Past performance is no guarantee of future results.
U.S. News & World Report evaluated 525 short-term bond funds and ranked these funds based on the ratings of leading fund industry researchers. During the ranking, Weitz Investment Management, Inc., the investment advisor to Short Duration Income Fund, did waive fees and expenses and this waiver may have had a material effect on the ranking listed above. Investors should consider carefully the investment objectives, risks, and charges and expenses of the Weitz Short Duration Income Fund (the "Fund") before investing. 
The Fund's Prospectus contains this and other information about the Fund and should be read carefully before investing.  The Prospectus is available from Weitz Investment Management, Inc., 1125 South 103rd Street, Suite 200, Omaha NE 68124-1071, weitzinvestments.com, 800-304-9745 or 402-391-1980.   Weitz Securities, Inc. is the distributor of the Weitz Funds.

Weitz Short Duration Income Fund-Institutional Class (WEFIX) average annual total returns for the one, five, and ten-year periods ended March 31, 2017 were 2.38%, 1.86% and 3.50%.  These returns assume reinvestment of dividends and redemption at the end of each period, and reflect the deduction of annual operating expenses, which as stated in the most recent Prospectus are 0.63% (gross).  The investment adviser has agreed in writing to limit WEFIX's total annual operating expenses (excluding brokerage costs, interest, taxes and dividend expenses, acquired fund fees and expenses and extraordinary expenses) to 0.48% of average daily net assets through July 31, 2018.  Fund returns include fee waivers and expense reimbursements; total returns would have been lower had there been no waiver/reimbursement by the investment advisor. The investment return and the principal value of an investment in the Fund 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 is available at /funds_and_performance/fund_performance.fs.

The Fund's primary index is the Bloomberg Barclays 1-3 Year U.S. Aggregate Index, whose average annual total returns for the one, five and ten-year periods ended March 31, 2017 were 0.74%, 0.95% and 2.42%.  The materials above also reference the Bloomberg Barclays US Aggregate Bond TR USD Index, whose average annual total returns for the one, five and ten-year periods ended March 31, 2017 were 0.44%, 2.33% and 4.27%.

As of March 31, 2017, the fund held 217 different holdings. Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk.  The materials above reference that as of December 31, 2010, roughly 70% of the Fund's bond investments were in securities rated A or higher.  As of March 31, 2017, 61.6% of the Fund's portfolio was invested in such securities, but note that this calculation includes securities issued by Fannie Mae and Freddie Mac, and such securities are generally not rated by ratings agencies, but Fannie Mae's and Freddie Mac's senior long-term debt are currently rated Aaa and AAA by Moody's and Fitch, respectively.  All ratings and portfolio credit quality may change over time.  The Fund itself has not been rated by an independent rating agency.

The materials reference the Fund's trailing five- and ten-year returns and the Fund being in the top 10% of its Morningstar category.  © 2017 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Percentile ranking was in the top 10% of 444 Short-Term Bond Funds for the 10-year period, as of April 30, 2017.
Weitz Funds, Weitz Investment Management, Inc. and Weitz Securities, Inc. disclaim any liability for information contained in this article and are not affiliated with U.S. News & World Report.