.1
16.2
5.8
11.4 
9.8
13.3
12.0
13.1
Investor Class(d)
4.0
21.6
16.0
5.7
11.4
9.7
13.3
12.0
13.0
Research(a)(e)
4/01/05
-1.1
20.8
14.8
5.3
--
--
--
--
6.0
Russell 3000(f)
6.2
30.2
13.3
1.3
8.5
5.0
8.7
8.7
--
Russell 3000 Value(g)
6.4
31.1
11.8
-0.7
8.3
5.6
9.4
9.1
--
Hickory
4/01/93
3.7
29.3
18.1
3.6
10.9
6.8
--
--
10.2
Russell 2500(h)
5.6
30.9
14.1
2.8
10.9
7.1
--
--
9.7
Russell 2500 Value(i)
5.9
32.2
13.1
2.2
10.3
7.8
--
--
10.4
S&P 500(j)
6.3
30.2
13.2
1.1
8.0
4.7
8.5
8.6
--
Balanced
10/01/03
3.1
18.6
9.8
3.2
--
--
--
--
5.0
Blended Index(k)
4.4
19.5
10.3
3.4
--
--
--
--
5.9
Short-Intermediate Income
12/23/88
 
Institutional Class
 
1.3
3.9
3.6
5.1
4.6
5.1
5.3
--
6.0
Investor Class(d)
 
1.3
3.7
3.5
5.0
4.6
5.0
5.3
--
5.9
Barclays Intermediate Credit(l)
1.4
4.4
5.2
5.7
4.8
5.7
5.8
--
6.7
Nebraska Tax-Free Income(a)
10/01/85
0.9
3.5
3.3
4.0
3.6
4.3
4.6
5.1
5.4
Barclays 5-Year Muni. Bond(m)
1.4
4.7
4.7
5.7
4.4
4.9
5.2
--
--
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, 1.20%; Partners Value, 1.20%; Partners III Opportunity - Institutional Class, 1.49%; Partners III Opportunity - Investor Class, 2.32% (gross); Research, 1.85% (gross); Hickory, 1.28%; Balanced, 1.14%; Short-Intermediate Income - Institutional Class, 0.62%; Short-Intermediate Income - Investor Class, 1.16% (gross); and Nebraska Tax-Free Income, 0.71%. The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzfunds.com/funds_and_performance/fund_performance.fs.
Index performance is hypothetical and is shown for illustrative purposes only.

(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.85% (gross) and 0.92% (net) of the Fund's net assets. 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, 2013.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Capital Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.

 

As of June 30, 2012
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
-1.2%
7.8%
18.4%
-2.1%
4.6%
7.7%
10.1%
10.4%
10.2%
Russell 1000(b)
-3.1
4.4
16.6
0.4
5.7
5.1
8.5
8.8
N/A
Russell 1000 Value(c)
-2.2
3.0
15.8
-2.2
5.3
5.7
9.1
9.1
N/A
Partners Value(a)
6/01/83
-1.4
4.0
18.6
0.0
5.8
8.6
11.1
11.0
12.3
Partners III Opportunity(a)
6/01/83
Institutional Class
-2.7
2.2
20.9
2.9
9.0
10.2
12.8
12.1
13.0
Investor Class(d)
-2.8
1.9
20.8
2.9
9.0
10.2
12.8
12.1
13.0
Research(a)(e)
4/01/05
-2.4
10.3
20.9
3.3
--
--
--
--
6.4
Russell 3000(f)
-3.2
3.8
16.7
0.4
5.8
5.2
8.5
8.7
--
Russell 3000 Value(g)
-2.3
2.6
15.9
-2.1
5.4
5.8
9.2
9.1
--
Hickory
4/01/93
0.5
3.5
23.1
0.7
6.8
7.4
--
--
10.1
Russell 2500(h)
-4.1
-2.3
19.1
1.2
8.0
7.6
--
--
9.5
Russell 2500 Value(i)
-3.0
-1.5
18.8
-0.2
7.5
8.3
--
--
10.2
S&P 500(j)
-2.8
5.4
16.4
0.2
5.3
4.8
8.3
8.6
--
Balanced
10/01/03
-1.4
4.5
12.7
1.6
--
--
--
--
4.8
Blended Index(k)
-1.0
5.8
12.4
3.0
--
--
--
--
5.6
Short-Intermediate Income
12/23/88
 
Institutional Class
 
0.5
2.3
4.4
5.2
4.7
5.2
5.4
--
6.0
Investor Class(d)
 
0.5
2.1
4.3
5.2
4.6
5.2
5.4
--
6.0
Barclays Intermediate Credit(l)
1.5
5.4
5.8
6.0
5.1
5.8
6.0
--
6.7
Nebraska Tax-Free Income(a)
10/01/85
0.8
4.4
4.2
4.1
3.9
4.3
4.7
5.1
5.4
Barclays 5-Year Muni. Bond(m)
1.2
5.3
5.5
6.0
4.6
5.0
5.2
--
--
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%. The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzfunds.com/funds_and_performance/fund_performance.fs.
Index performance is hypothetical and is shown for illustrative purposes only.

(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.

(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.

(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

(d) 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.

(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.81% (estimated gross) and 0.91% (net) of the Fund's net assets. 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.

(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.

(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.

(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.

(k) The Blended Index blends the S&P 500 with the Barclays Capital Intermediate U.S. Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The portfolio is rebalanced monthly.

(l) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.

(m) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.

N/A Indicates information is not available.

 

As of March 31, 2012
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
9.5%
9.9%
25.2%
-1.0%
3.3%
8.8%
10.3%
10.4%
10.4%
Russell 1000(b)
12.9
7.9
24.0
2.2
4.5
6.4
8.8
9.1
N/A
Russell 1000 Value(c)
11.1
4.8
22.8
-0.8
4.6
6.8
9.4
9.3
N/A
Partners Value(a)
6/01/83
10.5
5.4
25.5
1.3
4.4
9.7
11.3
11.0
12.4
Partners III Opportunity(a)
6/01/83
Institutional Class
7.8 
4.9
28.4
4.4
7.8
11.3
13.0
12.2
13.2
Investor Class(d)
7.8
4.7
28.3
4.3
7.7
11.3
13.0
12.1
13.2
Research(a)(e)
4/01/05
11.9
12.3
28.0
4.9
--
--
--
--
7.0
Russell 3000(f)
12.9
7.2
24.3
2.2
4.7
6.5
8.7
9.0
--
Russell 3000 Value(g)
11.2
4.3
23.0
-0.8
4.7
6.9
9.5
9.4
--
Hickory
4/01/93
10.3
3.4
29.2
1.6
5.1
8.4
--
--
10.2
Russell 2500(h)
13.0
1.3
28.4
3.0
7.5
8.9
--
--
9.9
Russell 2500 Value(i)
11.5
0.1
27.1
1.0
7.5
9.5
--
--
10.5
S&P 500(j)
12.6
8.5
23.4
2.0
4.1
6.1
8.6
8.9
--
Balanced
10/01/03
7.5
6.2
18.2
2.5
--
--
--
--
5.1
Blended Index(k)
7.8
7.5
16.4
3.5
--
--
--
--
5.6
Short-Intermediate Income
12/23/88
 
Institutional Class
 
1.5
2.9
5.6
5.2
4.6
5.4
5.5
--
6.0
Investor Class(d)
 
1.4
2.7
5.5
5.1
4.6
5.3
5.5
--
6.0
Barclays Intermediate Credit(l)
0.6
6.1
5.9
5.7
5.3
5.9
6.1
--
6.7
Nebraska Tax-Free Income(a)
10/01/85
0.5
6.1
4.3
3.9
4.1
4.4
4.8
5.0
5.4
Barclays 5-Year Muni. Bond(m)
0.6
6.9
5.3
5.7
4.9
5.1
5.3
--
--
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%. The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzfunds.com/funds_and_performance/fund_performance.fs.
Index performance is hypothetical and is shown for illustrative purposes only.
(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
(b) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 Index.
(c) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. 
(d) 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. 
 
(e) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.81% (estimated gross) and 0.91% (net) of the Fund's net assets. 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.
(f) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
(g) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
(h) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 Index.
(i) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
(j) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(k) The Blended Index is a blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(l) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(m) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
N/A Indicates information is not available.

 

As of December 31, 2011
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
11.5%
6.1%
6.1%
17.6%
-2.9%
2.4%
8.2%
9.9%
10.2%
10.1%
Russell 1000**(a)
11.8
1.5
1.5
14.8
0.0
3.3
5.7
N/A
N/A
N/A
Russell 1000 Value**(b)
13.1
0.4
0.4
11.6
-2.6
3.9
6.3
N/A
N/A
N/A
Partners Value*
6/01/83
11.9
2.2
2.2
19.6
-0.6
3.3
9.1
10.8
11.0
12.2
Partners III Opportunity*(c)
6/01/83
Institutional Class
11.7 
5.6
5.6
25.9
2.6
7.1
10.9
12.9
12.4
13.1
Investor Class(d)
11.6 
5.4
5.4
25.8
2.6
7.1
10.9
12.9
12.4
13.1
Research*(c)
4/01/05
11.7
4.2
4.2
23.5
2.5
--
--
--
--
5.5
Russell 3000**(d)
12.1
1.0
1.0
14.9
0.0 
3.5
5.7
N/A
N/A
N/A
Russell 3000 Value**(e)
13.3
 -0.1
-0.1
11.6
-2.6
4.1
6.4
N/A
N/A
N/A
Hickory
4/01/93
12.6
1.5
1.5
24.3
-0.5
4.4
7.7
--
--
9.8 
Russell 2500**(f)
14.5
 -2.5
-2.5
18.4
1.2
6.6
7.8
--
--
N/A
Russell 2500 Value**(g)
15.5
 -3.4
-3.4
15.5
-0.6
7.2
8.7
--
--
N/A
S&P 500**(h)
11.8
2.1
2.1
14.1
-0.2
2.9
5.4
7.8
9.3
--
Balanced
10/01/03
8.5
2.3
2.3
15.1
1.1
--
--
--
--
4.4 
Blended Index**(i)
7.4
3.6
3.6
10.7
2.2
--
--
--
--
4.8
Short-Intermediate Income
12/23/88
 
Institutional Class
 
0.5
 2.1
2.1
5.8
5.2
4.5
5.2
5.5
--
6.0
Investor Class(d)
 
0.5
 2.0
2.0
5.8
5.2
4.4
5.2
5.5
--
6.0
Barclays Intermediate Credit**(j)
0.8
 5.8
5.8
5.6
5.9
5.2
5.8
6.0
--
6.8
Nebraska Tax-Free Income*
10/01/85
1.4
 5.9
5.9
5.1
4.0
4.1
4.4
4.8
5.1
5.4
Barclays 5-Year Muni. Bond**(k)
1.5
 6.9
6.9
5.9
5.7
4.9
5.0
5.3
--
--
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%. The returns assume redemption at the end of each period and reinvestment of dividends. 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 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 any of the 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. Performance data current to the most recent month end may be obtained atwww.weitzfunds.com/funds_and_performance/fund_performance.fs.
(a) Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (theFunds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (thePartnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
(b) Index performance is hypothetical and is shown for illustrative purposes only. 
(c) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 index.
(d) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
(e) 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.
(f) Starting January 1, 2011, these performance numbers reflect the deduction of the Research Fund's actual operating expenses. For periods of time prior to January 1, 2011, the performance numbers reflect the deduction of annual pro forma operating expenses of 1.50%. Annual operating expenses for the Research Fund, as stated in the Research Fund's Prospectus, are 1.81% (estimated gross) and 0.91% (net) of the Fund's net assets. 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.
(g) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
(h) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
(i) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 index.
(j) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
(k) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(l) The Blended Index is a blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(m) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(n) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
N/A Indicates information is not available.
As of June 30, 2011
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
0.8%

27.3%
6.0%
0.1%
1.9%
8.8%
10.5%
10.3%
10.3%
Russell 1000(b)(c)
0.1

31.9
3.7
3.3
3.2
6.8
N/A
N/A
N/A
Russell 1000 Value(b)(d)
-0.5

28.9
2.3
1.2
4.0
7.5
N/A
N/A
N/A
Partners Value(a)
6/01/83
0.0

28.7
11.0
3.3
3.2
10.0
11.7
11.1
12.6
Partners III Opportunity(a)
6/01/83
-0.1
32.4
16.7
6.2
7.3
11.6
13.4
12.1
13.4
Research(a)(f)
4/01/05
-0.6

24.1
12.9
5.6
--
--
--
--
5.8
Russell 3000(b)(g)
0.0

32.4
4.0
3.4
3.4
6.8
N/A
N/A
N/A
Russell 3000 Value(b)(h)
-0.7

29.1
2.7
1.2
4.3
7.6
N/A
N/A
N/A
Hickory
4/01/93
0.4

35.3
13.5
4.0
4.4
9.3
--
--
10.5
Russell 2500(b)(i)
-0.6

39.3
8.2
5.2
7.4
9.1
--
--
N/A
Russell 2500 Value(b)(j)
-1.5
 
34.5
7.9
3.5
8.4
10.3
--
--
N/A
S&P 500(b)(k)
0.1

30.7
3.3
2.9
2.7
6.5
8.7
9.3
--
Balanced
10/01/03
0.3

17.1
8.4
3.5
--
--
--
--
4.9              
Blended Index(b)(l)
0.9

19.9
4.3
4.2
--
--
--
--
5.3
Short-Intermediate Income
12/23/88
1.1
3.3
5.9
5.9
4.7
5.6
5.8
--
6.1
Barclays Intermediate Credit(b)(m)
2.1
 
3.8
5.8
6.1
5.3
5.9
6.3
--
6.8
Nebraska Tax-Free Income(a)
10/01/85
2.5
 
2.9
4.3
4.0
4.0
4.5
4.9
5.2
5.4
Barclays 5-Year Muni. Bond(b)(n)
2.7
 
4.3
6.3
5.7
4.8
5.1
5.5
--
--
These performance numbers reflect the deduction of each Fund's annual operating expenses. Annual operating expenses for the Value, Partners Value, Partners III Opportunity, Research, Hickory, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.21%, 1.21%, 1.53%, 1.81% (estimated gross), 1.28%, 1.15%, 0.65% and 0.74%, respectively, of each Fund's net assets. The returns assume redemption at the end of each period and reinvestment of dividends. 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 any of the 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. Performance data current to the most recent month end may be obtained at
www.weitzfunds.com/funds_and_performance/fund_performance.fs.
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 index.
(b) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
(c) 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.
(d) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
(e) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
(f) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 index.
(g) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
(h) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(i) The Blended Index is a blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(j) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(k) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
N/A Indicates information is not available.
As of March 31, 2011
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
5.7%

15.0%
3.1%
0.4%
2.5%
9.0%
10.5%
--%
10.4%
Russell 1000**(a)
6.2

16.7
3.0
2.9
3.8
7.1
N/A
N/A
N/A
Russell 1000 Value**(b)
6.5

15.2
0.6
1.4
4.5
7.7
N/A
N/A
N/A
Partners Value*
6/01/83
7.1

20.9
8.4
3.8
3.8
10.3
11.7
11.2
12.7
Partners III Opportunity*(c)
6/01/83
8.5
24.4
13.9
6.6
8.1
12.2
13.5
12.1
13.6
Research*(c)
4/01/05
3.8

18.5
12.7
5.4
--
--
--
--
6.1
Russell 3000**(d)
6.4

17.4
3.4
3.0
4.1
7.1
N/A
N/A
N/A
Russell 3000 Value**(e)
6.5

15.6
1.1
1.4
4.9
7.8
N/A
N/A
N/A
Hickory
4/01/93
8.3

29.4
10.5
4.1
5.4
10.0
--
--
10.6
Russell 2500**(f)
8.7

26.1
8.9
4.4
8.9
9.5
--
--
N/A
Russell 2500 Value**(g)
7.7
 
22.7
8.0
3.3
9.6
10.7
--
--
N/A
S&P 500**(h)
5.9

15.7
2.4
2.6
3.3
6.8
8.7
9.6
--
Balanced
10/01/03
3.4

11.8
6.7
3.5
--
--
--
--
5.0              
Blended Index**(i)
3.7

11.3
3.2
3.8
--
--
--
--
5.3
Short-Intermediate Income
12/23/88
0.6
3.5
5.3
5.7
4.8
5.5
5.8
--
6.1
Barclays Intermediate Credit**(j)
0.3
 
4.6
4.5
5.7
5.2
5.8
6.3
--
6.8
Nebraska Tax-Free Income*
10/01/85
0.3
 
1.9
3.5
3.5
3.8
4.4
4.8
5.1
5.4
Barclays 5-Year Muni. Bond**(k)
0.6
 
3.2
5.1
5.1
4.6
4.9
5.4
--
--
These performance numbers reflect the deduction of each Fund's annual operating expenses. Annual operating expenses for the Value, Partners Value, Partners III Opportunity, Research, Hickory, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.25%, 1.26%, 1.80%, 1.50% (estimated gross), 1.33%, 1.19%, 0.71% and 0.78%, respectively, of each Fund's net assets. The returns assume redemption at the end of each period and reinvestment of dividends. 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 any of the 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. Performance data current to the most recent month end may be obtained at
www.weitzfunds.com/funds_and_performance/fund_performance.fs.
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 index.
(b) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
(c) 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.
(d) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
(e) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
(f) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 index.
(g) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
(h) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(i) The Blended Index is a blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(j) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(k) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
N/A Indicates information is not available.
As of December 31, 2010
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
9.7%

19.9%
-3.2%
-0.2%
1.8%
9.1%
10.9%
--%
10.2%
Russell 1000**(a)
11.2

16.1
-2.4
2.6
1.8
7.0
N/A
N/A
N/A
Russell 1000 Value**(b)
10.5

15.5
-4.4
1.3
3.3
7.6
N/A
N/A
N/A
Partners Value*
6/01/83
10.7

27.5
1.2
3.0
3.0
10.2
12.1
11.4
12.5
Partners III Opportunity*
6/01/83
11.5
33.0
7.4
5.4
7.2
12.2
13.8
12.5
13.4
Russell 3000**(c)
11.6

16.9
-2.0
2.7
2.2
7.0
N/A
N/A
N/A
Russell 3000 Value**(d)
10.9

16.2
-3.9
1.5
3.6
7.8
N/A
N/A
N/A
Hickory
4/01/93
12.5

38.7
3.4
3.4
3.7
9.8
--
--
10.3
Russell 2500**(e)
14.9

26.7
2.5
4.9
7.0
9.3
--
--
N/A
Russell 2500 Value**(f)
13.8
 
24.8
2.7
3.9
8.5
10.4
--
--
N/A
S&P 500**(g)
10.8

15.1
-2.8
2.3
1.4
6.8
9.1
9.9
--
Balanced
10/01/03
7.2

15.7
2.9
3.4
--
--
--
--
4.7              
Blended Index**(h)
5.9

11.4
0.5
3.6
--
--
--
--
5.0
Short-Intermediate Income
12/23/88
0.0
4.7
5.9
5.6
5.1
5.4
5.9
--
6.2
Barclays Intermediate Credit**(i)
-1.4
 
5.9
5.4
5.5
5.5
5.7
6.4
--
6.8
Nebraska Tax-Free Income*
10/01/85
-1.7
 
2.3
3.5
3.5
3.9
4.4
4.9
5.3
5.4
Barclays 5-Year Muni. Bond**(j)
-1.6
 
3.4
5.5
5.0
4.8
4.9
5.5
--
--
These performance numbers reflect the deduction of each Fund's annual operating expenses. Annual operating expenses for the Value, Partners Value, Partners III Opportunity, Hickory, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.25%, 1.26%, 1.80%, 1.33%, 1.19%, 0.71% and 0.78%, respectively, of each Fund's net assets. The returns assume redemption at the end of each period and reinvestment of dividends.  
This information represents past performance and past performance does not guarantee future results. The investment return and the principal value of an investment in any of the 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. Performance data current to the most recent month end may be obtained at
www.weitzfunds.com/funds_and_performance/fund_performance.fs.
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 index.
(b) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
(c) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
(d) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
(e) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 index.
(f) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
(g) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(h) The Blended Index is a blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(i) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(j) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
N/A Indicates information is not available.
As of September 30, 2010
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
8.9%

12.9%
-8.3%
-1.5%
1.8%
8.7%
10.6%
--%
9.9%
Russell 1000**(a)
11.6

10.8
-6.8
0.9
-0.2
6.6
N/A
N/A
N/A
Russell 1000 Value**(b)
10.1

8.9
-9.4
-0.5
2.6
7.4
N/A
N/A
N/A
Partners Value*
6/01/83
8.6

16.6
-4.3
1.6
2.9
9.7
11.8
11.4
12.3
Partners III Opportunity*
6/01/83
9.5
22.0
1.0
3.9
8.0
11.8
13.1
12.6
13.0
Russell 3000**(c)
11.5

11.0
-6.6
0.9
0.1
6.6
N/A
N/A
N/A
Russell 3000 Value**(d)
10.1

9.2
-9.0
-0.4
3.0
7.4
N/A
N/A
N/A
Hickory
4/01/93
10.7

25.4
-3.0
1.6
2.7
9.0
--
--
9.7
Russell 2500**(e)
12.2

15.9
-3.6
2.4
5.1
8.5
--
--
N/A
Russell 2500 Value**(f)
11.4
 
14.7
-4.0
1.4
8.0
9.8
--
--
N/A
S&P 500**(g)
11.3

10.2
-7.1
0.6
-0.4
6.4
9.0
10.2
--
Balanced
10/01/03
7.2

15.7
2.9
3.4
--
--
--
--
4.7              
Blended Index**(h)
5.2

10.4
-0.8
2.4
--
--
--
--
3.8
Short-Intermediate Income
12/23/88
1.5
5.4
6.7
5.7
5.5
5.6
6.0
--
6.3
Barclays Intermediate Credit**(i)
2.8
 
7.8
6.9
5.9
6.1
6.1
6.7
--
7.0
Nebraska Tax-Free Income*
10/01/85
1.9
 
3.7
4.6
4.0
4.6
4.7
5.1
-- 
5.5
Barclays 5-Year Muni. Bond**(j)
2.5
 
5.6
6.7
5.4
5.3
5.1
5.8
--
--
These performance numbers reflect the deduction of each Fund's annual operating expenses. Annual operating expenses for the Value, Partners Value, Partners III Opportunity, Hickory, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.25%, 1.26%, 1.80%, 1.33%, 1.19%, 0.71% and 0.78%, respectively, of each Fund's net assets. The returns assume redemption at the end of each period and reinvestment of dividends.  
This information represents past performance and past performance does not guarantee future results. The investment return and the principal value of an investment in any of the 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. Performance data current to the most recent month end may be obtained at
www.weitzfunds.com/funds_and_performance/fund_performance.fs.
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 index.
(b) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
(c) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
(d) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
(e) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 index.
(f) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
(g) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(h) The Blended Index is a blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(i) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(j) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
N/A Indicates information is not available.
As of June 30, 2010
Total Returns
Average Annual Total Returns
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
-8.9%

20.9%
-13.2%
-3.8%
1.9%
8.8%
9.6%
--%
9.6%
Russell 1000**(a)
-11.4

15.2
-9.5
-0.6
-1.2
6.5
N/A
N/A
N/A
Russell 1000 Value**(b)
-11.2

16.9
-12.3
-1.6
2.4
7.3
N/A
N/A
N/A
Partners Value*
6/01/83
-6.1

24.8
-9.2
-0.8
3.1
9.9
10.7
11.1
12.0
Partners III Opportunity*
6/01/83
-6.1
30.7
-5.1
0.9
8.2
12.0
12.2
12.3
12.8
Russell 3000**(c)
-11.3

15.7
-9.5
-0.5
-0.9
6.4
N/A
N/A
N/A
Russell 3000 Value**(d)
-11.1

17.6
-12.1
-1.6
2.7
7.4
N/A
N/A
N/A
Hickory
4/01/93
-4.0

33.1
-9.6
-1.2
1.6
9.4
--
--
9.2
Russell 2500**(e)
-10.0

24.0
-8.0
1.0
4.2
8.3
--
--
N/A
Russell 2500 Value**(f)
-10.2
 
26.5
-9.3
-0.1
7.6
9.5
--
--
N/A
S&P 500**(g)
-11.4

14.4
-9.8
-0.8
-1.6
6.2
7.7
9.5
--
Balanced
10/01/03
-4.2

16.9
-3.9
1.0
--
--
--
--
3.2           
Blended Index**(h)
-5.7

12.0
-3.1
1.6
--
--
--
--
3.4
Short-Intermediate Income
12/23/88
1.4
7.6
6.9
5.3
5.6
5.6
6.1
--
6.3
Barclays Intermediate Credit**(i)
3.0
 
8.3
7.0
5.3
6.1
6.0
6.7
--
6.9
Nebraska Tax-Free Income*
10/01/85
1.5
 
5.5
4.5
3.6
4.6
4.7
5.1
-- 
5.5
Barclays 5-Year Muni. Bond**(j)
1.7
 
6.9
6.8
4.9
5.2
5.1
5.7
--
--
These performance numbers reflect the deduction of each Fund's annual operating expenses. The current annual operating expenses for the Value, Partners Value, Partners III, Hickory, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.25%, 1.26%, 1.80%, 1.33%, 1.19%, 0.71% and 0.78%, respectively, of each Fund's net assets.  
This information represents past performance and past performance does not guarantee future results. The investment return and the principal value of an investment in any of the 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. Performance data current to the most recent month end may be obtained at
www.weitzfunds.com/funds_and_performance/fund_performance.fs.
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The Russell 1000 is an unmanaged index of large capitalization common stocks. It consists of the 1,000 largest companies in the Russell 3000 index.
(b) The Russell 1000 Value is an unmanaged index of large capitalization common stocks. It consists of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
(c) The Russell 3000 is an unmanaged index of the 3,000 largest U.S. companies based on market capitalization.
(d) The Russell 3000 Value is an unmanaged index of the largest capitalization common stocks. It consists of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.
(e) The Russell 2500 is an unmanaged index of small to mid-capitalization common stocks. It consists of the 2,500 smallest companies in the Russell 3000 index.
(f) The Russell 2500 Value is an unmanaged index of small to mid-capitalization common stocks. It consists of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.
(g) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(h) The Blended Index is a blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(i) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(j) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
N/A Indicates information is not available.
As of March 31, 2010
Total Returns#
Average Annual Total Returns#
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
10.2%

55.1%
-9.1%
-1.6%
3.1%
10.3%
10.4%
N/A 
%
10.2%
Partners Value*
6/01/83
12.9

55.1
-5.8
0.9
3.9
11.1
11.3
11.7
12.4
Hickory
4/01/93
16.0
61.1
-6.8
0.6
1.4
10.6
N/A 


N/A 
 
9.6
Partners III* 
6/01/83
16.0

62.1
-1.7
3.2
9.8
13.3
12.8
12.7
13.2
S&P 500**(a)
5.4

49.7
-4.2
1.9
-0.7
7.7
8.6
10.4
N/A
Russell 2000**(b)
8.9
 
62.8
-4.0
3.4
3.7
8.0
N/A 
N/A 
N/A
Nasdaq Composite**(c)
5.9

58.3
0.6
4.6
-5.6
8.0
8.9
9.0
N/A 
Balanced
10/01/03
7.0

39.0
-1.6
2.5
N/A
N/A
N/A
N/A
4.0           
Blended Index**(d)
3.8

32.6
-0.1
3.2
N/A
N/A
N/A
N/A
4.5
Short-Intermediate Income
12/23/88
1.8
10.5
6.5
5.3
5.7
5.9
6.1
N/A
6.3
Barclays Intermediate Credit**(e)
1.5
 
6.9
5.9
5.2
5.9
6.1
6.7
N/A
6.9
Nebraska Tax-Free Income*
10/01/85
0.7
 
5.1
3.9
3.7
4.6
4.7
5.1
N/A
5.5
Barclays 5-Year Muni. Bond**(f)
0.8
 
5.9
6.0
4.9
5.2
5.2
5.7
N/A
N/A
These performance numbers reflect the deduction of each Fund's annual operating expenses. The current annual operating expenses for the Value, Partners Value, Hickory, Partners III, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.22%, 1.21%, 1.31%, 1.82%, 1.18%, 0.72% and 0.79%, respectively, of each Fund's net assets. The returns assume redemption at the end of each period and reinvestment of dividends. This information represents past performance and past performance does not guarantee future results. The investment return and the principal value of an investment in any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzfunds.com/funds_and_performance/fund_performance.fs.
# All performance numbers assume reinvestment of dividends (except for the 20 and 25 year NASDAQ numbers for which reinvestment of dividend information was not available).
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Research Fund is measured from April 1, 2005, the inception of Weitz Research Fund, L.P. ("Research L.P."). Performance of the Nebraska Tax-Free Income Fund is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). On the last business day of December 1993, 2005, 2006 and 2010, the Partners Value, Partners III Opportunity, Nebraska Tax-Free Income and Research Funds (the "Funds") succeeded to substantially all of the assets of Partners II, Partners III, Income Partners and Research L.P. (the "Partnerships"), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment or other restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Partnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(b) The Russell 2000 is an unmanaged index of small capitalization common stocks. It consists of the 2,000 smallest companies in the Russell 3000 index, which consists of the 3,000 largest U.S. companies based on market capitalization.
(c) The NASDAQ Composite is an unmanaged market capitalization price only index that tracks the performance of domestic common stocks traded on the regular NASDAQ market as well as foreign common stocks and ADRs traded on the National Market System.
(d) A blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(e) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(f) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
As of December 31, 2009
Total Returns#
Average Annual Total Returns#
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
3.3%

27.6%
-12.1%
-4.3%
1.8%
10.1%
9.6%
N/A 
%
9.8%
Partners Value*
6/01/83
1.3

31.3
-9.4
-2.3
2.5
10.8
10.4
11.8
12.0
Hickory
4/01/93
1.7
36.5
-11.5
-3.2
-1.5
9.9
N/A 


N/A 
 
8.8
Partners III* 
6/01/83
2.2

42.0
-6.7
-0.6
7.2
12.7
11.8
12.7
12.7
S&P 500**(a)
6.0

26.5
-5.6
0.4
-0.9
8.0
8.2
10.5
N/A
Russell 2000**(b)
3.9
 
27.2
-6.1
0.5
3.5
7.7
N/A 
N/A 
N/A
Nasdaq Composite**(c)
7.2

45.4
-1.2
1.7
-5.1
7.6
8.4
9.3
N/A 
Balanced
10/01/03
2.4

28.8
-3.7
0.8
N/A
N/A
N/A
N/A
3.0           
Blended Index**(d)
3.7

18.0
-1.0
2.1
N/A
N/A
N/A
N/A
4.0
Short-Intermediate Income
12/23/88
0.7
10.8
6.4
4.9
5.6
6.1
6.1
N/A
6.3
Barclays Intermediate Credit**(e)
0.3
 
5.2
5.9
4.7
5.9
6.3
6.6
N/A
6.9
Nebraska Tax-Free Income*
10/01/85
-0.4
 
7.2
4.0
3.5
4.7
5.0
5.1
N/A
5.5
Barclays 5-Year Muni. Bond**(f)
0.5
 
7.4
6.1
4.5
5.2
5.4
5.7
N/A
N/A
<These performance numbers reflect the deduction of each Fund's annual operating expenses. The current annual operating expenses for the Value, Partners Value, Hickory, Partners III, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.22%, 1.21%, 1.31%, 1.82%, 1.18%, 0.72% and 0.79%, respectively, of each Fund's net assets. The returns assume redemption at the end of each period and reinvestment of dividends. This information represents past performance and past performance does not guarantee future results. The investment return and the principal value of an investment in any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzfunds.com/funds_and_performance/fund_performance.fs.
# All performance numbers assume reinvestment of dividends (except for the 20 and 25 year NASDAQ numbers for which reinvestment of dividend information was not available).
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Nebraska Tax-Free Income Fund (together with Partners Value and Partners III Opportunity Funds, the "Funds") is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). As of December 31, 1993, the Partners Value Fund succeeded to substantially all of the assets of Partners II; as of December 30, 2005, the Partners III Opportunity Fund succeeded to substantially all of the assets of Partners III; and as of December 29, 2006, Nebraska Tax-Free Income Fund succeeded to substantially all of the assets of Income Partners (together with Partners II and Partners III, the "Partnerships"). The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment restrictions imposed by the 1940 Act. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Parnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(b) The Russell 2000 is an unmanaged index of small capitalization common stocks. It consists of the 2,000 smallest companies in the Russell 3000 index, which consists of the 3,000 largest U.S. companies based on market capitalization.
(c) The NASDAQ Composite is an unmanaged market capitalization price only index that tracks the performance of domestic common stocks traded on the regular NASDAQ market as well as foreign common stocks and ADRs traded on the National Market System.
(d) A blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(e) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(f) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
As of September 30, 2009
Total Returns#
Average Annual Total Returns#
Fund Name
Inception Date
3 Mos.
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
25 Year
Since
Inception
Value
5/09/86
16.6%

-7.0%
-10.1%
-3.3%
2.1%
9.5%
9.5%
N/A 
%
9.8%
Partners Value*
6/01/83
16.2

1.5
-6.8
-0.9
2.9
10.4
10.3
11.9
12.1
Hickory
4/01/93
17.4
-2.4
-8.8
-1.7
-0.3
9.1
N/A 


N/A 
 
8.8
Partners III* 
6/01/83
17.4

9.6
-4.2
0.5
6.8
12.0
11.6
12.6
12.7
S&P 500**(a)
15.6

-6.9
-5.4
1.0
-0.2
7.6
8.0
10.3
N/A
Russell 2000**(b)
19.3
 
-9.6
-4.6
2.4
4.9
7.3
N/A 
N/A 
N/A
Nasdaq Composite**(c)
15.9

2.5
-1.2
3.1
-2.0
7.0
7.8
8.9
N/A 
Balanced
10/01/03
11.4

6.1
-2.2
1.6
N/A
N/A
N/A
N/A
2.8           
Blended Index**(d)
10.7

-0.1
-0.8
2.5
N/A
N/A
N/A
N/A
3.6
Short-Intermediate Income
12/23/88
3.6
12.0
6.5
4.9
5.5
6.0
6.0
N/A
6.3
Barclays Intermediate Credit**(e)
3.3
 
10.1
6.2
4.7
5.9
6.3
6.8
N/A
6.9
Nebraska Tax-Free Income*
10/01/85
3.6
 
10.0
4.3
3.7
4.6
4.9
5.3
N/A
5.6
Barclays 5-Year Muni. Bond**(f)
3.7
 
11.0
6.1
4.6
5.2
5.3
5.9
N/A
N/A
These performance numbers reflect the deduction of each Fund's annual operating expenses. The current annual operating expenses for the Value, Partners Value, Hickory, Partners III, Balanced, Short-Intermediate Income and Nebraska Tax-Free Income Funds, as stated in the most recent Prospectus are 1.22%, 1.21%, 1.31%, 1.82%, 1.18%, 0.72% and 0.79%, respectively, of each Fund's net assets. The returns assume redemption at the end of each period and reinvestment of dividends. This information represents past performance and past performance does not guarantee future results. The investment return and the principal value of an investment in any of the 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. Performance data current to the most recent month end may be obtained at : www.weitzfunds.com/funds_and_performance/fund_performance.fs.
# All performance numbers assume reinvestment of dividends (except for the 20 and 25 year NASDAQ numbers for which reinvestment of dividend information was not available).
* Performance of the Partners Value and Partners III Opportunity Funds is measured from June 1, 1983, the inception of Weitz Partners II Limited Partnership ("Partners II") and Weitz Partners III Limited Partnership ("Partners III"), respectively. Performance of the Nebraska Tax-Free Income Fund (together with Partners Value and Partners III Opportunity Funds, the "Funds") is measured from October 1, 1985, the inception of Weitz Income Partners Limited Partnership ("Income Partners"). As of December 31, 1993, the Partners Value Fund succeeded to substantially all of the assets of Partners II; as of December 30, 2005, the Partners III Opportunity Fund succeeded to substantially all of the assets of Partners III; and as of December 29, 2006, Nebraska Tax-Free Income Fund succeeded to substantially all of the assets of Income Partners (together with Partners II and Partners III, the "Partnerships"). The investment objectives, policies and restrictions of the Funds are materially equivalent to those of the respective Partnerships and the Partnerships were managed at all times with full investment authority by Wallace R. Weitz & Company. The performance information includes performance for the period before the Funds became investment companies registered with the Securities and Exchange Commission. During these periods, none of the Partnerships were registered under the Investment Company Act of 1940 and therefore were not subject to certain investment restrictions imposed by the 1940 Act. If any of the Partnerships had been registered under the 1940 Act during these periods, the respective Parnerships' performance might have been adversely affected.
** Index performance is hypothetical and is shown for illustrative purposes only.
(a) The S&P 500 is an unmanaged index consisting of 500 companies generally representative of the market for the stocks of large-size U.S. companies.
(b) The Russell 2000 is an unmanaged index of small capitalization common stocks. It consists of the 2,000 smallest companies in the Russell 3000 index, which consists of the 3,000 largest U.S. companies based on market capitalization.
(c) The NASDAQ Composite is an unmanaged market capitalization price only index that tracks the performance of domestic common stocks traded on the regular NASDAQ market as well as foreign common stocks and ADRs traded on the National Market System.
(d) A blend of 60% S&P 500 and 40% Barclays Capital Intermediate U.S. Government/Credit Index.
(e) Barclays Capital Intermediate U.S. Government/Credit Index is a total return performance benchmark consisting of government securities and publicly issued corporate debt with maturities from one to ten years and rated at least BBB by Standard & Poor's or Baa by Moody's Investor Service.
(f) Barclays Capital 5-Year Municipal Bond Index is an unmanaged index of long-term, fixed-rate, investment-grade, tax-exempt bonds representative of the municipal bond market.
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