WeitzFunds Semi-Annual 93017

FALL 2017
Semi-Annual Report
September 30, 2017
72015-Weitz-SAR part 1-8.indd 1 11/7/17 11:16 AM

THE WEITZ PHILOSOPHY
Value investing the Weitz Way.
There are no shortcuts in value investing. At Weitz, we dig. And dig some more. We look at hundreds
of investment ideas. Our goal: find strong, well-managed but undervalued companies and bonds
that offer reasonable risk-adjusted returns. Its no easy task. We do the due diligence. Analyze. Ask
tough questions and get the answers. We wait for the right opportunity. Then and only then do we
invest your money. Welcome to the Weitz Way.
Were in it with you:

Our employees have the majority of their investable assets in our mutual funds. This alignment
of goals allows us to guarantee that were treating clients money as if it were our own.
We focus on what we know:

Each of our analysts is a generalist with ever-growing, defined circles of competence.
They can spot opportunities anywhere and bring them to the team for consideration.
We think for ourselves:

Our philosophy of independent thinking and high-conviction portfolios enables
us to take advantage of value-priced equities and bonds that offer
reasonable risk-adjusted returns.
Today we are responsible for over $4 billion in investments for our shareholders
individuals, corporations, pension plans, foundations and endowments. And our
commitment remains the same: to put our clients first. Always. We do so through
our expertise, our flexibility, and our drive to uncover investments that can help
them preserve and grow wealth.
Wally Weitz, CFA

Q3 2017 SEMI-ANNUAL REPORT
President, Portfolio Manager

WEITZINVESTMENTS.COM
TABLE OF CONTENTS
Value Matters 4
Performance Summary 7
Value Fund 8
Partners Value Fund 10
Partners III Opportunity Fund 12
Hickory Fund 14
Balanced Fund 16
Core Plus Income Fund 18
Short Duration Income Fund 21
Ultra Short Government Fund 24
Nebraska Tax-Free Income Fund 25
Schedule of Investments 27
Financial Statements 42
Notes to Financial Statements 52
Actual and Hypothetical Expenses for

Comparison Purposes 61
Other Information 62
Index Descriptions 66
UNAUDITED
The management of Weitz Funds has chosen paper for the 68 page
report from a paper manufacturer certified under the Sustainable Forestry
Initiative standard. SFI-00410
Portfolio composition is subject to change at any time and references to specific securities, industries, and sectors
referenced in this report are not recommendations to purchase or sell any particular security. Current and future
portfolio holdings are subject to risk. See the Schedules of Investments included in this report for the percent of assets in
each of the Funds invested in particular industries or sectors. 3

VALUE MATTERS
October 2, 2017
Dear Fellow Investor: Current and prospective interest rates have a huge impact on asset
Our stock funds registered another positive quarter and at values. If an investor sees a reasonable probability of earning an 8-10%
September 30 show good nine-month absolute returns. Our bond return from stocks, she will not be tempted by a sure 2% return
funds are showing solid returns in a decidedly poor environment for from a bond. But if interest rates rise, and safe bonds yield 6-8%,
fixed income investors. The full story of fund results is told in the bonds become much tougher competition for stocks. All things being
performance summary table following this letter. equal, as interest rates rise, people require higher expected returns
from stocks. In other words, when rates rise, investors will pay a lower
In this extended period of artificially suppressed interest rates and price (P) for a dollar of a companys earnings (E)a lower price/
richly valued stocks and bonds, relative returns have been harder to earnings ratio (P/E)than when rates are lower. Over time, even if
come by. Year-to-date, our returns have trailed the S&P 500 and the earnings per share grow: if the P/E shrinks, the return on ones stock
Russell 2500. This is frustrating for both clients and our investment investment may be disappointing (or even negative).
team. Our interpretation of this recent relative performance
problem is that our focus on business valuation and price-sensitive Over the past several years, inflation, which is a major driver of
investment discipline has led us to be underinvested in both stocks in interest rate levels, has been surprisingly subdued. Economists differ
general and the most index-moving momentum stocks in particular. on the causes of inflation. (Please forgive the following monetary
theory jargon.) The Feds quantitative easing program expanded
After 34 years of managing our funds this way, we have a fair the money supply (inflationary), but the velocity of money has
amount of historical evidence that good, long-term compounding slowed dramatically in recent years (disinflationary). The Internet
has survived several periods of being out of step with the market has probably had a significant disinflationary impact as available
(see the comparisons of each funds results with its benchmark later information for comparison shopping for all types of goods and
in this report). Warren Buffett has said that he prefers a lumpy services has decreased the pricing power of companies in most
15% to a smooth 12%, and we agree. While we have not sought out industries. Changing consumer tastes and attitudes, especially among
the lumps, they come inevitably as we tend to buy early when we Millennials and Gen X consumers, contribute to the uncertainty
see bargains and sell before tops when prices seem high relative to surrounding future rates of inflation. The Fed has been concerned
business value. that inflation is too low, hence the extension of its low interest rate
It is human nature to focus on relatively short-term investment results. policy for years after the end of the recession. The older of us is
Investors and their advisors are reinforced by near-term wins and a product of the inflationary 1970s, and finds it odd to see a Fed
unsettled by losses, even relative ones. Enthusiasm for stocks that promoting higher inflation.
are working tends to grow even as those stocks become less cheap. While higher inflation and interest rates generally have a negative
The growing popularity of indexing reinforces the momentum of the impact on stock valuations (P/Es), they may be either positive or
market leaders as new money is concentrated in those same stocks. negative (or both!) for a companys profits. One companys higher
(By the way, indexing does not protect investors from losses when the cost of debt may represent a boost to its lenders net interest margin.
market goes down.) A company with control of its costs and with pricing power for its
There is a staggering amount of energy expended trying to predict products can take advantage of rising prices, while a company with a
short-term market moves and identify likely beneficiaries of changes different cost structure may see its profits squeezed (or eliminated) by
in Fed policy, government tax and spending policies, and geopolitical inflation. While we cannot predict the timing or pace of a rise in the
events. We believe this short-termism is counterproductive. At times inflation rate, we all want to be confident that the companies we own
like this, when we find ourselves underweight the favorite stocks of can not only survive, but perhaps take advantage of higher rates of
the day, we continue to focus on studying new companies and adding inflation and interest costs in the future.
stocks to our on-deck list for future investment when the prices On the second question, to what extent can we expect reversion to the
are right. mean (of growth rates, market shares, profit margins), and in what
ways is this time different? The Amazon effect has been devastating
Our Game Plan to the traditional retailing industry. Google and Facebook have
completely changed the advertising business. Streaming video services
As the stock market drifts higher, driven by a narrowing group of like Netflix are shaking up the pay-TV landscape, and even Disneys
popular companies, and we patiently search for reasonably priced new ESPN is facing pricing pressure. Some are inclined to extrapolate
investment ideas, two major questions dominate our deliberations these changes as if each is a winner-take-all competitive battle. Others
over individual companies business values. assume that these threats, too, shall pass.
(1) If low inflation and interest rates are not permanent, when and There is an old joke in the investment business that in the life
how fast will they rise? cycle of a great new business, as growth slows and overly optimistic
(2) As companies employing disruptive technologies and business projections fail to materialize, growth investors sell to GARP (growth
models create havoc with traditional businesses, how should we at a reasonable price) buyers, who sell to value investors, with the
value both the insurgents and the victims? shares ultimately ending up in the hands of the deep value crowd.
We have no definitive answers, but we think shareholders may be At each stage, the new buyers are making the assessment that the
4 curious as to how we are approaching these questions. disappointment is temporary or that the stock price has declined

enough to create a bargain. The trick is to be able to distinguish conditions seem generally positive. Modest growth and few obvious
between the seriously troubled falling knife and the temporarily areas of excess mean that our companies should be able to continue
misunderstood undervalued security. growing their business valuesthe best antidote to high valuations.
On the geopolitical front, though, we have a sense of cognitive
We have a fair amount of historical dissonancefires, floods, hurricanes, famines, shooting wars,
threatened nuclear war with N. Korea, secession movements, and less
evidence that good, long-term than reassuring political leadershipyet we also have record high
stock prices and record low market volatility. In the long run, we
compounding has survived several expect our country to be fine, and good companies will adapt and find
ways to prosper. In the shorter run, though, we wouldnt be surprised
periods of being out of step if some of these headlines created some downticks in the stock market.
In that event, we have cash reserves (15-25%, depending on the fund)
with the market. and a long on-deck list of stocks we know well enough to buy on
short notice should they become available at an attractive price.
The Portfolio Managers Discussion sections of this report, provide
Every situation is different, and we are all still learning about the more detail on each funds portfolio winners and losers as well as
evolution of disrupted industries. Cars disrupted buggy whips, and positioning going forward. Also, after October 31, we will post
cell phones disrupted the wireline telephone industry, but the pace information about estimated year-end dividend and capital gains
of change has accelerated. Walmart is responding to the Amazon distributions on our website. As always, we thank shareholders for
threat by building its own e-commerce business and enhancing it with their ongoing support and encourage you to call our client service
the acquisition of small Amazon competitor Jet.com. Best Buy was colleagues if you have any questions.
hurt badly by online competition a few years ago. In response, it has
lowered corporate expenses and has begun matching prices of online Sincerely,
competitors. As a result, profits have stabilized, but the long-term
prognosis is uncertain. Others like Toys-R-Us, have succumbed to
Chapter 11 bankruptcy and will restructure and try again. We have
very little exposure to retail stores, but the competitive price pressures
find their way back upstream to producers of all types of products.
Video programming has been an interest of ours for a long time. Some Wally Weitz Brad Hinton
traditional cable subscribers who have bought a bundle of channels [email protected] [email protected]
along with broadband and telephone services are now beginning to 2 2
demand unbundled offerings. Providers of video content are facing
significant competition from video products that can be delivered As of September 30, 2017, each of the following portfolio companies
over broadband connections. We have modest positions in Discovery constituted a portion of the net assets of Value Fund, Partners Value
and Twenty-First Century Fox, which are being impacted by cord Fund, Partners III Opportunity Fund, Hickory Fund, and Balanced
cutting, but our primary media holdings are cable distributors who Fund as follows: Alphabet, Inc. (Parent of Google)-Class C: 4.5%,
sell the all-important broadband connection. We own Liberty Global, 3.5%, 3.7%, 0%, and 1.8%. Amazon.com, Inc.: 1.4%, 0%, 0%, 0%,
Charter (via Liberty Broadband and Liberty Ventures) and Comcast and 0%. Comcast Corp.-Class A: 2.6%, 0%, 0%, 0%, and 1.7%.
in our various funds, and we feel very good about their prospects for Discovery Communications, Inc-Class A: 0%, 0%, 1.5%, 0%, and
coping with their industrys evolution. 0%. Discovery Communications, Inc-Class C: 0%, 2.0%, 0%, 0%,
and 0%. Liberty Broadband Corp.-Series A & C: 0%, 9.6%, 10.6%,
UNAUDITED
One might think that the obvious solution to disruption would 9.0%, and 0%. Liberty Broadband Corp.-Series C only: 7.6%, 0%,
be to own the disrupters. The performance of the FAANG stocks 0%, 0%, and 2.0%. Liberty Global Group-Class C: 5.0%, 7.1%, 7.9%,
(Facebook, Apple, Amazon, Netflix and Google) would indicate that 2.9%, and 1.5%. Liberty Ventures Group-Series A: 0%, 0%, 4.9%,
many investors have taken this tact. We have owned Google for several 3.9%, and 0%. Mastercard Inc.-Class A: 4.2%, 2.6%, 6.0%, 0%, and
years and have a position in Amazon in the Value Fund, but our basic
2.3%. Thermo Fisher Scientific Inc: 2.7%, 0%, 0%, 0%, and 1.9%.
problem with this solution is the valuations of the current winners. Twenty-First Century Fox, Inc: 3.3%, 3.0%, 0%, 0%, and 0%. Visa
We are very willing to pay more for predictable growth in profits, as Inc.-Class A: 2.8%, 4.4%, 3.4%, 0%, and 3.3%. Portfolio composition is
we have with Visa, Mastercard, Thermo-Fisher and others. However, subject to change at any time. Current and future portfolio holdings are
we need to have reasonable confidence in our projections of future subject to risk.
cash flows and a price that gives us a margin of safety that will
protect us from unexpected events. Included is a reference to the term margin of safety. This term refers to
One other subject that we monitor, but do not obsess over, is the purchasing securities at a price that is less than our estimate of intrinsic
overall macro environment. This includes both economic and value. A potential margin of safety may limit downside risk and
geopolitical factors. The good news is that U.S. and global business optimize the potential for growth. 5

DISCLOSURES
These performance numbers reflect the deduction of annual operating expenses which as stated in the most recent prospectus, and expressed as a percentage of each
Funds or Classs net assets, are: Value Investor Class, 1.24%; Value Institutional Class, 1.10% (gross); Partners Value Investor Class, 1.27%; Partners Value
Institutional Class, 1.07% (gross); Partners III Opportunity Investor Class, 2.29%; Partners III Opportunity Institutional Class 1.80%; Hickory, 1.25%; Balanced, 1.01%
(gross); Core Plus Income Investor Class, 1.91% (gross); Core Plus Income Institutional Class, 1.23% (gross); Short Duration Income Investor Class, 0.93% (gross);
Short Duration Income Institutional Class, 0.62% (gross); Ultra Short Government, 0.60% (gross); and Nebraska Tax-Free Income, 0.80%. See the Financial Highlights
on pages 49 and 51 for more current expense ratios. The returns assume reinvestment of dividends and redemption at the end of each period. Total returns shown include
fee waivers and expense reimbursements, if any; total returns would have been lower had there been no waivers and/or reimbursements. Past performance does not
guarantee future results. The investment return and the principal value of an investment in any of the Funds will fluctuate so that an investors 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. Performance data current to the most
recent month end may be obtained at www.weitzinvestments.com/funds_and_performance/fund_performance.fs. Index performance is hypothetical and is shown for
illustrative purposes only. See page 66 for a description of all indices.
(a)
On the last business day of 1993, 2005 and 2006, the Partners Value, Partners III Opportunity and Nebraska Tax-Free Income Funds (the Funds) succeeded
to substantially all of the assets of Weitz Partners II Limited Partnership, Weitz Partners III Limited Partnership and Weitz Income Partners Limited Partnership
(thePartnerships), respectively. The investment objectives, policies and restrictions of the Funds are materially equivalent to those of their respective Partnership
and the Partnerships were managed at all times with full investment authority by the investment adviser. The performance information includes performance for
the Partnerships. The Partnerships were not registered under the Investment Company Act of 1940 and, therefore, were not subject to certain investment or other
restrictions or requirements imposed by the 1940 Act or the Internal Revenue Code. If the Partnerships had been registered under the 1940 Act, the Partnerships
performance might have been adversely affected.
Institutional Class shares of the Value and Partners Value Funds became available for sale on July 31, 2014. For performance prior to that date, these tables include
(b)
the actual performance of each Funds Investor Class (and use the actual expenses of each Funds Investor Class) without adjustment. For any such period of time,
the performance of each Funds Institutional Class would have been similar to the performance of each Funds Investor Class, because the shares of both classes
are invested in the same portfolio of securities, but the classes bear different expenses. The investment adviser has agreed in writing to limit the total annual fund
operating expenses of the Investor and Institutional Class shares (excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary
expenses) to 1.30% and 0.99%, respectively, of each Classs average daily net assets through July 31, 2018.
Investor Class shares of the Partners III Opportunity and Short Duration Income Funds became available for sale on August 1, 2011. For performance prior to that
(c)
date, these tables include the actual performance of each Funds Institutional Class (and use the actual expenses of each Funds Institutional Class) without adjustment.
For any such period of time, the performance of each Funds Investor Class would have been similar to the performance of each Funds Institutional Class, because the
shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses. The investment adviser has agreed in writing to limit the
total annual fund operating expenses of the Short Duration Income Funds Investor and Institutional Class shares (excluding taxes, interest, brokerage costs, acquired
fund fees and expenses and extraordinary expenses) to 0.68% and 0.48%, respectively, of each Classs average daily net assets through July 31, 2018.
The investment adviser has agreed, in writing, to limit the total annual fund operating expenses (excluding taxes, interest, brokerage costs, acquired fund fees and
(d)
expenses and extraordinary expenses) to 0.95% of the Funds average daily net assets through July 31, 2018.
The investment adviser has agreed in writing to limit the total annual fund operating expenses of the Core Plus Income Funds Investor and Institutional Class shares
(e)
(excluding taxes, interest, brokerage costs, acquired fund fees and expenses and extraordinary expenses) to 0.60% and 0.40%, respectively, of each Classs average
daily net assets through July 31, 2018.
The Funds past performance is not necessarily an indication of how the Fund will perform in the future. Effective December 16, 2016, the Fund revised its principal
(f)
investment strategies and policies to permit the Fund to invest in a diversified portfolio of short-term debt securities and to have a fluctuating net asset value. Prior to
December 16, 2016, the Fund operated as a government money market fund as defined under Rule 2a-7 of the Investment Company Act of 1940 and maintained a
stable net asset value of $1.00 per share. The Funds past performance reflects the Funds prior principal investment strategies and policies. The investment adviser has
agreed in writing to limit the total annual fund operating expenses of the Ultra Short Government Fund (excluding taxes, interest, brokerage costs, acquired fund fees
and expenses and extraordinary expenses) to 0.20% of the Funds average daily net assets through July 31, 2018.
Since inception performance for the Russell 1000 Value, Bloomberg Barclays Intermediate U.S. Government/Credit and CPI +1% is from May 31, 1986;
(g)
December 31, 1988; and December 31, 1988, respectively. The inception date of the Bloomberg Barclays U.S. Aggregate 1-3 Year and 5-Year Municipal Bond was
December 31, 1992 and January29, 1988, respectively.

PERFORMANCE SUMMARY
Annualized
Since Invest-
ment Style
Inception Since Inception
Fund Name Date Inception 30-year 20-year 10-year (6/30/08) 5-year 1-year YTD Quarter
Value (b)
5/09/86
Investor 10.19% 10.32% 7.90% 4.93% 8.56% 9.75% 13.54% 12.19% 3.29%
Institutional 10.22 10.34 7.94 5.00 8.63 9.89 13.81 12.38 3.36
Russell 1000 10.28 9.67 7.21 7.55 9.96 14.27 18.54 14.17 4.48
Russell 1000 Value(g) 10.28 9.77 7.35 5.92 8.79 13.20 15.12 7.92 3.11
Partners Value(a)(b) 6/01/83

Investor 11.85 10.67 8.37 5.69 8.92 11.34 9.49 1.97
Institutional 11.88 10.70 8.41 5.77 9.07 11.64 9.71 2.02
Partners III
Opportunity(a)(c) 6/01/83
Investor 12.36 11.43 9.41 7.09 8.47 9.10 7.70 1.96
Institutional 12.43 11.51 9.53 7.32 8.85 9.63 8.03 2.05
Russell 3000 10.77 9.59 7.20 7.57 14.23 18.71 13.91 4.57
Russell 3000 Value 11.19 9.80 7.41 6.01 13.20 15.53 7.72 3.27
Hickory 4/01/93 9.87 7.25 6.12 9.80 8.64 11.43 9.84 2.69
Russell 2500 10.54 8.71 8.19 10.40 13.86 17.79 11.00 4.74
Russell 2500 Value 10.96 9.17 7.59 10.10 13.25 15.75 5.86 3.83
S&P 500 9.51 7.00 7.44 9.95 14.22 18.61 14.24 4.48
Balanced(d) 10/01/03 5.54 4.81 6.44 9.10 9.16 2.53

Blended Index 7.07 6.21 9.14 10.96 9.36 2.92
Core Plus Income(e) 7/31/14

Investor 3.39 1.26 2.66 0.54
Institutional 3.60 1.46 2.81 0.58
U.S. Aggregate Bond 2.70 0.07 3.14 0.85
Short Duration
Income(c) 12/23/88
Investor 5.16 4.13 3.23 1.47 0.95 1.50 0.38
UNAUDITED
Institutional 5.20 4.20 3.37 1.69 1.15 1.64 0.43

U.S. Aggregate 1-3 Year(g) 3.55 2.18 0.92 0.69 1.07 0.34
Intermediate U.S. Govt/Credit(g) 5.81 4.66 3.64 1.61 0.23 2.34 0.60
CPI + 1%(g) 3.55 3.18 2.72 2.31 3.26 3.00 1.01
Ultra Short
Government(f)8/01/91 2.39 1.84 0.42 0.14 0.57 0.52 0.30
6 Month Treasury 2.99 2.39 0.82 0.39 0.81 0.68 0.31
Nebraska Tax-Free
Income(a) 10/01/85 4.65 3.40 2.43 0.89 0.19 1.80 0.23
5-Year Municipal Bond(g) 4.18 3.81 1.93 1.14 3.87 0.68

VALUE FUND
Investment Style: Large-Cap Value
Co-Portfolio Managers: B
rad Hinton, CFA & Dave Perkins, CFA
The Value Funds Institutional Class returned +3.36% during disruptive change in traditional video continues to weigh on shares
the third quarter compared to +4.48% for both the S&P 500 of Fox. The next generation of leadership has been thoughtful
and Russell 1000 indices. Year to date, the Funds Institutional about investing for the future, however, and a successful
Class returned +12.38% compared to +14.24% and +14.17% for acquisition of the remainder of Sky would add attractive direct-to-
the S&P 500 and Russell 1000 indices, respectively. While we consumer capabilities (though regulatory hurdles remain). At some
are pleased with the Funds absolute returns, the broader indices point, we believe Foxs mid-single-digit growth and free cash flow
continue to outpace our common sense, price-sensitive investment generation will become difficult for the market to ignore.
discipline. Since June 2008, when the Fund adopted its current The Funds three energy holdings remain the largest detractors
investment strategy of investing the majority of its assets in large- year to date, creating a roughly one percentage point headwind
cap companies, it has returned (annualized) +8.63% compared to Fund performance. Our estimate of Range Resources business
to +9.95% and +9.96% for the S&P 500 and Russell 1000 value has steadily declined but remains meaningfully above
indices, respectively. The primary culprit of the Funds relative the current stock price. A combination of more normal winter
underperformance has been our conservatism (~19% average weather, potential asset sales and improved performance in
residual cash balance). Ranges recently acquired Terryville asset over the next several
Our aim as investors is to swing hard when the odds are stacked quarters should narrow the stocks discount to value. Pioneer
in our favor and to wait for our pitch when they are not. Higher Natural Resources, the Funds largest individual energy holding,
prices equate to trickier pitches and batting practice fastballs have lowered its production growth outlook for 2017 following
become increasingly rare of late. Low interest rates may continue to unanticipated tweaks to its well completion designs. We believe
reward those happy to simply put the ball in play, but we remain the 10-year development plan the company outlined in February
wary of the long-term ramifications of putting capital to work at remains achievable and should create attractive shareholder
historically high valuations. On a positive note, we appear to have returns in a $40-$60 oil price world. We increased our position in
made solid contact on a handful of pitches over the past 12 months early August.
with healthy, albeit early, initial results with Oracle, Amazon, Visa During the third quarter, we added a pair of smaller new
and Thermo Fisher Scientific. positions to the FundDanaher Corporation (DHR) and DXC
Liberty Broadband, Mastercard and Dollar Tree were the largest Technology (DXC). Following the transformational purchase of
contributors to Fund performance during the third quarter. Pall Corporation and the spinoff of its industrial-focused assets
Charter Communications, Liberty Broadbands primary asset, in mid-2016 (Fortive Corp), the new Danaher is focused on
has been rumored to be a potential acquisition target by several attractive end markets such as: life sciences, diagnostics, dental,
peers. As Broadbands discount to intrinsic value narrowed and the and environmental & applied technology end markets. Danaher
Funds stake approached 9% of net assets, we elected to lighten the fits the profile of a typical core Value Fund holding. Roughly
position at prices north of $100. Mastercard continues to produce 65% of the companys sales come from captive, subscription-like
healthy growth and invest aggressively in expanding its digital recurring revenues, which serve as the foundation of a highly free
payment capabilities. While business value has compounded at cash flow generative business model. Each of Danahers underlying
a high-teens rate during our first three years of ownership, the platforms addresses large and growing market opportunities with
stock price has risen even more quickly. We sold some shares for ample room for ongoing reinvestment. Application of the famed
the first time during the third quarter. Dollar Tree rebounded as Danaher Business System at recent acquisitions Pall and Cepheid
second quarter results demonstrated progress at Family Dollar should continue to yield healthy organic profit growth over the
and an acceleration in growth in the Dollar Tree banner. Through next several years. We would welcome the opportunity to add to
the first nine months of calendar 2017, Google parent Alphabet the Funds holdings at lower prices.
joined Liberty Broadband and Mastercard as the Funds strongest DXC Technology is the combination of Computer Sciences
contributors. Each remains a top ten holding in the Fund. Corporation (CSC) and Hewlett Packards Enterprise Services
Allergan, Twenty-First Century Fox and Range Resources were the business. Cost synergies and greater combined organizational
three largest detractors from third quarter performance. Despite efficiency should drive healthy earnings growth over the next
solid execution in its core aesthetics business and thoughtful three years. CEO Mike Lawrie and his team successfully executed
capital deployment, Allergan has struggled to grow intrinsic value a similar playbook at legacy CSC, and we believe the plan hes laid
per share over the past 12 months. Slower launch trajectories for out for DXC is achievable. With a relatively clean balance sheet
several new products and faster-than-expected erosion of several and shares trading at roughly 10x our estimate of fiscal 2019 free
legacy medications lowered our organic growth forecasts for cash flow, the stocks risk-reward appears to tilt heavily in favor of
the next several years. Despite the setback, we believe the stock the patient investor. With residual cash totaling 14% of net assets
trades at an attractive discount and bought back shares at $205 at quarter end, our bats are ready for the next Danaher or DXC.
we had sold earlier in the quarter north of $250. The potential for
8

Returns Annualized
Since Invest-
Since ment Style
Inception Inception
(5/9/1986) 20-year 10-year (6/30/08) 5-year 3-year 1-year YTD Quarter
WVALX - Investor Class 10.19% 7.90% 4.93% 8.56% 9.75% 4.67% 13.54% 12.19% 3.29%
WVAIX - Institutional Class 10.22 7.94 5.00 8.63 9.89 4.90 13.81 12.38 3.36
S&P 500 10.27 7.00 7.44 9.95 14.22 10.81 18.61 14.24 4.48
Russell 1000 10.28 7.21 7.55 9.96 14.27 10.63 18.54 14.17 4.48
Russell 1000 Value 10.28* 7.35 5.92 8.79 13.20 8.53 15.12 7.92 3.11
Growth of $10,000
This chart depicts the change in the value of a $10,000 investment in the Value Fund Investor Class for the period since Capitalization
inception (5/9/86) through September 30, 2017, as compared with the growth of the Standard & Poors 500, Russell 1000
and Russell 1000 Value Indices during the same period. Index performance is hypothetical and is shown for illustrative
purposes only.
$250,000
Value Fund Investor Class $211,106
$200,000 S&P 500 $215,873
Russell 1000 $216,571

$150,000
Russell 1000 Value* $215,337
$100,000
$50,000 55.6% > $50 Billion
43.5% $10-$50 Billion

$0
0.9% $2.5-$10 Billion
5/9/86 12/89 12/94 12/99 12/04 12/09 12/14 9/17
* Since 5/31/1986
Top 10 Stock Holdings Industry Breakdown
% of Net Assets % of Net Assets
Berkshire Hathaway Inc. - Class B 8.1 Consumer Discretionary 27.5
Liberty Broadband Corp. - Series C 7.6 Information Technology 19.2
Liberty Global Group - Class C 5.0 Financials 13.0
Alphabet, Inc. - Class C 4.5 Health Care 12.6
Allergan plc 4.5 Materials 5.7
Laboratory Corp. of America Holdings 4.3 Consumer Staples 3.0
Mastercard Inc. - Class A 4.2 Energy 2.9
Oracle Corp. 3.8 Industrials 2.1
Twenty-First Century Fox, Inc. - Class A 3.3 Cash Equivalents/Other 14.0
Dollar Tree, Inc. 3.2 100.0
48.5
Top Performers Average Bottom Performers Average

Return Weight Contribution Return Weight Contribution
Liberty Broadband Corp. - Series C 9.9% 8.1% 0.81% Allergan plc (15.4)% 4.9% (0.73)%
Mastercard Inc. - Class A 16.5 4.4 0.69 Twenty-First Century Fox, Inc. - Class A (6.3) 3.5 (0.23)
Dollar Tree, Inc. 24.2 2.8 0.62 Range Resources Corp. (15.4) 0.8 (0.14)
UNAUDITED
Berkshire Hathaway Inc. - Class B 8.2 7.7 0.61 QVC Group - Series A (4.0) 2.7 (0.14)
Visa Inc. - Class A 12.4 2.6 0.31 Oracle Corp. (3.2) 3.9 (0.12)
Contributions to Fund performance are based on actual daily holdings. Securities may have been bought or sold during the quarter. Source: FactSet Portfolio Analytics
Return shown is the actual quarterly return of the security or combination of share classes.
Returns assume reinvestment of dividends and redemption at the end of data quoted. Performance data current to the most recent month-end may
each period, and reflect the deduction of annual operating expenses which as be obtained at www.weitzinvestments.com/funds_and_ performance/fund_
stated in its most recent prospectus are 1.24% and 1.10% (gross) of the Funds performance.fs.
Investor and Institutional Class net assets, respectively. Total returns shown
include fee waivers and expense reimbursements, if any; total returns would See page 6 for additional performance disclosures. See page 66 for a description
have been lower had there been no waivers and/or reimbursements. Past of all indices.
performance does not guarantee future results. The investment return and Performance information does not reflect the deduction of taxes that
the principal value of an investment in this Fund will fluctuate so that an a shareholder would pay on Fund distributions or the redemption of Fund
investors shares, when redeemed, may be worth more or less than the original shares.
cost. Current performance may be higher or lower than the performance
9

PARTNERS VALUE FUND
Investment Style: Multi-Cap Value
Co-Portfolio Managers: Wally Weitz, CFA & Brad Hinton, CFA
The Partners Value Funds Institutional Class returned +2.02% The Russell 3000 has been a tough bogey year to date (+13.91%)
during the third quarter compared to +4.48% for the S&P and for the past five years (+14.23% annualized). We have not
500 and +4.57% for the Russell 3000. Year to date, the Funds kept pace, as we have been too patient in deploying excess cash,
Institutional Class returned +9.71% compared to +14.24% for the too disciplined in selling some winners prematurely, and too
S&P 500 and +13.91% for the Russell 3000. contrarian in waiting for value to be realized at a few challenged
companies. Earlier this year, we cleared out a few of the most
Recent comparative results have been below our standards. Year- painful detractors (Avon Products, Fossil Group), and we have
to-date returns have been solid in absolute terms, but they have more effectively held on to several large contributors (Google,
fallen short of our benchmarks. While contributors have far Texas Instruments, Aon). We think it is highly unlikely that the
outweighed detractors in number and magnitude, any laggards broader market will grow at a similar mid-teens pace over the next
are particularly costly when measured against a strongly rising five years. If we are right, residual cash may well flip from being a
market. Notable contributors for the quarter and year to date liability to an asset.
included Liberty Broadband, Visa and Berkshire Hathaway. All
three are large, core positions with excellent businesses and strong Portfolio activity was light during the quarter. We continued to
management teams at the helm. While the stocks are no longer build our position in DXC Technology, and we added to Allison
particularly cheap, we expect each to compound value at a healthy Transmission as concerns around the impact of electric vehicles
rate for years to come. drove the stock back into the low $30s. We bought a small new
position in Danaher, which we would characterize as a high-
Detractors for the quarter included Allergan and our media quality stock at a fair price. Danaher has been an acquirer and
content holdings, Discovery Communications and Twenty- refiner of very good businesses for three decades. The company has
First Century Fox. Allergans stock gave back its year-to-date strong platforms in the life sciences, diagnostics, environmental
gains as investors fretted over Q3 and 2018 estimates. We think and dental industries. We think Danaher will reward patient
the company is well positioned to deliver double-digit returns owners by growing business value at a healthy rate for the next
over the next few years, without much help from its potentially several years. We did not sell any businesses during the quarter.
valuable pipeline of early stage drugs. The media landscape is
rapidly evolving, and investors do not like uncertainty. Fox has Our north star for all investments is a stock price that trades
the right kind of content assets, with heavy doses of sports and below our business value estimate. When valuation levels are
news programming that are well-suited to live viewing. Discoverys on the high side, like now, we are willing to be (very) patient.
U.S. outlook is less clear-cut, but the pending acquisition of Patience often has near-term consequences for our business, but
Scripps Networks Interactive will give the combined company a we believe this discipline serves our clients well over the long haul.
formidable bundle of relatively inexpensive lifestyle programming. Our common-sense approach is far more valuable when investing
Coupled with a strong global presence, including exclusive waters are choppy rather than placid. Full market exposure is great
European sports assets, we think the company has reasonable during an extended bull market, but index funds have neither the
prospects that are not reflected in the stock price. tools to help mitigate downside nor the wherewithal to invest more
aggressively when the odds are stacked in our favor. Thats where
we most often shine. We appreciate the patience our investors have
shown as we stick to our knitting in the meantime.
10

Returns Annualized
Since
Inception
(6/1/1983) 20-year 10-year 5-year 3-year 1-year YTD Quarter
WPVLX - Investor Class 11.85% 8.37% 5.69% 8.92% 3.46% 11.34% 9.49% 1.97%
WPVIX - Institutional Class 11.88 8.41 5.77 9.07 3.67 11.64 9.71 2.02
S&P 500 10.98 7.00 7.44 14.22 10.81 18.61 14.24 4.48
Russell 3000 10.77 7.20 7.57 14.23 10.74 18.71 13.91 4.57
Russell 3000 Value 11.19 7.41 6.01 13.20 8.79 15.53 7.72 3.27
Growth of $10,000 Capitalization

This chart depicts the change in the value of a $10,000 investment in the Partners Value Fund - Investor Class for the
period since inception (6/1/83) through September 30, 2017, as compared with the growth of the Standard & Poors 500,
Russell 3000 and Russell 3000 Value Indices during the same period. Index performance is hypothetical and is shown for
illustrative purposes only.
$500,000
Partners Value Fund Investor Class $469,372
$400,000 S&P 500 $358,521
Russell 3000 $336,395

$300,000
Russell 3000 Value $382,749
36.9% > $50 Billion
$200,000
45.7% $10-$50 Billion
$100,000
13.9% $2.5-$10 Billion
$0 3.5% < $2.5 Billion
6/1/83 12/84 12/89 12/94 12/99 12/04 12/09 12/14 9/17

Liberty Broadband Corp. - Series A & C 9.6 Consumer Discretionary 31.3
Berkshire Hathaway Inc. - Class B 8.1 Information Technology 19.5
Visa Inc. - Class A 4.4 Health Care 8.9
Laboratory Corp. of America Holdings 4.3 Industrials 5.7
Allergan plc 4.0 Energy 1.9
QVC Group - Series A 3.8 Cash Equivalents/Other 16.9
Alphabet, Inc. - Class C 3.5 100.0
Liberty SiriusXM Group - Series A & C 3.4
Colfax Corp. 3.1
51.3
Liberty Broadband Corp. - Series A & C 9.8% 9.5% 0.80% Allergan plc (15.4)% 4.5% (0.72)%
Berkshire Hathaway Inc. - Class B 8.2 7.7 0.60 Discovery Communications, Inc. - Class C (19.6) 2.2 (0.47)
Visa Inc. - Class A 12.4 4.1 0.47 Twenty-First Century Fox, Inc. - Class A (6.3) 3.1 (0.20)
UNAUDITED
Texas Instruments, Inc. 17.2 2.3 0.37 Range Resources Corp. (15.4) 1.0 (0.18)
Mastercard, Inc. - Class A 16.5 2.4 0.36 QVC Group - Series A (4.0) 3.7 (0.15)
Returns assume reinvestment of dividends and redemption at the end of data quoted. Performance data current to the most recent month-end may
each period, and reflect the deduction of annual operating expenses which as be obtained at www.weitzinvestments.com/funds_and_ performance/fund_
stated in its most recent prospectus are 1.27% and 1.07% (gross) of the Funds performance.fs.
11

PARTNERS III OPPORTUNITY FUND
Investment Style: Multi-Cap Alternative
Portfolio Manager: Wally Weitz, CFA
The Partners III Opportunity Funds Institutional Class returned ETFs tracking the S&P 500 (+4% Q3, +14% YTD), Nasdaq 100
+2.05% in the third calendar quarter compared to +4.48% for (+6% Q3, +24% YTD) and Russell 2000 (+6% Q3, +11% YTD)
the S&P 500 and +4.57% for the Russell 3000 indices. For represent the largest negative contributor to performance. It is
the calendar year to date, the Partners III Opportunity Funds obviously our preference to be more fully invested in a portfolio of
Institutional Class returned +8.03% compared to +14.24% for the business we love at attractive (i.e., cheap) prices, and we have plenty
S&P 500 and +13.91% for the Russell 3000. of dry powder to make that happen when bargains return.
It may seem somewhat incongruous to describe these results as Among our long positions, Discovery Communications (-10%
solid absolute performance but disappointing on a relative Q3, -13% YTD) was a drag on both the quarter and year-to-date
basis. But in an environment of sustained low interest rates, figures. Media companies, particularly content networks, are
stubbornly slow inflation and investors high hopes for the Trump experiencing a period of rapid transformation. Change always
administrations market-friendly agenda, we find expensive breeds uncertainty, but we believe investors are underestimating
stocks (and bonds) seem to only get more expensiveparticularly consumers interest in Discoverys brands (both in the U.S. and
those with large weights in prominent indices. Our being out of globally) as well as the companys options to monetize their (and
step with the market isnt a new phenomenon, nor is it wholly soon to be acquired Scripps Interactive) content. Pharmaceutical
undesirable (one must be out of step to outperform, too), but we maker Allergan (-15% Q3) adversely impacted quarterly results as
acknowledge shareholder (and our own) frustration when weve investors began to question the companys near-term estimates,
been out of step the wrong way for a longer stretch. Nevertheless, reversing gains from earlier this year. We continue to believe the
we remain undeterred in the application of the tried-and-true, company is well positioned to deliver double-digit returns over
valuation-driven approach that we have applied for over 34 years, the midterm and added incrementally to our holdings. Finally,
and we appreciate the alignment and patience of our shareholders. Wesco Aircraft (-37% YTD) was a top detractor for the calendar
year to date. Execution woes continue to plague the aerospace parts
Liberty Broadband (+10% Q3, +29% YTD) was the Funds top distributor, leading to another disappointing quarter of results
contributor for the quarter and year-to-date periods, thanks to and stock performance. Wescos current struggles are frustrating,
the rise in value of its stake in Charter Communications. Lately, but we dont believe permanent, and weve opted to use the stocks
Charter has been rumored to be an acquisition target for several volatility to lower our average cost by purchasing new shares and
buyers, most notably cable competitor Altice USA and SoftBank harvesting tax losses though sales of higher-cost lots.
(owner of wireless carrier Sprint). Nothing stirs the animal spirits
quite like the perception of a good, old-fashioned bidding war, Portfolio activity was limited in the quarter, but biased toward
and Charters share price responded accordingly. Although deal purchases, the result of which took our long exposure to 91% of
speculation can create short-term stock gains that may ultimately net assets at quarter end (an increase of five percentage points.)
reverse, we remain comfortable with the long-term opportunity at Our short exposure remained unchanged at 32% of net assets,
Charter and have maintained our holdings of Liberty Broadband. resulting in an effective net long position of 59% of net assets at
Mastercard (+16% Q3, +38% YTD) was another top contributor quarter end (rounded to the nearest percentage point). Notable
to both time periods, while Berkshire Hathaway (+8% Q3) and activity included continuing to build our initial position in DXC
Liberty Ventures (+56% YTD) round out the top three honor roll Technology and initiating a new, small position in Danaher Corp.
for the quarter and year to date, respectively. Each is a core holding Danaher has an outstanding track record of operational excellence
of the portfolio with solid prospects for continued business through the application of Lean Manufacturing practices and
value growth. culture, as well as astute acquirers. Recently the company has spun
its industrial-focused assets into a separate entity, and the new
Given the market backdrop described more fully in this quarters Danaher is focused on life sciences, diagnostics, environmental
Value Matters: Letter to Investors, the portfolio has remained and dental industries. We believe this new Danaher has the
conservatively positioned. This defensive posture positions the opportunity to continue compounding its business value for many
portfolio to take advantage of volatility when (not if) it returns. years to come.
In the meantime, elevated cash positions create an opportunity
cost with respect to relative performance. Furthermore, short Effective Net Long means (i) the sum of a portfolios long positions
positions against rising indices create a drag on absolute returns. (such as common stocks, or derivatives where the price increases when
As a reminder, the Fund holds short positions against broader an index or position rises), minus (ii) the sum of a portfolios short
market indices to concentrate in our highest conviction holdings, positions (such as, derivatives where the price increases when an index
as well as provide ballast in the event of market declines. For the or position falls).
quarter and year-to-date periods, the Funds short positions in
12

Returns Annualized
Since
Inception
WPOIX - Investor Class 12.36% 9.41% 7.09% 8.47% 2.77% 9.10% 7.70% 1.96%
WPOPX - Institutional Class 12.43 9.53 7.32 8.85 3.21 9.63 8.03 2.05
S&P 500 10.98 7.00 7.44 14.22 10.81 18.61 14.24 4.48
Russell 3000 10.77 7.20 7.57 14.23 10.74 18.71 13.91 4.57
Russell 3000 Value 11.19 7.41 6.01 13.20 8.79 15.53 7.72 3.27

This chart depicts the change in the value of a $10,000 investment in the Partners III Opportunity Fund - Institutional
Class for the period since inception (6/1/83) through September 30, 2017, as compared with the growth of the Standard &
Poors 500, Russell 3000 and Russell 3000 Value Indices during the same period. Index performance is hypothetical and is
shown for illustrative purposes only.
$600,000
Partners III Opportunity Fund - Institutional Class $560,384
$500,000 S&P 500 $358,521
$400,000 Russell 3000 $336,395

$300,000
38.4% > $50 Billion
$200,000
37.5% $10-$50 Billion
$100,000 13.1% $2.5-$10 Billion
$0 11.0% < $2.5 Billion
6/1/83 12/84 12/89 12/94 12/99 12/04 12/09 12/14 9/17

Mastercard Inc. - Class A 6.0 Health Care 10.1
Allergan plc 5.3 Industrials 6.4
Liberty Ventures Group - Series A 4.9 Securities Sold Short (32.5)
Liberty SiriusXM Group - Series A & C 4.8 Short Proceeds/Other 41.2
Laboratory Corp. of America Holdings 4.3 100.0
Texas Instruments, Inc. 3.8
Alphabet, Inc. - Class C 3.7
61.7

Liberty Broadband Corp. - Series A & C 9.8% 10.6% 0.93% SPDR S&P 500 ETF Trust (short) 4.4% (17.4)% (0.76)%
Mastercard Inc. - Class A 16.5 5.6 0.85 Allergan plc (15.4) 4.4 (0.66)
Berkshire Hathaway Inc. - Class B 8.2 10.0 0.79 PowerShares QQQ Trust, Series 1 (short) 5.9 (10.1) (0.59)
UNAUDITED
Texas Instruments, Inc. 17.2 3.5 0.57 Discovery Communications, Inc. - Class A & C (10.4) 1.6 (0.35)
Liberty Ventures Group - Series A 10.1 4.9 0.45 Wesco Aircraft Holdings, Inc. (13.4) 2.8 (0.35)
Returns assume reinvestment of dividends and redemption at the end of each performance may be higher or lower than the performance data quoted.
period, and reflect the deduction of annual operating expenses which as stated Performance data current to the most recent month-end may be obtained at
in its most recent prospectus are 2.29% and 1.80% of the Funds Investor and www.weitzinvestments.com/funds_and_ performance/fund_ performance.fs.
Institutional Class net assets, respectively. Total returns shown include fee See page 6 for additional performance disclosures. See page 66 for a description
waivers and expense reimbursements, if any; total returns would have been of all indices.
lower had there been no waivers and/or reimbursements. Past performance
does not guarantee future results. The investment return and the principal Performance information does not reflect the deduction of taxes that
value of an investment in this Fund will fluctuate so that an investors shares, a shareholder would pay on Fund distributions or the redemption of Fund
when redeemed, may be worth more or less than the original cost. Current shares. 13

HICKORY FUND
Investment Style: Small- to Mid-Cap Value
Co-Portfolio Managers: Wally Weitz, CFA & Drew Weitz
The Hickory Fund returned +2.69% in the third calendar quarter League and Star Wars: The Last Jedi to name a few) has helped
compared to +4.74% for the Russell 2500 Index (the Funds NCM recover from recent lows, and weve elected to remain
primary benchmark). On a year-to-date basis, the Fund returned patient with our small stake as we monitor the companys progress
+9.84% compared to +11.00% for the Russell 2500. in dealing with AMCs ownership transition. During the quarter,
however, our patience ran out on Fossil, and we sold our remaining
Given a backdrop of what we believe to be an expensive market small position.
environment, coupled with an elevated residual cash position, we
would describe our quarter and year-to-date performance as solid The Funds relative performance figures continue to be hampered
on an absolute basis. However, relative to our benchmark, the by higher levels of residual cash while we await compelling
Fund has toggled from being a modest outperformer for the year to investment opportunities. Portfolio activity tilted toward buys
a modest underperformer during the third quarter. As always, we this quarter, and cash levels declined from 27% to 22% (a size
remind our fellow shareholders that we invest with an eye toward we still describe as elevated.) We added to our existing holdings
generating superior absolute returns over the long term. That said, of ACI Worldwide, continued building our initial position in
we are only human and liked it better when the shoe was on the Compass Minerals, and initiated two new positions in Axalta
other foot. Coating Systems and Manitowoc Company.
The quarter and year-to-date periods benefited from the same Axalta manufacturers paint and other coatings and designs
top performers. Despite no Wall Street analyst coverage of its systems for their application in automotive and industrial end
stock, telecom provider LICT Corp (+24% Q3, +111% YTD) markets. We are attracted to Axaltas scale position as the #1 or
has more than doubled this year as investor appreciation grows #2 player in most of its business lines and the sticky nature of
for LICTs network and position as a provider of broadband its customer base (once designed into a manufacturing line or
services to less competitive, rural markets. Liberty Broadband aftermarket repair facility, the costs to switch to a new provider are
(+10% Q3, +29% YTD) was also a top performer thanks to the very high). We believe the company has ample opportunity to grow
rise in value of its stake in Charter Communications. Lately, organically through market share gains or thoughtful acquisitions.
Charter has been rumored to be an acquisition target for several
buyers, most notably cable competitor Altice USA and SoftBank Manitowoc designs and manufactures cranes used in a variety
(owner of wireless carrier Sprint). Nothing stirs the animal spirits of applications. Manitowoc (and the industry, generally) has
quite like the perception of a good, old-fashioned bidding war, struggled in the aftermath of the Great Recession. Nevertheless,
and Charters share price responded accordingly. Although deal we believe new management, led by the highly regarded Barry
speculation can create short-term stock gains that may ultimately Pennypacker, has a unique opportunity to stabilize and improve
reverse, we remain comfortable with the long-term opportunity at the companys operating results though the application of
Charter and have maintained our holdings of Liberty Broadband. a Lean Manufacturing culture. Our thesis is that investors
underappreciate the companys potential to improve margins even
Wesco Aircraft (-13%) was the top detractor for the quarter. in the absence of a strong cyclical recovery.
Execution woes continue to plague the aerospace parts distributor,
leading to another disappointing quarter of results and stock We continue to face the challenges presented by an expensive
performance. Wescos current struggles are frustrating, but market environment and are generally less sanguine than others
we dont believe permanent, and weve opted to use the stocks about politicians abilities to deliver on legislative priorities like
volatility to lower our average cost by purchasing new shares and tax reform within investors expected timelines. Nevertheless,
harvesting tax losses through sales of higher-cost lots. Quarterly as demonstrated by the recent additions to our portfolio, our
results were also impacted by modest stock price declines at investment teams response has been to collectively keep our
Murphy USA (-7%) and QVC Group (-4%) in an otherwise rising heads down, learn about new businesses and hunt for the next
market. Detractors for the full year include Wesco (-37% YTD) as investment opportunity. We will remain patient and disciplined in
well as last quarters laggards National CineMedia (-49% YTD) the application of our valuation-driven approach to deploying your
and Fossil Group (-64% YTD). The strong box office performance (and our) investment capital, and we appreciate the opportunity to
of It and enthusiasm surrounding upcoming releases (Thor, Justice invest alongside you.
14

Returns Annualized
Since
Since Investment
Inception Style Inception
(4/1/1993) 20-year 10-year (6/30/08) 5-year 3-year 1-year YTD Quarter
WEHIX 9.87% 7.25% 6.12% 9.80% 8.64% 6.18% 11.43% 9.84% 2.69%
Russell 2500 10.54 8.71 8.19 10.40 13.86 10.60 17.79 11.00 4.74
Russell 2500 Value 10.96 9.17 7.59 10.10 13.25 9.94 15.75 5.86 3.83
S&P 500 9.41 7.00 7.44 9.95 14.22 10.81 18.61 14.24 4.48

This chart depicts the change in the value of a $10,000 investment in the Hickory Fund for the period since inception
(4/1/93) through September 30, 2017, as compared with the growth of the Russell 2500, Russell 2500 Value and Standard
& Poors 500 Indices during the same period. Index performance is hypothetical and is shown for illustrative purposes only.
$125,000
Hickory Fund $100,608
$100,000 Russell 2500 $116,795

$75,000
S&P 500 $90,733
$50,000 32.0% $10-$50 Billion
39.1% $2.5-$10 Billion

$25,000
28.9% < $2.5 Billion
$0
4/1/93 12/96 12/99 12/02 12/05 12/08 12/11 12/14 9/17

Laboratory Corp. of America Holdings 4.7 Industrials 10.5
LICT Corp. 4.5 Information Technology 7.8
QVC Group - Series A 4.5 Health Care 4.7
Liberty SiriusXM Group - Series A & C 3.9 Telecommunication Services 4.5
Liberty Ventures Group - Series A 3.9 Financials 3.7
Colfax Corp. 3.8 Materials 2.8
Redwood Trust, Inc. 3.7 Real Estate 2.7
Lions Gate Entertainment Corp. - Class A & B 3.2 Energy 0.6
Allison Transmission Holdings, Inc. 3.1 Cash Equivalents/Other 22.2
44.3 100.0
Top Performers Bottom Performers

Average Average
LICT Corp. 23.7% 4.2% 0.85% Wesco Aircraft Holdings, Inc. (13.4)% 3.0% (0.30)%
Liberty Broadband Corp. - Series A & C 9.8 9.0 0.76 Murphy USA Inc. (6.9) 3.1 (0.19)
UNAUDITED
Lions Gate Entertainment Corp. - Class A & B 19.7 2.8 0.54 QVC Group - Series A (4.0) 4.4 (0.18)
Liberty Ventures Group - Series A 10.1 3.8 0.34 Redwood Trust, Inc. (2.7) 3.8 (0.11)
FLIR Systems, Inc. 12.7 2.6 0.31 Equity Commonwealth (3.8) 2.8 (0.11)
Returns assume reinvestment of dividends and redemption at the end of each the performance data quoted. Performance data current to the most recent
period, and reflect the deduction of the Funds annual operating expenses month-end may be obtained at www.weitzinvestments.com/funds_and_
which as stated in its most recent prospectus are 1.25% of the Funds net performance/fund_ performance.fs.
assets. Total returns shown include fee waivers and expense reimbursements,
if any; total returns would have been lower had there been no waivers and/ See page 6 for additional performance disclosures. See page 66 for a description
or reimbursements. Past performance does not guarantee future results. The of all indices.
investment return and the principal value of an investment in this Fund will Performance information does not reflect the deduction of taxes that
fluctuate so that an investors shares, when redeemed, may be worth more or a shareholder would pay on Fund distributions or the redemption of Fund
less than the original cost. Current performance may be higher or lower than shares. 15

BALANCED FUND
Investment Style: Moderate Allocation
Portfolio Manager: Brad Hinton, CFA
The Balanced Fund returned +2.53% in the third quarter We think Danaher will compound business value at a healthy rate
compared to +2.92% for the Blended Index. Year to date, the Fund for the next several years. Martin Marietta Materials produces
returned +9.16% compared to +9.36% for the Blended Index. Not aggregates and cement. We love rocks and gravel, durable assets
lights out on a relative basis, but well take it. In short, it has been a that cant easily be displaced in the construction of highways,
good year for wealth building in risk assets. infrastructure, residential neighborhoods and commercial projects.
The longer your time horizon, the more valuable Martins assets in
Three yards and a cloud of dust. Woody Hayes coined the phrase the ground become. Finally, we sold our opportunistic investment
in the 1950s to illustrate his college football teams battering, in gas-station operator Murphy USA at a healthy gain.
bruising style of play. The expression also aptly describes the
markets continued, relentless gains. Stock indices have been We own corporate bonds issued by 29 companies. We became a
grinding out positive results the way Big Ten teams of yore used new lender to Discovery Communications, Dollar General, Equity
to grind out first downs. Our Fund has participated nicely, with Commonwealth, Fidelity National Information Services and
returns ahead of our expectations coming into the year. While Interpublic Group during the quarter. The incremental return for
valuations are not cheap, our diversified mix of stocks and bonds taking credit risk is low (i.e., spreads are tight), so we have focused
allowed us to make some hay while the sun was shining. on short-dated bonds with an average life of less than two years.
Our goal remains to assemble a corporate debt portfolio that our
Our Class of 2016 investments have been especially helpful. team assesses to be money good with very high probability,
Visa, Thermo Fisher Scientific, Oracle and Liberty Broadband even if the economy wobbles. Treasury securities round out the
all have returned more than 25% this year. Early 2017 addition portfolio, providing more ballast. Here, too, our average life is
Guidewire Software is also up more than 50% from our purchase short, at less than three years, so we are not bearing much interest
price. These examples show that our research team can still rate risk for the paltry rewards on offer. This last bucket provides
ferret out value, even in a relatively barren investing landscape. ample opportunity for taking additional measured risks when
Of course, returns dont come on a schedule. We have yet to reap warranted.
rewards from laggards Compass Minerals and Allergan. This path,
too, is quite normal. We still see significant upside in both stocks if The Funds primary investment objectives are long-term capital
the companies simply execute on their business plans, particularly appreciation and capital preservation. The Funds stocks are geared
next year. to do most of the heavy lifting on the former, while the bond
portfolio is designed to bolster the latter. With short-term interest
The Funds positioning remains relatively conservative, as asset rates finally off zero, we also are in position to generate a very
valuations are not compelling. We hold equity stakes in 27 modest current income stream. Ours is an old-fashioned, common
companies. We added two high-quality stocks at fair prices during sense approach that isnt flashy but can play an important role for
the quarter. Danaher has been an acquirer and refiner of very good many investors. Thank you as always for your continued support,
businesses for three decades. The company has strong platforms in and we look forward to updating you on portfolio developments
the life sciences, diagnostics, environmental and dental industries. again at year end.
16

Returns Portfolio Make Up

Annualized 100%
Since
Inception 80% U.S. Treasury Bills,
(10/1/2003) 10-year 5-year 3-year 1-year YTD Quarter Cash/Other
60%
U.S. Treasury Notes
WBALX 5.54% 4.81% 6.44% 4.74% 9.10% 9.16% 2.53%
40% MBS, CMBS & ABS
Blended 7.07 6.21 9.14 7.40 10.96 9.36 2.92
20% Corporate Bonds
S&P 500 9.08 7.44 14.22 10.81 18.61 14.24 4.48
Common Stocks
0%
Intermediate 9/30/17 9/30/16 9/30/15
U.S. Govt/Credit 3.53 3.64 1.61 2.13 0.23 2.34 0.60
Growth of $10,000 Capitalization (Common Stocks)

This chart depicts the change in the value of a $10,000 investment in the Balanced Fund for the period since inception
(10/1/03) through September 30, 2017, as compared with the growth of the Blended, Standard & Poors 500 and
Bloomberg Barclays Intermediate U.S. Government/Credit Indices during the same period. Index performance is
hypothetical and is shown for illustrative purposes only.
$40,000
Balanced Fund $21,287
Blended $26,044
$30,000
S&P 500 $33,785
Intermediate $16,265
$20,000
60.2% > $50 Billion
$10,000 28.1% $10-$50 Billion
6.7% $2.5-$10 Billion

$0
5.0% < $2.5 Billion
10/1/03 12/04 12/06 12/08 12/10 12/12 12/14 9/17

Laboratory Corp. of America Holdings 3.3 Health Care 8.1
Visa Inc. - Class A 3.3 Financials 7.0
Mastercard Inc. - Class A 2.3 Consumer Discretionary 6.1
Praxair, Inc. 2.3 Materials 6.1
Oracle Corp. 2.2 Consumer Staples 3.4
Industrials 1.1
Liberty Broadband Corp. - Series C 2.0
Total Common Stocks 47.9
Allergan plc 1.9
Cash Equivalents/Other 2.5
Thermo Fisher Scientific Inc. 1.9
U.S. Treasury Notes 25.3
Alphabet, Inc. - Class C 1.8
Corporate Bonds 21.4
24.4 Mortgage-Backed Securities 2.9
Total Bonds & Cash Equivalents 52.1
100.0
Top Stock Performers Bottom Stock Performers

Average Average
UNAUDITED
Visa Inc. - Class A 12.4% 3.2% 0.37% Allergan plc (15.4)% 2.1% (0.31)%
Mastercard Inc. - Class A 16.5 2.2 0.33 Oracle Corp. (3.2) 2.3 (0.07)
Berkshire Hathaway Inc. - Class B 8.2 3.3 0.26 Laboratory Corp. of America Holdings (2.1) 3.5 (0.06)
Texas Instruments, Inc. 17.2 1.5 0.25 QVC Group - Series A (4.0) 1.0 (0.04)
Liberty Broadband Corp. - Series C 9.9 2.1 0.22 Redwood Trust, Inc. (2.7) 1.2 (0.03)
Returns assume reinvestment of dividends and redemption at the end of each the performance data quoted. Performance data current to the most recent
period, and reflect the deduction of the Funds annual operating expenses month-end may be obtained at www.weitzinvestments.com/funds_and_
which as stated in its most recent prospectus are 1.01% (gross) of the Funds net performance/fund_ performance.fs.
assets. Total returns shown include fee waivers and expense reimbursements,
if any; total returns would have been lower had there been no waivers and/or See page 6 for additional performance disclosures. See page 66 for a description
reimbursements. Past performance does not guarantee future results. The of all indices.
investment return and the principal value of an investment in this Fund will Performance information does not reflect the deduction of taxes that 17
fluctuate so that an investors shares, when redeemed, may be worth more or a shareholder would pay on Fund distributions or the redemption of Fund
less than the original cost. Current performance may be higher or lower than shares.

CORE PLUS INCOME FUND
Investment Style: Intermediate-Term Bond
Co-Portfolio Managers: Tom Carney, CFA & Nolan Anderson
Core Plus Income Funds Institutional Class returned +0.58% for the spreads has been quite persistent. The charts below from the Federal Reserve
third calendar quarter compared to a +0.85% return for the Bloomberg Bank of St. Louis provide a visual of the path of credit spreads for investment-
Barclays U.S. Aggregate Bond Index (Bloomberg Barclays U.S. Agg), our grade and high-yield bonds over the past 10 years.
primary benchmark. For the calendar year to date, Core Plus Income Funds
Institutional Class returned +2.81% compared to a +3.14% return for the Both investment-grade and high-yield option-adjusted spreads1 are approaching
primary benchmark. the tightest levels since before the 2008-09 recession, and they are not much
further from all-time lows/tights. This has translated into an environment
where investors are being paid less, in the form of incremental spread over safer
Overview alternatives like U.S. Treasuries, to assume credit risk. The seeming tranquility,
Despite increased political uncertainty amid rising tensions with North Korea if not complacency, of todays credit and overall bond market will inevitably be
and the ongoing failure of the Trump administration to realize its policy goals, followed by more turbulence. Timing is unknown, of course, but history is a
market sentiment was largely undimmed in the third quarter. In the wake of good guide in that regard. We intend to remain vigilant/disciplined and invest
hurricanes Harvey and Irma, economic data showed signs of deterioration. only in those areas of the marketplace that present the most favorable risk/
However, the market judged that any potential negative impact on growth would reward opportunities. We look forward to taking advantage of the inevitable
be transitory, as did the Federal Reserve (Fed) in its statement following the latest dislocations that will occur sometime in the future.
(September) Federal Open Market Committee (FOMC) meeting. The FOMC
statement confirmed that measures to reduce the Feds nearly $4.5 trillion balance Portfolio Positioning
sheet would commence in October, despite persistently weak inflation.
The table below shows the change in allocation to various sectors for the most
U.S. Treasury bond yields were modestly higher (prices lower) in the quarter. recent quarter and compared to a year ago. We believe this summary provides
Shorter-term interest rates rose slightly more than longer-term rates as market a view over time of how we have allocated capital. Since our goal is to invest in
participants anticipated additional tightening measures by the Federal sectors that we believe offer the best risk-adjusted returns, our allocations may
Reserve later this year. Short-term rates generally follow more closely the change significantly over time.
Feds expected and actual monetary policy action. As a result, the difference
between short- and longer-term bond yields continued to narrow in the Sector (% of Portfolio) 9/30/2017 6/30/2017 9/30/2016
quarter as the yield curve continued to flatten. A flattening of the yield U.S. Treasury 38.0 43.4 25.6
curve invariably occurs when the Fed embarks on a monetary tightening Corporate 28.9 25.8 40.5
campaign. The table below provides an overview of select U.S. Treasury bond Corporate Convertible Bonds 2.4 1.6 2.8
yields for the quarter. Asset-Backed (ABS) 21.2 21.6 16.4
Cash & Equivalents 0.8 2.2 4.0
U.S. Treasury Yields (%) 2-Year 3-Year 5-Year 10-Year Commercial Mortgage-Backed (CMBS) 2.2 2.5 4.0
9/30/2017 1.49 1.63 1.94 2.34 Non-Agency Residential
6/30/2017 1.39 1.55 1.89 2.31 Mortgage-Backed (RMBS) 4.6 0.9 2.7
Source: Bloomberg Municipal 1.0 1.1 1.9
Common Stock 0.6 0.6 1.5
Corporate bonds and other credit sensitive securities outperformed Agency Mortgage-Backed (MBS) 0.3 0.3 0.6
Treasury bonds in the quarter as credit spreads continued to narrow/decline, Total 100.0 100.0 100.0
particularly for non-investment-grade or high-yield bonds. A broad measure High Yield* 7.7 6.2 12.1
of investment-grade1 corporate bond spreads compiled by Merrill Lynch * High-yield exposure (as of 9/30/2017) consists of investments in the Corporate,
declined to 107 basis points as of September 30, down eight basis points in Corporate Convertible, ABS and RMBS sectors.
the quarter. With minor updrafts along the way, the path downward in credit
18

Notable changes in the Sector chart include a 3.7% increase in our non-agency has been a community-based consumer lender for over 100 years. Today, the
mortgage-backed securities (RMBS) allocation and a 3.1% increase in company serves over 2 million customers across 1,700 branches in 44 states.
corporate bond exposure. These investments were primarily funded by We met the management team this year and came away impressed by the
sales of shorter-term U.S. Treasury bonds. While mortgage spreads are not companys disciplined approach to underwriting and the strong relationships
attractive in an absolute sense, we believe our non-agency MBS investments, it has with its customers. Over the long term, the companys conservative
consisting of high quality (AAA-rated) and shorter-duration cash flows, offer underwriting approach based on each customers ability to pay has led to
reasonable value compared to higher-quality corporate bonds. strong lifetime credit performance.
As of September 30, our high-yield exposure was approximately 7.7%, up In terms of structural features, the OneMain program is similar to a
from 6.2% as of June 30 (the maximum we are permitted is 25%). While we credit card securitization. Each securitization has a multi-year revolving
acknowledge the yield benefit of allocating capital to high yield, particularly period where new collateral may enter the pool, subject to specific risk and
in todays low interest rate environment, we dont believe todays market concentration limits. Once the revolving period ends, the securitization
environment (i.e., historically tight spreads and low absolute yield levels) is begins to amortize with a static pool of loan receivables. To date, we have
ripe for an all-in high yield allocation. focused our OneMain investments in subordinated bonds backed by seasoned
collateral. Similar to how to we analyze automobile ABS, we attempt to
Overall portfolio metrics, as measured by average effective maturity and identify specific securitization pools where credit performance and/or
average effective duration, changed modestly compared to the prior quarter. repayment speeds are performing inline or better than expected.
The average effective maturity increased to 5.5 years from 5.2 years, and
the average effective duration increased to 4.8 years from 4.5 years. These Lower losses and/or faster repayment speeds can increase the credit support
measures provide a guide to the Funds interest rate sensitivity. A lower available to the remaining classes of bonds as the securitization deleverages
average effective maturity and shorter average effective duration reduce the (i.e., overcollateralization results in the collateral pool exceeding what is
Funds price sensitivity to changes in interest rates (either up or down). expected to be necessary to make payments on the securities).
The aim of this approach is to invest with a margin of safety (i.e., sufficient
Quarterly Contributors credit support for the bonds), with the potential for the margin of safety to
Security selection was the key driver of performance in the past quarter. increase over time. Although we dont bet on such outcomes, in many cases
Primary contributors included: the residual effect of an increasing margin of safety has been positive ratings
migration. To that end, we experienced ratings upgrades in two of our initial
U.S. Corporate Credit. Longer-duration investment-grade corporate OneMain investments during the quarter. Both securities were upgraded
bond investments in REITS and diversified financial services from non-investment grade to investment grade.
companies, and energy-related high-yield investments led our
performance. Primary contributors included the bonds issued by
Berkshire Hathaway, Boston Properties, Equity Commonwealth, Outlook
Markel Corporation and Vornado Realty. High-yield contributors Overall, relative and absolute performance has been positive for the Fund
include Calumet Specialty Product Partners, NGL Energy Partners since its inception (July 31, 2014). However, risk-taking has been the name
and Range Resources. of the game in 2017 and we have fallen (well) short of taking enough of it,
as measured by the amount, quality and duration of the credit risk in our
U.S. Treasury bonds. Despite the significant increase in U.S. Treasury portfolio. As a result, the Funds year-to-date performance relative to its
rates in September, the Funds laddered U.S. Treasury portfolio benchmark has suffered. While the difficulty in finding qualifying credit
contributed positively to results. The Funds Treasury holdings have investments has increased as spreads have continued to grind tighter, the
an average effective duration of approximately 8.5 years. potential for additional Fed rate hikes could bolster overall bond yields. In the
Securitized Products. Our ABS, CMBS and RMBS segments meantime, we continue to seek out opportunistic shorter-term corporate and
continued to perform at or above expectations with respect to credit securitized investments that provide attractive risk-adjusted returns, both in
performance and average life progression1 while providing steady investment and non-investment grade.
income during the quarter. Our investments may be wide-ranging, but our analysis is the same. We
will continue to focus on generating good absolute investment returns over
Quarterly Detractors long periods of time and strive to own only those investments we believe
Common stock of Equity Commonwealth (-3.8%) and Redwood compensate us for the incremental credit risk we assume. Our overall goal
Trust (-2.7%) both declined during the quarter. is to invest in a portfolio of bonds of varying maturities that we believe
represents attractive risk-adjusted returns, taking into consideration the
general level of interest rates and the credit quality of each investment. We
Investment Activity will patiently seek out areas of opportunity and invest one security at a time,
Portfolio investment remained active during the quarter. Asset allocation was relying on a fundamental research-based investment approach. Markets
weighted toward corporate bonds, non-agency MBS and ABS. New issuers invariably do change, and given the Funds abundant liquidity in the form
UNAUDITED
to the corporate bond portfolio include AT&T, Discovery Communications, of U.S. Treasuries, we stand ready to take advantage of any potential market
Equifax and Limited Brands. We also added to our existing positions in weakness.
Equity Commonwealth and Energy Transfer Partners. In high yield, we
added to our positions in Calumet Specialty Product Partners, NGL Energy We thank you for your continued support, and we will work diligently to
Partners and new convertible bonds issued by Redwood Trust. maintain your trust.
In non-agency MBS, we increased our exposure to 4.6% from 0.9% in the

1
Definitions: Option Adjusted Spread: A spread compares the interest
second quarter. New issuance in the private-label prime jumbo market rate on a particular bond against a base line bond (typically a U.S. Treasury
has increased significantly this year, and we invested in senior AAA-rated bond). When a bond issuer (or bondholder) has the option to exercise a right
securities issued by Flagstar, JP Morgan and Redwood Trust. These securities (for example, if the issuer can call a bond before its stated maturity date), then
are backed by prime borrowers with 15-year fully amortizing mortgages. Our the Option Adjusted Spread takes into account the possibility that this option
expected investment horizon is 2-4 years for these investments. might be exercisedso a bonds Option Adjusted Spread may be more (or less)
than its regular spread. Investment Grade: We consider investment grade to
In ABS, we added to our automobile-backed and consumer loan positions. be those securities rated at least BBB- by one or more credit ratings agencies.
In the consumer space, we initiated an approximately 2% position in bonds Average Life Progression: A measure of repayment speed for a collateral pool
backed by OneMain consumer loan receivables. In contrast to our online (for example, a collection of mortgages may serve as the collateral pool for an
marketplace lending investments, OneMain is primarily an old school issuance of mortgage-backed securities). 19
brick-and-mortar consumer finance company. Founded in 1912, OneMain

CORE PLUS INCOME FUND (CONTINUED)
Returns
Annualized
Since Inception
(7/31/2014) 3-year 1-year YTD Quarter
WCPNX - Investor Class 3.39% 3.66% 1.26% 2.66% 0.54%
WCPBX - Institutional Class 3.60 3.88 1.46 2.81 0.58
Bloomberg Barclays U.S. Aggregate Bond 2.70 2.71 0.07 3.14 0.85
Five Largest Corporate Bond Issuers Financial Attributes Maturity Distribution(d)

Issuer % of Securities Portfolio Summary Maturity Type % of Portfolio
Equity Commonwealth 3.2 Average Maturity(d) 5.6 years Cash Equivalents 0.1
Berkshire Hathaway 2.5 Average Effective Maturity(d) 5.5 years Less than 1 Year 17.0
Redwood Trust, Inc. 2.5 Average Duration(d) 4.6 years 1 - 3 Years 26.1
AT&T 1.9 Average Effective Duration(d) 4.8 years 3 - 5 Years 12.5
Calumet Specialty Products 1.6 Average Coupon(d) 3.3% 5 - 7 Years 13.5
30-Day SEC Yield - Investor Class 2.17% 7 - 10 Years 25.9
30-Day SEC Yield - Institutional Class 2.37% 10 Years or more 4.3
Common Stocks 0.6
100.0
Credit Quality(a)(d) Asset Allocation(c)

Underlying Securities % of Portfolio 38.0% U.S. Treasury
28.9% Corporate Bonds
U.S. Treasury 37.7
21.2% Asset-Backed Securities
U.S. Government Agency Mortgage
0.3 4.9% Mortgage-Backed Securities
Related Securities(b)
Aaa/AAA 9.2 2.4% Corporate Convertible Bonds
Aa/AA 2.5 2.2% Commercial Mortgage-Backed Securities
A/A 17.5 1.0% Taxable Municipal Bonds
Baa/BBB 24.5 0.8% Cash Equivalents/Other
Ba/BB 1.2 0.6% Common Stocks
B/B 2.6
Caa/CCC 1.4
Non-Rated 2.4 (a)
T he Fund receives credit quality ratings on underlying securities of the Portfolio when available from credit rating
Common Stocks 0.6 agencies. The Fund will use one rating for an underlying security if that is all that is provided. Ratings and portfolio
credit quality may change over time. The Fund itself has not been rated by an independent rating agency.
Cash Equivalents 0.1 (b)
Mortgage related securities issued and guaranteed by government-sponsored entities such as Fannie Mae and
100.0 Freddie Mac are generally not rated by ratings agencies. Securities which are not rated do not necessarily indicate
low quality. Fannie Maes and Freddie Macs senior long-term debt are currently rated Aaa and AAA by Moodys
and Fitch, respectively.
(c)
Percent of net assets
(d)
Source: Bloomberg Analytics
Returns assume reinvestment of dividends and redemption at the end of each data quoted. Performance data current to the most recent month-end may
period, and reflect the deduction of annual operating expenses which as stated be obtained at www.weitzinvestments.com/funds_and_ performance/fund_
in its most recent prospectus are 1.91% (gross) and 1.23% (gross) of the Funds performance.fs.
20

SHORT DURATION INCOME FUND

Investment Style: Short-Term Bond
The Short Duration Income Funds Institutional Class returned +0.43% in the spreads has been quite persistent. The charts below from the Federal Reserve
third calendar quarter compared to a +0.34% return for the Bloomberg Barclays Bank of St. Louis provide a visual of the path of credit spreads for investment-
1-3 U.S. Aggregate Index (Bloomberg Barclays U.S. Agg 1-3), our Funds primary grade and high-yield bonds over the past 10 years.
benchmark. For the calendar year to date, the Funds Institutional Class returned
+1.64% compared to a +1.07% return for the benchmark. Both investment-grade and high-yield option-adjusted spreads1 are
approaching the tightest levels since before the 2008-09 recession, and they
are not much further from all-time lows/tights. This has translated into an
Overview environment where investors are being paid less, in the form of incremental
Despite increased political uncertainty amid rising tensions with North spread over safer alternatives like U.S. Treasuries, to assume credit risk. The
Korea and the ongoing failure of the Trump administration to realize its seeming tranquility, if not complacency, of todays credit and overall bond
policy goals, market sentiment was largely undimmed in the third quarter. market will inevitably be followed by more turbulence. Timing is unknown,
In the wake of hurricanes Harvey and Irma, economic data showed signs of course, but history is a good guide in that regard. We intend to remain
of deterioration. However, the market judged that any potential negative vigilant/disciplined and invest only in those areas of the marketplace that
impact on growth would be transitory, as did the Federal Reserve (Fed) in its present the most favorable risk/reward opportunities. We look forward to
statement following the latest (September) Federal Open Market Committee taking advantage of the inevitable dislocations that will occur sometime in
(FOMC) meeting. The FOMC statement confirmed that measures to reduce the future.
the Feds nearly $4.5 trillion balance sheet would commence in October,
despite persistently weak inflation. Portfolio Positioning
U.S. Treasury bond yields were modestly higher (prices lower) in the quarter. The table below shows the change in allocation to various sectors from the
Shorter-term interest rates rose slightly more than longer-term rates as market most recent quarter and compared to a year ago. We believe this summary
participants anticipated additional tightening measures by the Federal provides a view over time of how we have allocated capital. Since our goal is
Reserve later this year. Short-term rates generally follow more closely the to invest in sectors that we believe offer the best risk-adjusted returns, our
Feds expected and actual monetary policy action. As a result, the difference allocations may change significantly over time.
between short- and longer-term bond yields continued to narrow in the
quarter as the yield curve continued to flatten. A flattening of the yield Sector (% of Portfolio) 9/30/2017 6/30/2017 9/30/2016
curve invariably occurs when the Fed embarks on a monetary tightening Corporate 41.4 43.4 43.2
campaign. The table below provides an overview of select U.S. Treasury bond U.S. Treasury 26.4 25.4 23.0
yields for the quarter. Agency Mortgage-Backed (MBS) 12.8 13.8 16.8
Asset-Backed (ABS) 7.2 7.8 4.2
U.S. Treasury Yields (%) 2-Year 3-Year 5-Year 10-Year Corporate Convertible Bonds 5.2 4.0 3.9
9/30/2017 1.49 1.63 1.94 2.34 Non-Agency Residential Mortgage-Backed
6/30/2017 1.39 1.55 1.89 2.31 (RMBS) 4.6 2.6 4.0
Source: Bloomberg Cash & Equivalents 0.8 1.2 2.5
Common Stock 0.7 0.8 1.2
Corporate bonds and other credit sensitive securities outperformed Commercial Mortgage-Backed (CMBS) 0.5 0.6 0.7
Treasury bonds in the quarter as credit spreads continued to narrow/decline, Municipal 0.4 0.4 0.5
particularly for non-investment-grade or high-yield bonds. A broad measure Total 100.0 100.0 100.0
of investment-grade1 corporate bond spreads compiled by Merrill Lynch High Yield* 10.1 9.3 9.4
declined to 107 basis points as of September 30, down eight basis points in *High-yield exposure (as of 9/30/2017) consists of investments in the Corporate,
the quarter. With minor updrafts along the way, the path downward in credit Corporate Convertible, ABS and RMBS sectors.
UNAUDITED
21

SHORT DURATION INCOME FUND (CONTINUED)
Agency mortgage-backed (MBS) continued to decline in the quarter, driven In non-agency MBS, we increased our exposure to 4.6% from 2.6% in the
by prepayments and amortization of principal. While agency MBS have held third quarter. New issuance in the private-label prime jumbo market has
a prominent position in Fund allocations over the years, we have allowed increased significantly this year, and we invested in senior AAA-rated
this portion of the portfolio to run off/shrink over the last few years, as we securities issued by Flagstar, JP Morgan and Redwood Trust. These securities
have not viewed the risk/reward profile as favorable compared to alternatives. are backed by prime borrowers with 15-year fully amortizing mortgages where
Incremental capital has been principally directed toward corporate bonds and our expected investment horizon is 2-4 years.
ABS where we believe the return profiles have been more satisfactory relative
to the risks of ownership.
Nolan Anderson Named Co-Portfolio Manager
As of September 30, our high-yield exposure was approximately 10.1%, up On the team front, we are pleased to include Nolan Anderson as co-manager
modestly from June 30 (the maximum we are permitted is 15%). Our high-yield on this report. As of July 31, 2017, Nolan became a co-manager of the Weitz
exposure continues to be primarily concentrated in higher-quality, shorter-term Short Duration Income Fund. Shareholders of the Fund have benefited from
bonds. To highlight our preference for higher-quality credits in the current the work Nolan has contributed as a fixed income analyst since joining Weitz
market environment, the vast majority of our non-convertible high-yield over 5 years ago. His insight has been instrumental in our efforts to expand
corporate bond exposure is allocated to BB or split-rated companies (those rated the Funds investable opportunity set while maintaining/reinforcing the
investment grade by one credit rating agency and non-investment grade by at Funds overall investment strategy. Adding Nolan as a co-manager is a fitting
least one other) that we believe have strong asset and liquidity positions. extension of the work he already is doing on behalf of shareholders. We look
forward to our continued collaboration in the years ahead as we diligently
Overall portfolio metrics, as measured by average maturity and average work to identify favorable risk/reward investment opportunities.
effective duration, changed slightly compared to the previous quarter. The
average effective maturity remained at 2.1 years, while the average effective
duration declined to 1.8 from 1.9 years at June 30. These measures provide a Outlook
guide to the Funds interest rate sensitivity. A lower average effective maturity Overall, both relative and absolute performance has been positive for the
and shorter average effective duration reduce the Funds price sensitivity to Fund year to date. However, risk-taking has been the name of the game in
changes in interest rates (either up or down). 2017 and we have fallen short of taking enough of it, as measured by the
amount, quality and duration of the credit risk in our portfolio. While the
Quarterly Contributors difficulty in finding qualifying credit investments has increased as spreads
have continued to grind tighter, the potential for additional Fed rate hikes
The corporate bond segment was the largest contributor to results in could bolster overall bond yields. In the meantime, we continue to seek
the quarter, as coupon income was augmented by modest (unrealized) out opportunistic shorter-term corporate and securitized investments
price appreciation as credit spreads continued to move lower. Primary that provide attractive risk-adjusted returns, both in investment and
contributors included the real estate investment trust (REIT), banks non-investment grade.
and insurance segments.
Our investments may be wide-ranging, but our analysis is the same. We
Securitized Products. The ABS, CMBS and RMBS segments of the will continue to focus on generating good absolute investment returns over
Fund continued to perform at or above expectations with respect long periods of time and strive to own only those investments we believe
to credit performance and average life progression1 while providing compensate us for the incremental credit risk we assume. Our overall goal
steady income and limited price volatility during the quarter. is to invest in a portfolio of bonds of varying maturities that we believe
represents attractive risk-adjusted returns, taking into consideration the
U.S. Treasury bonds. Despite the significant increase in U.S. Treasury general level of interest rates and the credit quality of each investment. We
rates in September (rate increases were more modest throughout the will patiently seek out areas of opportunity and invest one security at a time,
remainder of the third quarter), the Funds laddered U.S. Treasury relying on a fundamental research-based investment approach. Markets
portfolio contributed positively to results. invariably do change, and given the Funds abundant liquidity in the form
of U.S. Treasuries, we stand ready to take advantage of any potential market
weakness.
Quarterly Detractors
Common stock of Redwood Trust (-2.7%). Despite the modest price We thank you for your continued support, and we will work diligently to
decline during the quarter, Redwood continues to build business maintain your trust.
value and strengthen its position as credit investors in the mortgage
marketplace.
1
Definitions: Option Adjusted Spread: A spread compares the interest
Investment Activity rate on a particular bond against a base line bond (typically a U.S. Treasury
Portfolio investment allocation was weighted toward corporate bonds and bond). When a bond issuer (or bondholder) has the option to exercise a right
non-agency MBS in the quarter. New issuers to the corporate bond portfolio (for example, if the issuer can call a bond before its stated maturity date), then
include AT&T, Capital One Financial and Equifax. We also added to our the Option Adjusted Spread takes into account the possibility that this option
existing positions in Equity Commonwealth and Energy Transfer Partners. might be exercisedso a bonds Option Adjusted Spread may be more (or less)
In high yield, we invested in new convertible bonds issued by Redwood Trust. than its regular spread. Investment Grade: We consider investment grade to
be those securities rated at least BBB- by one or more credit ratings agencies.
Average Life Progression: A measure of repayment speed for a collateral pool
(for example, a collection of mortgages may serve as the collateral pool for an
issuance of mortgage-backed securities).
22

Returns Annualized
Since Inception
WSHNX - Investor Class 5.16% 4.13% 3.23% 1.47% 1.65% 0.95% 1.50% 0.38%
WEFIX - Institutional Class 5.20 4.20 3.37 1.69 1.88 1.15 1.64 0.43
Bloomberg Barclays
U.S. Aggregate 1-3 Year 3.55 2.18 0.92 1.07 0.69 1.07 0.34
U.S. Government/Credit
Intermediate 5.81* 4.66 3.64 1.61 2.13 0.23 2.34 0.60
1-5 Year 5.20* 4.00 2.75 1.20 1.51 0.51 1.58 0.43
CPI + 1% 3.55* 3.18 2.72 2.31 2.23 3.26 3.00 1.01
* Since 12/31/1988
Five Largest Corporate Bond Issuers Financial Attributes Maturity Distribution(d)

Redwood Trust, Inc. 5.2 Average Maturity(d) 2.2 years Cash Equivalents 0.3
Wells Fargo 2.8 Average Effective Maturity(d) 2.1 years Less than 1 Year 28.8
Goldman Sachs Group, Inc. 2.4 Average Duration(d) 1.7 years 1 - 3 Years 45.0
Markel Corp. 2.3 Average Effective Duration(d) 1.8 years 3 - 5 Years 20.4
5 - 7 Years 4.5
Berkshire Hathaway 2.2 Average Coupon(d) 3.0%
7 - 10 Years 0.3
30-Day SEC Yield - Investor Class 1.62%
Common Stocks 0.7
30-Day SEC Yield - Institutional Class 1.82%
100.0
Credit Quality(a)(d) Asset Allocation(c)

Underlying Securities % of Portfolio
41.4% Corporate Bonds
U.S. Treasury 26.3 26.4% U.S. Treasury
U.S. Government Agency Mortgage 17.4% Mortgage-Backed Securities
12.7
Related Securities(b) 7.2% Asset-Backed Securities
Aaa/AAA 5.7 5.2% Corporate Convertible Bonds
Aa/AA 2.3 0.8% Cash Equivalents/Other
A/A 13.4 0.7% Common Stocks
Baa/BBB 28.5 0.5% Commercial Mortgage-Backed Securities
Ba/BB 3.5 0.4% Taxable Municipal Bonds
B/B 1.2
Caa/CCC 0.1
Non-Rated 5.3
Common Stocks 0.7
Cash Equivalents 0.3
100.0 (a)
T he Fund receives credit quality ratings on underlying securities of the Portfolio when available from credit rating agencies.
The Fund will use one rating for an underlying security if that is all that is provided. Ratings and portfolio credit quality
may change over time. The Fund itself has not been rated by an independent rating agency.
(b)
Mortgage related securities issued and guaranteed by government-sponsored entities such as Fannie Mae and Freddie
UNAUDITED
Mac are generally not rated by ratings agencies. Securities which are not rated do not necessarily indicate low quality.
Fannie Maes and Freddie Macs senior long-term debt are currently rated Aaa and AAA by Moodys and Fitch, respectively.
(c)
Percent of net assets
(d)
Returns assume reinvestment of dividends and redemption at the end of each be obtained at www.weitzinvestments.com/funds_and_ performance/fund_
period, and reflect the deduction of annual operating expenses which as stated performance.fs.
in its most recent prospectus are 0.93% (gross) and 0.62% (gross) of the Funds
Investor and Institutional Class net assets, respectively. Total returns shown See page 6 for additional performance disclosures. See page 66 for a description
include fee waivers and expense reimbursements, if any; total returns would of all indices.
have been lower had there been no waivers and/or reimbursements. Past Performance information does not reflect the deduction of taxes that
performance does not guarantee future results. The investment return and a shareholder would pay on Fund distributions or the redemption of Fund
the principal value of an investment in this Fund will fluctuate so that an shares.
investors shares, when redeemed, may be worth more or less than the original
data quoted. Performance data current to the most recent month-end may 23

ULTRA SHORT GOVERNMENT FUND
Investment Style: Ultra-Short-Term Bond
The Ultra Short Government Fund returned +0.30% in the third calendar The Funds principal investment strategies and objectives of providing
quarter compared to a +0.31% return for the Bank of America Merrill Lynch current income, protecting principal and providing liquidity remain our
U.S. 6-Month Treasury Bill Index (BofA Merrill 6-Month Treasury), our long-term goals. Under normal market conditions, the Fund will invest at
Funds primary benchmark. For the calendar year to date, the Fund returned least 80% of its net assets in obligations issued or guaranteed by the U.S.
+0.52% compared to +0.68% for the Funds primary benchmark. government and its government-related entities. The balance of Fund assets
may be invested in U.S. investment-grade debt securities. We consider
investment grade to be those securities rated at least BBB- by one or more
Overview credit rating agencies. Additionally, the Fund will maintain an average
Despite increased political uncertainty amid rising tensions with North effective duration of one year or less. Duration is a measure of how sensitive
Korea and the ongoing failure of the Trump administration to realize its the Funds portfolio may be to changes in interest rates. All else equal, a lower
policy goals, market sentiment was largely undimmed in the third quarter. duration portfolio of bonds is less sensitive to changes in interest rates than a
In the wake of hurricanes Harvey and Irma, economic data showed signs of portfolio of bonds with a higher duration. Over time, this shorter-term focus
deterioration. However, the market judged any potential negative impact on (duration of less than one year) is intended to generate higher total returns
growth would be transitory, as did the Federal Reserve (Fed) in its statement than cash or money market funds with less interest rate risk than short- or
following the latest (September) Federal Open Market Committee (FOMC) intermediate-term bonds.
meeting. The FOMC statement confirmed that measures to reduce the
Feds nearly $4.5 trillion balance sheet would commence in October, despite The Federal Reserves monetary policy decisions (e.g., changes in short-term
persistently weak inflation. interest rates) will continue to affect all investments within our opportunity
set. As a result, our yield and return will invariably follow the path dictated by
U.S. Treasury bond yields were modestly higher (prices lower) in the quarter. the Federal Reserves monetary policy, as we frequently reinvest holdings that
Shorter-term interest rates rose slightly more than longer-term rates as market mature in a short period of time. As of September 30, 78.7% of our portfolio
participants anticipated additional tightening measures by the Federal was invested in U.S. Treasury notes, 18.8% was invested in investment grade
Reserve later this year. Short-term rates generally follow more closely the corporate bonds and asset backed securities, with the balance in a high-
Feds expected and actual monetary policy action. As a result, the difference quality State Street money market fund. The average effective duration of
between short- and longer-term bond yields continued to narrow in the our portfolio at September 30 was 0.3 years, unchanged from three months
quarter as the yield curve continued to flatten. A flattening of the yield ago. As mentioned above, we will continue to focus on high credit quality,
curve invariably occurs when the Fed embarks on a monetary tightening preservation of capital and maintaining liquidity for our investors.
campaign.
The Funds third quarter results matched its primary benchmark as modest Returns
price declines in select Fund holdings offset strong income returns in the
overall portfolio. The Funds 30-day yield increased slightly to 1.02% as of Annualized
September 30. 10-Year 5-Year 1-Year
SAFEX 0.42 0.14 0.57
6-Month Treasury 0.82 0.39 0.81
Returns assume reinvestment of dividends and redemption at the end of each principal investment strategies and policies to permit the Fund to invest in a
period, and reflect the deduction of the Funds annual operating expenses diversified portfolio of short-term debt securities and to have a fluctuating net
which as stated in its most recent prospectus are 0.60% (gross) of the Funds net asset value. Prior to December 16, 2016, the Fund operated as a government
assets. Total returns shown include fee waivers and expense reimbursements, money market fund as defined under Rule 2a-7 of the Investment Company
if any; total returns would have been lower had there been no waivers and/or Act of 1940 and maintained a stable net asset value of $1.00 per share.
reimbursements. Past performance does not guarantee future results. The The Funds past performance reflects the Funds prior principal investment
investment return and the principal value of an investment in this Fund will strategies and policies.
fluctuate so that an investors shares, when redeemed, may be worth more or less
than the original cost. Current performance may be higher or lower than the See page 6 for additional performance disclosures. See page 66 for a description
performance data quoted. Performance data current to the most recent month- of all indices.
end may be obtained at www.weitzinvestments.com/funds_and_performance/
fund_performance.fs. Performance information does not reflect the deduction of taxes that
24
a shareholder would pay on Fund distributions or the redemption of
The Funds past performance is not necessarily an indication of how the Fund Fund shares.
will perform in the future. Effective December 16, 2016, the Fund revised its

NEBRASKA TAX-FREE INCOME FUND

Investment Style: Municipal-State Bond
Portfolio Manager: Tom Carney, CFA
The Nebraska Tax-Free Income Fund returned +0.23% in the third calendar contribution to portfolio results in the quarter. Greater Orlando
quarter compared to a +0.68% return for the Barclays 5-Year Municipal Bond Florida Airport, Omaha Nebraska Public Power, and Public Power
Index, the Funds primary benchmark. For the calendar year to date, the Fund Generation Agency of Nebraska revenue bonds and Douglas County
returned +1.80% compared to +3.87% for the Funds primary benchmark. Nebraska School District Number 0001 (Omaha Public Schools)
The Funds shorter duration relative to its benchmark hindered quarterly and general obligation bonds experienced modest (unrealized) price
year-to-date results. declines in the quarter. Their small position sizes substantially limited
the (unrealized) price declines from affecting overall portfolio results.
Overview
Despite increased political uncertainty amid rising tensions with North Investment Activity
Korea and the ongoing failure of the Trump administration to realize its Portfolio investment activity culminated in slightly more than $4 million of
policy goals, market sentiment was largely undimmed in the third quarter. investments identified for purchase during the quarter. Most of the Funds
In the wake of hurricanes Harvey and Irma, economic data showed signs of recent investments continue to be in bonds maturing beyond five years,
deterioration. However, the market judged any potential negative impact on where the relative value in comparison to still quite low Treasury rates have
growth would be transitory, as did the Federal Reserve (Fed) in its statement been the most compelling. Despite this continued investment in longer-term
following the latest (September) Federal Open Market Committee (FOMC) bonds, the Fund remains distinctly short term from a portfolio perspective,
meeting. The FOMC statement confirmed that measures to reduce the with approximately 51% of Fund assets maturing in less than 3 years and
Feds nearly $4.5 trillion balance sheet would commence in October, despite 72% maturing in less than five years. A notable addition in the third calendar
persistently weak inflation. quarter included the following Nebraska-based issuer:
U.S. Treasury bond yields were modestly higher (prices lower) in the quarter.
Shorter-term interest rates rose slightly more than longer-term rates as market Madison County Nebraska Hospital Authority No. 1
participants anticipated additional tightening measures by the Federal (Faith Regional Health Services Project)
Reserve later this year. Short-term rates generally follow more closely the (4- and 6-year Hospital Revenue Bonds)
Feds expected and actual monetary policy action. As a result, the difference
between short- and longer-term bond yields continued to narrow in the Faith Regional Health Services (Faith) is a Nebraska nonprofit corporation
quarter as the yield curve continued to flatten. A flattening of the yield that, together with its affiliates, operates and manages a healthcare delivery
curve invariably occurs when the Fed embarks on a monetary tightening system in Norfolk, Nebraska (approximately 110 miles northwest of Omaha).
campaign. The table below provides an overview of select U.S. Treasury bond Faith operates a single hospital system consisting of two sites of care (131
yields for the quarter. acute care hospital and behavioral health beds, and a nursing home with 83
beds) with a single medical staff and consolidated administration, support
and healthcare services. Faith serves a population of approximately 156,000
U.S. Treasury Yields (%) people in its primary and secondary service areas across 13 counties in
2-Year 3-Year 5-Year 10-Year northeast and north-central Nebraska. In recent years, the Norfolk area and
9/30/2017 1.49 1.63 1.94 2.34
the entire state of Nebraska have experienced relative economic stability
6/30/2017 1.39 1.55 1.89 2.31
and growth with unemployment rates of 3.07% for the state and 2.86% for
the Norfolk area as of June 2017, according to the Nebraska Department of
Source: Bloomberg Labor. The stable economic environment has allowed Faith to grow along
with the communities it serves. Faith has been the recipient of many awards
Municipal bonds outperformed their taxable government counterparts in and accreditations, maintains a diverse payor mix as measured by net patient
the quarter, as the yield relationship between tax-free municipal bonds and revenues, and has exhibited strong financial performance as measured by debt
taxable alternatives continued to decline. High-quality 5-year municipal service coverage and liquidity. Our 4- and 6-year investments were entered
bonds, for example, ended the quarter with a yield representing approximately into with yields to maturity averaging above 2%, and at strong spreads to
71% of U.S. Treasuries, down from 72% at June 30. comparable Treasuries (approximately 120%).
Turning to portfolio metrics, the average effective duration of our Fund

Quarterly Contributors increased in the quarter to 3.4 years from 3.1 years, and the average effective
The electricity and public power segment was the largest contributor maturity of our bonds increased to 3.8 years from 3.2 years. Overall asset
to results in the quarter, as strong income returns offset modest quality of our portfolio remains high, with approximately 86% rated A or
(unrealized) price declines. Primary contributors included the revenue better by credit rating agencies.
bonds issued by Dawson Nebraska Public District and Lincoln
Electric. Please see the following page for additional details regarding the breakdown
of our investment holdings by state, sector and rating. Our investments may
UNAUDITED
Lease revenue bonds issued by the Omaha Nebraska Public Facilities be wide-ranging, but our analysis is the same. We will continue to focus
Corporation for the Omaha Baseball Stadium Project. on generating good absolute investment returns over long periods of time
and strive to own only those investments we believe compensate us for the
Higher education bonds issued by Lincoln Nebraska Educational incremental credit risk we assume. Our overall goal is to invest in a portfolio
Facilities for Nebraska Wesleyan University. of bonds of varying maturities that we believe represents attractive risk-
adjusted returns, taking into consideration the general level of interest rates
Hospital bond segment led by Douglas County Nebraska Hospital and the credit quality of each investment. We will invest one security at a
Authority revenue bonds issued for Childrens Hospital and Madonna time, relying on a fundamental research-based investment approach and are
Rehabilitation Hospital. well positioned to take advantage of any market weakness.
We thank you for your continued support, and we will work diligently to
Quarterly Detractors maintain your trust.
No portfolio segment generated a negative contribution to
results in the quarter, and only four individual investments (out The Fund seeks income that is exempt from federal and Nebraska personal
of approximately 150 portfolio investments) caused a negative income taxes, but income from the Fund may be subject to federal alternative
minimum tax and capital gains taxes.
25

NEBRASKA TAX-FREE INCOME FUND (CONTINUED)
Returns
Annualized
Since Inception
WNTFX 4.65% 3.40% 2.43% 0.89% 0.75% 0.19% 1.80% 0.23%

5-Year Municipal Bond 4.18 3.81 1.93 1.99 1.14 3.87 0.68
Five Largest Issuers Financial Attributes Maturity Distribution(c)

Nebraska Public Power District 8.9 Average Maturity (c)

4.9 years Cash Equivalents 2.8
Omaha Public Power District 8.0 Average Effective Maturity(c) 3.8 years Less than 1 Year 20.7
Omaha Public Facilities Corp. 5.3 Average Duration(c) 3.3 years 1 - 3 Years 27.3
Nebraska Certificates of Participation 4.8 Average Effective Duration(c) 3.4 years 3 - 5 Years 21.5
Lincoln Electric System Revenue 4.6 Average Coupon(c) 3.8% 5 - 7 Years 6.6
30-Day SEC Yield 0.73% 7 - 10 Years 18.7
Municipals exempt from federal 10 Years or more 2.4
90.5%
and Nebraska income taxes
100.0
Municipals subject to alternative
4.8%
minimum tax
Credit Quality(a)(c) State Breakdown Sector Breakdown

Underlying Securities % of Portfolio % of Net Assets % of Net Assets
Aaa/AAA 2.1 Nebraska 90.5 Power 24.3
Aa/AA 58.2 Florida 2.7 Higher Education 10.8
A/A 25.9 District of Columbia 1.0 Airport/Transportation 6.6
Baa/BBB 3.2 Texas 0.7 Certificates of Participation 6.0
Non-Rated 7.8 Iowa 0.4 Lease 5.7
Cash Equivalents 2.8 Washington 0.4 Hospital 5.0

100.0 California 0.4 Water/Sewer 4.3
Illinois 0.2 General 2.0
Cash Equivalents/Other 3.7 Housing 0.2

100.0 Total Revenue 64.9
Asset Allocation(b) School District 7.9

City/Subdivision 4.9
64.9% Revenue
County 2.4
16.9% General Obligation
Natural Resource District 1.7
14.5% Escrow/Pre-Refunded
Total General Obligation 16.9
3.7% Cash Equivalents/Other
Escrow/Pre-Refunded 14.5
Cash Equivalents/Other 3.7
100.0
(a)
T he Fund receives credit quality ratings on underlying securities of the Portfolio when available from credit
rating agencies. The Fund will use one rating for an underlying security if that is all that is provided. Ratings
and portfolio credit quality may change over time. The Fund itself has not been rated by an independent
rating agency.
(b)
Percent of net assets.
(c)
Returns assume reinvestment of dividends and redemption at the end of each month-end may be obtained at www.weitzinvestments.com/funds_and_
period, and reflect the deduction of the Funds annual operating expenses performance/fund_performance.fs.
which as stated in its most recent prospectus are 0.80% of the Funds net
assets. Total returns shown include fee waivers and expense reimbursements, See page 6 for additional performance disclosures. See page 66 for a description
if any; total returns would have been lower had there been no waivers and/or of all indices.
reimbursements. Past performance does not guarantee future results. The Performance information does not reflect the deduction of taxes that
investment return and the principal value of an investment in this Fund will a shareholder would pay on Fund distributions or the redemption of Fund
fluctuate so that an investors shares, when redeemed, may be worth more or shares.
26 less than the original cost. Current performance may be higher or lower than
the performance data quoted. Performance data current to the most recent

VALUE FUND
Schedule of Investments
September 30, 2017
Common Stocks 86.0% $ Principal
% of Net % of Net Amount
Consumer Discretionary Assets Shares $ Value Consumer Staples Assets or Shares $ Value
Cable & Satellite 17.5 Beverages 1.9

Liberty Broadband Corp. - Series C* 650,000 61,945,000 Diageo plc - Sponsored ADR(c) 115,000 15,194,950
Liberty Global Group - Class C* (c) 1,245,000 40,711,500
Comcast Corp. - Class A 550,000 21,164,000 Food & Staples Retailing 1.1
Liberty SiriusXM Group - Series C* 460,000 19,260,200 CVS Health Corp. 110,000 8,945,200
Internet & Direct Marketing Retail 3.5 3.0 24,140,150

QVC Group - Series A* 720,000 16,970,400 Energy
Amazon.com, Inc.* 11,500 11,055,525
Oil & Gas Exploration & Production 2.2
Movies & Entertainment 3.3 Pioneer Natural Resources Co. 80,000 11,803,200
Twenty-First Century Fox, Inc. - Class A 1,030,000 27,171,400 Range Resources Corp. 325,000 6,360,250
Multiline Retail 3.2 Oil & Gas Equipment & Services 0.7
Dollar Tree, Inc.* 300,000 26,046,000 Halliburton Co. 125,000 5,753,750
27.5 224,324,025 2.9 23,917,200
Information Technology Industrials
IT Services 10.9 Air Freight & Logistics 2.1

Mastercard Inc. - Class A 245,000 34,594,000 United Parcel Service, Inc. - Class B 145,000 17,413,050
Visa Inc. - Class A 215,000 22,626,600
Accenture plc - Class A(c) 150,000 20,260,500 Total Common Stocks (Cost $417,758,366) 701,440,624
DXC Technology Co. 130,000 11,164,400
Internet Software & Services 4.5

Alphabet, Inc. - Class C* 38,563 36,986,159 Cash Equivalents 14.0%
Software 3.8
Oracle Corp. 635,000 30,702,250
U.S. Treasury Bills, 0.95% to 1.14%,
19.2 156,333,909 10/05/17 to 2/15/18(a) 107,000,000 106,858,940
Financials State Street Institutional U.S. Government Money

Market Fund - Premier Class 0.92%(b) 7,807,153 7,807,153
Diversified Financial Services 8.1
Berkshire Hathaway Inc. - Class B* 360,000 65,995,200 Total Cash Equivalents (Cost $114,657,687) 114,666,093
Insurance Brokers 2.9
Total Investments in Securities (Cost $532,416,053) 816,106,717
Aon plc - Class A(c) 165,000 24,106,500
Diversified Banks 2.0 Other Liabilities in Excess of Other Assets - 0.0% (60,391)
Wells Fargo & Co. 295,000 16,269,250
Net Assets - 100% 816,046,326
13.0 106,370,950
Health Care Net Asset Value Per Share - Investor Class 42.74
Net Asset Value Per Share - Institutional Class 43.04
Pharmaceuticals 4.5
Allergan plc(c) 180,000 36,891,000
Health Care Services 4.3

Laboratory Corp. of America Holdings* 232,000 35,025,040 * Non-income producing
(a)
Interest rates presented represent the yield to maturity at the date of purchase.
Life Sciences Tools & Services 2.7 (b)
Rate presented represents the annualized 7-day yield at September 30, 2017.
Thermo Fisher Scientific Inc. 118,000 22,325,600 (c)
Foreign domiciled entity.
Health Care Equipment 1.1
Danaher Corp. 100,000 8,578,000
UNAUDITED
12.6 102,819,640
Materials
Industrial Gases 3.1

Praxair, Inc. 180,000 25,153,200
Fertilizers & Agricultural Chemicals 2.6

Monsanto Co. 175,000 20,968,500
5.7 46,121,700
27
The accompanying notes form an integral part of these financial statements.

PARTNERS VALUE FUND
September 30, 2017

Consumer Discretionary Assets Shares $ Value Industrials Assets or Shares $ Value
Cable & Satellite 22.5 Machinery 5.7

Liberty Broadband Corp.* Colfax Corp.* 525,000 21,861,000
Series A 165,000 15,539,700 Allison Transmission Holdings, Inc. 500,000 18,765,000
Series C 550,000 52,415,000
Liberty Global Group - Class C*
(c)
1,550,000 50,685,000 5.7 40,626,000
Liberty SiriusXM Group* Energy
Series A 120,000 5,028,000
Series C 450,000 18,841,500 Oil & Gas Exploration & Production 1.9
LiLAC Group - Class C*(c) 725,000 16,892,500 Range Resources Corp. 375,000 7,338,750
Pioneer Natural Resources Co. 40,000 5,901,600
Internet & Direct Marketing Retail 3.8
QVC Group - Series A* 1,150,000 27,105,500 1.9 13,240,350
Movies & Entertainment 3.0

Total Common Stocks (Cost $355,800,322) 590,397,010
Twenty-First Century Fox, Inc. - Class A 815,000 21,499,700
Broadcasting 2.0
Discovery Communications, Inc. - Class C* 700,000 14,182,000 Cash Equivalents 17.0%
31.3 222,188,900
Information Technology U.S. Treasury Bills, 0.95% to 1.14%,
10/05/17 to 2/15/18(a) 110,000,000 109,888,671
IT Services 8.2
Visa Inc. - Class A 295,000 31,045,800 State Street Institutional U.S. Government Money
Mastercard, Inc. - Class A 130,000 18,356,000 Market Fund - Premier Class 0.92%(b) 10,887,785 10,887,785
Total Cash Equivalents (Cost $120,766,750) 120,776,456
Alphabet, Inc. - Class C* 26,000 24,936,860
Software 2.9
Oracle Corp. 425,000 20,548,750 Other Liabilities in Excess of Other Assets - (0.1%) (941,531)
Semiconductors & Net Assets - 100% 710,231,935

Semiconductor Equipment 2.5
Texas Instruments, Inc. 200,000 17,928,000 Net Asset Value Per Share - Investor Class 31.62
Electronic Equipment, Net Asset Value Per Share - Institutional Class 31.85
Instruments & Components 2.4
FLIR Systems, Inc. 435,000 16,925,850
19.5 138,758,660 * Non-income producing

Financials
(a)
(b)
(c)
Berkshire Hathaway Inc. - Class B* 315,000 57,745,800
Mortgage REITs 2.9

Redwood Trust, Inc. 1,270,000 20,688,300
Insurance Brokers 2.7

Aon plc - Class A(c) 132,500 19,358,250
Diversified Banks 2.1

Wells Fargo & Co. 265,000 14,614,750
15.8 112,407,100
Health Care
Health Care Services 4.3

Laboratory Corp. of America Holdings* 200,000 30,194,000
Pharmaceuticals 4.0
Allergan plc(c) 140,000 28,693,000

Danaher Corp. 50,000 4,289,000
8.9 63,176,000
28

PARTNERS III OPPORTUNITY FUND

September 30, 2017

Consumer Discretionary Assets Shares $ Value Health Care Assets or Shares $ Value
Cable & Satellite 25.0 Pharmaceuticals 5.3

Liberty Broadband Corp.*(c) Allergan plc(d) 180,000 36,891,000
Series A 135,000 12,714,300
Series C 650,000 61,945,000 Health Care Services 4.3
Liberty Global Group - Class C*(c) (d) 1,700,000 55,590,000 Laboratory Corp. of America Holdings*(c) 200,000 30,194,000
Liberty SiriusXM Group*
(c)
Series A 200,000 8,380,000
Danaher Corp. 40,000 3,431,200
Series C 600,000 25,122,000
LiLAC Group - Class C*(c) (d) 500,000 11,650,000 10.1 70,516,200
Internet & Direct Marketing Retail 8.4 Industrials
Liberty Ventures Group - Series A*(c) 600,000 34,530,000
QVC Group - Series A* (c) 800,000 18,856,000 Machinery 3.5
Liberty Expedia Holdings, Inc. - Series A*(c) 100,000 5,311,000 Colfax Corp.*(c) 600,000 24,984,000
Movies & Entertainment 1.6 Aerospace & Defense 2.9

Liberty Formula One Group*(c) Wesco Aircraft Holdings, Inc.* 2,175,000 20,445,000
Series A 50,000 1,824,500
6.4 45,429,000
Series C 150,000 5,713,500
Liberty Braves Group*(c)
Series A 20,000 507,400 Total Common Stocks (Cost $359,724,234) 641,133,330
Series C 140,000 3,537,800
Broadcasting 1.5
Discovery Communications, Inc. - Class A* 500,000 10,645,000
Cash Equivalents 8.1%
36.5 256,326,500
Information Technology U.S. Treasury Bills, 1.01% to 1.07%,
10/12/17 to 11/24/17(a) 45,000,000 44,955,652
IT Services 11.9
Mastercard Inc. - Class A(c) 300,000 42,360,000 State Street Institutional U.S. Government Money
Visa Inc. - Class A 225,000 23,679,000 Market Fund - Premier Class 0.92%(b) 12,100,168 12,100,168
Alphabet, Inc. - Class C*(c) 27,000 25,895,970 Total Investments in Securities (Cost $416,777,823) 698,189,150
XO Group, Inc.* 420,000 8,261,400
CommerceHub, Inc.*(c) Due From Broker(c) - 33.2% 232,928,458
Series A 67,000 1,512,190 Securities Sold Short - (32.5%) (227,976,000)
Series C 134,000 2,860,900
Other Liabilities in Excess of Other Assets - (0.1%) (956,521)
Semiconductors &
Semiconductor Equipment 3.8 Net Assets - 100% 702,185,087
Texas Instruments, Inc.(c) 300,000 26,892,000
Net Asset Value Per Share - Investor Class 14.59
Application Software 1.2
Intelligent Systems Corp.* # 2,270,000 8,673,670 Net Asset Value Per Share - Institutional Class 14.96
22.4 157,311,130
Securities Sold Short (32.5%)
Financials

Ishares Russell 2000 Fund 200,000 (29,636,000)
Berkshire Hathaway Inc. - Class B* (c) 400,000 73,328,000
PowerShares QQQ Trust, Series 1 500,000 (72,725,000)
Mortgage REITs 3.5 SPDR S&P 500 ETF Trust 500,000 (125,615,000)
Redwood Trust, Inc.(c) 1,500,000 24,435,000
Total Securities Sold Short (proceeds $182,955,326) (227,976,000)
UNAUDITED
Diversified Banks 2.0

Wells Fargo & Co.(c) 250,000 13,787,500
15.9 111,550,500 * Non-income producing

Controlled affiliate
# Illiquid and/or restricted security.

(a)
(b)
(c)
Fully or partially pledged as collateral on securities sold short.
(d)
29

HICKORY FUND
September 30, 2017

Consumer Discretionary Assets Shares $ Value Health Care Assets or Shares $ Value
Cable & Satellite 18.0 Health Care Services 4.7

Liberty Broadband Corp.* Laboratory Corp. of America Holdings* 85,000 12,832,450
Series A 50,000 4,709,000
Series C 210,000 20,013,000 Telecommunication Services
Liberty SiriusXM Group*
Series A 75,000 3,142,500 Diversified Telecommunication Services 4.5
Series C 180,000 7,536,600 LICT Corp.* # 1,005 12,462,000
Liberty Global Group - Class C*(c) 250,000 8,175,000
LiLAC Group - Class C*(c) 260,074 6,059,724 Financials
Internet & Direct Marketing Retail 10.4
Mortgage REITs 3.7
QVC Group - Series A* 525,000 12,374,250
Redwood Trust, Inc. 635,000 10,344,150
Liberty Ventures Group - Series A* 185,000 10,646,750
Liberty Expedia Holdings, Inc. - Series A* 108,000 5,735,880
Materials
Movies & Entertainment 7.5
Lions Gate Entertainment Corp.*(c) Metals & Mining 2.0
Class A 125,000 4,181,250 Compass Minerals International, Inc. 85,000 5,516,500
Class B 150,000 4,768,500
Specialty Chemicals 0.8
Liberty Formula One Group*
Axalta Coating Systems Ltd.*(c) 75,000 2,169,000
Series A 27,500 1,003,475
Series C 200,000 7,618,000 2.8 7,685,500
Liberty Braves Group*
Series A 11,000 279,070 Real Estate
Series C 105,000 2,653,350
Equity REITs 2.7
Specialty Retail 3.1 Equity Commonwealth* 250,000 7,600,000
Murphy USA Inc.* 125,000 8,625,000
Energy
Advertising 1.5
National CineMedia, Inc. 600,000 4,188,000 Oil & Gas Exploration & Production 0.6
Range Resources Corp. 80,000 1,565,600
40.5 111,709,349
Industrials Total Common Stocks (Cost $113,931,254) 214,762,816
Machinery 7.8
Colfax Corp.* 255,000 10,618,200
Allison Transmission Holdings, Inc. 230,000 8,631,900 Cash Equivalents 22.3%
The Manitowoc Company, Inc.* 250,000 2,250,000
Aerospace & Defense 2.7 U.S. Treasury Bills, 0.95% to 1.14%,

Wesco Aircraft Holdings, Inc.* 800,000 7,520,000 10/05/17 to 2/15/18(a) 56,000,000 55,940,523
10.5 29,020,100 State Street Institutional U.S. Government Money

Information Technology Market Fund - Premier Class 0.92(b) 5,606,843 5,606,843
Internet Software & Services 2.9 Total Cash Equivalents (Cost $61,542,472) 61,547,366
XO Group, Inc.* 322,917 6,351,777
CommerceHub, Inc.* Total Investments in Securities (Cost $175,473,726) 276,310,182
Series A 27,000 609,390
Series C 54,000 1,152,900 Other Liabilities in Excess of Other Assets - (0.1%) (357,734)
Electronic Equipment, Net Assets - 100% 275,952,448

Instruments & Components 2.7
FLIR Systems, Inc. 190,000 7,392,900 Net Asset Value Per Share 55.82
Software 2.2
ACI Worldwide, Inc.* 265,000 6,036,700 * Non-income producing
# Illiquid and/or restricted security.
7.8 21,543,667 (a)
(b)
(c)
30

BALANCED FUND
September 30, 2017

Information Technology Assets Shares $ Value Assets or Shares $ Value
IT Services 7.3 Metals & Mining 1.2

Visa Inc. - Class A 38,000 3,999,120 Compass Minerals International, Inc. 23,000 1,492,700
Mastercard Inc. - Class A 20,000 2,824,000
Accenture plc - Class A(e) 15,000 2,026,050 Construction Materials 1.1
Martin Marietta Materials, Inc. 6,500 1,340,495
Software 3.8
Oracle Corp. 55,000 2,659,250 6.1 7,425,295
Guidewire Software, Inc.* 25,000 1,946,500 Consumer Staples
Internet Software & Services 1.8 Beverages 3.4

Alphabet, Inc. - Class C* 2,300 2,205,953 Diageo plc - Sponsored ADR(e) 16,000 2,114,080
Anheuser-Busch InBev SA/NV - Sponsored ADR(e) 17,000 2,028,100
Semiconductors &
Semiconductor Equipment 1.6 3.4 4,142,180
Texas Instruments, Inc. 22,500 2,016,900
Industrials
Electronic Equipment,
Instruments & Components 1.6 Air Freight & Logistics 1.1
FLIR Systems, Inc. 50,000 1,945,500 United Parcel Service, Inc. - Class B 11,000 1,320,990
16.1 19,623,273 Total Common Stocks (Cost $38,379,788) 58,399,028

Health Care
Health Care Services 3.3 Corporate Bonds 20.5%

Laboratory Corp. of America Holdings* 26,500 4,000,705
Pharmaceuticals 1.9
Allergan plc(e) 11,500 2,356,925 Allergan Capital SARL 2.35% 3/12/18(e) 500,000 501,498
American Express Credit Corp. 8.125% 5/20/19 500,000 549,770
Life Sciences Tools & Services 1.9
Anheuser-Busch InBev Finance Inc. 1.9% 2/01/19 500,000 501,414
Thermo Fisher Scientific Inc. 12,000 2,270,400
Apple Inc. 1.55% 2/08/19 1,000,000 1,000,427
Health Care Equipment 1.0 Bank of America Corp. 2.25% 4/21/20 1,000,000 1,002,677
Danaher Corp. 15,000 1,286,700
Berkshire Hathaway Inc. (Finance Corp.)
8.1 9,914,730 1.45% 3/07/18 100,000 100,039
2.0% 8/15/18 500,000 502,517
Financials 1.7% 3/15/19 100,000 100,206
4.25% 1/15/21 300,000 320,755
Berkshire Hathaway Inc. - Class B* 22,500 4,124,700 Diageo Capital plc 4.85% 5/15/18(e) 300,000 305,824
Discovery Communications, Inc. 2.2% 9/20/19 1,000,000 1,003,680
Insurance Brokers 2.4 Dollar General Corp. 1.875% 4/15/18 509,000 509,580
Aon plc - Class A(e) 12,500 1,826,250
Ecolab, Inc. 1.45% 12/08/17 150,000 149,975
Willis Towers Watson plc(e) 7,000 1,079,610
Equity Commonwealth 5.875% 9/15/20 700,000 747,087
Mortgage REITs 1.2 Fidelity National Information Services, Inc.
Redwood Trust, Inc. 90,000 1,466,100 2.85% 10/15/18 800,000 809,525
7.0 8,496,660 First Republic Bank 2.375% 6/17/19 1,200,000 1,205,369
Consumer Discretionary Ford Motor Credit Co. LLC
1.724% 12/06/17 950,000 950,108
Cable & Satellite 5.2 2.24% 6/15/18 500,000 501,656
Liberty Broadband Corp. - Series C* 25,000 2,382,500 Fortive Corp. 1.8% 6/15/19 500,000 499,696
Comcast Corp. - Class A 55,000 2,116,400 Goldman Sachs Group, Inc.
Liberty Global Group - Class C*(e) 55,000 1,798,500 2.375% 1/22/18 500,000 501,214
2.9% 7/19/18 500,000 504,653
Internet & Direct Marketing Retail 0.9 2.6% 12/27/20 500,000 503,993
UNAUDITED
QVC Group - Series A* 50,000 1,178,500

Interpublic Group of Companies, Inc. 2.25% 11/15/17 240,000 240,087
6.1 7,475,900 JPMorgan Chase & Co.
Materials 1.7% 3/01/18 820,000 820,285
1.625% 5/15/18 375,000 375,061
Industrial Gases 2.3 1.86722% 3/09/21 Floating Rate (Qtrly LIBOR + 55) 750,000 752,211
Praxair, Inc. 20,000 2,794,800 Markel Corp.

7.125% 9/30/19 1,014,000 1,107,320
Fertilizers & Agricultural Chemicals 1.5 4.9% 7/01/22 410,000 447,948
Monsanto Co. 15,000 1,797,300 3.625% 3/30/23 500,000 514,912
Marriott International, Inc. 3.0% 3/01/19 500,000 506,402
Moodys Corp. 2.75% 7/15/19 559,000 566,940
QUALCOMM Inc. 1.85% 5/20/19 500,000 501,356
31

BALANCED FUND (CONTINUED)
U.S. Treasury Notes 25.3% $ Principal

$ Principal Amount
Amount $ Value or Shares $ Value
Roper Technologies, Inc. 2.05% 10/01/18 1,000,000 1,002,594 U.S. Treasury Notes
Sherwin-Williams Co. 1.35% 12/15/17 500,000 499,750 0.625% 11/30/17 3,000,000 2,997,744
0.75% 2/28/18 2,000,000 1,996,797
U.S. Bancorp 2.35% 1/29/21 1,000,000 1,008,340
1.0% 5/31/18 2,000,000 1,996,602
U.S. Bank, N.A. 1.45% 1/29/18 250,000 250,032 1.5% 8/31/18 2,000,000 2,002,656
Valmont Industries 6.625% 4/20/20 1,000,000 1,096,625 0.875% 10/15/18 2,000,000 1,989,649
Wells Fargo & Co. 4.6% 4/01/21 1,250,000 1,342,922 1.25% 11/30/18 2,000,000 1,996,797
WM Wrigley Jr. Co.(d) 1.125% 1/31/19 1,000,000 996,250
2.0% 10/20/17 200,000 199,974 1.25% 4/30/19 1,000,000 997,148
2.4% 10/21/18 1,000,000 1,005,190 1.375% 2/15/20 1,000,000 995,918
1.5% 6/15/20 1,000,000 997,773
Total Corporate Bonds (Cost $24,967,020) 25,009,612 1.375% 8/31/20 1,000,000 993,066
2.0% 11/30/20 2,000,000 2,020,156
1.375% 5/31/21 1,000,000 986,309
1.125% 8/31/21 1,000,000 974,473
Corporate Convertible Bonds 0.9% 1.875% 11/30/21 2,000,000 2,003,906
1.75% 2/28/22 1,000,000 994,883
1.75% 5/15/22 2,000,000 1,988,984
Redwood Trust, Inc. 5.625% 11/15/19 (Cost $997,119) 1,000,000 1,035,000 1.5% 2/28/23 1,000,000 974,336
1.75% 5/15/23 2,000,000 1,970,547
1.25% 7/31/23 1,000,000 956,328
Mortgage-Backed Securities 2.9%(c)
Total U.S. Treasury Notes (Cost $30,839,590) 30,830,322
Federal Home Loan Mortgage Corporation
Collateralized Mortgage Obligations Cash Equivalents 2.1%

3649 CL BW 4.0% 2025 (2.6 years) 84,892 89,454
Pass-Through Securities U.S. Treasury Bill 0.95% 10/05/17(a) 2,000,000 1,999,879

J14649 3.5% 2026 (3.0 years) 128,198 134,020
E02948 3.5% 2026 (3.0 years) 206,436 216,666 State Street Institutional U.S. Government Money
J16663 3.5% 2026 (3.1 years) 123,290 128,888 Market Fund - Premier Class 0.92%(b) 529,143 529,143
569,028 Total Cash Equivalents (Cost $2,528,934) 2,529,022

Federal National Mortgage Association
Collateralized Mortgage Obligations
Other Assets Less Other Liabilities 0.4% 468,718
2002-91 CL QG 5.0% 2018 (0.2 years) 2,256 2,258
2003-9 CL DB 5.0% 2018 (0.2 years) 4,382 4,393
Net Assets - 100% 121,805,306
Pass-Through Securities
MA0464 3.5% 2020 (1.1 years) 80,501 83,853 Net Asset Value Per Share 14.17
AR8198 2.5% 2023 (2.1 years) 181,116 183,216
MA1502 2.5% 2023 (2.2 years) 155,259 157,058 * Non-income producing
995755 4.5% 2024 (2.3 years) 19,975 21,015
(a)
AB1769 3.0% 2025 (3.0 years) 113,426 116,862
(b)
AB3902 3.0% 2026 (3.3 years) 203,141 209,306
(c)
Number of years indicated represents estimated average life.
AK3264 3.0% 2027 (3.4 years) 162,433 167,370
(d)
Security is exempt from registration under Rule 144A of the Securities Act of 1933. This
security may be resold in transactions that are exempt from registration, normally to qualified
945,331 institutional buyers.
Government National Mortgage Association
(e)
Pass-Through Securities
G2 5255 3.0% 2026 (3.4 years) 207,469 214,196
Non-Government Agency

J.P. Morgan Mortgage Trust (JPMMT)(d)
2017-3 CL 2A2 2.5% 2047 (3.7 years) 983,833 982,335
2014-5 CL A1 3.0% 2029 (4.4 years) 275,011 279,911
Sequoia Mortgage Trust (SEMT)

2012-1 CL 1A1 2.865% 2042 (0.9 years) 33,810 34,084
2017-CH1 CL A11 3.5% 2047 (2.2 years)(d) 500,000 508,719
1,805,049
Total Mortgage-Backed Securities (Cost $3,476,987) 3,533,604
32

CORE PLUS INCOME FUND

September 30, 2017
Corporate Bonds 28.9% Asset-Backed Securities 21.2%(b)

$ Principal $ Principal
Amount $ Value Amount $ Value
Anheuser-Busch InBev Finance Inc. 3.3% 2/01/23 200,000 207,534 AmeriCredit Automobile Receivables Trust (AMCAR)
AT&T Inc. 3.9% 8/14/27 750,000 752,374 2015-2 CL D 3.0% 2021 (1.6 years) 110,000 111,090
Bank of America Corp. 2.25% 4/21/20 300,000 300,803 Ascentium Equipment Receivables Trust (ACER)(c)
2015-2A CL B 2.62% 2019 (0.8 years) 114,000 114,563
Berkshire Hathaway Inc.
2.1% 8/14/19 250,000 252,468 CarMax Auto Owner Trust (CARMX)
2017-2 CL A1 1.1% 2018 (0.1 years) 67,025 67,026
Finance Corp.
4.25% 1/15/21 500,000 534,591 Chrysler Capital Auto Receivables Trust (CCART)(c)
3.0% 5/15/22 200,000 206,787 2013-AA CL C 2.28% 2019 (0.2 years) 280,000 280,401
2014-BA CL D 3.44% 2021 (1.0 years) 108,000 109,272
Boardwalk Pipelines LLC 5.75% 9/15/19 170,000 180,256
Commercial Credit Group Receivables Trust (CCG)(c)
Boston Properties LP 3.125% 9/01/23 555,000 566,345
2017-1 CL A1 1.35% 2018 (0.3 years) 149,755 149,760
Calumet Specialty Products Partners LP
Conn Funding II, LP (CONN)(c)
11.5% 1/15/21(c) 80,000 93,100
2017-A CL A 2.73% 2019 (0.3 years) 197,262 197,386
6.5% 4/15/21 200,000 196,375
7.625% 1/15/22 357,000 352,537 Credit Acceptance Auto Loan Trust (CAALT)(c)
2015-2A CL C 3.76% 2024 (1.2 years) 250,000 252,973
CONSOL Energy, Inc. 5.875% 4/15/22 92,000 93,380
DT Auto Owner Trust (DTAOT)(c)
D.R. Horton, Inc. 3.625% 2/15/18 200,000 200,378
2015-3A CL B 2.46% 2019 (0.1 years) 15,566 15,575
Discovery Communications, Inc. 2.95% 3/20/23 400,000 400,815 2014-3A CL C 3.04% 2020 (0.1 years) 33,823 33,891
Dominion Resources, Inc. 2.962% 7/01/19 100,000 101,469 2016-1A CL C 3.54% 2021 (0.6 years) 215,000 216,832
Donnelley Financial Solutions, Inc. 8.25% 10/15/24 108,000 115,830 2016-3A CL C 3.15% 2022 (1.0 years) 120,000 120,612
Equifax Inc. 2.3% 6/01/21 100,000 97,760 Enterprise Fleet Financing LLC (EFF)(c)
2017-2 CL A2 1.97% 2023 (1.7 years) 350,000 350,105
Equity Commonwealth 5.875% 9/15/20 1,219,000 1,300,998
Exeter Automobile Receivables Trust (EART)(c)
Express Scripts Holding Co. 7.25% 6/15/19 250,000 270,543
2016-3A CL A 1.84% 2020 (0.5 years) 90,059 90,011
FLIR Systems, Inc. 3.125% 6/15/21 400,000 405,521 2017-3A CL A 2.05% 2021 (0.9 years) 400,000 399,776
Goldman Sachs Group, Inc. 2.51111% 4/30/18 Floating Rate 2016-3A CL B 2.84% 2021 (1.3 years) 368,000 369,334
(Qtrly LIBOR + 120) 137,000 137,820 2016-2A CL C 5.96% 2022 (1.5 years) 480,000 501,093
JPMorgan Chase & Co. Flagship Credit Auto Trust (FCAT)(c)
4.25% 10/15/20 200,000 212,061 2014-2 CL C 3.95% 2020 (1.3 years) 260,000 264,029
1.86722% 3/09/21 Floating Rate (Qtrly LIBOR + 55) 150,000 150,442 GM Financial Automobile Leasing Trust (GMALT)
L Brands, Inc. 5.625% 2/15/22 40,000 42,896 2015-2 CL C 2.99% 2019 (0.7 years) 150,000 150,925
Markel Corp. GM Financial Consumer Automobile Receivables Trust (GMCAR)(c)
7.125% 9/30/19 125,000 136,504 2017-1A CL A1 1.1% 2018 (0.1 years) 63,527 63,528
4.9% 7/01/22 250,000 273,139 Honor Automobile Trust Securitization (HATS)(c)
3.625% 3/30/23 200,000 205,965 2016-1A CL A 2.94% 2019 (0.6 years) 121,068 121,526
MPLX LP 4.875% 6/01/25 190,000 203,992 Marlette Funding Trust (MFT)(c)
NGL Energy Partners LP 5.125% 7/15/19 450,000 451,125 2016-1A CL A 3.06% 2023 (0.3 years) 128,620 129,081
NXP BV 4.625% 6/01/23(c) (d) 100,000 107,750 2017-1A CL A 2.827% 2024 (0.7 years) 257,624 258,775
Range Resources Corp. 5.0% 8/15/22(c) 301,000 302,129 2016-1A CL B 4.78% 2023 (1.0 years) 500,000 510,224
2017-1A CL B 4.114% 2024 (1.7 years) 350,000 355,329
Regency Energy Partners LP 6.5% 7/15/21 624,000 639,600
Mercedes-Benz Auto Lease Trust (MBALT)
Sprint Spectrum Co. LLC 3.36% 3/20/23(c) (e) 250,000 254,375 2017-A CL A1 1.15% 2018 (0.1 years) 104,992 104,977
TC PipeLines LP OneMain Direct Auto Receivables Trust (ODART)(c)
4.65% 6/15/21 160,000 169,446 2016-1A CL A 2.04% 2021 (0.4 years) 92,790 92,849
4.375% 3/13/25 45,000 47,085 2016-1A CL B 2.76% 2021 (0.9 years) 250,000 250,780
Valmont Industries, Inc. 6.625% 4/20/20 500,000 548,313 2016-1A CL C 4.58% 2021 (1.3 years) 350,000 354,457
Vornado Realty LP 2.5% 6/30/19 530,000 533,324 OneMain Financial Issuance Trust (OMFIT)(c)
Wells Fargo & Co. 2015-1A CL A 3.19% 2026 (1.0 years) 250,000 252,752
4.6% 4/01/21 400,000 429,735 2014-2A CL C 4.33% 2024 (1.0 years) 300,000 302,082
2.1% 7/26/21 200,000 198,209 2014-2A CL D 5.31% 2024 (1.4 years) 100,000 100,929
Prestige Auto Receivables Trust (PART)(c)
UNAUDITED
Total Corporate Bonds (Cost $11,475,799) 11,673,774 2016-1A CL A2 1.78% 2019 (0.2 years) 40,221 40,246
Santander Drive Auto Receivables Trust (SDART)
2017-2 CL A1 1.3% 2018 (0.0 years) 73,493 73,494
Corporate Convertible Bonds 2.4% 2014-1 CL D 2.91% 2020 (0.7 years) 388,000 390,988
2016-3 CL B 1.89% 2021 (1.0 years) 269,000 268,660
2014-5 CL D 3.21% 2021 (1.4 years) 80,000 81,147

Redwood Trust, Inc. SoFi Consumer Loan Program LLC (SCLP)(c)
4.625% 4/15/18 475,000 480,641 2016-2 CL A 3.09% 2025 (1.3 years) 497,457 503,108
5.625% 11/15/19 150,000 155,250 2016-3 CL A 3.05% 2025 (1.3 years) 127,122 128,393
4.75% 8/15/23 350,000 349,562 2017-1 CL A 3.28% 2026 (1.6 years) 73,476 74,473
Total Corporate Convertible Bonds (Cost $975,105) 985,453
33

CORE PLUS INCOME FUND (CONTINUED)
$ Principal

$ Principal Amount
Springleaf Funding Trust (SLFT)

(c)
2.25% 2/15/27 2,425,000 2,409,702
2015-AA CL A 3.16% 2024 (1.0 years) 200,000 201,437 2.375% 5/15/27 2,500,000 2,509,717
Westlake Automobile Receivables Trust (WLAKE)(c) 2.5% 2/15/45 895,000 834,448
2017-1A CL C 2.7% 2022 (1.6 years) 117,000 117,555 2.5% 5/15/46 1,000,000 928,672
Total Asset-Backed Securities (Cost $8,542,375) 8,571,444 Total U.S. Treasury (Cost $15,354,559) 15,340,221

Commercial Mortgage-Backed Securities 2.2%(b) Common Stocks 0.6%
FORT CRE LLC (FCRE)(c) Equity Commonwealth* 4,000 121,600

2016-1A CL A2 3.23722% 2036 Floating Rate Redwood Trust, Inc. 7,350 119,732
(Mthly LIBOR + 150) (0.8 years) 200,000 202,946
Total Common Stocks (Cost $183,184) 241,332
VSD LLC (VSD)(c)

2017-PLT1 CL A 3.6% 2043 (0.9 years) 329,515 329,777
Wells Fargo Commercial Mortgage Trust (WFCM)(c)
2014-TISH CL WTS1 3.47667% 2027 Floating Rate Cash Equivalents 0.1%
Total Commercial Mortgage-Backed Securities (Cost $877,430) 884,789 State Street Institutional U.S. Government Money
Market Fund - Premier Class 0.92%(a) 48,822 48,822
Mortgage-Backed Securities 4.9% (b) Total Cash Equivalents (Cost $48,822) 48,822

Federal National Mortgage Association Total Investments in Securities (Cost $39,840,366) 40,127,156
Pass-Through Securities Other Assets Less Other Liabilities 0.7% 261,280

932836 3.0% 2025 (3.1 years) 100,661 103,713
Net Assets - 100% 40,388,436
Non-Government Agency
Net Asset Value Per Share - Investor Class 10.27
Collateralized Mortgage Obligations Net Asset Value Per Share - Institutional Class 10.27
COLT Funding LLC (COLT)(c)
2017-2 CL A1A 2.415% 2047 (2.2 years) 410,000 411,023
Flagstar Mortgage Trust (FSMT)(c) * Non-income producing
2017-1 CL 2A2 3.0% 2047 (3.6 years) 339,549 344,883
(a)
(b)
J.P. Morgan Mortgage Trust (JPMMT)(c) (c)
2016-3 CL 2A1 3.0% 2046 (3.4 years) 344,835 350,870
security may be resold in transactions that are exempt from registration, normally to qualified
2017-3 CL 2A2 2.5% 2047 (3.7 years) 344,342 343,817
institutional buyers.
Sequoia Mortgage Trust (SEMT)(c) (d)
2017-CH1 CL A11 3.5% 2047 (2.2 years) 400,000 406,975 (e)
Annual sinking fund.
1,857,568
Total Mortgage-Backed Securities (Cost $1,959,679) 1,961,281
Taxable Municipal Bonds 1.0%
Alderwood Water and Wastewater District, Washington, Water

& Sewer Revenue, Series B, 5.15% 12/01/25 (Cost $423,413) 400,000 420,040
U.S. Treasury 38.0%

U.S. Treasury Notes/Bonds

2.0% 2/15/22 310,000 311,962
1.75% 2/28/22 200,000 198,976
2.0% 2/15/23 1,075,000 1,075,483
2.75% 11/15/23 810,000 841,767
2.5% 5/15/24 1,000,000 1,022,558
2.0% 5/31/24 600,000 594,902
2.0% 2/15/25 970,000 956,549
2.25% 11/15/25 1,000,000 999,707
1.625% 5/15/26 760,000 720,679
1.5% 8/15/26 350,000 327,606
34 2.0% 11/15/26 1,650,000 1,607,493

SHORT DURATION INCOME FUND

September 30, 2017
Corporate Bonds 41.4%

ACI Worldwide, Inc. 6.375% 8/15/20(c) 250,000 254,813 Goldman Sachs Group, Inc.
Allergan Capital SARL 2.35% 3/12/18(d) 14,500,000 14,543,437 5.95% 1/18/18 4,000,000 4,051,007
2.375% 1/22/18 1,961,000 1,965,761
American Express Co. 8.125% 5/20/19 4,616,000 5,075,472
2.51111% 4/30/18 Floating Rate (Qtrly LIBOR + 120) 6,600,000 6,639,519
American Express Credit Corp. 2.25% 8/15/19 11,042,000 11,130,564 2.9% 7/19/18 2,500,000 2,523,265
Anheuser-Busch InBev Finance Inc. 2.11667% 12/13/19 Floating Rate (Qtrly LIBOR + 80) 6,250,000 6,299,974
2.2% 8/01/18 5,000,000 5,023,599 2.4725% 4/23/20 Floating Rate (Qtrly LIBOR + 116) 5,479,000 5,569,439
1.9% 2/01/19 13,000,000 13,036,772 2.6% 12/27/20 1,500,000 1,511,979
3.3% 2/01/23 4,800,000 4,980,820 Graham Holdings Co. 7.25% 2/01/19 8,500,000 9,063,125
Apple Inc. 1.55% 2/08/19 1,000,000 1,000,427 Intel Corp. 1.35% 12/15/17 1,000,000 1,000,140
AT&T Inc. JPMorgan Chase & Co.
2.375% 11/27/18 5,368,000 5,400,979 6.3% 4/23/19 2,500,000 2,668,039
2.85% 2/14/23 1,000,000 996,305 1.86722% 3/09/21 Floating Rate (Qtrly LIBOR + 55) 1,850,000 1,855,455
Bank of America Corp. JPMorgan Chase Bank, N.A. 1.91833%
5.75% 12/01/17 3,945,000 3,972,294 9/23/19 Floating Rate (Qtrly LIBOR + 59) 12,000,000 12,089,164
2.25% 4/21/20 12,000,000 12,032,126
Kinder Morgan, Inc. 2.0% 12/01/17 9,065,000 9,068,358
Berkshire Hathaway Inc.
Markel Corp.
2.1% 8/14/19 2,750,000 2,777,145
7.125% 9/30/19 11,859,000 12,950,404
Finance Corp.
5.35% 6/01/21 10,000,000 10,903,986
1.45% 3/07/18 900,000 900,352
4.9% 7/01/22 3,850,000 4,206,345
5.4% 5/15/18 5,000,000 5,118,632
2.0% 8/15/18 2,500,000 2,512,585 McDonalds Corp. 5.35% 3/01/18 4,075,000 4,138,743
1.7% 3/15/19 900,000 901,855 McKesson Corp. 1.4% 3/15/18 8,815,000 8,807,216
1.62411% 1/10/20 Floating Rate (Qtrly LIBOR + 32) 7,000,000 7,032,550 MetLife Global Funding I(c)
2.9% 10/15/20 3,000,000 3,088,960 1.875% 6/22/18 1,000,000 1,001,873
4.25% 1/15/21 4,200,000 4,490,568 1.75% 12/19/18 1,000,000 998,898
Boardwalk Pipelines LLC 5.75% 9/15/19 11,008,000 11,672,104 NGL Energy Partners LP 5.125% 7/15/19 2,200,000 2,205,500
Boston Properties LP Omnicom Group, Inc. 6.25% 7/15/19 6,181,000 6,630,095
5.875% 10/15/19 11,440,000 12,232,328 QUALCOMM Inc. 1.85% 5/20/19 1,500,000 1,504,068
3.125% 9/01/23 9,560,000 9,755,415
Range Resources Corp. 5.0% 8/15/22(c) 11,876,000 11,920,535
Calumet Specialty Products Partners LP
11.5% 1/15/21(c) 450,000 523,688 Regency Energy Partners LP 6.5% 7/15/21 19,374,000 19,858,350
7.625% 1/15/22 900,000 888,750 Republic Services, Inc. 3.8% 5/15/18 5,000,000 5,063,543
Capital One Bank, NA 2.3% 6/05/19 7,000,000 7,021,740 Roper Technologies, Inc. 2.05% 10/01/18 3,500,000 3,509,078
Capital One Financial Corp. 2.5% 5/12/20 5,000,000 5,025,502 Sprint Spectrum Co. LLC 3.36% 3/20/23(c) (e) 4,750,000 4,833,125
Citigroup Inc. TechnipFMC plc 2.0% 10/01/17(c) (d) 2,000,000 2,000,000
6.125% 11/21/17 2,875,000 2,892,248 U.S. Bancorp 2.35% 1/29/21 14,000,000 14,116,754
1.75% 5/01/18 2,872,000 2,873,238 U.S. Bank, N.A. 1.6325% 1/24/20 Floating Rate
Comcast Corp. 5.15% 3/01/20 3,000,000 3,230,818 (Qtrly LIBOR + 32) 7,000,000 7,024,186
D.R. Horton, Inc. 3.625% 2/15/18 1,920,000 1,923,625 Valmont Industries, Inc. 6.625% 4/20/20 2,226,000 2,441,088
DCP Midstream Operating LP 2.5% 12/01/17 13,250,000 13,259,606 VEREIT, Inc. 3.0% 2/06/19 1,870,000 1,887,191
Dell Inc. 3.48% 6/01/19(c) 5,000,000 5,097,703 Vornado Realty LP 2.5% 6/30/19 13,390,000 13,473,982
Diageo Capital plc 4.85% 5/15/18(d) 3,941,000 4,017,513 Walt Disney Co. 0.875% 7/12/19 1,000,000 984,979
Discovery Communications, Inc. 2.95% 3/20/23 1,600,000 1,603,260 Wells Fargo & Co.
Dominion Resources, Inc. 2.962% 7/01/19 5,900,000 5,986,693 4.6% 4/01/21 5,745,000 6,172,069
2.1% 7/26/21 10,100,000 10,009,545
eBay, Inc. 2.2% 8/01/19 3,000,000 3,013,296
3.5% 3/08/22 7,900,000 8,207,983
Equifax Inc. 2.3% 6/01/21 2,900,000 2,835,036
Wells Fargo Bank, N.A. 2.15% 12/06/19 10,000,000 10,054,631
Equity Commonwealth 5.875% 9/15/20 13,900,000 14,835,002
WM. Wrigley Jr. Co. 2.0% 10/20/17(c) 4,790,000 4,789,383
Expedia, Inc. 7.456% 8/15/18 10,000,000 10,480,169
Express Scripts Holding Co. Total Corporate Bonds (Cost $498,032,026) 503,801,303
UNAUDITED
2.25% 6/15/19 8,955,000 8,993,353

7.25% 6/15/19 5,217,000 5,645,686
Fifth Third Bank 1.625% 9/27/19 2,000,000 1,988,033
Corporate Convertible Bonds 5.2%
First Republic Bank 2.375% 6/17/19 1,328,000 1,333,942
Flir Systems, Inc. 3.125% 6/15/21 2,600,000 2,635,888
Ford Motor Credit Co. LLC Redwood Trust, Inc.

2.145% 1/09/18 2,000,000 2,002,634 4.625% 4/15/18 32,350,000 32,734,156
2.943% 1/08/19 2,000,000 2,022,993 5.625% 11/15/19 14,850,000 15,369,750
2.021% 5/03/19 10,000,000 9,997,013 4.75% 8/15/23 14,650,000 14,631,688
1.897% 8/12/19 1,000,000 995,453
Fortive Corp. 1.8% 6/15/19 750,000 749,544 Total Corporate Convertible Bonds (Cost $61,814,604) 62,735,594

35

SHORT DURATION INCOME FUND (CONTINUED)
Asset-Backed Securities 7.2%(b) Commercial Mortgage-Backed Securities 0.5%(b)

AmeriCredit Automobile Receivables Trust (AMCAR) FORT CRE LLC (FCRE)(c)

2013-5 CL D 2.86% 2019 (0.7 years) 4,055,000 4,083,306 2016-1A CL A1 2.73722% 2036 Floating Rate
CarMax Auto Owner Trust (CARMX) (Mthly LIBOR + 150) (0.4 years) 1,220,888 1,232,522
2017-2 CL A1 1.1% 2018 (0.1 years) 1,105,916 1,105,924 VSD LLC (VSD)(c)
Commercial Credit Group Receivables Trust (CCG)(c) 2017-PLT1 CL A 3.6% 2043 (0.9 years) 5,436,996 5,441,321
2017-1 CL A1 1.35% 2018 (0.3 years) 599,022 599,042
Total Commercial Mortgage-Backed Securities (Cost $6,657,884) 6,673,843
Conn Funding II, LP (CONN)(c)
2017-A CL A 2.73% 2019 (0.3 years) 789,047 789,545
CPS Auto Receivables Trust (CPS)(c) Mortgage-Backed Securities 17.4%(b)
2013-A CL A 1.31% 2020 (0.7 years) 442,292 442,216
Enterprise Fleet Financing LLC (EFF)(c) Federal Home Loan Mortgage Corporation
2017-2 CL A1 1.5% 2018 (0.3 years) 5,747,769 5,748,142
Exeter Automobile Receivables Trust (EART) Collateralized Mortgage Obligations
(c)
2016-3A CL A 1.84% 2020 (0.5 years) 3,061,996 3,060,365 3815 CL AD 4.0% 2025 (0.4 years) 129,425 130,525
2017-3A CL A 2.05% 2021 (0.9 years) 4,100,000 4,097,705 3844 CL AG 4.0% 2025 (0.7 years) 606,422 613,814
2016-2A CL C 5.96% 2022 (1.5 years) 5,100,000 5,324,110 4281 CL AG 2.5% 2028 (2.5 years) 1,663,943 1,667,455
First Investors Auto Owner Trust (FIAOT)(c) 3649 CL BW 4.0% 2025 (2.6 years) 2,181,729 2,298,973
2016-1A CL A1 1.92% 2020 (0.2 years) 1,083,918 1,084,625 2952 CL PA 5.0% 2035 (2.7 years) 553,970 584,397
3620 CL PA 4.5% 2039 (3.3 years) 1,446,945 1,532,947
Flagship Credit Auto Trust (FCAT)
(c)
3842 CL PH 4.0% 2041 (4.0 years) 1,488,534 1,570,333
2014-2 CL A 1.43% 2019 (0.0 years) 65,174 65,176
3003 CL LD 5.0% 2034 (4.1 years) 1,450,892 1,579,930
GM Financial Consumer Automobile Receivables Trust (GMCAR)(c) 4107 CL LA 2.5% 2031 (5.4 years) 6,957,674 6,771,618
2017-1A CL A1 1.1% 2018 (0.1 years) 1,244,070 1,244,079 4107 CL LW 1.75% 2027 (8.1 years) 3,920,560 3,608,603
Honor Automobile Trust Securitization (HATS) (c)
2016-1A CL A 2.94% 2019 (0.6 years) 1,452,812 1,458,311 20,358,595

Marlette Funding Trust (MFT)(c) Pass-Through Securities
2017-1A CL A 2.827% 2024 (0.7 years) 3,864,363 3,881,631 EO1386 5.0% 2018 (0.3 years) 4,107 4,213
2017-2A CL A 2.39% 2024 (0.7 years) 4,958,368 4,964,609 G18190 5.5% 2022 (1.8 years) 24,677 26,014
2016-1A CL B 4.78% 2023 (1.0 years) 2,500,000 2,551,120 G13300 4.5% 2023 (2.0 years) 152,773 161,896
2017-1A CL B 4.114% 2024 (1.7 years) 1,650,000 1,675,124 G18296 4.5% 2024 (2.3 years) 381,338 404,565
Mercedes-Benz Auto Lease Trust (MBALT) G18306 4.5% 2024 (2.3 years) 808,275 859,027
2017-A CL A1 1.15% 2018 (0.1 years) 2,129,838 2,129,524 G18308 4.0% 2024 (2.4 years) 824,750 864,003
G13517 4.0% 2024 (2.4 years) 533,150 558,337
OneMain Direct Auto Receivables Trust (ODART)
(c)
J13949 3.5% 2025 (2.9 years) 4,573,097 4,815,242
2016-1A CL A 2.04% 2021 (0.4 years) 1,391,854 1,392,739
J14649 3.5% 2026 (3.0 years) 3,534,608 3,695,108
2016-1A CL C 4.58% 2021 (1.3 years) 9,650,000 9,772,873
E02948 3.5% 2026 (3.0 years) 8,051,007 8,449,998
OneMain Financial Issuance Trust (OMFIT)(c) E02804 3.0% 2025 (3.0 years) 2,858,623 2,940,163
2014-2A CL A 2.47% 2024 (0.2 years) 668,702 670,301 J16663 3.5% 2026 (3.1 years) 7,403,258 7,739,426
2014-2A CL C 4.33% 2024 (1.0 years) 700,000 704,858 E03033 3.0% 2027 (3.3 years) 4,326,025 4,449,420
Prestige Auto Receivables Trust (PART)(c) E03048 3.0% 2027 (3.3 years) 8,257,727 8,493,270
2016-1A CL A2 1.78% 2019 (0.2 years) 1,508,294 1,509,227 G01818 5.0% 2035 (4.3 years) 1,746,730 1,916,887
Santander Drive Auto Receivables Trust (SDART)
45,377,569
2017-2 CL A1 1.3% 2018 (0.0 years) 1,606,356 1,606,361
2016-3 CL A2 1.34% 2019 (0.2 years) 2,171,297 2,170,680 Structured Agency Credit Risk Debt Notes
2014-1 CL D 2.91% 2020 (0.7 years) 2,345,000 2,363,061 2013-DN1 CL M1 4.63722% 2023 Floating Rate
Securitized Term Auto Receivables Trust (SSTRT)(c) (d)
2017-2A CL A1 1.42% 2018 (0.3 years) 2,000,000 2,000,000 66,629,146
SoFi Consumer Loan Program LLC (SCLP)(c) Federal National Mortgage Association
2016-2 CL A 3.09% 2025 (1.3 years) 6,026,337 6,094,793
2016-3 CL A 3.05% 2025 (1.3 years) 1,144,094 1,155,540 Collateralized Mortgage Obligations
2017-1 CL A 3.28% 2026 (1.6 years) 1,028,666 1,042,620 2003-9 CL DB 5.0% 2018 (0.2 years) 8,764 8,786
Springleaf Funding Trust (SLFT)
(c)
2011-19 CL KA 4.0% 2025 (0.2 years) 159,131 159,422
2015-AA CL A 3.16% 2024 (1.0 years) 7,550,000 7,604,238 2010-145 CL PA 4.0% 2024 (1.7 years) 693,962 712,282
Westlake Automobile Receivables Trust (WLAKE)(c) 2010-54 CL WA 3.75% 2025 (2.1 years) 1,019,620 1,047,543
2017-2A CL A1 1.45% 2018 (0.2 years) 5,001,871 5,002,065
1,928,033
Total Asset-Backed Securities (Cost $87,169,051) 87,393,910 Pass-Through Securities
256982 6.0% 2017 (0.0 years) 409 408
251787 6.5% 2018 (0.3 years) 614 681

357414 4.0% 2018 (0.4 years) 44,000 45,514
254907 5.0% 2018 (0.5 years) 21,548 22,057
MA0464 3.5% 2020 (1.1 years) 1,269,441 1,322,299
357985 4.5% 2020 (1.2 years) 51,242 52,467
888595 5.0% 2022 (1.5 years) 130,516 135,066
888439 5.5% 2022 (1.6 years) 130,622 137,559
AD0629 5.0% 2024 (1.8 years) 482,501 507,238
36

$ Principal
$ Principal Amount
995960 5.0% 2023 (1.9 years) 428,809 451,018 2.608% 4/15/20 500,000 506,830
AL0471 5.5% 2025 (2.0 years) 1,957,176 2,069,427 2.927% 4/15/21 750,000 764,183
995693 4.5% 2024 (2.1 years) 799,381 842,638 Omaha, Nebraska Public Facilities Corp.,
AR8198 2.5% 2023 (2.1 years) 5,305,810 5,367,332 Lease Revenue, Series B, Refunding 4.788% 6/01/18 1,000,000 1,019,690
AE0031 5.0% 2025 (2.2 years) 774,050 821,258
MA1502 2.5% 2023 (2.2 years) 4,502,508 4,554,680 Total Taxable Municipal Bonds (Cost $4,585,000) 4,677,266
995692 4.5% 2024 (2.3 years) 650,348 683,919
995755 4.5% 2024 (2.3 years) 978,753 1,029,730
890112 4.0% 2024 (2.4 years) 529,077 554,237
MA0043 4.0% 2024 (2.4 years) 435,586 456,439 U.S. Treasury 26.4%
930667 4.5% 2024 (2.4 years) 629,616 662,517
AA4315 4.0% 2024 (2.4 years) 1,091,494 1,143,534
AA5510 4.0% 2024 (2.4 years) 252,729 264,716 U.S. Treasury Notes
931739 4.0% 2024 (2.5 years) 277,267 290,512 1.0% 12/15/17 20,000,000 19,994,619
AD7073 4.0% 2025 (2.8 years) 870,368 915,336 0.75% 12/31/17 30,000,000 29,971,306
310139 3.5% 2025 (2.9 years) 5,575,451 5,807,674 0.875% 1/31/18 20,000,000 19,981,216
AH3429 3.5% 2026 (2.9 years) 14,711,585 15,376,165 0.75% 2/28/18 15,000,000 14,975,977
AB1769 3.0% 2025 (3.0 years) 2,608,787 2,687,835 1.375% 6/30/18 25,000,000 25,016,602
AB2251 3.0% 2026 (3.1 years) 3,251,689 3,350,376 0.75% 9/30/18 20,000,000 19,880,859
AB3902 3.0% 2026 (3.3 years) 2,075,133 2,138,111 1.25% 1/31/19 15,000,000 14,968,066
AK3264 3.0% 2027 (3.4 years) 5,295,322 5,456,269 0.875% 5/15/19 25,000,000 24,775,879
AB4482 3.0% 2027 (3.4 years) 5,021,036 5,173,738 1.625% 6/30/19 10,000,000 10,028,906
AL1366 2.5% 2027 (3.5 years) 3,701,839 3,752,133 1.5% 10/31/19 15,000,000 15,000,293
555531 5.5% 2033 (4.1 years) 3,413,953 3,835,200 1.375% 1/31/20 15,000,000 14,946,094
MA0587 4.0% 2030 (4.2 years) 5,100,885 5,418,523 1.375% 8/31/20 10,000,000 9,930,664
725232 5.0% 2034 (4.2 years) 306,600 337,966 2.125% 8/31/20 15,000,000 15,213,867
995112 5.5% 2036 (4.3 years) 1,482,679 1,662,903 2.0% 11/30/20 20,000,000 20,201,562
1.125% 2/28/21 15,000,000 14,705,566
77,327,475 1.375% 4/30/21 10,000,000 9,872,461
1.125% 7/31/21 15,000,000 14,632,324
79,255,508 2.0% 7/31/22 12,000,000 12,044,531
Government National Mortgage Association 2.0% 5/31/24(f) 15,000,000 14,872,559
Pass-Through Securities Total U.S. Treasury (Cost $321,229,966) 321,013,351

G2 5255 3.0% 2026 (3.4 years) 9,395,400 9,700,004
Non-Government Agency Common Stocks 0.7%

Citigroup Mortgage Loan Trust, Inc. (CMLTI)(c)
Redwood Trust, Inc. (Cost $5,206,616) 545,000 8,878,050
2014-A CL A 4.0% 2035 (1.8 years) 1,805,177 1,890,634
COLT Funding LLC (COLT)(c)
2017-2 CL A1A 2.415% 2047 (2.2 years) 5,800,000 5,814,467 Cash Equivalents 0.4%
Flagstar Mortgage Trust (FSMT)(c)
2017-1 CL 2A2 3.0% 2047 (3.6 years) 3,541,014 3,596,638
State Street Institutional U.S. Government Money
J.P. Morgan Mortgage Trust (JPMMT)(c)
Market Fund - Premier Class 0.92%(a) 5,440,025 5,440,025
2016-3 CL 2A1 3.0% 2046 (3.4 years) 3,315,586 3,373,611
2017-3 CL 2A2 2.5% 2047 (3.7 years) 13,429,321 13,408,868
2014-5 CL A1 3.0% 2029 (4.4 years) 7,975,321 8,117,425
2014-2 CL 2A2 3.5% 2029 (5.5 years) 4,189,213 4,296,403 Total Investments in Securities (Cost $1,196,921,226) 1,212,765,830
Sequoia Mortgage Trust (SEMT)
2012-1 CL 1A1 2.865% 2042 (0.9 years) 1,048,106 1,056,600 Other Assets Less Other Liabilities 0.4% 4,459,883
2012-4 CL A1 3.5% 2042 (1.1 years) 3,387,578 3,452,819
2017-CH1 CL A11 3.5% 2047 (2.2 years) (c)
4,100,000 4,171,495 Net Assets - 100% 1,217,225,713
UNAUDITED
2013-4 CL A3 1.55% 2043 (3.8 years) 7,518,797 7,382,070

Washington Mutual, Inc. (WAMU) Net Asset Value Per Share - Investor Class 12.27
2003-S7 CL A1 4.5% 2018 (0.1 years) 6,777 6,800
Net Asset Value Per Share - Institutional Class 12.29
56,567,830

* Non-income producing
Total Mortgage-Backed Securities (Cost $206,786,054) 212,152,488 (a)
(b)
(c)
Taxable Municipal Bonds 0.4% security may be resold in transactions that are exempt from registration, normally to qualified
(d)
Iowa State University Revenue
(e)
5.8% 7/01/22, Pre-Refunded 7/01/18 @ 100 1,335,000 1,377,693
(f)
Security designated to cover an unsettled bond purchase.
Kansas Development Finance Authority Revenue, Series 2015H
2.258% 4/15/19 1,000,000 1,008,870
37

ULTRA SHORT GOVERNMENT FUND
September 30, 2017
Corporate Bonds 16.2% $ Principal Cash Equivalents 3.1%%

Amount $ Value Shares $ Value
AT&T Inc. 1.4% 12/01/17 2,430,000 2,429,758 State Street Institutional U.S. Government Money
Bank of America Corp. Market Fund - Premier Class 0.92(a) 3,116,831 3,116,831
5.75% 12/01/17 2,000,000 2,013,838
6.875% 4/25/18 1,555,000 1,599,967 Total Cash Equivalents (Cost $3,116,831) 3,116,831
Citigroup Inc. 6.125% 11/21/17 2,000,000 2,011,999
Goldman Sachs Group, Inc. 2.375% 1/22/18 3,000,000 3,007,284
Intel Corp. 1.35% 12/15/17 2,000,000 2,000,280 Other Liabilities in Excess of Other Assets (0.6%) (633,080)
JPMorgan Chase Bank, N.A. 6.0% 1/15/18 500,000 506,385
Net Assets - 100% 99,685,772
Wells Fargo & Co. 5.625% 12/11/17 550,000 554,267
WM Wrigley Jr. Co. 2.0% 10/20/17(b) 2,000,000 1,999,742 Net Asset Value Per Share 10.00
Total Corporate Bonds (Cost $16,124,748) 16,123,520

(a)
(b)
Asset-Backed Securities 2.6% security may be resold in transactions that are exempt from registration, normally to qualified
(c)
CarMax Auto Owner Trust (CARMX)
(d)
2017-2 CL A1 1.1% 2018 (0.1 years) 446,835 446,838
Commercial Credit Group Receivables Trust (CCG)(b)
2017-1 CL A1 1.35% 2018 (0.3 years) 1,198,044 1,198,084
Securitized Term Auto Receivables Trust (SSTRT)(b) (c)
2017-2A CL A1 1.42% 2018 (0.3 years) 1,000,000 1,000,000
Total Asset-Backed Securities (Cost $2,644,879) 2,644,922

U.S. Treasury 78.7%
U.S. Treasury Notes

1.875% 10/31/17 7,500,000 7,504,823
0.875% 11/15/17 9,000,000 8,997,866
0.875% 11/30/17 7,500,000 7,497,366
0.75% 12/31/17 20,000,000 19,980,871
0.875% 1/31/18 10,000,000 9,990,608
0.75% 2/28/18 9,000,000 8,985,586
1.0% 3/15/18 8,000,000 7,992,842
0.75% 4/15/18 5,000,000 4,986,986
1.0% 5/15/18(d) 2,500,000 2,496,631
Total U.S. Treasury (Cost $78,462,753) 78,433,579

38

NEBRASKA TAX-FREE INCOME FUND

September 30, 2017
Municipal Bonds 96.3%
% of Net $ Principal $ Principal
Assets Amount $ Value Amount $ Value
Douglas County, General Obligation,

California 0.4 Omaha Public School District 0001
San Diego County Regional Airport Authority, Subordinate Series 2015, 5.0%, 12/15/28 1,000,000 1,198,730
Airport Revenue, Series 2017B, AMT, 5.0%, 7/01/25 200,000 240,616 Series 2016, 5.0%, 12/15/29 350,000 427,945
Refunding, Elkhorn Public School District 0010, Series 2016B
District of Columbia 1.0 3.0%, 6/15/18 200,000 202,796
Metropolitan Washington Airports Authority, Aviation System 3.0%, 12/15/18 100,000 102,355
Revenue, Refunding, Series 2017A, AMT, 5.0%, 10/01/27 500,000 614,410 Westside Community School District 0066, Series 2015,
2.5%, 12/01/22 250,000 261,987
Florida 2.7 Douglas County, Hospital Authority #2, Revenue,
Greater Orlando Aviation Authority, Priority Subordinated Boys Town Project, Series 2008, 4.75%, 9/01/28 500,000 514,965
Airport Facilities Revenue, Series 2017A, AMT, 5.0%, 10/01/25 500,000 602,525 Madonna Rehabilitation Hospital Project, Series 2014,
5.0%, 5/15/26 500,000 566,650
Miami, Dade County, Aviation Revenue,
Series 2010A, 4.25%, 10/01/18 1,000,000 1,030,870 Douglas County, Hospital Authority #3, Revenue, Refunding,
Nebraska Methodist Health System
1,633,395 Series 2008, 5.5%, 11/01/18, Escrowed to Maturity(b) 215,000 221,796
Illinois 0.2 Series 2015
Cook, Kane, Lake and McHenry Counties and State of Illinois, 4.0%, 11/01/18 250,000 256,762
General Obligation, Community College District No. 512, 4.0%, 11/01/19 110,000 115,004
Series 2009A, 5.0%, 12/01/23 100,000 104,379 5.0%, 11/01/20 100,000 109,696
5.0%, 11/01/21 100,000 112,149
5.0%, 11/01/22 250,000 285,390
Iowa 0.4
Iowa Finance Authority, Hospital Revenue, Bond Anticipation Fremont, Combined Utility Revenue, Series 2014B,
Notes, Shenandoah Medical Center Project, Series 2015, 3.0%, 7/15/21 370,000 390,335
1.75%, 6/01/18 250,000 249,722 Hamilton County, General Obligation, Hampton Public School
District 0091, Series 2016, 1.0%, 12/15/19 300,000 296,892
Nebraska 90.5 Hastings, Combined Utility Revenue, Refunding, Series 2012,
Adams County, Hospital Authority #1, Revenue, Mary Lanning 2.0%, 10/15/17 430,000 430,159
Memorial Hospital Project, Radian/AGC Insured, Escrowed Kearney, General Obligation, Highway Allocation Fund,
to Maturity, 4.4%, 12/15/17 250,000 251,740 Refunding, Series 2017, 1.0%, 6/15/18 175,000 174,923
Blair, Water System Revenue, Series 2016, AMT, Lincoln-Lancaster County, Public Building Commission,
2.2%, 12/15/22 175,000 170,613 Lease Revenue,
2.45%, 12/15/23 125,000 121,134 Refunding, Series 2015, 3.0%, 12/01/19 750,000 780,832
2.65%, 12/15/24 100,000 95,614 Series 2016, 3.0%, 12/01/25 500,000 538,250
2.85%, 12/15/25 100,000 96,159 Lincoln, Airport Authority, Revenue, 2014 Series C
3.0%, 12/15/26 100,000 95,788 2.0%, 7/01/18 185,000 186,519
2.0%, 7/01/19 190,000 193,144
3.1%, 12/15/27 100,000 95,430
2.0%, 7/01/21 195,000 196,472
3.2%, 12/15/28 100,000 95,092
3.35%, 12/15/29 100,000 94,790 Lincoln, Educational Facilities, Revenue, Refunding,
3.5%, 12/15/30 100,000 94,513 Nebraska Wesleyan University Project, Series 2012
2.25%, 4/01/19 645,000 654,230
Buffalo County, General Obligation, Kearney Public Schools
2.5%, 4/01/21 925,000 948,421
District 0007
Series 2012, 1.4%, 12/15/18 280,000 280,076 Lincoln, Electric System Revenue, Refunding,
Series 2016 Series 2012
2.0%, 12/15/18 305,000 308,553 5.0%, 9/01/21 1,000,000 1,142,690
3.0%, 12/15/24 250,000 268,767 5.0%, 9/01/28 1,000,000 1,157,910
Cass County, General Obligation, Refunding, Weeping Water Series 2016, 3.0%, 9/01/28 500,000 522,980
Public School District 0022, Series 2017 Lincoln, General Obligation, Highway Allocation Fund,
2.05%, 12/15/25 375,000 370,519 Refunding, Series 2016
2.2%, 12/15/26 250,000 247,320 5.0%, 5/15/22 100,000 116,136
5.0%, 5/15/23 135,000 160,198
Chadron, Sales Tax and General Obligation, Aquatic Center,
Lincoln, Parking Revenue, Refunding, Series 2011,
Series 2016, 1.6%, 7/15/22 400,000 397,256
3.25%, 8/15/18 440,000 448,136
Columbus, Combined Revenue, Refunding, Series 2016,
AGM Insured Lincoln, General Obligation, West Haymarket Joint Public
4.0%, 12/15/26 100,000 112,344 Agency, Series 2011, 5.0%, 12/15/26 300,000 344,160
Loup River Public Power District, Electric System Revenue,
UNAUDITED
4.0%, 12/15/27 100,000 111,474

Refunding, Series 2016
Cornhusker Public Power District, Electric System Revenue, 5.0%, 12/01/18 500,000 523,145
Refunding, Series 2014, 2.25%, 7/01/22 260,000 263,185 5.0%, 12/01/19 500,000 540,965
Dawson Public Power District, Electric System Revenue, Madison County, Hospital Authority #1, Revenue, Refunding,
Refunding, Faith Regional Health Services Project, Series 2017A
Series 2013C, 3.0%, 12/01/22 200,000 203,034
5.0%, 7/01/21 475,000 525,060

Series 2016A 5.0%, 7/01/23 250,000 283,815
2.0%, 6/15/26 170,000 161,201
2.1%, 6/15/27 105,000 99,117 Municipal Energy Agency of Nebraska, Power Supply
Series 2016B System Revenue, Refunding
2009 Series A, BHAC Insured,
2.5%, 6/15/28 135,000 133,245 5.0%, 4/01/20, Pre-Refunded 4/01/19 @ 100 500,000 529,055
3.0%, 6/15/29 245,000 247,964 2012 Series A, 5.0%, 4/01/18 100,000 101,923
3.0%, 6/15/30 355,000 358,248 2016 Series A
Douglas County, Educational Facility Revenue, Refunding, 5.0%, 4/01/21 250,000 280,587
Creighton University Project, Series 2010A, 5.6%, 7/01/25 400,000 443,580 5.0%, 4/01/27 350,000 421,655
39

NEBRASKA TAX-FREE INCOME FUND (CONTINUED)

Nebraska, Certificates of Participation, Omaha, Special Tax Revenue, Refunding Redevelopment,

Series 2015C Performing Arts Project, Series 2012, 3.0%, 10/15/17 765,000 765,536
1.15%, 9/15/18 460,000 459,660 Papillion, General Obligation, Tax Supported Recreational
1.45%, 9/15/19 360,000 360,644 Facilities, Series 2017, 3.0%, 9/15/24 420,000 440,089
1.7%, 9/15/20 200,000 200,658 Papillion-La Vista, General Obligation, Sarpy County
Series 2016A, 2.0%, 2/15/19 750,000 758,925 School District #27,
Series 2017A, 1.0%, 3/15/18 350,000 349,832 Refunding, Series 2017A
Series 2017B, 1.35%, 7/15/20 785,000 785,424 2.05%, 12/01/24 150,000 151,950
Nebraska Cooperative Republican Platte Enhancement 2.2%, 12/01/25 150,000 151,748
Project, River Flow Enhancement Revenue, Refunding, 2.3%, 12/01/26 275,000 278,196
Series 2015, 3.0%, 12/15/17 440,000 441,738 Series 2009, 5.0%, 12/01/28, Pre-Refunded
Nebraska Investment Financial Authority, Single Family Housing 12/01/18 @ 100 500,000 523,085
Revenue 2016 Series C, 1.85%, 3/01/23 100,000 100,282 Papio-Missouri River Natural Resources District, General
Nebraska Public Power District, Revenue Obligation, Flood Protection and Water Quality Enhancement,
2008 Series B, 5.0%, Refunding, Series 2017, 5.0%, 12/15/26 185,000 211,202
1/01/19, Pre-Refunded 1/01/18 @ 100 250,000 252,517 Series 2013
2012 Series A 3.0%, 12/15/17 385,000 386,617
4.0%, 1/01/21 500,000 543,580 3.0%, 12/15/18, Pre-Refunded 2/08/18 @ 100 500,000 503,590
5.0%, 1/01/21 500,000 559,425 Series 2013B, 5.0%, 12/15/19, Pre-Refunded 7/26/18 @ 100 400,000 413,032
2012 Series B, 3.0%, 1/01/24 1,000,000 1,051,060 Series 2015
2012 Series C, 5.0% 2.0%, 12/15/20 100,000 101,744
1/01/19, Pre-Refunded 1/01/18 @ 100 500,000 505,035 2.25%, 12/15/21 100,000 102,056
1/01/25, Pre-Refunded 1/01/18 @ 100 750,000 757,553 4.0%, 12/15/24 100,000 106,891
4.0%, 12/15/25 100,000 106,699
2015 Series A-2, 5.0%, 1/01/24 250,000 285,070
2016 Series C Perennial Public Power District, Electric System Revenue,
4.0%, 1/01/19 880,000 912,226 Refunding, Series 2016A, 0.95%, 1/01/18 125,000 124,905
5.0%, 1/01/35 480,000 558,010 Public Power Generation Agency, Revenue, Refunding,
Nebraska State Colleges, Facilities Corp., Deferred Whelan Energy Center Unit 2, 2015 Series A
Maintenance Revenue, Refunding, Series 2016, 5.0%, 1/01/18 250,000 252,363
AGM Insured, 4.0%, 7/15/28 750,000 828,232 5.0%, 1/01/28 200,000 232,792
Nebraska State Colleges, Student Fees and Facilities Revenue, Sarpy County, General Obligation, Bellevue Public School
Refunding, Wayne State College Project, Series 2016B, District 0001, Series 2017, 5.0%, 12/15/27 250,000 309,255
1.0%, 7/01/18 145,000 144,443 Sarpy County, Certificates of Participation,
Wayne State College Project, Series 2016, Series 2016, 1.75%, 6/15/26 500,000 475,345
3.0%, 7/01/18 200,000 202,748 Sarpy County, Recovery Zone Facility Certificates of
3.0%, 7/01/19 120,000 123,611 Participation, Series 2010
North Platte, Sewer System Revenue, Refunding, Series 2015, 2.35%, 12/15/18 155,000 157,545
3.0%, 6/15/24 250,000 255,950 2.6%, 12/15/19 135,000 139,180
Omaha-Douglas County, General Obligation, Public Building South Sioux City, Combined Electric, Water and Sewer Revenue,
Commission, Series 2014, 5.0%, 5/01/26 725,000 833,040 Refunding, Series 2014A
Omaha, General Obligation, 1.9%, 6/01/20 280,000 280,787
Refunding, Series 2008 2.25%, 6/01/21 250,000 251,755
5.0%, 6/01/20 255,000 261,719 Thayer County, General Obligation Hospital, Refunding,
5.0%, 6/01/20, Pre-Refunded 6/01/18 @ 100 95,000 97,490 Series 2017, 1.3%, 9/01/20 400,000 399,088
5.25%, 10/15/19, Pre-Refunded 10/15/18 @ 100 250,000 260,920 University of Nebraska, Facilities Corp.,
Various Purpose and Refunding, Series 2016A Lease Rental Revenue, NCTA Education Center/Student
4.0%, 4/15/22 815,000 905,481 Housing Project, Series 2011, 3.75% 6/15/19 285,000 297,928
4.0%, 4/15/23 185,000 208,317 Revenue, Refunding, Health Center and College of
Omaha, Public Facilities Corp., Lease Revenue Nursing Projects, Series 2016, 5.0%, 7/15/29 380,000 460,153
Omaha Baseball Stadium Project Revenue, UNMC Global Center Project, Series 2017,
Refunding, Series 2016A, 4.0%. 6/01/28 1,335,000 1,487,844 5.0%, 12/15/18 1,000,000 1,047,950
Series 2009 University of Nebraska, University Revenue,
4.125%, 6/01/25, Pre-Refunded 6/01/19 @ 100 250,000 262,708 Kearney Student Housing Project, Series 2017
5.0%, 6/01/23, Pre-Refunded 6/01/19 @ 100 770,000 820,204 3.0%, 7/01/25 100,000 106,917
Series 2010, 4.125%, 6/01/29 650,000 686,647 2.5%, 7/01/26 210,000 215,151
Omaha Public Power District, 3.0%, 7/01/27 100,000 105,719
Electric System Revenue Lincoln Student Fees and Facilities, Series 2015A
2012 Series A, 5.0%, 2/01/24, 2.0%, 7/01/18 400,000 403,104
Pre-Refunded 2/01/22 @ 100 2,000,000 2,307,660 2.0%, 7/01/19 600,000 609,720
2015 Series A, 2.85%, 2/01/27 500,000 517,915 Omaha Health & Recreation Project
2015 Series B, 5.0%, 2/01/18 1,500,000 1,520,205 4.05%, 5/15/19, Pre-Refunded 5/15/18 @ 100 390,000 397,414
Separate Electric System Revenue 5.0%, 5/15/33, Pre-Refunded 5/15/18 @ 100(c) 700,000 717,381
2015 Series A, 5.0%, 2/01/19 500,000 525,150
55,270,579
Omaha, Sanitary Sewerage System Revenue,
Refunding, Series 2016
5.0%, 4/01/26 250,000 306,790
4.0%, 4/01/31 350,000 386,568
Series 2014
5.0%, 11/15/17 500,000 502,380
5.0%, 11/15/22 200,000 234,458
40

$ Principal
% of Net Amount
Assets or Shares $ Value
Texas 0.7
Austin, Airport System Revenue, Series 2017B, AMT,
5.0%, 11/15/26 250,000 299,088
Harris County, Tax and Subordinate Lien Revenue,
Refunding, Series 2009C, 5.0%, 8/15/23 110,000 117,945
417,033
Washington 0.4
Port of Seattle, Intermediate Lien Revenue,
Series 2017C, AMT, 5.0%, 5/01/26 200,000 241,816
Total Municipal Bonds (Cost $58,270,434) 58,771,950

Cash Equivalents 3.8%
State Street Institutional U.S. Government Money

Market Fund - Premier Class 0.92%(a) 2,336,531 2,336,531
Other Liabilities in Excess of Other Assets - (0.1%) (71,329)
Net Assets - 100% 61,037,152
Net Asset Value Per Share 9.93

(a)
(b)
(c)
UNAUDITED
41

STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2017

Short Nebraska
(In U.S. dollars, Partners Partners III Core Plus Duration Ultra Short Tax-Free
except share data) Value Value Opportunity Hickory Balanced Income Income Government Income
Assets:
Investments in securities at value:
Unaffiliated issuers(a) 816,106,717 711,173,466 689,515,480 276,310,182 121,336,588 40,127,156 1,212,765,830 100,318,852 61,108,481
Controlled affiliates(a) 8,673,670
816,106,717 711,173,466 698,189,150 276,310,182 121,336,588 40,127,156 1,212,765,830 100,318,852 61,108,481
Accrued interest and dividends receivable 474,391 173,617 52,879 1,502 423,669 255,690 7,133,503 396,679 590,667
Due from broker 232,928,458
Receivable for securities sold 734,282 1,835,705 146,856
Receivable for fund shares sold 3,850 22,809 146,482 241 10,076 20,000 433,482
Cash 392,000
Total assets 817,319,240 713,205,597 931,708,969 276,311,925 121,917,189 40,402,846 1,220,332,815 100,715,531 61,699,148
Liabilities:
Dividends payable on securities sold short 776,977
Due to adviser 921,105 772,020 721,728 314,053 95,172 14,410 497,387 16,381 54,566
Payable for securities purchased 2,128,709 2,000,000 1,000,000 607,430
Payable for fund shares redeemed 351,809 72,933 49,177 45,424 16,711 609,715 5,289
Securities sold short(b) 227,976,000
Other 8,089
Total liabilities 1,272,914 2,973,662 229,523,882 359,477 111,883 14,410 3,107,102 1,029,759 661,996
Net assets 816,046,326 710,231,935 702,185,087 275,952,448 121,805,306 40,388,436 1,217,225,713 99,685,772 61,037,152
Composition of net assets:
Paid-in capital 516,718,676 462,448,688 460,326,764 165,988,629 100,606,853 40,076,105 1,204,646,638 99,719,152 60,572,236
Accumulated undistributed net investment income (loss) (2,632,168) (2,159,776) (5,713,326) (580,707) 239,733 10,432 76,828 (2,435) 2,660
Accumulated net realized gain (loss) 18,269,154 15,336,629 11,180,996 9,708,070 811,570 15,109 (3,342,357) (586) (39,260)
Net unrealized appreciation (depreciation) of investments 283,690,664 234,606,394 236,390,653 100,836,456 20,147,150 286,790 15,844,604 (30,359) 501,516
Net assets 816,046,326 710,231,935 702,185,087 275,952,448 121,805,306 40,388,436 1,217,225,713 99,685,772 61,037,152
Net assets(c):
Investor Class 612,446,482 385,676,788 28,988,839 275,952,448 121,805,306 7,425,968 103,311,182 61,037,152
Institutional Class 203,599,844 324,555,147 673,196,248 32,962,468 1,113,914,531 99,685,772
Shares outstanding(c) (d):
Investor Class 14,330,892 12,197,043 1,987,038 4,943,477 8,594,558 722,894 8,422,004 6,146,265
Institutional Class 4,730,379 10,190,643 45,002,370 3,208,503 90,648,086 9,971,943
Net asset value, offering and redemption price(c):
Investor Class 42.74 31.62 14.59 55.82 14.17 10.27 12.27 9.93
Institutional Class 43.04 31.85 14.96 10.27 12.29 10.00
(a)
Cost of investments in securities:
Unaffiliated issuers 532,416,053 476,567,072 413,878,444 175,473,726 101,189,438 39,840,366 1,196,921,226 100,349,211 60,606,965
Controlled affiliates 2,899,379
532,416,053 476,567,072 416,777,823 175,473,726 101,189,438 39,840,366 1,196,921,226 100,349,211 60,606,965
(b)
Proceeds from short sales 182,955,326
(c)
Funds with a single share class are shown with the Investor Class, except for the Ultra Short Government Fund which has been designated Institutional Class
(d)
Indefinite number of no par value shares authorized
42

STATEMENTS OF OPERATIONS
Six months ended September 30, 2017

Short Nebraska
Partners Partners III Core Plus Duration Ultra Short Tax-Free
(In U.S. dollars) Value Value Opportunity Hickory Balanced Income Income Government Income
Investment income:
Dividends:
Unaffiliated issuers(a) 2,778,179 2,206,056 1,834,350 832,445 366,278 4,116 305,200
Interest 575,813 642,836 833,141 300,889 502,290 489,531 14,954,905 483,063 687,124
Total investment income 3,353,992 2,848,892 2,667,491 1,133,334 868,568 493,647 15,260,105 483,063 687,124
Expenses:
Investment advisory fees 3,706,594 3,272,257 3,476,726 1,378,503 460,428 73,967 2,422,633 147,662 124,502
Administrative fees and expenses 307,885 283,896 250,324 214,845 124,471 73,257 412,904 86,419 90,733
Shareholder servicing fees:
Investor Class 545,182 398,142 30,350 5,178 145,828
Institutional Class 18,041 42,254 129,513 9,165 573,754 5,014
Custodian fees 9,200 8,388 12,874 3,879 4,506 4,737 17,497 3,374 3,620
Dividends on securities sold short 1,749,266
Professional fees 44,022 41,101 37,946 21,576 14,341 11,971 59,437 13,941 11,629
Registration fees 26,900 26,200 27,297 13,298 12,500 22,500 37,250 12,000 3,525
Sub-transfer agent fees 105,685 65,395 51,059 44,030 18,289 21,123 67,415 16,187 11,528
Trustees fees 41,823 37,100 33,949 13,889 6,082 1,921 61,278 4,990 2,974
Other 69,040 50,837 39,145 24,021 8,922 4,107 100,967 7,777 4,881
4,874,372 4,225,570 5,838,449 1,714,041 649,539 227,926 3,898,963 297,364 253,392
Less expenses waived/reimbursed by investment adviser (96,606) (124,683) (20,704) (146,825) (890,179) (198,923)
Net expenses 4,777,766 4,100,887 5,838,449 1,714,041 628,835 81,101 3,008,784 98,441 253,392
Net investment income (loss) (1,423,774) (1,251,995) (3,170,958) (580,707) 239,733 412,546 12,251,321 384,622 433,732
Realized and unrealized gain
(loss) on investments:
Net realized gain (loss):
Unaffiliated issuers 18,273,099 19,856,508 11,801,925 9,709,136 812,030 15,486 1,123,317 (417)
Options written 114,997
Net realized gain (loss) 18,273,099 19,856,508 11,801,925 9,709,136 812,030 15,486 1,238,314 (417)
Net unrealized appreciation (depreciation):
Unaffiliated issuers 26,756,284 2,673,121 24,939,172 5,246,972 4,920,013 176,568 (1,778,306) 5,439 210,483
Controlled affiliates (1,734,280)
Options written 70,003
Securities sold short (13,832,360)
Net unrealized appreciation (depreciation) 26,756,284 2,673,121 9,372,532 5,246,972 4,920,013 176,568 (1,708,303) 5,439 210,483
Net realized and unrealized gain (loss) on investments 45,029,383 22,529,629 21,174,457 14,956,108 5,732,043 192,054 (469,989) 5,022 210,483
Net increase (decrease) in net assets
resulting from operations 43,605,609 21,277,634 18,003,499 14,375,401 5,971,776 604,600 11,781,332 389,644 644,215
(a)
Foreign taxes withheld 1,150 4,976
UNAUDITED
43

STATEMENTS OF CHANGES IN NET ASSETS
Value Partners Value Partners III Opportunity Hickory
Six months Six months Six months Six months

ended ended ended ended
Sept. 30, 2017 Year ended Sept. 30, 2017 Year ended Sept. 30, 2017 Year ended Sept. 30, 2017 Year ended
(In U.S. dollars) (Unaudited) March 31, 2017 (Unaudited) March 31, 2017 (Unaudited) March 31, 2017 (Unaudited) March 31, 2017
Increase (decrease) in net assets:

From operations:
Net investment income (loss) (1,423,774) (3,192,755) (1,251,995) (1,821,881) (3,170,958) (6,530,070) (580,707) (1,265,972)
Net realized gain (loss) 18,273,099 32,591,851 19,856,508 (2,079,364) 11,801,925 21,892,172 9,709,136 2,344,197
Net unrealized appreciation
(depreciation) 26,756,284 50,374,828 2,673,121 84,694,558 9,372,532 46,718,737 5,246,972 29,836,129
Net increase (decrease)

in net assets resulting
from operations 43,605,609 79,773,924 21,277,634 80,793,313 18,003,499 62,080,839 14,375,401 30,914,354
Distributions to shareholders from:
Net investment income(a):
Investor Class
Institutional Class
Net realized gains(a):
Investor Class (24,720,085) (921,522) (450,948) (695,026)
Institutional Class (7,791,399) (21,399,745) (9,034,420)
Return of capital(a):
Investor Class
Institutional Class
Total distributions (32,511,484) (22,321,267) (9,485,368) (695,026)

Fund share transactions(a):
Investor Class (34,669,269) (160,901,195) (55,290,218) (150,687,609) 719,492 (8,964,256) (10,227,101) (56,584,907)
Institutional Class 9,329,922 (18,977,598) 5,520,859 (20,025,386) 16,057,112 (66,385,487)
Net increase (decrease) from

fund share transactions (25,339,347) (179,878,793) (49,769,359) (170,712,995) 16,776,604 (75,349,743) (10,227,101) (56,584,907)
Total increase (decrease) in

net assets (14,245,222) (100,104,869) (28,491,725) (89,919,682) 12,458,836 (22,754,272) 3,453,274 (25,670,553)
Net assets:
Beginning of period 830,291,548 930,396,417 738,723,660 828,643,342 689,726,251 712,480,523 272,499,174 298,169,727
End of period 816,046,326 830,291,548 710,231,935 738,723,660 702,185,087 689,726,251 275,952,448 272,499,174
Undistributed net investment

income (loss) (2,632,168) (1,208,394) (2,159,776) (907,781) (5,713,326) (2,542,368) (580,707)
(a)
Funds with a single share class are shown with the Investor Class, except for the Ultra Short Government Fund which has been designated Institutional Class
44

Short Duration Ultra Short Nebraska
Balanced Core Plus Income Income Government Tax-Free Income
Six months Six months Six months Six months Six months
ended ended ended ended ended
Sept. 30, 2017 Year ended Sept. 30, 2017 Year ended Sept. 30, 2017 Year ended Sept. 30, 2017 Year ended Sept. 30, 2017 Year ended
(Unaudited) March 31, 2017 (Unaudited) March 31, 2017 (Unaudited) March 31, 2017 (Unaudited) March 31, 2017 (Unaudited) March 31, 2017
239,733 111,928 412,546 539,071 12,251,321 25,029,733 384,622 262,146 433,732 1,059,486
812,030 3,837,636 15,486 394,851 1,238,314 (996,408) (417) (153) 8,962
4,920,013 3,050,576 176,568 10,103 (1,708,303) 4,394,198 5,439 (35,798) 210,483 (1,403,882)
5,971,776 7,000,140 604,600 944,025 11,781,332 28,427,523 389,644 226,195 644,215 (335,434)
(292,979) (71,528) (129,058) (942,960) (1,676,679) (433,420) (1,059,081)

(332,230) (411,467) (11,231,533) (23,730,853) (387,057) (262,146)
(1,275,937) (3,344,298) (18,331) (75,492) (254,793)

(72,699) (211,290) (3,237,153)
(14,356)
(203,189)
(1,275,937) (3,637,277) (494,788) (827,307) (12,174,493) (29,117,023) (387,057) (262,146) (433,420) (1,059,081)
(1,079,423) 3,338,417 877,916 1,699,413 8,541,134 (6,057,739) (2,146,460) 233,593

9,024,887 8,642,485 10,988,319 (51,164,900) 1,654,090 (8,623,636)
(1,079,423) 3,338,417 9,902,803 10,341,898 19,529,453 (57,222,639) 1,654,090 (8,623,636) (2,146,460) 233,593
3,616,416 6,701,280 10,012,615 10,458,616 19,136,292 (57,912,139) 1,656,677 (8,659,587) (1,935,665) (1,160,922)
118,188,890 111,487,610 30,375,821 19,917,205 1,198,089,421 1,256,001,560 98,029,095 106,688,682 62,972,817 64,133,739
121,805,306 118,188,890 40,388,436 30,375,821 1,217,225,713 1,198,089,421 99,685,772 98,029,095 61,037,152 62,972,817
239,733 10,432 1,644 76,828 (2,435) 2,660 2,348
UNAUDITED
45 45

STATEMENT OF CASH FLOWS
Partners III Opportunity

(In U.S. dollars) Six months ended September 30, 2017
Increase (decrease) in cash:
Cash flows from operating activities:

Net increase in net assets from operations 18,003,499
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchases of investment securities (50,051,329)
Proceeds from sale of investment securities 66,429,552
Short positions covered (14,101,346)
Sale of short-term investment securities, net 10,117,042
Net unrealized appreciation on investments and short sales (9,372,532)
Net realized gain on investments (11,801,925)
Decrease in accrued interest and dividends receivable 50,323
Increase in due from broker (2,766,046)
Decrease in receivable for securities sold 240,982
Decrease in receivable for fund shares sold 378,536
Increase in dividends payable on securities sold short 123,343
Decrease in due to adviser (26,309)
Decrease in payable for fund shares redeemed (1,287,127)
Net cash provided by operating activities 5,936,663
Cash flows from financing activities:

Proceeds from sales of fund shares 41,792,910
Payments for redemptions of fund shares (45,922,268)
Cash distributions to shareholders (1,415,305)
Net cash used in financing activities (5,544,663)
Net increase (decrease) in cash 392,000

Cash:
Balance, beginning of period
Balance, end of period 392,000

Noncash financing activities:
Reinvestment of shareholder distributions 20,905,962
46

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UNAUDITED
47

FINANCIAL HIGHLIGHTS
The following financial information provides selected data, in U.S. dollars, for a share outstanding throughout the periods indicated.

Income (loss) from Investment Operations Distributions
Net gain (loss) Dividends
on securities Total from from net Distributions
Years ended March 31, Net asset value, Net investment (realized investment investment from Total
unless otherwise noted beginning of period income (loss) and unrealized) operations income realized gains distributions
Value - Investor Class

Six months ended 9/30/2017 42.20 (0.08)(a) 2.33 2.25 (1.71) (1.71)
2017 38.43 (0.16)(a) 3.93 3.77
2016 46.93 (0.25)(a) (3.27) (3.52) (4.98) (4.98)
2015 46.20 (0.24)(a) 4.76 4.52 (3.79) (3.79)
2014 38.61 (0.17) 7.76 7.59
2013 32.98 (0.02) 5.68 5.66 (0.03) (0.03)
Value - Institutional Class

2017 38.56 (0.08)(a) 3.96 3.88
2016 46.99 (0.17)(a) (3.28) (3.45) (4.98) (4.98)
Eight months ended 3/31/2015(b) 44.80 (0.26)(a) 4.50 4.24 (2.05) (2.05)
Partners Value - Investor Class

Six months ended 9/30/2017 30.72 (0.07)(a) 0.97 0.90
2017 27.66 (0.09)(a) 3.15 3.06
2016 35.05 (0.14)(a) (3.47) (3.61) (3.78) (3.78)
2015 33.20 (0.14)(a) 3.09 2.95 (1.10) (1.10)
2014 27.75 (0.14) 5.59 5.45
2013 23.25 (0.06) 4.56 4.50
Partners Value - Institutional Class

Six months ended 9/30/2017 30.91 (0.03)(a) 0.97 0.94
2017 27.75 (0.02)(a) 3.18 3.16
2016 35.09 (0.08)(a) (3.48) (3.56) (3.78) (3.78)
Eight months ended 3/31/2015(b) 33.22 (0.11)(a) 2.91 2.80 (0.93) (0.93)
Partners III Opportunity - Investor Class

2017 13.73 (0.20)(a) 1.40 1.20 (0.19) (0.19)
2016 17.12 (0.25)(a) (1.30) (1.55) (1.84) (1.84)
2015 16.43 (0.22)(a) 1.41 1.19 (0.50) (0.50)
2014 14.26 (0.17)(a) 2.71 2.54 (0.37) (0.37)
2013 12.90 (0.12)(a) 2.40 2.28 (0.92) (0.92)
Partners III Opportunity - Institutional Class

2017 13.96 (0.13)(a) 1.43 1.30 (0.19) (0.19)
2016 17.31 (0.19)(a) (1.32) (1.51) (1.84) (1.84)
2015 16.55 (0.17)(a) 1.43 1.26 (0.50) (0.50)
2014 14.33 (0.12)(a) 2.71 2.59 (0.37) (0.37)
2013 12.93 (0.08)(a) 2.40 2.32 (0.92) (0.92)
Hickory
Six months ended 9/30/2017 53.11 (0.12) 2.97 2.85 (0.14) (0.14)
2017 47.59 (0.25) 5.77 5.52
2016 59.51 (0.30) (4.79) (5.09) (6.83) (6.83)
2015 57.87 (0.35) 5.00 4.65 (3.01) (3.01)
2014 50.22 (0.34) 7.99 7.65
2013 42.53 (0.25) 7.94 7.69
* Annualized (c)
Included in the expense ratio is 0.00%, 0.08%, 0.27%, 0.24%, 0.11% and 0.14% related to
Not Annualized interest expense and 0.50%, 0.54%, 0.50%, 0.29%, 0.16% and 0.28% related to dividend
expense on securities sold short for the periods ended September 30, 2017, March 31, 2017,
(a)
Based on average daily shares outstanding 2016, 2015, 2014 and 2013, respectively.
(b)
Initial offering of shares on July 31, 2014 (d)
Included in the expense ratio is 0.00%, 0.08%, 0.27%, 0.24%, 0.12% and 0.14% related to
interest expense and 0.50%, 0.55%, 0.51%, 0.29%, 0.15% and 0.27% related to dividend
expense on securities sold short for the periods ended September 30, 2017, March 31, 2017,
2016, 2015, 2014 and 2013, respectively.
48

Ratios/Supplemental Data
Ratio of expenses
to average net assets
Ratio of net
investment income Portfolio
Net asset value, Net assets, end of Prior to fee Net of fee (loss) to average turnover
end of period Total Return (%) period ($000) waivers (%) waivers (%) net assets (%) rate (%)
42.74 5.43 612,446 1.21* 1.21* (0.40)* 5

42.20 9.81 638,993 1.24 1.22 (0.42) 24
38.43 (8.05) 738,086 1.23 1.18 (0.59) 47
46.93 10.19 940,646 1.20 1.18 (0.54) 36
46.20 19.66 1,167,282 1.18 1.18 (0.41) 19
38.61 17.20 1,013,552 1.20 1.20 (0.07) 20
43.04 5.55 203,600 1.09* 0.99* (0.18)* 5

42.44 10.06 191,299 1.10 0.99 (0.19) 24
38.56 (7.88) 192,310 1.08 0.99 (0.39) 47
46.99 9.57 200,254 1.08* 0.99* (0.87)* 36
31.62 2.93 385,677 1.23* 1.23* (0.45)* 4

30.72 11.06 429,226 1.27 1.24 (0.33) 16
27.66 (10.61) 531,353 1.26 1.18 (0.45) 31
35.05 8.99 789,853 1.22 1.18 (0.42) 26
33.20 19.64 1,074,499 1.18 1.18 (0.46) 19
27.75 19.35 844,213 1.19 1.19 (0.25) 24
31.85 3.04 324,555 1.07* 0.99* (0.20)* 4

30.91 11.39 309,497 1.07 0.99 (0.08) 16
27.75 (10.45) 297,290 1.07 0.99 (0.25) 31
35.09 8.51 317,973 1.05* 0.99* (0.49)* 26
14.59 2.43 28,989 2.13*(c) 2.13*(c) (1.36)* 10

14.74 8.94 28,561 2.29(c) 2.29(c) (1.43) 23
13.73 (9.56) 35,461 2.33(c) 2.33(c) (1.63) 46
17.12 7.38 68,490 2.06(c) 2.01(c) (1.33) 45
16.43 17.94 78,586 1.84(c) 1.68(c) (1.10) 20
14.26 18.81 19,702 2.25(c) 1.85(c) (0.93) 32
14.96 2.65 673,196 1.66*(d) 1.66*(d) (0.89)* 10

15.07 9.52 661,165 1.80(d) 1.80(d) (0.93) 23
13.96 (9.20) 677,019 1.95(d) 1.95(d) (1.26) 46
17.31 7.76 1,014,821 1.69(d) 1.69(d) (1.00) 45
16.55 18.20 1,163,661 1.43(d) 1.43(d) (0.78) 20
14.33 19.08 664,770 1.59(d) 1.59(d) (0.61) 32
55.82 5.37 275,952 1.24* 1.24* (0.42)* 9

53.11 11.60 272,499 1.25 1.25 (0.44) 7
UNAUDITED
47.59 (9.04) 298,170 1.24 1.24 (0.50) 27

59.51 8.31 445,167 1.23 1.23 (0.54) 26
57.87 15.23 517,640 1.22 1.22 (0.62) 30
50.22 18.08 432,086 1.26 1.26 (0.62) 32
49

FINANCIAL HIGHLIGHTS (CONTINUED)
The following financial information provides selected data, in U.S. dollars, for a share outstanding throughout the periods indicated.

Income (loss) from Investment Operations Distributions
Net gain (loss) Dividends
on securities Total from from net Distributions
Years ended March 31, Net asset value, Net investment (realized investment investment from Total
unless otherwise noted beginning of period income (loss) and unrealized) operations income realized gains distributions
Balanced
Six months ended 9/30/2017 13.63 0.03 0.66 0.69 (0.15) (0.15)
2017 13.24 0.01 0.80 0.81 (0.03) (0.39) (0.42)
2016 14.07 0.02 (0.13) (0.11) (0.72) (0.72)
2015 14.22 (0.02) 0.54 0.52 (0.67) (0.67)
2014 13.58 (0.03) 1.34 1.31 # (0.67) (0.67)
2013 12.39 0.04 1.20 1.24 (0.05) (0.05)
Core Plus Income - Investor Class

Six months ended 9/30/2017 10.23 0.11(a) 0.06 0.17 (0.10) (0.03) (0.13)
2017 10.15 0.23(a) 0.21 0.44 (0.23) (0.13) (0.36)
2016 10.21 0.22(a) (0.04) 0.18 (0.22) (0.02) (0.24)
Eight months ended 3/31/2015(b) 10.00 0.09(a) 0.20 0.29 (0.08) (0.08)
Core Plus Income - Institutional Class

Six months ended 9/30/2017 10.23 0.12(a) 0.06 0.18 (0.11) (0.03) (0.14)
2017 10.15 0.25(a) 0.21 0.46 (0.25) (0.13) (0.38)
2016 10.20 0.25(a) (0.04) 0.21 (0.24) (0.02) (0.26)
Eight months ended 3/31/2015(b) 10.00 0.10(a) 0.20 0.30 (0.10) (0.10)
Short Duration Income - Investor Class

Six months ended 9/30/2017 12.27 0.11(a) 0.11 (0.11) (0.11)
2017 12.28 0.23(a) 0.04 0.27 (0.24)(e) (0.04) (0.28)
2016 12.48 0.22(a) (0.15) 0.07 (0.23) (0.04) (0.27)
2015 12.49 0.19(a) 0.02 0.21 (0.21) (0.01) (0.22)
2014 12.67 0.19(a) (0.15) 0.04 (0.22) (0.22)
2013 12.47 0.17(a) 0.26 0.43 (0.23) # (0.23)
Short Duration Income - Institutional Class

Six months ended 9/30/2017 12.29 0.13(a) 0.13 (0.13) (0.13)
2017 12.30 0.26(a) 0.04 0.30 (0.27)(e) (0.04) (0.31)
2016 12.50 0.25(a) (0.15) 0.10 (0.26) (0.04) (0.30)
2015 12.51 0.22(a) 0.02 0.24 (0.24) (0.01) (0.25)
2014 12.68 0.22(a) (0.15) 0.07 (0.24) (0.24)
2013 12.48 0.19(a) 0.26 0.45 (0.25) # (0.25)
Ultra Short Government(c)

Six months ended 9/30/2017 10.00 0.04 # 0.04 (0.04) (0.04)
2017 10.00 0.03 # 0.03 (0.03) (0.03)
2016 10.00 # # # # # #
2015 10.00 # # # # #
2014 10.00 # # # # # #
2013 10.00 # # # # # #
Nebraska Tax-Free Income

Six months ended 9/30/2017 9.90 0.07 0.03 0.10 (0.07) (0.07)
2017 10.12 0.17 (0.22) (0.05) (0.17) (0.17)
2016 10.19 0.18 (0.06) 0.12 (0.19) (0.19)
2015 10.19 0.22 # 0.22 (0.22) (0.22)
2014 10.44 0.23 (0.20) 0.03 (0.23) (0.05) (0.28)
2013 10.44 0.21 0.01 0.22 (0.21) (0.01) (0.22)
* Annualized (c)
Prior to December 16, 2016, this Fund was known as the Government Money Market Fund.
Not Annualized All per share amounts, for all periods, have been adjusted to reflect a 1-for-10 reverse split,
which was effective December 16, 2016. In addition, on December 16, 2016, the Fund
# Amount less than $0.01 changed from a constant $1.00 net asset value per share money market fund to an ultra short
(a)
Based on average daily shares outstanding government fund (that is not a money market fund).
(b)
Initial offering of shares on July 31, 2014 (d)
Because calculations of portfolio turnover exclude securities whose maturity or expiration
date was one year or less when the Fund acquired the securities, the Fund has no portfolio
turnover information to report for this period.
(e)
Includes a return of capital distribution of less than $0.01.
50

Ratios/Supplemental Data
Ratio of expenses
to average net assets
Ratio of net
investment income Portfolio
Net asset value, Net assets, end of Prior to fee Net of fee (loss) to average turnover
end of period Total Return (%) period ($000) waivers (%) waivers (%) net assets (%) rate (%)
14.17 5.08 121,805 1.08* 1.05* 0.40* 12

13.63 6.32 118,189 1.11 1.11 0.10 26
13.24 (0.80) 111,488 1.11 1.11 0.12 35
14.07 3.73 125,578 1.09 1.09 (0.12) 37
14.22 9.86 126,904 1.10 1.10 (0.20) 36
13.58 10.02 98,105 1.12 1.12 0.30 47
10.27 1.65 7,426 1.75* 0.60* 2.06* 16

10.23 4.41 6,522 1.90 0.77 2.26 54
10.15 1.78 4,809 2.35 0.85 2.20 26
10.21 2.90 3,950 3.17* 0.85* 1.39* 8
10.27 1.75 32,962 1.11* 0.40* 2.26* 16

10.23 4.61 23,854 1.22 0.57 2.47 54
10.15 2.06 15,108 1.37 0.65 2.39 26
10.20 2.96 11,804 2.54* 0.65* 1.56* 8
12.27 0.92 103,311 0.93* 0.68* 1.84* 17

12.27 2.15 94,817 0.93 0.80 1.85 38
12.28 0.58 100,948 0.91 0.85 1.77 23
12.48 1.64 113,709 0.89 0.84 1.51 30
12.49 0.35 111,675 0.91 0.81 1.55 36
12.67 3.46 78,418 0.97 0.82 1.36 37
12.29 1.02 1,113,915 0.62* 0.48* 2.04* 17

12.29 2.38 1,103,272 0.62 0.58 2.07 38
12.30 0.83 1,155,054 0.62 0.62 2.00 23
12.50 1.88 1,291,524 0.61 0.61 1.73 30
12.51 0.56 1,427,037 0.61 0.61 1.73 36
12.68 3.69 1,424,860 0.62 0.62 1.55 37
10.00 0.39 99,686 0.60* 0.20* 0.78* 6

10.00 0.25 98,029 0.66 0.14 0.25
10.00 0.03 106,689 0.70 0.05 0.03 (d)
10.00 0.01 108,453 0.67 0.01 0.01 (d)
10.00 0.01 124,158 0.67 0.03 0.01 (d)
10.00 0.03 107,918 0.70 0.04 0.03 (d)
9.93 1.01 61,037 0.81* 0.81* 1.39* 15

9.90 (0.54) 62,973 0.79 0.79 1.66 29
UNAUDITED
10.12 1.20 64,134 0.78 0.78 1.82 13

10.19 2.14 70,002 0.75 0.75 2.14 12
10.19 0.33 70,268 0.73 0.73 2.11 2
10.44 2.02 103,764 0.70 0.70 1.97 14
51

NOTES TO FINANCIAL STATEMENTS
September 30, 2017

(1) Organization the reported trade for the security is outside the range of the bid/ask
price. In such cases, the NOCP will be normalized to the nearer of
The Weitz Funds (the Trust) is registered under the Investment the bid or ask price.
Company Act of 1940 (the 40 Act) as an open-end management
investment company issuing shares in series, each series representing a Short sales traded on a national or regional securities exchange
distinct portfolio with its own investment objectives and policies. At are valued at the last sales price; if there were no sales on that day,
September 30, 2017, the Trust had nine series in operation: Value Fund, short sales are valued at the mean between the latest available and
Partners Value Fund, Partners III Opportunity Fund, Hickory Fund, representative bid and ask prices.
Balanced Fund, Core Plus Income Fund, Short Duration Income Fund Securities not listed on an exchange are valued at the
(formerly known as the Short-Intermediate Income Fund), Ultra Short mean between the latest available and representative bid and ask
Government Fund and Nebraska Tax-Free Income Fund (individually, a prices, if available.
Fund, collectively, the Funds).
The value of certain debt securities for which market quotations
Currently, the Value, Partners Value, Partners III Opportunity, Core are not readily available may be based upon current market prices of
Plus Income and Short Duration Income Funds each offer two classes of securities that are comparable in coupon, rating and maturity or an
shares: Institutional Class and Investor Class shares. Each class of shares appropriate matrix utilizing similar factors.
has identical rights and privileges, except with respect to certain class
specific expenses such as administration and shareholder servicing fees, The value of a traded option is the last sales price at which such
voting rights on matters affecting a single class of shares and exchange option is traded or, in the absence of a sale on or about the close of
privileges. Income, realized and unrealized gains and losses, and expenses the exchange, the mean of the closing bid and ask prices.
of the Funds not directly attributable to a specific class of shares are Money market funds are valued at the quoted net asset value.
allocated to the two classes on the basis of daily net assets of each class.
Fees and expenses relating to a specific class are charged directly to that The value of securities for which market quotations are not
share class. All other Funds offer one class of shares. readily available or are deemed unreliable, including restricted
and not readily marketable securities, is determined in good faith
The investment objective of the Value, Partners Value, Partners III in accordance with procedures approved by the Trusts Board of
Opportunity and Hickory Funds (the Weitz Equity Funds) is capital Trustees. Such valuation procedures and methods for valuing
appreciation. securities may include, but are not limited to: multiple of earnings,
multiple of book value, discount from value of a similar freely-traded
The investment objectives of the Balanced Fund are long-term capital security, purchase price, private transaction in the security or related
appreciation and capital preservation. securities, the nature and duration of restrictions on disposition of
The investment objectives of the Core Plus Income Fund are current the security and a combination of these and other factors.
income and capital preservation. The Trust has established a Pricing Committee, composed of officers and
The investment objective of the Short Duration Income Fund is current employees of Weitz Investment Management, Inc., to supervise the daily
income consistent with the preservation of capital. valuation process.The Board of Trustees has also established a Valuation
Committee, composed of the independent Trustees, to oversee the
Effective December 16, 2016, the Government Money Market Funds Pricing Committee and the valuation process. The Pricing Committee
name was changed to the Ultra Short Government Fund and the Fund provides oversight of the approved procedures, evaluates the effectiveness
ceased operating as a money market fund pursuant to Rule 2a-7 of the of the pricing policies and reports to the Valuation Committee of the
40 Act. While the Ultra Short Government Funds investment strategy Board of Trustees. When determining the reliability of third party
changed, its investment objective remained the same, which is current pricing information, the Pricing Committee, among other things,
income consistent with the preservation of capital and maintenance of monitors the daily change in prices and reviews transactions among
liquidity. market participants.
The investment objective of the Nebraska Tax-Free Income Fund is to
provide a high level of current income that is exempt from both federal (b) Option Transactions
and Nebraska personal income taxes.
The Funds, except for the Ultra Short Government Fund, may purchase
Investment strategies and risk factors of each Fund are discussed in the put or call options. When a Fund purchases an option, an amount equal
Funds Prospectus. to the premium paid is recorded as an asset and is subsequently marked-
to-market daily. Premiums paid for purchasing options that expire
(2) Significant Accounting Policies unexercised are recognized on the expiration date as realized losses. If
an option is exercised, the premium paid is subtracted from the proceeds
The Funds are investment companies and apply the accounting and of the sale or added to the cost of the purchase to determine whether a
reporting guidance of the Financial Accounting Standards Board Fund has realized a gain or loss on the related investment transaction.
(FASB) Accounting Standards Codification Topic 946 Financial When a Fund enters into a closing transaction, a Fund realizes a gain or
Services Investment Companies. The following accounting policies loss depending upon whether the amount from the closing transaction is
are in accordance with accounting principles generally accepted in the greater or less than the premium paid.
United States.
The Funds, except for the Ultra Short Government Fund, may write put
or call options. When a Fund writes an option, an amount equal to the
(a) Valuation of Investments premium received is recorded as a liability and is subsequently marked-
Investments are carried at value determined using the following to-market daily. Premiums received for writing options that expire
valuation methods: unexercised are recognized on the expiration date as realized gains. If an
option is exercised, the premium received is subtracted from the cost of
Securities traded on a national or regional securities exchange the purchase or added to the proceeds of the sale to determine whether
are valued at the last sales price; if there were no sales on that day, a Fund has realized a gain or loss on the related investment transaction.
securities are valued at the mean between the latest available and When a Fund enters into a closing transaction, a Fund realizes a gain or
representative bid and ask prices; securities listed on the NASDAQ loss depending upon whether the amount from the closing transaction is
exchange are valued using the NASDAQ Official Closing Price greater or less than the premium received.
(NOCP). Generally, the NOCP will be the last sales price unless
52

The Funds attempt to limit market risk and enhance their income by (e) Securities Transactions
writing (selling) covered call options. The risk in writing a covered call
option is that a Fund gives up the opportunity of profit if the market price Securities transactions are accounted for on the date the securities are
of the financial instrument increases. A Fund also has the additional risk purchased or sold (trade date). Realized gains or losses are determined by
of not being able to enter into a closing transaction if a liquid secondary specifically identifying the security sold.
market does not exist. The risk in writing a put option is that a Fund is Income dividends less foreign tax withholding (if any), dividends
obligated to purchase the financial instrument underlying the option at on short positions and distributions to shareholders are recorded on
prices which may be significantly different than the current market price. the ex-dividend date. Interest, including amortization of discount or
premium, is accrued as earned.
(c) Securities Sold Short
The Funds, except for the Ultra Short Government Fund, may engage (f) Dividend Policy
in selling securities short, which obligates a Fund to replace a security The Funds declare and distribute income dividends and capital gains
borrowed by purchasing the same security at the current market value. distributions as may be required to qualify as a regulated investment
A Fund incurs a loss if the price of the security increases between the company under the Internal Revenue Code.
date of the short sale and the date on which the Fund replaces the
borrowed security. A Fund realizes a gain if the price of the security Generally, the Core Plus Income, Short Duration Income and Nebraska
declines between those dates. Tax-Free Income Funds pay income dividends on a quarterly basis.
The Ultra Short Government Fund declares dividends daily and pays
dividends monthly. All dividends and distributions are reinvested
(d) Federal Income Taxes automatically, unless the shareholder elects otherwise.
It is the policy of each Fund to comply with all sections of the Internal
Revenue Code applicable to regulated investment companies and to (g) Other
distribute all of its taxable income to shareholders; therefore, no provision
for income or excise taxes is required. Expenses that are directly related to a Fund are charged directly to that
Fund. Other operating expenses of the Trust are prorated to each Fund
Net investment income and net realized gains may differ for financial on the basis of relative net assets or another appropriate basis. Income,
statement and tax purposes. The character of distributions made during realized and unrealized gains and losses and expenses (other than
the year from net investment income or net realized gains may differ from class specific expenses) are allocated to each class of shares based on its
their ultimate characterization for Federal income tax purposes. Also, due relative net assets, except that each class separately bears expenses related
to the timing of dividend distributions, the fiscal year in which amounts are specifically to that class, such as transfer agent fees and registration fees.
distributed may differ from the year that the income or realized gains were
recorded by the Funds.
(h) Use of Estimates
The Funds have reviewed their tax positions taken on federal income tax
returns, for each of the three open tax years and as of September 30, 2017, The preparation of financial statements in conformity with accounting
and have determined that no provisions for income taxes are required in principles generally accepted in the United States requires management
the Funds financial statements. to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of increase
and decrease in net assets from operations during the period. Actual results
could differ from those estimates.
(3) Fund Share Transactions

Six months ended September 30, 2017 Year ended March 31, 2017
Shares $ Amount Shares $ Amount
Sales 136,580 5,783,199 291,928 11,556,078

Redemptions (1,521,450) (64,294,106) (4,355,399) (172,457,273)
Reinvestment of distributions 573,668 23,841,638
Net increase (decrease) (811,202) (34,669,269) (4,063,471) (160,901,195)
Sales 232,119 9,871,565 511,911 20,334,221

UNAUDITED
Redemptions (187,042) (7,988,962) (991,618) (39,311,819)

Reinvestment of distributions 177,995 7,447,319
Net increase (decrease) 223,072 9,329,922 (479,707) (18,977,598)
Sales 106,410 3,303,236 517,644 14,678,569

Redemptions (1,880,278) (58,593,454) (5,759,984) (165,366,178)
Reinvestment of distributions
Net increase (decrease) (1,773,868) (55,290,218) (5,242,340) (150,687,609)
53

Sales 398,382 12,432,558 764,351 22,103,089

Redemptions (221,806) (6,911,699) (1,462,950) (42,128,475)
Reinvestment of distributions
Sales 347,661 5,078,884 254,763 3,612,738

Redemptions (362,094) (5,276,832) (934,863) (13,019,132)
Reinvestment of distributions 64,201 917,440 33,751 442,138
Net increase (decrease) 49,768 719,492 (646,349) (8,964,256)
Partners III Opportunity - Institutional Class
Sales 2,478,938 36,714,026 2,163,035 30,625,453

Redemptions (2,717,409) (40,645,436) (7,441,377) (105,581,643)
Reinvestment of distributions 1,365,336 19,988,522 642,482 8,570,703
Net increase (decrease) 1,126,865 16,057,112 (4,635,860) (66,385,487)
Hickory
Sales 123,719 6,700,422 345,905 17,104,540

Redemptions (322,938) (17,594,143) (1,480,422) (73,689,447)
Reinvestment of distributions 12,274 666,620
Net increase (decrease) (186,945) (10,227,101) (1,134,517) (56,584,907)
Balanced
Sales 121,489 1,684,596 519,358 6,983,613

Redemptions (290,751) (4,023,479) (541,433) (7,240,890)
Reinvestment of distributions 90,674 1,259,460 273,687 3,595,694
Net increase (decrease) (78,588) (1,079,423) 251,612 3,338,417
Sales 122,950 1,267,333 215,852 2,237,465

Redemptions (46,306) (478,540) (71,653) (740,518)
Net increase (decrease) 85,309 877,916 163,914 1,699,413
Sales 961,830 9,897,387 942,669 9,672,988

Redemptions (124,372) (1,277,428) (159,680) (1,653,260)
Net increase (decrease) 876,828 9,024,887 843,570 8,642,485
Short Duration Income - Investor Class
Sales 2,153,370 26,503,209 2,822,978 34,888,898

Redemptions (1,534,765) (18,901,710) (3,471,878) (42,885,336)
Reinvestment of distributions 76,549 939,635 157,370 1,938,699
Short Duration Income - Institutional Class
Sales 11,253,035 138,853,096 17,806,912 220,538,916

Redemptions (11,250,347) (138,787,514) (24,062,586) (298,094,938)
Reinvestment of distributions 888,394 10,922,737 2,138,070 26,391,122
Net increase (decrease) 891,082 10,988,319 (4,117,604) (51,164,900)
54

Ultra Short Government
Sales 2,091,262 20,904,940 34,767,394 43,614,815

Redemptions (1,959,352) (19,587,202) (36,558,503) (52,456,235)
1-for-10 reverse split (95,199,960)
Net increase (decrease) 165,557 1,654,090 (96,882,312) (8,623,636)
Sales 40,904 408,652 636,946 6,414,061

Redemptions (299,391) (2,980,566) (717,977) (7,214,586)
Reinvestment of distributions 42,757 425,454 103,506 1,034,118
Net increase (decrease) (215,730) (2,146,460) 22,475 233,593
4) Related Party Transactions The Adviser also provides administrative services, including shareholder
administrative services, to each Fund pursuant to agreements which
Each Fund has retained Weitz Investment Management, Inc. (the provide that the Funds will pay the Adviser a monthly fee based on the
Adviser) as its investment adviser. In addition, the Trust has an average daily net assets of each respective Fund and/or a fee per account,
agreement with Weitz Securities, Inc. (the Distributor), a company plus third party expenses directly related to providing such services.
under common control with the Adviser, to act as distributor for shares
of the Trust. Certain officers of the Trust are also officers and directors of The Adviser has agreed in writing to reimburse the Balanced and
the Adviser and the Distributor. Ultra Short Government Funds (through July 31, 2018) or to pay
directly a portion of the Funds expenses to the extent that total
Under the terms of management and investment advisory agreements, the expenses (excluding taxes, interest, brokerage costs, acquired fund
Adviser is paid a monthly fee based on average daily net assets. The annual fees and expenses and extraordinary expenses) exceed 0.95% and
investment advisory fee schedule for each of the Weitz Equity Funds is 0.20%, respectively, of each Funds average daily net assets. The
as follows: expenses reimbursed by the Adviser for the Balanced and Ultra Short
Value and Partners Value Funds: Government Funds for the six months ended September 30, 2017, were
$20,704 and $198,923, respectively.
Greater Than Less Than or Equal To Rate Through July 31, 2018, the Adviser has agreed in writing to reimburse
$ 0 $1,000,000,000 0.90% the Value and Partners Value Funds or to pay directly a portion of each
1,000,000,000 2,000,000,000 0.85% Funds expenses to the extent that each Class total annual fund operating
2,000,000,000 3,000,000,000 0.80% expenses (excluding taxes, interest, brokerage costs, acquired fund fees
3,000,000,000 5,000,000,000 0.75% and expenses and extraordinary expenses) exceed 1.30% and 0.99%
5,000,000,000 0.70% of the Investor and Institutional Class shares average daily net assets,
Partners III Opportunity Fund: respectively.
Greater Than Less Than or Equal To Rate Through July 31, 2018, the Adviser has agreed in writing to reimburse
$ 0 $1,000,000,000 1.00% the Core Plus Income Fund or to pay directly a portion of the Funds
1,000,000,000 2,000,000,000 0.95% expenses to the extent that each Class total annual fund operating
3,000,000,000 5,000,000,000 0.85% and expenses and extraordinary expenses) exceed 0.60% and 0.40%
5,000,000,000 0.80% of the Investor and Institutional Class shares average daily net assets,
respectively.
Hickory Fund:
Through July 31, 2018, the Adviser has agreed in writing to reimburse
Greater Than Less Than or Equal To Rate the Short Duration Income Fund or to pay directly a portion of the
$ 0 $2,500,000,000 1.00% Funds expenses to the extent that each Class total annual fund operating
5,000,000,000 0.80% and expenses and extraordinary expenses) exceed 0.68% and 0.48%
of the Investor and Institutional Class shares average daily net assets,
The Balanced Fund pays the Adviser, on a monthly basis, an annual respectively.
advisory fee equal to 0.70% of the Funds average daily net assets.
The expenses reimbursed by the Adviser for the Value, Partners Value,
The Core Plus Income, Short Duration Income and Nebraska Tax-Free Core Plus Income and Short Duration Income Funds for the six months
Income Funds each pay the Adviser, on a monthly basis, an annual advisory ended September 30, 2017, were $0; $0; $40,935 and $127,431 for the
UNAUDITED
fee equal to 0.40% of the respective Funds average daily net assets. Investor Class shares and $96,606; $124,683; $105,890 and $762,748 for
The Ultra Short Government Fund pays the Adviser, on a monthly basis, the Institutional Class shares, respectively.
an annual advisory fee equal to 0.30% of the Funds average daily net assets As of September 30, 2017, the controlling shareholder of the Adviser held
(effective December 16, 2016). Prior to December 16, 2016, the Ultra Short shares totaling approximately 32%, 21%, 38%, 47%, 11% and 66% of the
Government Fund paid an annual advisory fee equal to 0.40%.
Partners III Opportunity, Hickory, Balanced, Core Plus Income, Ultra

Short Government and Nebraska Tax-Free Income Funds, respectively.
55

(5) Distributions to Shareholders and Distributable Earnings
The tax character of distributions paid by the Funds are summarized as follows (in U.S. dollars):
Six months Six months Six months Six months

ended Year ended ended Year ended ended Year ended ended Year ended
Distributions paid from: Sept. 30, 2017 March 31, 2017 Sept. 30, 2017 March 31, 2017 Sept. 30, 2017 March 31, 2017 Sept. 30, 2017 March 31, 2017
Value Partners Value Partners III Opportunity Hickory
Ordinary income 155,009

Long-term capital gains 32,511,484 22,321,267 9,485,368 540,017
Total distributions 32,511,484 22,321,267 9,485,368 695,026
Balanced Core Plus Income Short Duration Income Ultra Short Government
Ordinary income 220,934 1,222,313 412,895 757,672 12,174,493 27,843,194 387,057 262,146
Long-term capital gains 1,055,003 2,414,964 81,893 69,635 1,056,284
Return of capital 217,545
Total distributions 1,275,937 3,637,277 494,788 827,307 12,174,493 29,117,023 387,057 262,146
Ordinary income - 12,551

Tax exempt income 433,420 1,046,530
Total distributions 433,420 1,059,081
As of March 31, 2017, the components of distributable earnings on a tax basis were as follows (in U.S. dollars):
Partners III
Value Partners Value Opportunity Hickory
Undistributed ordinary income 154,489
Qualified late year ordinary loss deferral (1,208,394) (907,781) (2,542,368)
Undistributed long-term gains 32,507,539 22,316,202 539,471
Capital loss carryforwards (3,026,723)
Post October capital loss deferral (1,493,156)
Net unrealized appreciation (depreciation) 256,934,380 231,933,273 226,402,257 95,589,484
288,233,525 226,505,613 246,176,091 96,283,444
Short Duration Ultra Short Nebraska Tax-Free

Balanced Core Plus Income Income Government Income
Undistributed ordinary income 220,788 10,490 6,615
Undistributed tax exempt income 2,348
Undistributed long-term gains 1,054,689 81,807
Capital loss carryforwards (16) (39,260)
Post October capital loss deferral (4,580,671) (153)
Net unrealized appreciation (depreciation) 15,227,137 110,222 17,552,907 (35,798) 291,033
16,502,614 202,519 12,972,236 (29,352) 254,121
The Value, Partners Value and Partners III Opportunity Funds elected to defer ordinary losses arising after December 31, 2016. Such losses are treated for
tax purposes as arising on April 1, 2017.
The Partners Value, Short Duration Income and Ultra Short Government Funds elected to defer realized capital losses arising after October 31, 2016. Such
losses are treated for tax purposes as arising on April 1, 2017.
Capital loss carryforwards represent tax basis capital losses that may be carried over to offset future realized capital gains, if any. To the extent that
carryforwards are used, no capital gains distributions will be made. The character of the carryforwards are as follows (in U.S. dollars):
Ultra Short Nebraska Tax-Free
Partners Value Government Income
Short term (no expiration) (3,026,723) (16)
Long term (no expiration) (39,260)
56

At September 30, 2017, the cost of investments for Federal income tax purposes is summarized as follows (in U.S. dollars):
Short Nebraska
Value Value Opportunity Hickory Balanced Income Income Government Income
Tax Cost 532,416,053 476,567,072 416,783,728 175,473,726 101,189,438 39,840,366 1,196,921,226 100,349,211 60,606,965
At September 30, 2017, the aggregate gross unrealized appreciation and depreciation of investments, based on cost for Federal income tax purposes, are
summarized as follows (in U.S. dollars):
Short Nebraska
Appreciation 289,760,254 248,890,477 293,581,842 105,634,994 20,661,027 377,727 18,151,951 2,263 759,651
Depreciation (6,069,590) (14,284,083) (12,176,420) (4,798,538) (513,877) (90,937) (2,307,347) (32,622) (258,135)
Net 283,690,664 234,606,394 281,405,422 100,836,456 20,147,150 286,790 15,844,604 (30,359) 501,516
(6) Securities Transactions

Purchases and proceeds from maturities or sales of investment securities of the Funds for the six months ended September 30, 2017, excluding short-
term securities and U.S. government obligations, are summarized as follows (in U.S. dollars):
Short Nebraska
Purchases 35,535,402 23,169,985 64,152,675 18,355,892 16,466,375 12,339,002 152,721,612 5,000,000 8,772,727
Proceeds 62,137,504 57,446,980 66,641,325 35,103,544 8,259,358 3,893,291 164,682,156 2,355,121 8,800,000
(a) Illiquid and Restricted Securities

The Funds own certain securities that have a limited trading market and/or certain restrictions on trading and therefore may be illiquid and/or
restricted. Such securities have been valued at fair value in accordance with the procedures described in Note (2)(a). Because of the inherent uncertainty
of valuation, these values may differ from the values that would have been used had a ready market for these securities existed and these differences
could be material. Illiquid and/or restricted securities owned at September 30, 2017, include the following:
Acquisition Partners III

Date Opportunity Hickory
Intelligent Systems Corp. 12/03/91 $2,899,379 $
LICT Corp. 9/09/96 2,228,509
Total cost of illiquid and/or restricted securities 2,899,379 2,228,509
Value at September 30, 2017 8,673,670 12,462,000
Percent of net assets at September 30, 2017 1.2% 4.5%
(b) Options Written

Transactions relating to options written for the six months ended September 30, 2017, are summarized as follows:
Short Duration Income
Number of Contracts $ Premiums

Options outstanding, beginning of period 1,000 114,997
Options exercised (1,000) (114,997)
Options outstanding, end of period
The locations in the Statements of Assets and Liabilities as of September 30, 2017, of the Funds derivative positions, none of which are designated as
UNAUDITED
hedging instruments are as follows (in U.S. dollars):
Average Gross
Fair Value of Month-End Notional
Liability Notional Amount
Fund Type of Derivative Location Asset Derivatives Derivatives Amount Outstanding
Short Duration
Call options written Options written, at value 500,000
Income
57

Transactions in derivative instruments during the six months ended September 30, 2017, are recorded in the following locations in the Statements of
Operations (in U.S. dollars):
Change in
Realized Unrealized
Fund Type of Derivative Location Gain (Loss) Location Gain (Loss)
Short Duration Call options written Net realized gain (loss) - options Net unrealized appreciation
Income written 114,997 (depreciation) - options written 70,003
(7) Affiliated Issuers

Affiliated issuers, as defined under the Investment Company Act of 1940, are those in which a Funds holdings of an issuer represent 5% or more of the
outstanding voting securities of the issuer. A summary of each Funds holdings in the securities of such issuers is set forth below:
Number of Number of Shares

Shares Held Gross Gross Held Value Dividend Realized
March 31, 2017 Additions Reductions September 30, 2017 September 30, 2017 Income Gains/(Losses)
Partners III Opportunity:

Intelligent Systems Corp. 2,270,000 2,270,000 $8,673,670 $ $
Controlled affiliate in which the Fund owns 25% or more of the outstanding voting securities.
(8) Contingencies (12) Fair Value Measurements

Each Fund indemnifies the Trusts officers and trustees for certain Various inputs are used in determining the value of the Funds
liabilities that might arise from their performance of their duties to investments. These inputs are used in determining the value of the Funds
each of the Funds. Additionally, in the normal course of business the investments and are summarized in the following fair value hierarchy:
Funds enter into contracts that contain a variety of representations and
warranties and which provide general indemnifications. The Funds Level 1 quoted prices in active markets for identical securities;
maximum exposure under these arrangements is unknown, as this would Level 2 other significant observable inputs (including quoted
involve future claims that may be made against the Funds that have not prices for similar securities);
yet occurred. However, based on experience, the Funds expect the risk of
loss to be remote. Level 3 significant unobservable inputs (including the Funds own
assumptions in determining the fair value of investments).
(9) Financial Instruments With Off-Balance The inputs or methodology used for valuing securities are not an indication
of the risk associated with investing in those securities.
Sheet Risks A description of the valuation techniques applied to the Funds major
Option contracts written and securities sold short result in off-balance categories of assets and liabilities measured at fair value on a recurring
sheet risk as the Funds ultimate obligation to satisfy the terms of the basis follows.
contract or the sale of securities sold short may exceed the amount
recognized in the Statements of Assets and Liabilities. Equity securities. Securities traded on a national securities exchange
(or reported on the NASDAQ national market) are stated at the
The Funds are required to maintain collateral in a segregated account to last reported sales price on the day of valuation. To the extent these
provide adequate margin as determined by the broker. securities are actively traded and valuation adjustments are not
applied, they are categorized in Level 1 of the fair value hierarchy.
(10) Margin Borrowing Agreement Preferred stock and other equities traded on inactive markets or
valued by reference to similar instruments are categorized in Level 2.
The Partners III Opportunity Fund has a margin account with its
prime broker, Bank of America Merrill Lynch, under which the Fund Corporate and Municipal bonds. The fair values of corporate and
may borrow against the value of its securities, subject to regulatory municipal bonds are estimated using various techniques, which may
limitations. Interest accrues at the federal funds rate plus 0.625% (1.785% consider recently executed transactions in securities of the issuer
at September 30, 2017). Interest is accrued daily and paid monthly. The or comparable issuers, market price quotations (where observable),
Partners III Opportunity Fund held a cash balance of $232,928,458, with bond spreads and fundamental data relating to the issuer. Although
the broker at September 30, 2017. most corporate and municipal bonds are categorized in Level 2 of
the fair value hierarchy, in instances where lower relative weight
The Partners III Opportunity Fund is exposed to credit risk from its is placed on transaction prices, quotations, or similar observable
prime broker who effects transactions and extends credit pursuant to inputs, they are categorized in Level 3.
a prime brokerage agreement. The Adviser attempts to minimize the Asset-backed securities. The fair values of asset-backed securities
credit risk by monitoring credit exposure and the creditworthiness of the (including non-government agency mortgage- backed securities and
prime broker. interest-only securities) are generally estimated based on models
that consider the estimated cash flows of each tranche of the entity,
(11) Concentration of Credit Risk
a benchmark yield and an estimated tranche specific spread to the

benchmark yield based on the unique attributes of the tranche.
Approximately 91% of the Nebraska Tax-Free Income Funds net assets Certain securities are valued principally using dealer quotations.
are in obligations of political subdivisions of the State of Nebraska, which To the extent the inputs are observable and timely, the values would
are subject to the credit risk associated with the non-performance of be categorized in Level 2 of the fair value hierarchy; otherwise they
such issuers. would be categorized as Level 3.
58

U.S. Government securities. U.S. Government securities are normally
valued using a model that incorporates market observable data such as Partners III Opportunity
reported sales of similar securities, broker quotes, yields, bids, offers and Level 1 Level 2 Level 3 Total
reference data. Certain securities are valued principally using dealer
quotations. U.S. Government securities are categorized in Level 1 or Assets:
Level 2 of the fair value hierarchy depending on the inputs used and Investments in Securities:
market activity levels for specific securities.
Common Stocks
U.S. agency securities. U.S. agency securities are comprised of two
main categories consisting of agency issued debt and mortgage- Information
backed securities. Agency issued debt securities are generally valued Technology 148,637,460 8,673,670 157,311,130
in a manner similar to U.S. Government securities. Mortgage-
backed securities include collateralized mortgage obligations, Other 483,822,200 483,822,200
to-be-announced (TBA) securities and mortgage pass-through Cash Equivalents 57,055,820 57,055,820
certificates. Mortgage-backed securities are generally valued using
dealer quotations. Depending on market activity levels and whether Total
quotations or other data are used, these securities are typically Investments in
categorized in Level 2 of the fair value hierarchy. Securities 689,515,480 8,673,670 698,189,150
Restricted and/or illiquid securities. Restricted and/or illiquid Liabilities:

securities for which quotations are not readily available are valued Securities
in accordance with procedures approved by the Trusts Board of Sold Short (227,976,000) (227,976,000)
Trustees. Restricted securities issued by publicly traded companies
are generally valued at a discount to similar publicly traded securities.
Restricted or illiquid securities issued by nonpublic entities may be Hickory
valued by reference to comparable public entities or fundamental data
Level 1 Level 2 Level 3 Total
relating to the issuer or both. Depending on the relative significance
of valuation inputs, these instruments may be classified in either Level Assets:
2 or Level 3 of the fair value hierarchy. Investments in Securities:
Derivative instruments. Listed derivatives, such as the Funds equity Common Stocks
option contracts, that are valued based on closing prices from the
exchange or the mean of the closing bid and ask prices are generally Telecommunication
categorized in Level 2 of the fair value hierarchy. Services 12,462,000 12,462,000
The following is a summary of inputs used, in U.S. dollars, as of Other 202,300,816 202,300,816
September 30, 2017, in valuing the Funds assets and liabilities carried at Cash Equivalents 61,547,366 61,547,366
fair value. The Schedule of Investments for each Fund provides a detailed
breakdown of each category. Total
Investments in
Securities 263,848,182 12,462,000 276,310,182
Value
Level 1 Level 2 Level 3 Total

Balanced
Assets:
Investments in Securities: Level 1 Level 2 Level 3 Total
Common Stocks 701,440,624 701,440,624 Assets:

Investments in Securities:
Cash Equivalents 114,666,093 114,666,093
Common Stocks 58,399,028 58,399,028
Total
Corporate Bonds 25,009,612 25,009,612
Investments in
Securities 816,106,717 816,106,717
Corporate
Convertible
Bonds 1,035,000 1,035,000
Partners Value
Mortgage-
Level 1 Level 2 Level 3 Total Backed Securities 3,533,604 3,533,604
Assets: U.S. Treasury
Investments in Securities: Notes 30,830,322 30,830,322
Common Stocks 590,397,010 590,397,010
UNAUDITED

Total
Total Investments in
Investments in Securities 60,928,050 60,408,538 121,336,588
Securities 711,173,466 711,173,466
59

Core Plus Income Ultra Short Government
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets: Assets:
Investments in Securities: Investments in Securities:
Corporate Bonds 11,673,774 11,673,774 Corporate Bonds 16,123,520 16,123,520
Corporate Asset-Backed
Convertible Securities 2,644,922 2,644,922
Bonds 985,453 985,453
U.S. Treasury 78,433,579 78,433,579
Asset-Backed
Securities 8,571,444 8,571,444 Cash Equivalents 3,116,831 3,116,831
Commercial Total
Mortgage- Investments in
Backed Securities 884,789 884,789 Securities 3,116,831 97,202,021 100,318,852
Mortgage-
Backed Securities 1,961,281 1,961,281
Taxable
Municipal Bonds 420,040 420,040 Level 1 Level 2 Level 3 Total
U.S. Treasury 15,340,221 15,340,221 Assets:

Common Stocks 241,332 241,332
Municipal Bonds 58,771,950 58,771,950
Cash Equivalents 48,822 48,822
Total
Total
Investments in
Investments in
Securities 290,154 39,837,002 40,127,156
Securities 2,336,531 58,771,950 61,108,481
Short Duration Income For transfers between the levels within the fair value hierarchy, the Funds
have adopted a policy of recognizing the transfers as of the date of the
Level 1 Level 2 Level 3 Total underlying event which caused the transfer. During the six months ended
September 30, 2017, there were no transfers between Level 1, Level 2
Assets:
and Level 3.
During the six months ended September 30, 2017, there were no assets in
Corporate Bonds 503,801,303 503,801,303 which significant unobservable inputs (Level 3) were used.
Corporate
Convertible
Bonds 62,735,594 62,735,594
(13) Subsequent Events
Management has evaluated the impact of all subsequent events on the
Asset-Backed Funds through the date the financial statements were issued and has
Securities 87,393,910 87,393,910 determined that there were no additional subsequent events requiring
recognition or disclosure in the financial statements.
Commercial
Mortgage-
Mortgage-
Taxable
Municipal Bonds 4,677,266 4,677,266
U.S. Treasury 321,013,351 321,013,351
Common Stocks 8,878,050 8,878,050
Total
Investments in
Securities 14,318,075 1,198,447,755 1,212,765,830
60

ACTUAL AND HYPOTHETICAL EXPENSES
FOR COMPARISON PURPOSES
Example Hypothetical Example for Comparison Purposes

As a shareholder of one or more of the Funds, you incur two types of The second line for each Fund in the table below provides information
costs: (1) transaction costs, including any transaction fees that you may about hypothetical account values and hypothetical expenses based on
be charged if you purchase or redeem your Fund shares through certain the actual expense ratio of each Fund and an assumed rate of return of
financial institutions; and (2) ongoing costs, including management 5% per year before expenses, which is not the actual return of the Fund.
fees and other Fund expenses. This Example is intended to help you The hypothetical account values and expenses may not be used to estimate
understand your ongoing costs (in dollars) of investing in the Funds the actual ending account balance or expenses you paid for the period.
and to compare these costs with the ongoing costs of investing in other You may use this information to compare the ongoing costs of investing
mutual funds. The Example is based on an investment of $1,000 invested in a specific Weitz Fund to other funds. To do so, compare this 5%
at the beginning of the period and held for the entire period from April 1, hypothetical example with the 5% hypothetical examples that appear in
2017 through September 30, 2017. the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
Actual Expenses your ongoing costs only and do not reflect any transactional costs charged
by certain financial institutions. Therefore, the second line of the table is
The first line for each Fund in the table below provides information about useful in comparing ongoing costs only, and will not help you determine
actual account values and actual expenses. You may use the information in this the relative total costs of owning different funds. In addition, if you
line, together with the amount you invested, to estimate the expenses that you incurred transactional fees, your costs would have been higher. Actual
paid over the period. Simply divide your account value by $1,000 (for example, and hypothetical expenses for each Fund are provided in this table.
an account value of $8,600 divided by $1,000 = 8.6), then multiply the result
by the number in the first line under the heading entitled Expenses Paid from
4/01/17 9/30/17 to estimate the expenses you paid on your account during
this period.
Beginning Account Ending Account Annualized Expenses Paid from

Value 4/01/17 Value 9/30/17 Expense Ratio 4/01/17-9/30/17(1)
Actual $1,000.00 $1,054.35 1.21% $6.23
Hypothetical(2) 1,000.00 1,018.95 1.21 6.12
Actual 1,000.00 1,055.47 0.99 5.10
Hypothetical(2) 1,000.00 1,020.05 0.99 5.01
Actual 1,000.00 1,029.30 1.23 6.26
Hypothetical(2) 1,000.00 1,018.85 1.23 6.22
Actual 1,000.00 1,030.41 0.99 5.04
Hypothetical(2) 1,000.00 1,020.05 0.99 5.01
Actual 1,000.00 1,024.35 2.13 10.81
Hypothetical(2) 1,000.00 1,014.35 2.13 10.76
Partners III Opportunity - Actual 1,000.00 1,026.50 1.66 8.43
Institutional Class Hypothetical(2) 1,000.00 1,016.70 1.66 8.39
Actual 1,000.00 1,053.70 1.24 6.38
Hickory
Hypothetical(2) 1,000.00 1,018.80 1.24 6.28
Actual 1,000.00 1,050.77 1.05 5.40
Balanced
Hypothetical(2) 1,000.00 1,019.75 1.05 5.32
Actual 1,000.00 1,016.53 0.60 3.03
Hypothetical(2) 1,000.00 1,022.00 0.60 3.04
Actual 1,000.00 1,017.51 0.40 2.02
Hypothetical(2) 1,000.00 1,023.00 0.40 2.03
Short Duration Income - Actual 1,000.00 1,009.23 0.68 3.43
Investor Class Hypothetical(2) 1,000.00 1,021.60 0.68 3.45
Short Duration Income - Actual 1,000.00 1,010.19 0.48 2.42
Institutional Class Hypothetical(2) 1,000.00 1,022.60 0.48 2.43
Actual 1,000.00 1,003.94 0.20 1.00
Ultra Short Government
Hypothetical(2) 1,000.00 1,024.00 0.20 1.01
Actual 1,000.00 1,010.10 0.81 4.08
UNAUDITED

Hypothetical(2) 1,000.00 1,020.95 0.81 4.10
(1)
Expenses are equal to the annualized expense ratio for the Fund, multiplied by the average account value over the period, multiplied by the number of
days in the most recent fiscal half year (183/365).
(2)
Assumes 5% total return before expenses.
61

OTHER INFORMATION
Proxy Voting Policy corresponding benefits to the Funds); and (5) such other considerations
deemed appropriate by the Board in making an informed business
A description of the Funds proxy voting policies and procedures is decision regarding the continuation of the Agreements.
available without charge, upon request by (i) calling 800-304-9745,
(ii)on the Funds website at weitzinvestments.com; and (iii) on the SECs With respect to the equity funds managed by Weitz Inc., consisting of
website at sec.gov. Value Fund, Partners Value Fund, Partners III Opportunity Fund and
Hickory Fund (the Equity Funds), the Board noted the applicable
Information on how each of the Funds voted proxies relating to portfolio investment objectives, strategies and fee arrangements for each Equity
securities during each twelve month period ended June 30 is available: Fund and also noted Weitz Inc.s investment expertise and the investment
(i) on the Funds website at weitzinvestments.com and (ii) on the SECs strategies utilized by the firm with respect to each Equity Fund. Among
website at sec.gov. the factors the Board considered for each Equity Fund was the overall
performance of each Fund relative to other similar mutual funds on a
Form N-Q long-term basis and over shorter time periods. The Board discussed with
the representatives of management the fact that Weitz Inc. maintains a
The Funds file complete schedules of their portfolio holdings with the particular focus on long-term investment performance results and they
Securities and Exchange Commission for the first and third quarters reviewed the reasons why this may, from time to time, cause the longer-
of each fiscal year on Form N-Q. The Funds Form N-Q is available term performance results and the shorter-term performance results to
on the SECs website at sec.gov and may be reviewed and copied at the compare differently when compared to similar funds for similar time
SECs Public Reference Room in Washington DC. Information on the periods. In connection with this, the Board took note of managements
operation of the Public Reference Room may be obtained by calling 800 stated position that achieving favorable long-term investment results
SEC-0330. A list of the Funds quarter-end holdings is available on the is a primary objective of the firm and that as a result of this emphasis
Funds website at weitzinvestments.com within 15 days after the end of on longer-term results, shorter-term results which lag their peers and
each quarter and remains available on the website until the list is updated their relative indices are likely to occur from time to time over various
in the subsequent quarter. investment cycles.
In addition, the Board compared expenses of each Equity Fund to the
Factors Considered by the Board of expenses of other similar funds, noting that the total expenses for the
Trustees in Approving the Continuation of Equity Funds were generally higher than industry averages for total
operating expenses of other funds of similar size and investment objective.
the Management and Investment Advisory In considering the investment advisory fees applicable to each Equity
Fund, the Board discussed with the representatives of Weitz Inc. their
Agreements with Weitz Investment reasons for assessing the applicable fees in connection with each Equity
Management, Inc. for each of the Funds Fund, and the Board considered and discussed the fees charged by similar
funds in each respective investment category. The Board also considered
In accordance with the Investment Company Act of 1940, as amended the fact that the investment advisory fees for each Equity Fund are subject
(the 1940 Act), the Board of Trustees of the Funds is required, on to breakpoints which result in reduced investment advisory fees as assets
an annual basis, to consider the continuation of the Management and increase. The members of the Board also reviewed matters with respect
Investment Advisory Agreements (the Agreements) with Weitz to the terms of the Expense Limitation Agreements that are in effect
Investment Management, Inc. (Weitz Inc.), and this must take place at between the Value Fund and the Partners Value Fund and Weitz Inc.,
an in-person meeting of the Board. The relevant provisions of the 1940 and it was noted that Weitz Inc. was proposing to extend the term of the
Act specifically provide that it is the duty of the Board to request and Expense Limitation Agreements for another year.
evaluate such information as the Board determines is necessary to allow
them to properly consider the continuation of the Agreements, and it The Board also reviewed matters with respect to the proposed
is the duty of Weitz Inc. to furnish the Trustees with such information continuation of the Agreement for the Balanced Fund. The Board
that is responsive to their request. Accordingly, in determining whether reviewed the fees and expenses for the Balanced Fund, including the
to approve the continuation of the Agreements between the Funds and investment advisory fee as proposed to be reduced from 0.80% to 0.70%,
Weitz Inc., the Board of Trustees requested, and Weitz Inc. provided, as well as performance information for the Balanced Fund. The Board
information and data relevant to the Boards consideration. This discussed with the representatives of Weitz Inc. the proposed new
included materials prepared by Weitz Inc. and materials prepared by investment advisory fee for the Balanced Fund, and it was noted that the
an independent informational services firm that produced materials Balanced Fund is not currently subject to breakpoints on its advisory fee.
specifically for the Board that provided the Board with information In connection with Weitz Inc.s proposal to reduce the amount of the
regarding the investment performance of the Funds and information investment advisory fee that it receives from the Balanced Fund, Weitz
regarding the fees and expenses of the Funds, as compared to other similar Inc.s representatives confirmed to the Board that Weitz Inc. undertakes
mutual funds. As part of its deliberations, the Board also considered to not reduce the level or quality of the investment management services
and relied upon information about the Funds and Weitz Inc. that they that it provides to the Balanced Fund following the reduction in the
had received during the past year in connection with their regular Board amount of the investment advisory fee. Management reviewed with the
meetings at which they engage in the ongoing oversight of the Funds and Board the fact that the Fund utilizes an investment style that combines
their operations. equity investments and fixed income investments. Management indicated
that they would be willing to consider the introduction of breakpoints for
The Board of Trustees most recently considered the continuation of the the Balanced Fund in the event that assets in the Fund were to become
Agreements for each of the Funds at an in-person meeting held on May more substantial and economies of scale were able to be realized. The
25, 2017. At this meeting the Board engaged in a thorough review process members of the Board also reviewed matters with respect to the terms of a
in connection with determining whether to continue the Agreements. proposed Expense Limitation Agreement for the Balanced Fund to limit
The Board met during the meeting directly with representatives of Weitz the total annual operating expenses of the Fund.
Inc. and reviewed various factors with them concerning the proposed
continuation of the Agreements. As discussed more fully below, among The members of the Board further considered various matters with
the factors considered by the Board were: (1) the nature, extent and respect to each of the income funds managed by Weitz Inc. consisting
quality of the advisory services provided, including the investment of the Core Plus Income Fund, the Short Duration Income Fund, the
performance of the Funds; (2) the cost of advisory services provided Ultra Short Government Fund and the Nebraska Tax-Free Income
and the expected level of profitability, which included comparative Fund (the Income Funds), noting the applicable investment objectives,
information on fees and expenses borne by other similar mutual funds; strategies and fee arrangements for each Income Fund, and noting Weitz
(3) the extent to which economies of scale may be realized as the Funds Inc.s investment expertise and the investment strategies utilized by the
grow and whether the advisory fees reflect possible economies of scale; firm with respect to each of the Income Funds. Among the factors the
(4) benefits to Weitz Inc. from its relationship with the Funds (and any Board considered was the overall performance of each Income Fund
62

relative to other similar funds on a long-term basis and over shorter time to the Funds and their shareholders. In considering the nature and
periods, taking into consideration the fact that: (i) the Core Plus Income extent of these non-advisory administrative services provided to the
Fund commenced operations on July 31, 2014 and (ii) the Ultra Short Funds by Weitz Inc., the Board took into consideration: (i) whether
Government Fund had operated as a government money market fund the Administration Agreements are in the best interest of the Funds
until December 16, 2016. In addition, the Board compared expenses of and their shareholders; (ii) whether the services performed under the
each Income Fund to the expenses of other similar funds, noting that the Administration Agreements are required for the operation of the Funds;
expenses for each Income Fund compare favorably with industry averages (iii) whether the services provided are of a nature and quality at least
for other funds of similar size and investment objective. In considering equal to the same or similar services provided by independent third
the investment advisory fees applicable to each Income Fund, the Board parties; and (iv) whether the fees for the services are fair and reasonable in
discussed with the representatives of Weitz Inc. their reasons for assessing light of the usual and customary charges made by others for services of the
the applicable fees in connection with each Income Fund, and the Board same nature and quality.
considered and discussed the fees charged by similar funds in each
respective investment category. The members of the Board also reviewed The Board also took into consideration the fact that an affiliate of Weitz
matters with respect to the terms of the Expense Limitation Agreements Inc., Weitz Securities, Inc., provides underwriting and distribution
that are in effect between certain of the Income Funds and Weitz Inc. services to the Funds. The Board noted that Weitz Securities, Inc.
and it was noted that Weitz Inc. was proposing to extend the term of provides useful services to the Funds in a highly effective manner that
the Expense Limitation Agreements for another year, subject to certain benefits the Funds and their shareholders. The Board further took into
proposed modifications. consideration that Weitz Securities, Inc. does not charge the Funds any
fees for its services as distributor and that Weitz Inc. has undertaken to
The Board also reviewed with representatives of Weitz Inc. various other bear from its own resources the operating expenses of Weitz Securities,
factors relating to the management of the Funds. The Board took note Inc. The members of the Board also took note of the fact that Weitz Inc.
of the long-term relationship between Weitz Inc. and the Funds and the pays for all of the marketing and distribution efforts related to the offer
efforts that have been undertaken by Weitz Inc. to foster the growth and sale of the Funds and they considered the nature and extent of the
and development of the Funds since the inception of each Fund. They revenue sharing payments that Weitz Inc. makes to those third party
also noted the range of investment advisory, shareholder servicing and intermediaries that provide various types of distribution related services
administrative services provided by Weitz Inc. to the Funds and the level to the Funds, noting these payments are made entirely from Weitz Inc.s
and quality of these services, and in particular, they noted the quality of own financial resources and are not paid by the Funds.
the personnel providing these services and determined that the quality
of the services was very high. The members of the Board also took note In connection with these matters, the Board also took into consideration
of the fact that Weitz Inc. has undertaken to pay from its own resources the Shareholder Administrative Services Plans that are applicable to
the distribution expenses of the Funds, including those third-party those Funds that have a dual share class structure and they took note
intermediary expenses that are deemed to be distribution related, and of the level and amount of the fees payable pursuant to the Shareholder
they took into consideration the increased marketing efforts that Weitz Administrative Services Plans, including those amounts payable to
Inc. has continued to undertake for the Funds and which it has continued Weitz Inc. for providing the types of non-distribution shareholder
to finance from its own resources. administrative services that are eligible to be compensated under the
terms of the Shareholder Administrative Services Plans.
The Board also reviewed financial information concerning Weitz Inc.
relating to its operation of the Funds, noting the overall profitability of In reaching their conclusion with respect to the continuation of the
the relationship with the Funds to Weitz Inc., and the financial soundness Agreements for each Fund and the level of investment advisory fees
of Weitz Inc. as demonstrated by the financial information provided, payable under the Agreements for each Fund, the Trustees did not
and reached a finding that the level of profitability was consistent with identify any one single factor as being controlling, rather, the Board took
relevant industry averages and not excessive. In reviewing the profitability note of a combination of factors that influenced their decision making
of Weitz Inc. relating to its management of the Funds, the Board reviewed process. The Board did, however, identify the overall performance results
the level of profitability including the various marketing and distribution of the Funds, the commitment of Weitz Inc. and its affiliates to the
expenses that are borne directly by Weitz Inc. and they also considered successful operation of the Funds, and the level of expenses of the Funds,
the level of profitability without taking into consideration the impact of as being important elements of their consideration, as well as Weitz Inc.s
these marketing and distribution costs. The members of the Board also willingness to waive fees and/or reimburse expenses of certain of the
considered and reviewed with the representatives of Weitz Inc. the cost Funds, as necessary, in order to limit their overall operating expenses.
allocation practices employed with respect to the Funds and determined They noted the overall level and quality of the investment advisory,
that the cost allocation methods are reasonable and appropriately reflect shareholder servicing, administration and distribution services provided
the costs of services that are provided to the Funds. by Weitz Inc. and its affiliates to the Funds and they found that these
services continued to benefit the shareholders of the Funds and reflected
The Board further reviewed Weitz Inc.s brokerage practices, including the firms overall commitment to the continued successful growth and
its soft dollar practices and best-execution procedures, and noted that development of the Funds. The members of the Board also took into
these were reasonable and consistent with standard industry practice. The consideration the effectiveness of the compliance program maintained
Board took note of the current portfolio managers for each of the Funds with respect to the Funds and Weitz Inc. and the compliance oversight
and their overall management of each of the Funds. The members of the process. The Board also took into consideration their discussions with
Board also took into consideration the way in which Weitz Inc. has been Weitz Inc.s representatives regarding the factors that have impacted
carefully planning and implementing portfolio management transition the performance of the Funds on a short-term basis and over longer
arrangements. The Board also considered information regarding the fees time periods. Based upon their review and consideration of these
UNAUDITED
that Weitz Inc. charges other clients for investment advisory services factors and other matters deemed relevant by the Board in reaching
that are similar to the advisory services provided to the Funds, and it was an informed business judgment, a majority of the Board of Trustees,
noted that the fees were comparable based on the relevant circumstances including a majority of the Independent Trustees, concluded that the
of the types of accounts involved. terms of the Management and Investment Advisory Agreements are
fair and reasonable and the Board voted to renew the Agreements for an
In considering information regarding the investment management fees additional one-year period.
payable by the Funds to Weitz Inc. under the Agreements, the Board
also took note of the administration fees that are payable by the Funds to In reaching these conclusions, the members of the Board, including all of
Weitz Inc. under the terms of the separate Administration Agreements the Independent Trustees, took into consideration the following factors:
that are applicable to the Funds. In considering the approval of each of
the Administration Agreements, the Board members indicated that they The nature, extent and quality of the advisory services provided. The
had considered various factors with respect to the administration fees, Trustees concluded that Weitz Inc. is capable of providing high quality
including the level and amount of these fees and the services provided services to the Funds, as indicated by the nature, extent and quality of the
by Weitz Inc. in connection with the Administration Agreements, services provided in the past by Weitz Inc. to each of the Funds, Weitz
in determining the reasonableness of the total fees paid by the Funds Inc.s management capabilities demonstrated with respect to the Funds,
to Weitz Inc. for the overall level of services that Weitz Inc. provides the professional qualifications and experience of each of the portfolio
63

managers of the Funds, and Weitz Inc.s investment management and 6. Core Plus Income Fund. The Board then reviewed information
compliance oversight processes. On the basis of the Trustees assessment and materials regarding the performance results for the Core Plus
of the nature, extent and quality of the advisory services provided by Income Fund, noting that the Institutional Shares of the Fund, which
Weitz Inc., the Trustees concluded that Weitz Inc. is capable of generating commenced operations as of July 31, 2014, had outperformed its primary
a level of long-term investment performance that is appropriate in light of benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index,
the Funds investment objectives, policies and strategies. for both the one-year period ended March 31, 2017 and for the period
since inception. The Board also noted that the Institutional Shares of
The investment performance of the Funds. The Board received and the Fund had matched the performance of its peer group median for the
reviewed performance information for each of the Funds separately, one-year period ended March 31, 2017 and had outperformed its peer
including total return performance information, for applicable one-, group median for the period since inception.
three-, five- and ten-year periods ended March 31, 2017, and for shorter
periods as applicable, with respect to the Funds shares. The Board also 7. Short Duration Income Fund. The Board next reviewed information
reviewed with the representatives of Weitz Inc. other information and and materials regarding the performance results for the Short Duration
data, including each Funds performance against its primary benchmark Income Fund and the Board noted that the Institutional Shares of the
index and its peer funds as follows: Fund had outperformed its primary benchmark index, the Bloomberg
Barclays U.S. Aggregate 1-3 Year Index, for the one-, three-, five- and
1. Value Fund. The Board first reviewed information and materials ten-year periods ended March 31, 2017. The Board noted that the
regarding the performance results for the Value Fund, noting that the Institutional Shares of the Fund had outperformed its peer group median
Investor Shares of the Fund had underperformed its primary benchmark for the one-, three-, five- and ten-year periods ended March 31, 2017.
index, the S&P 500 Index, for the one-year, three-year, five-year and
ten-year periods ended March 31, 2017. The Board also noted that the 8. Ultra Short Government Fund. The Board next reviewed
Investor Shares of the Fund had underperformed its peer group median information and materials regarding the performance results for the Ultra
for the one-, three-, five- and ten-year periods ended March 31, 2017. The Short Government Fund, noting that the Fund had underperformed
Trustees also took into consideration their discussions with Weitz Inc.s its primary benchmark index, the Bank of America Merrill Lynch
representatives regarding the factors that have impacted the performance 6-Month Treasury Bill Index, for the one-, three-, five- and ten-year
of the Fund on a short-term basis and over longer time periods. periods ended March 31, 2017. The Board also noted that the Fund
had underperformed its peer group median for the one-, three-, five-
2. Partners Value Fund. The Board next reviewed information and and ten-year periods ended March 31, 2017. In connection with the
materials regarding the performance results for Partners Value Fund, Boards review of the performance results presented for the Ultra Short
noting that the Investor Shares of the Fund had underperformed its Government Fund, the members of the Board took into consideration the
primary benchmark index, the S&P 500 Index, for the one-year, three- fact that prior to December 16, 2016, the Ultra Short Government Fund
year, five-year and ten-year periods ended March 31, 2017. The Board had been operated as a government money market fund and, as a result,
also noted that the Investor Shares of the Fund had underperformed the performance returns for each of the periods prior to that date were
its peer group median for the one-, three-, five- and ten-year periods achieved while the Fund was operated as a government money market
ended March 31, 2017. The Trustees also took into consideration their fund with investment objectives and strategies that are different from the
discussions with Weitz Inc.s representatives regarding the factors that investment objectives and strategies that the Fund implemented effective
have impacted the performance of the Fund on a short-term basis and as of December 16, 2016.
over longer time periods.
9. Nebraska Tax-Free Income Fund. The Board then reviewed
3. Partners III Opportunity Fund. The Board then reviewed information and materials regarding the performance results for
information and materials regarding the performance results for the Nebraska Tax-Free Income Fund, noting that the Fund had
Partners III Opportunity Fund and noted that the Institutional Shares underperformed its primary benchmark index, the Bloomberg Barclays
of the Fund had underperformed its primary benchmark index, the S&P 5-Year Municipal Bond Index, for the one-, three-, five- and ten-year
500 Index, for the one-year, three-year, five-year and ten-year periods periods ended March 31, 2017. The Board also noted that the Fund had
ended March 31, 2017. The Board also noted that the Institutional Shares underperformed its peer group median for the three-, five- and ten-year
of the Fund had underperformed its peer group median for the one-, periods ended March 31, 2017, and outperformed its peer group median
three-, five- and ten-year periods ended March 31, 2017. The Trustees also for the one-year period ended March 31, 2017. The Trustees also took into
took into consideration their discussions with Weitz Inc.s representatives consideration their discussions with Weitz Inc.s representatives regarding
regarding the factors that have impacted the performance of the Fund on the factors that have impacted the performance of the Fund on a short-
a short-term basis and over longer time periods. term basis and over longer time periods.
4. Hickory Fund. The Board then reviewed information and materials The cost of advisory services provided and the expected level of
regarding the performance results for Hickory Fund, noting that the profitability. The Board considered the advisory fees and overall expenses
Fund had underperformed its primary benchmark index, the Russell of the Funds (including Institutional Shares and the Investor Shares of
2500 Index, for the one-, three-, five- and ten-year periods ended the Funds, as applicable) based upon the relevant information presented,
March 31, 2017. The Board also noted that the Fund had underperformed as compared to the advisory fees and overall expenses of other mutual
its peer group median for the one-, three-, five- and ten-year periods funds in each respective Funds designated peer group as follows:
ended March 31, 2017. The Trustees also took into consideration their
discussions with Weitz Inc.s representatives regarding the factors that 1. Value Fund. The Board first reviewed expense information and
have impacted the performance of the Fund on a short-term basis and materials for Value Fund, noting that the Agreement provided for an
over longer time periods. investment advisory fee for the Fund at a rate of 0.90% on the Funds
assets that are less than or equal to $1 billion, with various breakpoints
5. Balanced Fund. The Board next reviewed information and materials in the investment advisory fee on differing levels of assets in the Fund
regarding the performance results for the Balanced Fund and the Board in excess of $1 billion, which was above median compared to its peer
noted that the Fund had underperformed its primary benchmark index, funds. The Board also noted that the net expense ratio of the Funds
the S&P 500 Index, as well as a secondary blended index consisting
Institutional Shares was 0.99%, which is above the median net expense
of 60% of the S&P 500 Index and 40% of the Barclays Intermediate ratio of its peer funds.
U.S. Government/Credit Index, for the one-, three-, five- and ten-year
periods ended March 31, 2017. The Board also noted that the Fund had 2. Partners Value Fund. The Board next reviewed expense information
underperformed its peer group median for the one-, three-, five-, and and materials for Partners Value Fund, and the Board noted that the
ten-year periods ended March 31, 2017. The Trustees also took into Agreement provided for an investment advisory fee for the Fund at a rate
consideration their discussions with Weitz Inc.s representatives regarding of 0.90% on the Funds assets that are less than or equal to $1 billion, with
the factors that have impacted the performance of the Fund on a short- breakpoints in the investment advisory fee on differing levels of assets in
term basis and over longer time periods. the Fund in excess of $1 billion, which was above median compared to its
64

peer funds. The Board also noted that the net expense ratio of the Funds On the basis of the fee and expense information provided, the Board
Institutional Shares was 0.99%, which is lower than the median net determined that the investment management fees payable by the Funds to
expense ratio of its peer funds. Weitz Inc. are reasonable and that Weitz Inc.s level of profitability from
its management of each of the Funds is reasonable and not excessive.
3. Partners III Opportunity Fund. The Board then reviewed expense
information and materials for Partners III Opportunity Fund, noting The extent to which economies of scale may be realized as the Funds
that the Agreement provided for an investment advisory fee for the grow and whether the advisory fees reflect possible economies of
Fund at a rate of 1.00% on the Funds assets that are less than or equal to scale. The Trustees took into consideration that each of the Equity
$1 billion, with breakpoints in the investment advisory fee on differing Funds are currently operated pursuant to investment management fees
levels of assets in the Fund in excess of $1 billion, which was above that are subject to breakpoints on the fees as assets in the Equity Funds
median compared to its peer funds. The Board also noted that the net increase over various established levels of assets. In addition, while it was
expense ratio of the Funds Institutional Shares (exclusive of the dividend noted that the investment advisory fees for the Income Funds and for
and interest expense incurred by the Fund during the fiscal year) was the Balanced Fund will not decrease as the Funds assets grow because
1.17%, which is lower than the median net expense ratio of its peer funds. they are not subject to investment advisory fee breakpoints, the Trustees
concluded that the Funds investment advisory fees are appropriate
4. Hickory Fund. The Board then reviewed expense information and in light of the size of the Funds, and appropriately reflect the current
materials for Hickory Fund, noting that the Agreement provided for an economic environment for Weitz Inc. and the competitive nature of the
investment advisory fee for the Fund at a rate of 1.00% on the Funds mutual fund marketplace. The Trustees then noted that they will have the
assets that are less than or equal to $2.5 billion, with breakpoints in the opportunity to periodically re-examine whether any of these Funds have
investment advisory fee on differing levels of assets in the Fund in excess achieved economies of scale, and the appropriateness of the investment
of $2.5 billion, which was above median compared to its peer funds. The advisory fees payable to Weitz Inc. with respect to the Income Funds and
Board also noted that the net expense ratio of the Fund was 1.25%, which the Balanced Fund, in the future at which time the implementation of fee
is above the median net expense ratio of its peer funds. breakpoints on these particular Funds could be further considered.
5. Balanced Fund. The Board then reviewed expense information and Benefits to Weitz Inc. from its relationship with the Funds (and any
materials for the Balanced Fund and the Board noted that the Agreement corresponding benefits to the Funds). The Trustees concluded that
provided for an amended investment advisory fee for the Fund at a rate of other benefits that may be derived by Weitz Inc. from its relationship
0.70% of the Funds assets (to become effective as of July 31, 2017), and with the Funds, including soft dollar benefits in connection with
this new 0.70% fee rate was above median compared to its peer funds. The Fund brokerage transactions and use of the Funds performance track
Board also noted that the net expense ratio of the Fund was 1.11%, which record in advertising materials, are reasonable and fair, and consistent
was lower than the median net expense ratio of its peer funds. with industry practice and the best interests of the Funds and their
6. Core Plus Income Fund. The Board next reviewed expense shareholders. In addition, the Trustees determined that the Funds benefit
information and materials for the Core Plus Income Fund, noting that from their relationship with Weitz Inc. by virtue of Weitz Inc.s provision
the Agreement provided for an investment advisory fee for the Fund at of administrative and shareholder services, in addition to investment
a rate of 0.40% on the Funds assets, which was below median compared advisory services, at a cost to the Funds that is generally comparable to
to its peer funds. The Board also noted that the net expense ratio of the the costs of an outside service provider, which the Trustees determined
Funds Institutional Shares was 0.57%, which is lower than the median to be reasonable, fair and in the best interests of the shareholders of the
net expense ratio of its peer funds. Funds in light of the nature and quality of the services provided and the
necessity of the services for the Funds operations.
7. Short Duration Income Fund. The Board next reviewed expense
information and materials for Short Duration Income Fund and the Other Considerations. In approving the continuation of the
Board noted that the Agreement provided for an investment advisory Agreements, the Trustees determined that Weitz Inc. has made a
fee for the Fund at a rate of 0.40% on the Funds assets, which was below substantial commitment to the recruitment and retention of high quality
median compared to its peer funds. The Board also noted that the net personnel, and maintains the financial, compliance and operational
expense ratio of the Funds Institutional Shares was 0.58%, which is lower resources reasonably necessary to manage the Funds in a professional
than the median net expense ratio of its peer funds. manner that is consistent with the best interests of the Funds and
their shareholders. The Board also acknowledged the experience
8. Ultra Short Government Fund. The Board next reviewed expense and expertise of members of the Weitz Inc. management team and
information and materials for the Ultra Short Government Fund and the focus these individuals have on ensuring that the Funds operate
the Board noted that the Agreement provided for an investment advisory successfully. The Trustees also concluded that Weitz Inc. has made a
fee for the Fund at a rate of 0.30% on the Funds assets, which was above significant entrepreneurial commitment to the management and success
median compared to its peer funds. The Board also noted that the net of the Funds, which entails a substantial financial and professional
expense ratio of the Fund was 0.14%, which was lower than the median commitment, including the Expense Limitation Agreements under which
net expense ratio of its peer funds. Weitz Inc. has undertaken to waive a portion of its fees and to reimburse
9. Nebraska Tax-Free Income Fund. The Board next reviewed expense expenses of certain of the Funds to the benefit of Fund shareholders to the
information and materials for the Nebraska Tax-Free Income Fund, extent necessary in accordance with the terms of the Expense Limitation
noting that the Agreement provided for an investment advisory fee for Agreements. The Board also considered matters with respect to the
the Fund at a rate of 0.40% on the Funds assets, which was comparable brokerage practices of Weitz Inc., including its soft dollar arrangements
to the median of its peer funds. The Board also noted that the net expense and its best-execution procedures, and noted that these were reasonable
and consistent with standard industry practice.
UNAUDITED
ratio of the Fund was 0.79%, which is lower than the median net expense
ratio of its peer funds.
65

INDEX DESCRIPTIONS
Russell 1000 The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity
universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest
securities based on a combination of their market cap and current index membership.
Russell 1000 Value The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S.
equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower
expected growth values.
Russell 3000 The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing
approximately 98% of the investable U.S. equity market.
Russell 3000 Value The Russell 3000 Value Index measures the performance of the broad value segment of the U.S.
equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and
lower forecasted growth values.
Russell 2500TM The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S.
equity universe, commonly referred to as SMID cap. The Russell 2500 Index is a subset of the
Russell 3000 Index. It includes approximately 2,500 of the smallest securities based on a combination
of their market cap and current index membership.
Russell 2500TM Value The Russell 2500 Value Index measures the performance of the small to mid-cap value segment of
the U.S. equity universe. It includes those Russell 2500 companies that are considered more value
oriented relative to the overall market as defined by Russell.
S&P 500 The S&P 500 is an unmanaged index consisting of 500 companies generally representative of
themarket for the stocks of large-size U.S. companies.
Blended The Blended Index blends the S&P 500 with the Bloomberg Barclays Intermediate U.S.
Government/Credit Index by weighting their total returns at 60% and 40%, respectively. The
portfolio is rebalanced monthly.
Bloomberg Barclays The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the
U.S. Aggregate Bond investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.
Bloomberg Barclays The Bloomberg Barclays U.S. Aggregate 1-3 Year Index is generally representative of the market for
U.S. Aggregate 1-3 Year investment grade, U.S. dollar denominated, fixed-rate taxable bonds with maturities from one to
three years.
Bloomberg Barclays The Bloomberg Barclays Intermediate U.S. Government/Credit Index (BIGC) is the non-
Intermediate U.S. securitized portion of the U.S. Aggregate Index and includes Treasuries, government-related issues
Government/Credit and corporates with maturities from one to ten years.
CPI + 1% The CPI + 1% is created by adding 1% to the annual percentage change in the Consumer Price Index
(CPI) as determined by the U.S. Department of Labor Statistics. There can be no guarantee that
the CPI will reflect the exact level of inflation at any time.
Bank of America The Bank of America Merrill Lynch 6-Month Treasury Bill Index is an unmanaged index that is
Merrill Lynch 6-Month generally representative of the market for U.S. Treasury Bills.
Treasury Bill
Bloomberg Barclays The Bloomberg Barclays 5-Year Municipal Bond Index is a capitalization weighted bond index
5-Year Municipal Bond created by Bloomberg Barclays intended to be representative of major municipal bonds of all quality
ratings with an average maturity of approximately five years.
66

Board of Trustees Distributor
Lorraine Chang Weitz Securities, Inc.
John W. Hancock
Thomas R. Pansing, Jr. Transfer Agent and Dividend
Roland J. Santoni Paying Agent
Delmer L. Toebben Weitz Investment Management, Inc.
Wallace R. Weitz
Justin B. Wender
Sub-Transfer Agent
Boston Financial Data Services, Inc.
Investment Adviser
Weitz Investment Management, Inc.
1125 South 103rd Street, Suite 200 NASDAQ symbols:
Omaha, NE 68124-1071 Value Fund
(800) 304-9745 Investor Class - WVALX
Institutional Class - WVAIX
Partners Value Fund
Custodian
Investor Class - WPVLX
State Street Bank and Trust Company Institutional Class - WPVIX
Partners III Opportunity Fund
Investor Class - WPOIX
Officers Institutional Class - WPOPX
Wallace R. Weitz, President Hickory Fund - WEHIX
Thomas D. Carney, Vice President Balanced Fund - WBALX
John R. Detisch, Vice President, General Counsel, Core Plus Income Fund
Secretary & Chief Compliance Officer Investor Class - WCPNX
Bradley P. Hinton, Vice President Institutional Class - WCPBX
Kenneth R. Stoll, Vice President & Chief Short Duration Income Fund
Financial Officer Investor Class - WSHNX
Institutional Class - WEFIX
Ultra Short Government Fund - SAFEX
Nebraska Tax-Free Income Fund - WNTFX
UNAUDITED
Help us conserve resources by receiving your report electronically.

Visit us online at weitzinvestments.com.

Simply log in to your account and select Electronic Delivery.
An investor should consider carefully the investment objectives, risks, and charges and expenses of the
Funds before investing. The Funds Prospectus contains this and other information about the Funds. The
Prospectus should be read carefully before investing.
11/10/17
67


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FALL 2017

72015-Weitz-SAR part 1-8.indd 1 11/7/17 11:16 AM

Were in it with you:

We focus on what we know:

We think for ourselves:

Wally Weitz, CFA

President, Portfolio Manager

72015-Weitz-SAR part 1-8.indd 2 11/7/17 11:16 AM

Partners Value Fund 10

Partners III Opportunity Fund 12

Core Plus Income Fund 18

Short Duration Income Fund 21

Ultra Short Government Fund 24

Nebraska Tax-Free Income Fund 25

Notes to Financial Statements 52

Actual and Hypothetical Expenses for

72015-Weitz-SAR part 1-8.indd 3 11/7/17 11:16 AM

72015-Weitz-SAR part 1-8.indd 4 11/7/17 11:16 AM

72015-Weitz-SAR part 1-8.indd 5 11/7/17 11:16 AM

72015-Weitz-SAR part 1-8.indd 6 11/7/17 11:16 AM

Partners Value(a)(b) 6/01/83

Balanced(d) 10/01/03 5.54 4.81 6.44 9.10 9.16 2.53

Core Plus Income(e)  7/31/14

Institutional 5.20 4.20 3.37 1.69 1.15 1.64 0.43

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72015-Weitz-SAR part 1-8.indd 8 11/7/17 11:16 AM

$200,000 S&P 500 $215,873

Russell 1000 $216,571

$50,000 55.6% > $50 Billion

43.5% $10-$50 Billion

Top Performers Average Bottom Performers Average

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72015-Weitz-SAR part 1-8.indd 10 11/7/17 11:16 AM

Growth of $10,000 Capitalization

$400,000 S&P 500 $358,521

Russell 3000 $336,395

$0 3.5% < $2.5 Billion

6/1/83 12/84 12/89 12/94 12/99 12/04 12/09 12/14 9/17

Top 10 Stock Holdings Industry Breakdown

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72015-Weitz-SAR part 1-8.indd 12 11/7/17 11:16 AM

Growth of $10,000 Capitalization

$400,000 Russell 3000 $336,395

$100,000 13.1% $2.5-$10 Billion

$0 11.0% < $2.5 Billion

6/1/83 12/84 12/89 12/94 12/99 12/04 12/09 12/14 9/17

Top 10 Stock Holdings Industry Breakdown

Top Performers Average Bottom Performers Average

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72015-Weitz-SAR part 1-8.indd 14 11/7/17 11:16 AM

Growth of $10,000 Capitalization

Russell 2500 Value $128,070

39.1% $2.5-$10 Billion

4/1/93 12/96 12/99 12/02 12/05 12/08 12/11 12/14 9/17

Top 10 Stock Holdings Industry Breakdown

Top Performers Bottom Performers

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Returns Portfolio Make Up

Growth of $10,000 Capitalization (Common Stocks)

Partners Value(a)(b) 6/01/83

Core Plus Income(e) 7/31/14