Core Plus Income Fund (WCPBX)

Fund Facts

Ticker

WCPBX
CUSIP

94904P831
Fund
Inception
07/31/2014
Class
Inception
07/31/2014
Fund
Assets
$996 Million
as of 09/30/2023
Dividend
Frequency
Declared Daily/ Paid Monthly
Portfolio
Manager(s)
Tom Carney, CFA
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Tom Carney, CFA

Vice President
Co-Head of Fixed Income
Portfolio Manager

Core Plus Income Fund (Since July 2014)
Nebraska Tax-Free Income Fund (Since January 1996)
Short Duration Income Fund (Since January 1996)
Ultra Short Government Fund (Since January 1996)

Investment industry experience since 1982

Tom joined Weitz Investment Management in 1995 as an equity trader. He was promoted to co-portfolio manager in 1996 and to portfolio manager in 1999. Prior to joining the firm, Tom held several positions at Chiles, Heider & Co., Inc. Previously, he was a municipal securities professional with Smith Barney. Tom has a bachelor's in finance from the University of Nebraska Omaha.

Nolan Anderson
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Nolan Anderson

Vice President
Co-Head of Fixed Income
Portfolio Manager

Core Plus Income Fund (Since July 2014)
Short Duration Income Fund (Since July 2017)
Ultra Short Government Fund (Since December 2016)
Conservative Allocation Fund (Since July 2021)

Investment industry experience since 2004

Nolan joined Weitz Investment Management in 2011 as a fixed income research analyst. In 2014, he was promoted to portfolio manager. Prior to joining the firm, Nolan performed financial modeling and due diligence on leveraged buyout transactions for Wells Fargo Bank. Previously, he worked for Woodmen of the World Life Insurance Society. Nolan has a bachelor's in real estate and land use economics, and an MBA from the University of Nebraska Omaha.

Investment Approach

The primary investment objectives of the Core Plus Income Fund are current income and capital preservation. A secondary investment objective is long-term capital appreciation.

Strategy and Process

Flexible, high-conviction portfolio

Fixed Income markets are inefficient and, at times, illiquid.

We build a flexible, concentrated, multi-sector portfolio that is conscious of asset capacity.

Bottom-up driven, top-down aware

Human behavior and market sentiment are more volatile than the intrinsic value of a business.

With consideration to economic and fixed income market drivers, we build the portfolio using a bottom-up, research-driven approach.

Emphasis on downside risk management

Credit investing is asymmetric in nature, and attempting to forecast interest rates is speculative.

The credit quality allocation of the fund may vary over time, but our core philosophy remains focused on managing downside risks.

We seek to avoid investments that rely solely on making a correct interest rate forecast.

Overview Disclosures & Footnotes

Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their
original cost.

Month-end Quarter-end

Returns
as of 10/31/2023

	Cumulative Returns		Average Annual Total Returns
	YTD	1 MO	1 YR	3 YR	5 YR	7 YR	Since Fund Inception 7/31/2014
Core Plus Income Fund	-0.34%	-1.47%	1.94%	-2.06%	2.00%	1.69%	2.32%
Bloomberg U.S. Agg Bond Index	-2.77%	-1.58%	0.36%	-5.57%	-0.06%	-0.21%	0.67%

Growth of a $10,000 Investment Since Inception
as of 10/31/2023

Calendar Year Returns
as of 10/31/2023

Year	Core Plus Income Fund	Bloomberg U.S. Agg Bond Index	Relative Results
2022	-9.84%	-13.01%	3.17%
2021	1.68%	-1.54%	3.22%
2020	10.32%	7.51%	2.81%
2019	7.58%	8.72%	-1.14%
2018	1.68%	0.01%	1.67%
2017	3.03%	3.54%	-0.51%
2016	7.32%	2.65%	4.67%
2015	0.21%	0.55%	-0.34%
2014 (07/31/2014)	1.17%	2.22%	-1.05%

Swipe/scroll vertically for full history

Since Inception Returns
as of 10/31/2023

Since Fund Inception (7/31/2014)	Core Plus Income Fund	Bloomberg U.S. Agg Bond Index	Relative Results
Cumulative Return	23.59%	6.34%	17.25%
Average Annual Return	2.32%	0.67%	1.65%

Yields
as of 10/31/2023

Dividend Yield	5.66%
30-Day SEC Yield (Subsidized)	5.93%
30-Day SEC Yield (Unubsidized)	5.80%

Morningstar Ratings™
as of 10/31/2023

Rating / Number of funds in the category
Category: Intermediate Core-Plus Bond
3 YR	5 YR	Overall Rating
out of 567	out of 532	out of 567

Morningstar Ratings are based on risk–adjusted returns.

Morningstar Rankings™
as of 10/31/2023

Ranking / Number of funds in the category / Percentile Ranking
Category: Intermediate Core-Plus Bond
1 YR	3 YR	5 YR
77 / 629 17	8 / 567 2	4 / 532 2

Morningstar Rankings are based on total returns.

Fees & Expenses
as of most recent prospectus dated 07/31/2023

Gross Expense Ratio	0.59%
Net Expense Ratio	0.45%
Contractual Expiration Date	7/31/2024
Distribution and/or service fee (12b-1) Fees	None
Sales Charge	None
Redemption Fee	None

Volatility Measures
as of 09/30/2023

Versus Bloomberg U.S. Agg Bond Index	3 Year
R-Squared	92.83
Beta	0.75
Alpha	2.34
Upside Capture Ratio	92.39
Downside Capture Ratio	63.21
Standard Deviation	4.86
Sharpe Ratio	-0.72

Performance Disclosures & Footnotes

Investment results reflect applicable fees and expenses and assume all distributions are reinvested but do not reflect the deduction of taxes an investor would pay on distributions or share redemptions. The Fund has entered into fee waiver and/or expense reimbursement arrangements with the Investment Advisor by which the Advisor has contractually agreed to waive a portion of the Advisor's fee 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 of the Fund's average daily net assets through the Contractual Expiration Date. If the arrangement had not been in place, the performance results would have been lower.

The Gross Expense Ratio reflects the total annual operating expenses of the fund before any fee waivers or reimbursements. The Net Expense Ratio reflects the total annual operating expenses of the Fund after taking into account any such fee waiver and/or expense reimbursement. The net expense ratio represents what investors are ultimately charged to be invested in a mutual fund.

Dividend Yield is the measurement of cash flow paid by a fund over a year. This rate does not represent the total return of a fund. Distributions may include income, short-term capital gains and long-term capital gains. The dividend yield is calculated by dividing the sum of all distributions paid by the fund over the trailing 12 months by the fund's NAV as of the date of the period presented. This calculation is based on distributions made in the past and is therefore not reflective of the fund's current portfolio.

30-Day SEC Yield represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without such fee waivers and/or expense reimbursements, if any; yields would have been lower. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index. Click here to view the Index Definitions.

For more detail on Volatility Measures click here to view the Glossary of Terms.

© 2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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.

Morningstar percentile rank is a standardized way of ranking items within a peer group, in this case, funds with the same Morningstar category. The observation with the largest numerical value is ranked one; the observation with the smallest numerical value is ranked 100. The remaining observations are placed equal distance from one another on the rating scale.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Portfolio

Asset Allocation
% of Net Assets as of 09/30/2023

FIXED INCOME BREAKDOWN
% of Net Assets as of 09/30/2023

	Fund	Bloomberg U.S. Agg Bond Index
U.S. Treasury / Government /Government Related	38.6	45.7
Asset-Backed Securities	26.7	0.5
Corporate Bonds	14.3	24.6
Mortgage-Backed Securities	13.0	26.7
Commercial Mortgage-Backed Securities	5.9	1.7
Corporate Convertible Bonds	0.1	0.0
Municipal Bonds	0.1	0.8

Credit Quality
% of Portfolio as of 09/30/2023

	Fund	Bloomberg U.S. Agg Bond Index
U.S. Treasury	39.0	41.4
U.S. Government Agency MBS	9.8	25.9
AAA	8.9	3.5
AA	10.3	3.6
A	12.6	11.4
BBB	15.6	12.2
BB	2.1	0.5
B	1.4	0.0
CCC	0.1	0.0
Not Rated	0.4	1.6
Cash Equivalents/Other	-0.1	0.0

Characteristics
as of 09/30/2023

	Fund	Bloomberg U.S. Agg Bond Index
Avg. Effective Maturity (yrs)	9.4	8.4
Avg. Effective Duration (yrs)	5.7	6.1
Yield to Maturity (%)	6.4	5.4
Yield to Worst (%)	6.4	5.4
Average Coupon (%)	4.9	3.0
No. of Fixed Income Issuers	206	13,358
Annual Turnover (%)	14	—

Maturity Distribution
% of Portfolio as of 09/30/2023

Cash Equivalents	-0.1
Less than 1 Year	11.4
1 - 3 Years	11.0
3 - 5 Years	11.1
5 - 7 Years	8.1
7 - 10 Years	24.4
10 Years or more	34.0

Duration Distribution
% of Portfolio as of 09/30/2023

0 - 1 Years	25.3
1 - 3 Years	11.5
3 - 5 Years	18.3
5 - 7 Years	15.3
7 - 10 Years	5.7
10 Years or more	23.9

Five Largest Corporate Bond Issuers
% of Net Assets as of 09/30/2023

EPR Properties	0.8
Concentrix Corp.	0.7
Owl Rock Core Income Corp.	0.7
Bath & Body Works, Inc.	0.6
Essential Properties LP	0.6

View Full Portfolio Holdings as of 09/30/2023 (PDF)
Download Portfolio Holdings as of 09/30/2023 (CSV)

Portfolio Disclosures & Footnotes

Holdings are subject to change and may not be representative of the Fund's current or future investments. Totals may not add up to 100% due to rounding.

Credit ratings are assigned to underlying securities utilizing ratings from a Nationally Recognized Statistical Rating Organization (NRSRO) such as Moody's and Fitch, or other rating agencies and applying the following hierarchy: security is determined to be Investment Grade if it has been rated at least BBB- by one credit rating agency; once determined to be Investment Grade (BBB- and above) or Non-Investment Grade (BB+ and below) where multiple ratings are available, then the lowest rating is assigned. Mortgage-related securities issued and guaranteed by government-sponsored agencies such as Fannie Mae and Freddie Mac are generally not rated by rating agencies. Securities that are not rated do not necessarily indicate low quality. Ratings are shown in the Fitch scale (e.g., AAA). Ratings and portfolio credit quality may change over time. The Fund itself has not been rated by a credit rating agency.

For more detail view the Glossary of Terms.

Distributions

RECORD DATE	EX & PAY DATE	Income	Capital Gain Short-Term	Capital Gain Long-Term	Total Distribution	Reinvestment NAV
10/31/23	11/01/23	0.0413	n/a	n/a	0.0413	9.14
09/29/23	10/02/23	0.0419	n/a	n/a	0.0419	9.32
08/31/23	09/01/23	0.0420	n/a	n/a	0.0420	9.56
07/31/23	08/01/23	0.0390	n/a	n/a	0.0390	9.63
06/30/23	07/03/23	0.0428	n/a	n/a	0.0428	9.67
05/31/23	06/01/23	0.0413	n/a	n/a	0.0413	9.69
04/28/23	05/01/23	0.0366	n/a	n/a	0.0366	9.80
03/31/23	04/03/23	0.0428	n/a	n/a	0.0428	9.76
02/28/23	03/01/23	0.0352	n/a	n/a	0.0352	9.63
01/31/23	02/01/23	0.0357	n/a	n/a	0.0357	9.81
12/13/22	12/14/22	0.1074	n/a	0.0109	0.1183	9.74
09/13/22	09/14/22	0.0791	n/a	n/a	0.0791	9.77
06/14/22	06/15/22	0.0606	n/a	n/a	0.0606	9.83
03/15/22	03/16/22	0.0421	n/a	n/a	0.0421	10.49
12/14/21	12/15/21	0.0603	0.0164	0.0147	0.0915	10.93
09/14/21	09/15/21	0.0533	n/a	n/a	0.0533	11.11
06/15/21	06/16/21	0.0598	n/a	n/a	0.0598	10.99
03/15/21	03/16/21	0.0790	n/a	n/a	0.0790	10.87
12/15/20	12/16/20	0.1050	0.0470	0.0050	0.1570	10.99
09/15/20	09/16/20	0.0980	n/a	n/a	0.0980	10.94
06/16/20	06/17/20	0.1000	0.0584	0.0841	0.2425	10.77
03/17/20	03/18/20	0.0740	n/a	n/a	0.0740	10.00
12/16/19	12/17/19	0.0760	0.0108	0.0128	0.0996	10.54
09/16/19	09/17/19	0.0840	n/a	n/a	0.0840	10.57
06/17/19	06/18/19	0.0780	n/a	n/a	0.0780	10.45
03/18/19	03/19/19	0.0680	n/a	n/a	0.0680	10.21
12/26/18	12/27/18	0.0730	n/a	n/a	0.0730	10.07
09/25/18	09/26/18	0.0670	n/a	n/a	0.0670	10.02
06/26/18	06/27/18	0.0750	n/a	n/a	0.0750	10.08
03/27/18	03/28/18	0.0630	n/a	n/a	0.0630	10.08
12/26/17	12/27/17	0.0680	0.0023	0.0016	0.0719	10.22
09/26/17	09/27/17	0.0600	n/a	n/a	0.0600	10.28
06/27/17	06/28/17	0.0520	0.0027	0.0242	0.0789	10.29
03/28/17	03/29/17	0.0560	n/a	n/a	0.0560	10.23
12/27/16	12/28/16	0.0590	0.1001	0.0321	0.1912	10.15
09/27/16	09/28/16	0.0690	0.000000	0.000000	0.0690	10.52
06/27/16	06/28/16	0.0690	n/a	n/a	0.0690	10.46
03/28/16	03/29/16	0.0700	n/a	n/a	0.0700	10.12
12/28/15	12/29/15	0.0680	0.0106	0.0027	0.0813	9.86
09/25/15	09/28/15	0.0560	n/a	n/a	0.0560	10.09
06/25/15	06/26/15	0.0440	0.0036	n/a	0.0476	10.09
03/26/15	03/27/15	0.0280	n/a	n/a	0.0280	10.19
12/26/14	12/29/14	0.0670	n/a	n/a	0.0670	10.04

Distributions Disclosures & Footnotes

Throughout the year, dividend and capital gains distributions are declared and paid for selected Weitz funds. Definitions:

Record Date: The date used to determine which shareholders are eligible to receive the distribution. Shareholders who purchase fund shares on or before the record date will receive distribution.

Ex-Date: The date when the distribution amount per share is deducted from the funds NAV. Shareholders who purchase fund shares on ex-dividend date are not eligible to receive the distribution.

Pay Date: The date when shareholders are paid their distribution, either in cash or by reinvestment in additional fund shares.

Capital Gain - Short-Term: Capital gains realized from the disposition of investments held for less than one year.

Capital Gains - Long-Term: Capital gains realized from the disposition of investments held for more than one year.

Total Distribution: Ordinary income, generally consisting of dividends, interest, and other earned on the funds investments, less fund expenses.

Reinvestment NAV: The share price at which shareholders reinvest dividends and/or capital gains.

Literature

Fact Sheet (09/23)	Commentary (09/23)	Summary Prospectus (07/23)

Prospectus (07/23)	SAI (07/23)	Annual Report* (03/23)	Portfolio Holdings (06/23)	Semi-Annual Report* (09/23)	Portfolio Holdings (12/22)

Literature Disclosures & Footnotes

*XBRL: The SEC has adopted rules requiring mutual fund companies to provide certain Fund risk and return information in XBRL format. XBRL is short for eXtensible Business Reporting Language, a computer language created to facilitate the electronic communication of financial information. The XBRL file linked below is not the Funds' complete Prospectus. An XBRL viewer is required to view this type of file. Please visit http://xbrl.sec.gov/ for more information.