August 6, 2020 Asset TV Mid-Year Outlook with Tom Carney and Nolan Anderson Tom Carney, CFA Vice President, Co-Head of Fixed Income, Portfolio Manager × x 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. Close Nolan P. Anderson Vice President, Co-Head of Fixed Income, Portfolio Manager × x Nolan P. 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. Close Tom and Nolan share their insights on recent turbulence in the fixed-income markets, how we're reflecting on challenging environments in the past to shape our decisions, and our expectations for investors going forward. For more of Tom and Nolan's thoughts on the markets, read our Q2 2020 Fixed Income Insights: The Elephant in the Marketplace. View the full video transcript here 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. Please visit weitzinvestments.com for the most recent month-end performance. As referenced herein, for the period 12/1/2008 to 12/31/2015 the Weitz Short Duration Income Fund (WEFIX) had a cumulative total return of 29.29% with an average annual return of 3.76% vs. the Bloomberg Barclays 1-3 Year U.S. Aggregate Index average annual return of 1.99% and the Morningstar Short-Term Bond Category average annual return of 3.42%. Average annual total returns for the Weitz Short Duration Income Fund Institutional Class (WEFIX) for the one-, five- and ten-year periods ended June 30, 2020, were 2.89%, 2.29%, and 2.24%, respectively. 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. Net (0.48%) and Gross (0.64%) Expense Ratios are as of the Fund›s most recent prospectus. The Fund has entered into fee waiver and/or expense reimbursement arrangements with the Investment Advisor. As such, 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 Class›s average daily net assets through 07/31/2021. Average annual total returns for the Bloomberg Barclays 1-3 Year U.S. Aggregate Index for the one-, five- and ten-year periods ended June 30, 2020, were 4.00%, 2.07%, and 1.62%, respectively. Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index. The Bloomberg Barclays 1-3 Year U.S. Aggregate is generally representative of the market for investment grade, U.S. dollar denominated, fixed-rate taxable bonds with maturities from one to three years. Average annual total returns for the Morningstar Short Term Bond Category for the one-, five- and ten-year periods ended June 30, 2020, were 3.34%, 2.18%, and 2.01%, respectively. Effective 12/16/2016, the Weitz Short Duration Income Fund revised its principal investment strategies. Since that time the Fund has generally maintained an average effective duration between one to three and a half years. Prior to that date, the Fund maintained a dollar-weighted average maturity of between two to five years. Performance prior to 12/16/2016 reflects the Fund›s prior principal investment strategies and may not be indicative of future performance results. Holdings are subject to change and may not be representative of a fund's current or future investments. 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, 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. Definitions: Investment Grade Bonds are those securities rated at least BBB-. Non-Investment Grade Bonds are those securities (commonly referred to as “high yield” or “junk” bonds) rated BB+ and below. Yield-to-worst (YTW) is the lowest potential yield that can be received on a bond portfolio without the issuers actually defaulting. The views and opinions expressed here are those of Weitz Investment Management as of 07/24/2020, are subject to change with market conditions, and are not meant as investment advice. For informational purposes only. Not an investment recommendation. Consider these risks before investing: All investments involve risks, including possible loss of principal. Market risk includes political, regulatory, economic, social and health risks (including the risks presented by the spread of infectious diseases). Changing interest rates may have sudden and unpredictable effects in the markets and on the Fund›s investments. The Fund may purchase lower-rated and unrated fixed-income securities, which involve an increased possibility that the issuers of these may not be able to make payments of interest and principal. See the Fund›s prospectus for a further discussion of risks.