Fund Performance

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Performance as of January 31, 2017

Fund Name
Annualized
1 Year
Month
Since
Inception(1)
10 Year
Since
Investment
Style
Inception(1)
(where applicable)
5 Year
3 Year
Value Fund - Investor Class (2)
10.15%
3.49%
8.27%
9.93%
4.01%
11.02%
3.88%
Value Fund- Institutional Class (2)
10.17%
3.54%
8.34%
10.04%
4.18%
11.26%
3.89%
Partners Value Fund - Investor Class (4)
11.94%
4.73%
9.76%
3.26%
16.85%
4.22%
Partners Value Fund- Institutional Class (2)(4)
11.95%
4.78%
9.87%
3.44%
17.14%
4.27%
Partners III Opportunity Fund - Investor Class (3)(5)
12.51%
5.82%
8.77%
2.59%
16.08%
4.35%
Partners III Opportunity Fund - Institutional Class (5)
12.58%
6.02%
9.15%
3.00%
16.67%
4.40%
Research Fund (6)
7.45%
6.13%
9.37%
4.81%
20.52%
4.37%
Hickory Fund 
9.87%
4.51%
9.77%
9.33%
3.65%
21.36%
3.02%
Balanced Fund 
5.28%
3.80%
6.25%
3.16%
7.79%
1.91%
Core Plus Income Fund - Investor Class (10)
3.39%
n/a
n/a
n/a
7.20%
0.39%
Core Plus Income Fund- Institutional Class (10)
3.58%
n/a
n/a
n/a
7.41%
0.39%
Short Duration Income Fund - Investor Class  (3)(9)
5.23%
3.47%
1.67%
1.39%
3.12%
0.24%
Short Duration Income Fund - Institutional Class (3)(9)
5.28%
3.60%
1.90%
1.62%
3.36%
0.24%
Ultra Short Government Fund (8)
2.44%
0.70%
0.05%
0.07%
0.19%
0.04%
Nebraska Tax-Free Income Fund (7)
4.70%
2.52%
0.85%
0.85%
-1.00%
0.30%
The returns set forth above assume redemption at the end of each period and reinvestment of dividends. These performance numbers reflect the deduction of each Fund's annual operating expenses. The returns set forth above assume redemption at the end of each period and reinvestment of dividends. These performance numbers reflect the deduction of each Fund's annual operating expenses. Annual operating expenses for each Fund, as stated in the most recent Prospectus, and expressed as a percentage of each Fund's net assets, are: Value - Institutional Class,1.08% (gross); Value - Investor Class, 1.23% (gross); Partners Value - Institutional Class, 1.07% (gross); Partners Value - Investor Class, 1.26% (gross); Partners III Opportunity - Institutional Class, 1.95%; Partners III Opportunity - Investor Class, 2.33%; Research, 1.64% (gross); Hickory, 1.24%; Balanced, 1.11%; Core Plus Income - Institutional Class, 1.38% (gross); Core Plus Income - Investor Class, 2.36% (gross);  Short Duration Income - Institutional Class, 0.63% (gross); Short Duration Income - Investor Class, 0.92% (gross); Ultra Short Government Fund - Institutional Class, 0.60% (gross) and Nebraska Tax-Free Income, 0.78%. 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 advisor. Past performance does not guarantee future results. The investment return and the principal value of an investment in these Funds will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance may be higher or lower than the performance data quoted above.  Click here for performance data current to the most recent month-end.


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

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

1. The inception dates for the Funds are:  Value Fund, May 9, 1986 (investment style inception June 30, 2008).  Partners Value Fund, June 1, 1983.  Partners III Opportunity Fund, June 1, 1983.  Research Fund, April 1, 2005.  Hickory Fund, April 1, 1983 (investment style inception June 30, 2008).  Balanced Fund, October 1, 2003.  Core Plus Income Fund, July 31, 2014.  Short Duration Income Fund, December 23, 1988. Ultra Short Government Fund, August 1,1991. Nebraska Tax-Free Income Fund, October 1, 1985. Effective June 30, 2008, Value Fund adopted its current principal investment strategy of investing the majority of its assets in large-sized companies and Hickory Fund adopted its current principal investment strategy of investing the majority of its assets in smaller-and medium-sized companies.  For each Fund, see also the related footnotes below.

2. Weitz Investment Management, Inc., the  investment adviser, has agreed in writing to limit the total annual operating expenses of the Fund’s Institutional and Investor Class shares (in each case, excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.99% and 1.30%, respectively, of the each Class's average daily net assets through July 31, 2017. Institutional Class shares first became available for sale on July 31, 2014.  For performance prior to that date, the table includes the actual performance of the Fund's Investor Class (and uses the actual expenses of the Fund's Investor Class, for such period of time), without any adjustments. For any such period of time, the performance of the Fund's Institutional Class would have been substantially similar to the performance of the Fund's Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.
  
3. 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. Effective December 16, 2016, the Short Duration Income Fund expects to manage its portfolio to have an average effective duration of between one and 3½ years.

4. As of December 31, 1993, the Fund succeeded to substantially all of the assets of Weitz Partners II Limited Partnership (the "Partnership"), which commenced operations on June 1, 1983. The investment objectives, policies, guidelines and restrictions of the Partners Value Fund are materially equivalent to those of Partners II and Partners II was managed at all times with full investment authority by Wallace R. Weitz & Company ("Weitz"). The performance information includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.

5. As of December 30, 2005, the Fund succeeded to substantially all the assets of Weitz Partners III Limited Partnership (the "Partnership"), which commenced operations on June 1, 1983. The investment objectives, policies and restrictions of the Partners III Opportunity Fund are materially equivalent to those of Partners III and Partners III was managed at all times with full investment authority by Weitz. The performance information includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.   

6. As of December 31, 2010, the Fund succeeded to substantially all the assets of Weitz Research Fund L.P. (the "Partnership"), which commenced operations on April 1, 2005. The investment objectives, policies and restrictions of the Research Fund are materially equivalent to those of the Research Partnership and the Research Partnership was managed at all times with full investment authority by Weitz. The investment advisor has agreed, in writing, to limit the total annual fund operating expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.90% of the Fund's average daily net assets through July 31, 2017. The performance information includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.

7. As of December 29, 2006, the Fund succeeded to substantially all the assets of Weitz Income Partners Limited Partnership (the "Partnership"), which commenced operations on October 1, 1985. The investment objectives, policies, guidelines and restrictions of the Nebraska Tax-Free Income Fund are materially equivalent to those of Income Partners and Income Partners was managed at all times with full investment authority by Weitz. The performance information includes performance for the period before the Fund became an investment company registered with the Securities and Exchange Commission.

8. The investment advisor has agreed in writing to limit the total annual fund operating expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.20% of the Institutional Class shares’ average daily net assets through July 31, 2018, and voluntarily limited expenses to 0.05% for the year ended March 31, 2016. Voluntary limits may be changed at any time. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future.  Prior to December 16, 2016, the Fund operated as a “government money market fund” and maintained a stable net asset value of $1.00 per share.  The Fund’s performance above for the period prior to December 16, 2016 reflects the Fund’s performance as a “government money market fund” and may not be indicative of future performance results.

9. The investment adviser has agreed in writing to waive its fees and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses for Institutional Class shares and Investor Class shares to 0.48% and 0.68%, respectively, of each Class’ average daily net assets through July 31, 2018. 

10. The investment adviser has agreed in writing to waive its fees and reimburse certain expenses (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to limit the total annual fund operating expenses for Institutional Class shares and Investor Class shares to 0.40% and 0.60%, respectively, of each Class’s average daily net assets through July 31, 2018.