July 19, 2023 Q&A Highlights Weitz's Active, Flexible Approach to Fixed Income Weitz's Tom Carney, CFA, and Nolan Anderson sit down with Bill Hortz to break down their fixed income background and how they approach bond investing with a wide net. Tom and Nolan give their take on why broad bond indexes can underrepresent opportunities in the marketplace, the value of active management and diversification, how advisors should assess fixed income allocations in client portfolios, and more. READ NOW Core Plus Income Fund - Institutional (WCPBX) Overall Morningstar Rating™ Out of 552 Intermediate Core-Plus Bond funds as of 6/30/2023 based on risk-adjusted returns Average Annual Total Returns (%) as of 6.30.2023 YTD 1 YR 3 YR 5 YR Since Inception* Core Plus Income Fund - Institutional (WCPBX) expense ratio: 0.45% (net) | 0.59% (gross) 3.58 2.06 -0.16 2.76 2.85 Bloomberg U.S. Aggregate Bond Index 2.09 -0.94 -3.97 0.77 1.24 Morningstar U.S. Intermediate Core-Plus Bond Category 2.39 -0.29 -2.98 0.91 1.35 *7.31.2014 Morningstar Ranking as of 6.30.2023 Category: Intermediate Core-Plus Bond 1 YR 3 YR 5 YR Percentile Ranking 4 2 2 Ranking / number of funds in category 19 / 621 8 / 552 7 / 518 Morningstar Rankings are based on total returns Short Duration Income Fund - Institutional (WEFIX) Overall Morningstar Rating™ Out of 525 Intermediate Core-Plus Bond funds as of 6/30/2023 based on risk-adjusted returns Average Annual Total Returns (%) as of 6.30.2023 YTD 1 YR 3 YR 5 YR 10 YR Since Inception* Short Duration Income Fund - Institutional (WEFIX) expense ratio: 0.45% (net) | 0.60% (gross) 2.63 2.98 0.87 1.91 1.76 4.61 Bloomberg U.S. Aggregate 1-3 Yr Bond Index 1.15 0.52 -0.92 1.08 0.97 N/A Morningstar U.S. Short-Term Bond Category 1.77 1.43 -0.40 1.28 1.31 3.95 *12.23.1988 Morningstar Ranking as of 6.30.2023 Category: U.S. Short-Term Bond 1 YR 3 YR 5 YR 10 YR Percentile Ranking 8 12 13 17 Ranking / number of funds in category 41 / 576 46 / 525 42 / 477 48 / 347 Morningstar Rankings are based on total returns 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. Fund expenses, as stated in the most recent Prospectus, are; Core Plus Income Fund Institutional Class: 0.59% (Gross), 0.45% (Net); and Short Duration Income Fund Institutional Class: 0.60% (Gross), 0.45% (Net). 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 and Gross Expense Ratios are as of the Fund›s most recent prospectus. Certain Funds have entered into fee waiver and/or expense reimbursement arrangements with the Investment Advisor. In these cases, 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 07/31/2024. 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 fee waiver and/or expense reimbursement. The net expense ratio represents what investors are ultimately charged to be invested in a mutual fund. Fund Expenses data is as of most recent prospectus dated 07/31/2023. Index performance is hypothetical and is shown for illustrative purposes only. You cannot invest directly in an index. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The Morningstar Intermediate Core-Plus Bond Category portfolios invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, but generally have greater flexibility than core offerings to hold non-core sectors such as corporate high yield, bank loan, emerging-markets debt, and non-U.S. currency exposures. The Bloomberg 1-3 Year U.S. Aggregate Index is generally representative of the market for investment grade, U.S. dollar denominated, fixed-rate taxable bonds with maturities from one to three years. Morningstar Short-Term Bond Category portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and have durations of one to 3.5 years (or, if duration is unavailable, average effective maturities of one to four years). All data for the Morningstar Intermediate Core-Plus Bond Category is provided by Morningstar. Holdings are subject to change and may not be representative of the Fund's current or future investments. © 2023 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. Morningstar rated the Core Plus Income Fund Institutional Class shares 5, and 5 stars, among 552 and 518 Intermediate Core-Plus Bond funds for the 3- and 5-year periods ended 6/30/2023, respectively. Morningstar rated the Short Duration Income Fund Institutional Class shares 4, 4, and 4 stars, among 525, 477, and 347U.S. Short-Term Bond funds for the 3-, 5-, and 10-year periods ended 6/30/2023, respectively.