UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                                            811-21410

Weitz Funds

(Exact name of registrant as specified in charter)

Blackstone Plaza, 3555 Farnam Street, Suite 800, Omaha, NE 68131

(Address of principal executive offices)                                                                (Zip code)

Weitz Investment Management, Inc., Blackstone Plaza, 3555 Farnam Street, Suite 800, Omaha, NE 68131

(Name and address of agent for service)

Registrant’s telephone number, including area code:                   (402) 391-1980

Date of fiscal year end:      March 31

Date of reporting period:    March 31, 2025

Item 1. Reports to Stockholders.

Weitz Conservative Allocation Fund 

Institutional Class (WBAIX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Conservative Allocation Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Conservative Allocation Fund - Institutional	71	0.70

How did the Fund perform last year?

The Fund (Ticker: WBAIX) returned 2.42% for the year ended March 31, 2025.

Equity holdings overall detracted from performance. Top equity contributors included Berkshire Hathaway Inc., Visa Inc., Aon plc, Oracle Corporation, and Mastercard Inc., supported by robust performance from financial sector stocks. Notable equity detractors included Martin Marietta Materials, Inc., Diageo, IDEX Corp., Danaher Corporation, and Microchip Technology Incorporated. The fixed income portfolio, anchored by U.S. Treasuries, provided stable contributions through income and modest price appreciation.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Conservative Allocation Fund - Institutional	Bloomberg U.S. Aggregate Bond Index	Morningstar Moderately Conservative Target Risk Index
Mar 15	10,000	10,000	10,000
Mar 16	9,920	10,196	10,035
Mar 17	10,547	10,240	10,772
Mar 18	11,292	10,364	11,476
Mar 19	11,990	10,828	12,007
Mar 20	12,044	11,796	11,909
Mar 21	14,686	11,880	14,550
Mar 22	15,443	11,386	14,602
Mar 23	14,823	10,842	13,808
Mar 24	16,649	11,026	15,109
Mar 25	17,052	11,564	15,989

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Conservative Allocation Fund - Institutional - WBAIX	2.42	7.20	5.48
Bloomberg U.S. Aggregate Bond Index	4.88	(0.40)	1.46
Morningstar Moderately Conservative Target Risk Index	5.82	6.07	4.80

The above line chart and returns table compares the fund’s results to (i) the Bloomberg U.S. Aggregate Bond Index, a broad measure of market performance and (ii) the Morningstar Moderately Conservative Target Risk Index, an additional index that the investment adviser believes more closely reflects the market segments in which the fund invests. Performance for the Institutional Class before inception (3/29/2019) is derived from historical performance of the Investor Class and has not been adjusted for expenses of the Institutional Class, had it, returns would have been different.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	236,962,995
Number of Portfolio Holdings	202
Net Investment Advisory Fees Paid ($)	1,428,649
Portfolio Turnover Rate (%)	25

30-Day SEC Yield (Subsidized) (%)	2.27
30-Day SEC Yield (Unsubsidized) (%)	2.20
Average Effective Maturity (yrs)	2.20
Average Effective Duration (yrs)	1.60

What did the Fund invest in?

Top 10 Equity Holdings 

Security	% of Net Assets
Aon plc	2.9
Berkshire Hathaway, Inc.	2.8
Visa, Inc.	2.5
Mastercard, Inc.	2.2
Accenture plc	2.2
Danaher Corp.	2.1
Thermo Fisher Scientific, Inc.	2.0
IDEX Corp.	1.9
Vulcan Materials Co.	1.7
Analog Devices, Inc.	1.7
	22.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	74.0
U.S. Government Agency Mortgage Related Securities	6.9
AAA	16.8
A	0.3
BBB	0.4
Cash Equivalents	1.6

Top Equity Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Berkshire Hathaway, Inc. - Class B	26.7	2.5	0.61
Visa, Inc. - Class A	26.5	2.1	0.50
Aon plc - Class A	20.5	2.4	0.50
Oracle Corp.	12.4	1.4	0.30
Mastercard, Inc. - Class A	14.5	2.1	0.28

Sector Breakdown

	% of Net Assets
Financials	11.7
Information Technology	8.5
Health Care	6.6
Industrials	6.5
Materials	4.5
Communication Services	2.2
Consumer Staples	1.1
U.S. Treasuries	35.0
Mortgage-Backed Securities	7.3
Asset-Backed Securities	5.5
Commercial Mortgage-Backed Securities	1.4
Corporate Bonds	0.2
Cash Equivalents/Other	9.5
	100.0

Top Equity Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Martin Marietta Materials, Inc.	(21.6)	1.7	(0.42)
Diageo plc - ADR	(27.1)	1.3	(0.41)
IDEX Corp.	(25.3)	1.4	(0.41)
Danaher Corp.	(17.8)	2.2	(0.39)
Microchip Technology, Inc.	(28.8)	0.7	(0.34)

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

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Conservative Allocation Fund 

Institutional Class (WBAIX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P815-033125

Weitz Conservative Allocation Fund 

Investor Class (WBALX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Conservative Allocation Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Conservative Allocation Fund - Investor	86	0.85

How did the Fund perform last year?

The Fund (Ticker: WBALX) returned 2.32% for the year ended March 31, 2025.

Equity holdings overall detracted from performance. Top equity contributors included Berkshire Hathaway Inc., Visa Inc., Aon plc, Oracle Corporation, and Mastercard Inc., supported by robust performance from financial sector stocks. Notable equity detractors included Martin Marietta Materials, Inc., Diageo, IDEX Corp., Danaher Corporation, and Microchip Technology Incorporated. The fixed income portfolio, anchored by U.S. Treasuries, provided stable contributions through income and modest price appreciation.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Conservative Allocation Fund - Investor	Bloomberg U.S. Aggregate Bond Index	Morningstar Moderately Conservative Target Risk Index
Mar 15	10,000	10,000	10,000
Mar 16	9,920	10,196	10,035
Mar 17	10,547	10,240	10,772
Mar 18	11,292	10,364	11,476
Mar 19	11,990	10,828	12,007
Mar 20	12,031	11,796	11,909
Mar 21	14,647	11,880	14,550
Mar 22	15,376	11,386	14,602
Mar 23	14,743	10,842	13,808
Mar 24	16,526	11,026	15,109
Mar 25	16,909	11,564	15,989

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Conservative Allocation Fund - Investor - WBALX	2.32	7.04	5.39
Bloomberg U.S. Aggregate Bond Index	4.88	(0.40)	1.46
Morningstar Moderately Conservative Target Risk Index	5.82	6.07	4.80

The above line chart and returns table compares the fund’s results to (i) the Bloomberg U.S. Aggregate Bond Index, a broad measure of market performance and (ii) the Morningstar Moderately Conservative Target Risk Index, an additional index that the investment adviser believes more closely reflects the market segments in which the fund invests.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	236,962,995
Number of Portfolio Holdings	202
Net Investment Advisory Fees Paid ($)	1,428,649
Portfolio Turnover Rate (%)	25

30-Day SEC Yield (Subsidized) (%)	2.12
30-Day SEC Yield (Unsubsidized) (%)	1.89
Average Effective Maturity (yrs)	2.20
Average Effective Duration (yrs)	1.60

What did the Fund invest in?

Top 10 Equity Holdings 

Security	% of Net Assets
Aon plc	2.9
Berkshire Hathaway, Inc.	2.8
Visa, Inc.	2.5
Mastercard, Inc.	2.2
Accenture plc	2.2
Danaher Corp.	2.1
Thermo Fisher Scientific, Inc.	2.0
IDEX Corp.	1.9
Vulcan Materials Co.	1.7
Analog Devices, Inc.	1.7
	22.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	74.0
U.S. Government Agency Mortgage Related Securities	6.9
AAA	16.8
A	0.3
BBB	0.4
Cash Equivalents	1.6

Top Equity Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Berkshire Hathaway, Inc. - Class B	26.7	2.5	0.61
Visa, Inc. - Class A	26.5	2.1	0.50
Aon plc - Class A	20.5	2.4	0.50
Oracle Corp.	12.4	1.4	0.30
Mastercard, Inc. - Class A	14.5	2.1	0.28

Sector Breakdown

	% of Net Assets
Financials	11.7
Information Technology	8.5
Health Care	6.6
Industrials	6.5
Materials	4.5
Communication Services	2.2
Consumer Staples	1.1
U.S. Treasuries	35.0
Mortgage-Backed Securities	7.3
Asset-Backed Securities	5.5
Commercial Mortgage-Backed Securities	1.4
Corporate Bonds	0.2
Cash Equivalents/Other	9.5
	100.0

Top Equity Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Martin Marietta Materials, Inc.	(21.6)	1.7	(0.42)
Diageo plc - ADR	(27.1)	1.3	(0.41)
IDEX Corp.	(25.3)	1.4	(0.41)
Danaher Corp.	(17.8)	2.2	(0.39)
Microchip Technology, Inc.	(28.8)	0.7	(0.34)

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

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Conservative Allocation Fund 

Investor Class (WBALX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P104-033125

Weitz Core Plus Income Fund 

Institutional Class (WCPBX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Core Plus Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Core Plus Income Fund - Institutional	46	0.45

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Core Plus Income Fund - Institutional	Bloomberg U.S. Aggregate Bond Index
Mar 15	10,000	10,000
Mar 16	10,206	10,196
Mar 17	10,677	10,240
Mar 18	10,827	10,364
Mar 19	11,376	10,828
Mar 20	11,554	11,796
Mar 21	13,042	11,880
Mar 22	12,824	11,386
Mar 23	12,440	10,842
Mar 24	12,932	11,026
Mar 25	13,698	11,564

How did the Fund perform last year?

The Fund (Ticker: WCPBX) returned 5.93% for the year ended March 31, 2025.

Agency mortgage-backed securities (MBS), collateralized loan obligations (CLOs), asset-backed securities (ABS), corporate bonds, and U.S. Treasuries were top contributors. MBS, CLOs and ABS all benefited from strong coupon income and price appreciation due to tightening spreads during the period. CLO performance was driven by our portfolio of commercial real estate and middle-market corporate CLOs. The ABS segment had notable contributions from investments in data centers and fiber networks. No segments detracted materially from performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Core Plus Income Fund - Institutional - WCPBX	5.93	3.46	3.20
Bloomberg U.S. Aggregate Bond Index	4.88	(0.40)	1.46

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. Aggregate Bond Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	3,215,468,845
Number of Portfolio Holdings	551
Net Investment Advisory Fees Paid ($)	10,054,795
Portfolio Turnover Rate (%)	11

30-Day SEC Yield (Subsidized) (%)	5.07
30-Day SEC Yield (Unsubsidized) (%)	5.00
Average Effective Maturity (yrs)	9.40
Average Effective Duration (yrs)	5.50

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Less than 1 Year	2.8
1-3 Years	7.3
3-5 Years	15.2
5-7 Years	15.5
7-10 Years	25.7
10 Years or more	33.5
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	27.8
U.S. Government Agency Mortgage Related Securities	31.7
AAA	6.9
AA	3.8
A	10.9
BBB	14.4
BB	3.4
B	1.1

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	17.5
1-3 Years	10.5
3-5 Years	33.5
5-7 Years	13.3
7-10 Years	2.5
10 Years or more	22.7
	100.0

Sector Breakdown

	% of Net Assets
Mortgage-Backed Securities	33.9
U.S. Treasuries	27.5
Asset-Backed Securities	16.8
Corporate Bonds	11.1
Commercial Mortgage-Backed Securities	8.4
Term Loan	0.2
Short-Term Securities Held as Collateral for Securities on Loan	0.1
Corporate Convertible Bonds	0.0
Municipal Bonds	0.0
Cash Equivalents/Other	2.0
	100.0

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

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Core Plus Income Fund 

Institutional Class (WCPBX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P831-033125

Weitz Core Plus Income Fund 

Investor Class (WCPNX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Core Plus Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period.You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Core Plus Income Fund - Investor	64	0.62

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Core Plus Income Fund - Investor	Bloomberg U.S. Aggregate Bond Index
Mar 15	10,000	10,000
Mar 16	10,178	10,196
Mar 17	10,627	10,240
Mar 18	10,755	10,364
Mar 19	11,269	10,828
Mar 20	11,424	11,796
Mar 21	12,885	11,880
Mar 22	12,670	11,386
Mar 23	12,280	10,842
Mar 24	12,752	11,026
Mar 25	13,486	11,564

How did the Fund perform last year?

The Fund (Ticker: WCPNX) returned 5.75% for the year ended March 31, 2025.

Agency mortgage-backed securities (MBS), collateralized loan obligations (CLOs), asset-backed securities (ABS), corporate bonds, and U.S. Treasuries were top contributors. MBS, CLOs and ABS all benefited from strong coupon income and price appreciation due to tightening spreads during the period. CLO performance was driven by our portfolio of commercial real estate and middle-market corporate CLOs. The ABS segment had notable contributions from investments in data centers and fiber networks. No segments detracted materially from performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Core Plus Income Fund - Investor - WCPNX	5.75	3.37	3.04
Bloomberg U.S. Aggregate Bond Index	4.88	(0.40)	1.46

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. Aggregate Bond Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	3,215,468,845
Number of Portfolio Holdings	551
Net Investment Advisory Fees Paid ($)	10,054,795
Portfolio Turnover Rate (%)	11

30-Day SEC Yield (Subsidized) (%)	4.87
30-Day SEC Yield (Unsubsidized) (%)	4.57
Average Effective Maturity (yrs)	9.40
Average Effective Duration (yrs)	5.50

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Less than 1 Year	2.8
1-3 Years	7.3
3-5 Years	15.2
5-7 Years	15.5
7-10 Years	25.7
10 Years or more	33.5
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	27.8
U.S. Government Agency Mortgage Related Securities	31.7
AAA	6.9
AA	3.8
A	10.9
BBB	14.4
BB	3.4
B	1.1

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	17.5
1-3 Years	10.5
3-5 Years	33.5
5-7 Years	13.3
7-10 Years	2.5
10 Years or more	22.7
	100.0

Sector Breakdown

	% of Net Assets
Mortgage-Backed Securities	33.9
U.S. Treasuries	27.5
Asset-Backed Securities	16.8
Corporate Bonds	11.1
Commercial Mortgage-Backed Securities	8.4
Term Loan	0.2
Short-Term Securities Held as Collateral for Securities on Loan	0.1
Corporate Convertible Bonds	0.0
Municipal Bonds	0.0
Cash Equivalents/Other	2.0
	100.0

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

Material fund changes:  Effective July 31, 2024, the annual operating expense ratio cap was updated to 0.65%. Prior to July 31, 2024, the annual operating expense ratio cap was 0.55%.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Core Plus Income Fund 

Investor Class (WCPNX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P823-033125

Weitz Large Cap Equity Fund 

Institutional Class (WVAIX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Large Cap Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Large Cap Equity Fund - Institutional	86	0.86

How did the Fund perform last year?

The Fund (Ticker: WVAIX) returned 0.72% for the year ended March 31, 2025.

Top contributors included Visa Inc., Berkshire Hathaway Inc., Aon plc, Meta Platforms, Inc., and Charter Communications, Inc., benefiting from diverse sector strengths. Primary detractors were Danaher Corp., Global Payments Inc., CoStar Group, Inc., Microchip Technology Incorporated, and Thermo Fisher Scientific, Inc. Technology-adjacent stocks experienced prolonged weakness during the period and life sciences and bioprocessing stocks were restrained as the long-awaited cyclical recovery was muted by headlines highlighting potential new macro headwinds.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Large Cap Equity Fund - Institutional	Russell 1000 Index
Mar 15	10,000	10,000
Mar 16	9,212	10,048
Mar 17	10,139	11,799
Mar 18	11,099	13,449
Mar 19	12,133	14,700
Mar 20	11,460	13,529
Mar 21	18,023	21,711
Mar 22	19,610	24,592
Mar 23	17,476	22,528
Mar 24	23,058	29,257
Mar 25	23,223	31,545

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Large Cap Equity Fund - Institutional - WVAIX	0.72	15.17	8.79
Russell 1000 Index	7.82	18.45	12.17

The above line chart and returns table compares the fund’s results to the Russell 1000 Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	856,967,500
Number of Portfolio Holdings	28
Net Investment Advisory Fees Paid ($)	6,951,370
Portfolio Turnover Rate (%)	31

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Danaher Corp.	6.5
Visa, Inc.	5.9
Mastercard, Inc.	4.9
Global Payments, Inc.	4.6
Berkshire Hathaway, Inc.	4.5
Thermo Fisher Scientific, Inc.	4.4
CoStar Group, Inc.	4.2
IDEX Corp.	4.2
Equifax, Inc.	4.1
Meta Platforms, Inc.	4.0
	47.3

Capitalization (% of Common Stock)

Value	Value
>$50B	66.1
$25-$50B	19.6
$10-$25B	12.2
$2.5-$10B	2.1

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Visa, Inc. - Class A	26.5	5.2	1.25
Berkshire Hathaway, Inc. - Class B	26.6	5.0	1.13
Aon plc - Class A	20.4	4.3	1.06
Meta Platforms, Inc. - Class A	19.6	4.7	1.05
Charter Communications, Inc. - Class A	26.4	4.1	1.03

Sector Breakdown

	% of Net Assets
Financials	23.9
Information Technology	23.6
Health Care	15.1
Communication Services	11.1
Industrials	10.7
Consumer Discretionary	6.6
Real Estate	4.2
Materials	3.3
Cash Equivalents/Other	1.5
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Danaher Corp.	(17.8)	5.0	(0.97)
Global Payments, Inc.	(26.2)	4.2	(0.87)
CoStar Group, Inc.	(18.0)	3.7	(0.84)
Microchip Technology, Inc.	(32.2)	1.4	(0.63)
Thermo Fisher Scientific, Inc.	(14.1)	4.6	(0.62)

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Large Cap Equity Fund 

Institutional Class (WVAIX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P856-033125

Weitz Large Cap Equity Fund 

Investor Class (WVALX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Large Cap Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Large Cap Equity Fund - Investor	103	1.03

How did the Fund perform last year?

The Fund (Ticker: WVALX) returned 0.55% for the year ended March 31, 2025.

Top contributors included Visa Inc., Berkshire Hathaway Inc., Aon plc, Meta Platforms, Inc., and Charter Communications, Inc., benefiting from diverse sector strengths. Primary detractors were Danaher Corp., Global Payments Inc., CoStar Group, Inc., Microchip Technology Incorporated, and Thermo Fisher Scientific, Inc. Technology-adjacent stocks experienced prolonged weakness during the period and life sciences and bioprocessing stocks were restrained as the long-awaited cyclical recovery was muted by headlines highlighting potential new macro headwinds.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Large Cap Equity Fund - Investor	Russell 1000 Index
Mar 15	10,000	10,000
Mar 16	9,195	10,048
Mar 17	10,097	11,799
Mar 18	11,029	13,449
Mar 19	12,025	14,700
Mar 20	11,332	13,529
Mar 21	17,787	21,711
Mar 22	19,323	24,592
Mar 23	17,196	22,528
Mar 24	22,654	29,257
Mar 25	22,779	31,545

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Large Cap Equity Fund - Investor - WVALX	0.55	14.99	8.58
Russell 1000 Index	7.82	18.45	12.17

The above line chart and returns table compares the fund’s results to the Russell 1000 Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	856,967,500
Number of Portfolio Holdings	28
Net Investment Advisory Fees Paid ($)	6,951,370
Portfolio Turnover Rate (%)	31

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Danaher Corp.	6.5
Visa, Inc.	5.9
Mastercard, Inc.	4.9
Global Payments, Inc.	4.6
Berkshire Hathaway, Inc.	4.5
Thermo Fisher Scientific, Inc.	4.4
CoStar Group, Inc.	4.2
IDEX Corp.	4.2
Equifax, Inc.	4.1
Meta Platforms, Inc.	4.0
	47.3

Capitalization (% of Common Stock)

Value	Value
>$50B	66.1
$25-$50B	19.6
$10-$25B	12.2
$2.5-$10B	2.1

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Visa, Inc. - Class A	26.5	5.2	1.25
Berkshire Hathaway, Inc. - Class B	26.6	5.0	1.13
Aon plc - Class A	20.4	4.3	1.06
Meta Platforms, Inc. - Class A	19.6	4.7	1.05
Charter Communications, Inc. - Class A	26.4	4.1	1.03

Sector Breakdown

	% of Net Assets
Financials	23.9
Information Technology	23.6
Health Care	15.1
Communication Services	11.1
Industrials	10.7
Consumer Discretionary	6.6
Real Estate	4.2
Materials	3.3
Cash Equivalents/Other	1.5
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Danaher Corp.	(17.8)	5.0	(0.97)
Global Payments, Inc.	(26.2)	4.2	(0.87)
CoStar Group, Inc.	(18.0)	3.7	(0.84)
Microchip Technology, Inc.	(32.2)	1.4	(0.63)
Thermo Fisher Scientific, Inc.	(14.1)	4.6	(0.62)

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Large Cap Equity Fund 

Investor Class (WVALX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P203-033125

Weitz Multi Cap Equity Fund 

Institutional Class (WPVIX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Multi Cap Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Multi Cap Equity Fund - Institutional	90	0.87

How did the Fund perform last year?

The Fund (Ticker: WPVIX) returned 7.12% for the year ended March 31, 2025.

Top contributors over the period included Berkshire Hathaway Inc., HEICO Corporation, Liberty Broadband Corp., ACI Worldwide Inc., and Guidewire Software Inc., reflecting robust operating momentum and company-specific strategies, particularly Berkshire Hathaway as it often benefits in volatile markets. Detractors included Liberty Media Corp-Liberty SiriusXM, CoStar Group Inc., Martin Marietta Materials Inc., LKQ Corporation, and IDEX Corp, impacted by sector-specific challenges.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Multi Cap Equity Fund - Institutional	Russell 3000 Index
Mar 15	10,000	10,000
Mar 16	8,955	9,958
Mar 17	9,975	11,757
Mar 18	10,429	13,381
Mar 19	10,718	14,554
Mar 20	9,154	13,229
Mar 21	14,503	21,495
Mar 22	15,134	24,058
Mar 23	13,346	21,994
Mar 24	16,822	28,437
Mar 25	18,019	30,490

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Multi Cap Equity Fund - Institutional - WPVIX	7.12	14.50	6.07
Russell 3000 Index	7.22	18.17	11.79

The above line chart and returns table compares the fund’s results to the Russell 3000 Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	565,426,328
Number of Portfolio Holdings	34
Net Investment Advisory Fees Paid ($)	4,311,283
Portfolio Turnover Rate (%)	16

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	8.5
HEICO Corp.	6.0
Visa, Inc.	5.7
Mastercard, Inc.	4.9
Aon plc	4.7
Liberty Broadband Corp.	4.5
CoStar Group, Inc.	4.2
Alphabet, Inc.	4.1
Meta Platforms, Inc.	4.1
CarMax, Inc.	3.6
	50.3

Capitalization (% of Common Stock)

Value	Value
>$50B	44.8
$25-$50B	23.7
$10-$25B	18.0
$2.5-$10B	9.2
	4.3

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Berkshire Hathaway, Inc. - Class B	26.6	7.0	1.84
HEICO Corp. - Class A	37.1	5.4	1.81
Liberty Broadband Corp.	48.7	3.6	1.51
ACI Worldwide, Inc.	64.7	2.9	1.43
Guidewire Software, Inc.	68.1	1.7	1.43

Sector Breakdown

	% of Net Assets
Financials	23.8
Communication Services	17.3
Industrials	12.8
Information Technology	12.2
Health Care	10.2
Materials	7.6
Consumer Discretionary	7.0
Real Estate	5.6
Cash Equivalents/Other	3.5
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Liberty Media Corp. - SiriusXM	(22.8)	1.1	(1.04)
CoStar Group, Inc.	(18.0)	4.1	(0.99)
Martin Marietta Materials, Inc.	(21.7)	3.0	(0.75)
LKQ Corp.	(18.2)	3.2	(0.74)
IDEX Corp.	(24.9)	2.7	(0.69)

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Multi Cap Equity Fund 

Institutional Class (WPVIX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P849-033125

Weitz Multi Cap Equity Fund 

Investor Class (WPVLX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Multi Cap Equity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Multi Cap Equity Fund - Investor	110	1.06

How did the Fund perform last year?

The Fund (Ticker: WPVLX) returned 6.86% for the year ended March 31, 2025.

Top contributors over the period included Berkshire Hathaway Inc., HEICO Corporation, Liberty Broadband Corp., ACI Worldwide Inc., and Guidewire Software Inc., reflecting robust operating momentum and company-specific strategies, particularly Berkshire Hathaway as it often benefits in volatile markets. Detractors included Liberty Media Corp-Liberty SiriusXM, CoStar Group Inc., Martin Marietta Materials Inc., LKQ Corporation, and IDEX Corp, impacted by sector-specific challenges.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Multi Cap Equity Fund - Investor	Russell 3000 Index
Mar 15	10,000	10,000
Mar 16	8,939	9,958
Mar 17	9,928	11,757
Mar 18	10,353	13,381
Mar 19	10,612	14,554
Mar 20	9,040	13,229
Mar 21	14,299	21,495
Mar 22	14,889	24,058
Mar 23	13,107	21,994
Mar 24	16,494	28,437
Mar 25	17,626	30,490

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Multi Cap Equity Fund - Investor - WPVLX	6.86	14.29	5.83
Russell 3000 Index	7.22	18.17	11.79

The above line chart and returns table compares the fund’s results to the Russell 3000 Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	565,426,328
Number of Portfolio Holdings	34
Net Investment Advisory Fees Paid ($)	4,311,283
Portfolio Turnover Rate (%)	16

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	8.5
HEICO Corp.	6.0
Visa, Inc.	5.7
Mastercard, Inc.	4.9
Aon plc	4.7
Liberty Broadband Corp.	4.5
CoStar Group, Inc.	4.2
Alphabet, Inc.	4.1
Meta Platforms, Inc.	4.1
CarMax, Inc.	3.6
	50.3

Capitalization (% of Common Stock)

Value	Value
>$50B	44.8
$25-$50B	23.7
$10-$25B	18.0
$2.5-$10B	9.2
	4.3

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Berkshire Hathaway, Inc. - Class B	26.6	7.0	1.84
HEICO Corp. - Class A	37.1	5.4	1.81
Liberty Broadband Corp.	48.7	3.6	1.51
ACI Worldwide, Inc.	64.7	2.9	1.43
Guidewire Software, Inc.	68.1	1.7	1.43

Sector Breakdown

	% of Net Assets
Financials	23.8
Communication Services	17.3
Industrials	12.8
Information Technology	12.2
Health Care	10.2
Materials	7.6
Consumer Discretionary	7.0
Real Estate	5.6
Cash Equivalents/Other	3.5
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Liberty Media Corp. - SiriusXM	(22.8)	1.1	(1.04)
CoStar Group, Inc.	(18.0)	4.1	(0.99)
Martin Marietta Materials, Inc.	(21.7)	3.0	(0.75)
LKQ Corp.	(18.2)	3.2	(0.74)
IDEX Corp.	(24.9)	2.7	(0.69)

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Multi Cap Equity Fund 

Investor Class (WPVLX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P609-033125

Weitz Nebraska Tax Free Income Fund 

(WNTFX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Nebraska Tax Free Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Nebraska Tax Free Income Fund	45	0.45

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Nebraska Tax Free Income Fund	Bloomberg Municipal Bond Index	Bloomberg 5-Year Municipal Bond Index
Mar 15	10,000	10,000	10,000
Mar 16	10,120	10,388	10,282
Mar 17	10,066	10,404	10,318
Mar 18	10,059	10,681	10,385
Mar 19	10,406	11,256	10,844
Mar 20	10,672	11,689	11,082
Mar 21	10,957	12,333	11,644
Mar 22	10,620	11,782	11,122
Mar 23	10,716	11,812	11,317
Mar 24	10,870	12,181	11,538
Mar 25	11,094	12,330	11,823

How did the Fund perform last year?

The Fund (Ticker: WNTFX) returned 2.07% for the year ended March 31, 2025.

Top contributing sectors included education revenue bonds, state and city-specific general obligations, and utility bonds. The Nursing Home segment detracted from performance.

Credit conditions across most municipal bond sectors remain supportive as the U.S. economy continues to grow, unemployment remains low, and tax receipts continue to be strong. Nebraska's fiscal, educational, employment, and economic stability further support state and local bond conditions.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Nebraska Tax Free Income Fund - WNTFX	2.07	0.78	1.04
Bloomberg Municipal Bond Index	1.22	1.07	2.12
Bloomberg 5-Year Municipal Bond Index	2.47	1.30	1.69

The above line chart and returns table compares the fund’s results to (i) the Bloomberg Municipal Bond Index, a broad measure of market performance and (ii) the Bloomberg 5-Year Municipal Bond Index, an additional index that the investment adviser believes more closely reflects the market segments in which the fund invests.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	18,693,916
Number of Portfolio Holdings	80
Net Investment Advisory Fees Paid ($)	90,924
Portfolio Turnover Rate (%)	2

30-Day SEC Yield (Subsidized) (%)	2.72
30-Day SEC Yield (Unsubsidized) (%)	1.75
Average Effective Maturity (yrs)	4.10
Average Effective Duration (yrs)	3.20

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	2.6
Less than 1 Year	12.7
1-3 Years	32.6
3-5 Years	14.3
5-7 Years	16.9
7-10 Years	12.7
10 Years or more	8.2
	100.0

Credit Quality (% of Portfolio)

Value	Value
AAA	5.9
AA	62.2
A	26.5
BBB	0.7
Non-Rated	2.1
Cash Equivalents	2.6

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	14.9
1-3 Years	43.0
3-5 Years	18.4
5-7 Years	18.0
7-10 Years	5.3
10 Years or more	0.4
	100.0

Sector Breakdown

	% of Net Assets
Revenue	63.6
General Obligation	29.2
Escrow/Pre-Refunded	3.6
Cash Equivalents/Other	3.6
	100.0

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

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Nebraska Tax Free Income Fund 

(WNTFX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P807-033125

Weitz Partners III Opportunity Fund 

Institutional Class (WPOPX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Partners III Opportunity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Partners III Opportunity Fund - Institutional	122	1.18

How did the Fund perform last year?

The Fund (Ticker: WPOPX) returned 6.95% for the year ended March 31, 2025.

Top contributors over this period included Berkshire Hathaway Inc., Liberty Broadband Corp., Perimeter Solutions SA, Aon plc, and Visa Inc., driven by strong operating momentum and effective company-specific execution. Primary detractors were Liberty Media Corp-Liberty SiriusXM, Danaher Corp., Thermo Fisher Scientific, Inc., and CoStar Group Inc.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Partners III Opportunity Fund - Institutional	Russell 3000 Index
Mar 15	10,000	10,000
Mar 16	9,080	9,958
Mar 17	9,944	11,757
Mar 18	10,143	13,381
Mar 19	11,285	14,554
Mar 20	10,627	13,229
Mar 21	14,889	21,495
Mar 22	14,810	24,058
Mar 23	12,469	21,994
Mar 24	15,361	28,437
Mar 25	16,428	30,490

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Partners III Opportunity Fund - Institutional - WPOPX	6.95	9.10	5.09
Russell 3000 Index	7.22	18.17	11.79

The above line chart and returns table compares the fund’s results to the Russell 3000 Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses and assumes all distributions are reinvested, however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	415,951,605
Number of Portfolio Holdings	29
Net Investment Advisory Fees Paid ($)	4,249,397
Portfolio Turnover Rate (%)	25

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	13.8
Liberty Broadband Corp.	7.5
Visa, Inc.	5.5
Mastercard, Inc.	5.3
Danaher Corp.	4.9
Thermo Fisher Scientific, Inc.	4.8
Global Payments, Inc.	4.2
Microsoft Corp.	4.1
IDEX Corp.	3.9
Aon plc	3.8
	57.8

Capitalization (% of Common Stock)

Value	Value
>$50B	63.0
$25-$50B	2.8
$10-$25B	22.7
$2.5-$10B	6.9
	4.6

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Berkshire Hathaway, Inc. - Class B	26.6	11.4	2.94
Liberty Broadband Corp. - Class A	48.6	5.9	2.67
Perimeter Solutions, Inc.	41.4	2.8	1.58
Aon plc - Class A	38.9	3.5	1.40
Visa, Inc. - Class A	26.5	5.1	1.14

Sector Breakdown

	% of Net Assets
Financials	32.6
Information Technology	18.5
Health Care	15.6
Communication Services	14.0
Consumer Discretionary	6.6
Industrials	3.9
Real Estate	2.7
Materials	2.1
Cash Equivalents/Other	4.0
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Liberty Media Corp. - SiriusXM	(22.8)	1.3	(1.15)
Global Payments, Inc.	(27.4)	4.1	(1.00)
Danaher Corp.	(17.6)	4.8	(0.84)
Thermo Fisher Scientific, Inc.	(14.0)	5.0	(0.72)
CoStar Group, Inc.	(18.0)	2.6	(0.63)

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Partners III Opportunity Fund 

Institutional Class (WPOPX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P708-033125

Weitz Partners III Opportunity Fund 

Investor Class (WPOIX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Partners III Opportunity Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Partners III Opportunity Fund - Investor	199	1.93

How did the Fund perform last year?

The Fund (Ticker: WPOIX) returned 6.27% for the year ended March 31, 2025.

Top contributors over this period included Berkshire Hathaway Inc., Liberty Broadband Corp., Perimeter Solutions SA, Aon plc, and Visa Inc., driven by strong operating momentum and effective company-specific execution. Primary detractors were Liberty Media Corp-Liberty SiriusXM, Danaher Corp., Thermo Fisher Scientific, Inc., and CoStar Group Inc.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Partners III Opportunity Fund - Investor	Russell 3000 Index
Mar 15	10,000	10,000
Mar 16	9,044	9,958
Mar 17	9,853	11,757
Mar 18	10,000	13,381
Mar 19	11,063	14,554
Mar 20	10,355	13,229
Mar 21	14,419	21,495
Mar 22	14,272	24,058
Mar 23	11,944	21,994
Mar 24	14,606	28,437
Mar 25	15,522	30,490

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Partners III Opportunity Fund - Investor - WPOIX	6.27	8.43	4.49
Russell 3000 Index	7.22	18.17	11.79

The above line chart and returns table compares the fund’s results to the Russell 3000 Index, a broad measure of market performance.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses and assumes all distributions are reinvested, however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	415,951,605
Number of Portfolio Holdings	29
Net Investment Advisory Fees Paid ($)	4,249,397
Portfolio Turnover Rate (%)	25

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	13.8
Liberty Broadband Corp.	7.5
Visa, Inc.	5.5
Mastercard, Inc.	5.3
Danaher Corp.	4.9
Thermo Fisher Scientific, Inc.	4.8
Global Payments, Inc.	4.2
Microsoft Corp.	4.1
IDEX Corp.	3.9
Aon plc	3.8
	57.8

Capitalization (% of Common Stock)

Value	Value
>$50B	63.0
$25-$50B	2.8
$10-$25B	22.7
$2.5-$10B	6.9
	4.6

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Berkshire Hathaway, Inc. - Class B	26.6	11.4	2.94
Liberty Broadband Corp. - Class A	48.6	5.9	2.67
Perimeter Solutions, Inc.	41.4	2.8	1.58
Aon plc - Class A	38.9	3.5	1.40
Visa, Inc. - Class A	26.5	5.1	1.14

Sector Breakdown

	% of Net Assets
Financials	32.6
Information Technology	18.5
Health Care	15.6
Communication Services	14.0
Consumer Discretionary	6.6
Industrials	3.9
Real Estate	2.7
Materials	2.1
Cash Equivalents/Other	4.0
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Liberty Media Corp. - SiriusXM	(22.8)	1.3	(1.15)
Global Payments, Inc.	(27.4)	4.1	(1.00)
Danaher Corp.	(17.6)	4.8	(0.84)
Thermo Fisher Scientific, Inc.	(14.0)	5.0	(0.72)
CoStar Group, Inc.	(18.0)	2.6	(0.63)

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Partners III Opportunity Fund 

Investor Class (WPOIX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P872-033125

Weitz Short Duration Income Fund 

Institutional Class (WEFIX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Short Duration Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Short Duration Income Fund - Institutional	46	0.45

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Short Duration Income Fund - Institutional	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year U.S. Aggregate Index
Mar 15	10,000	10,000	10,000
Mar 16	10,083	10,196	10,105
Mar 17	10,323	10,240	10,180
Mar 18	10,388	10,364	10,205
Mar 19	10,719	10,828	10,517
Mar 20	10,766	11,796	11,007
Mar 21	11,447	11,880	11,134
Mar 22	11,286	11,386	10,810
Mar 23	11,398	10,842	10,836
Mar 24	12,020	11,026	11,222
Mar 25	12,764	11,564	11,851

How did the Fund perform last year?

The Fund (Ticker: WEFIX) returned 6.19% for the year ended March 31, 2025.

Top contributors included asset-backed securities (ABS), U.S. Treasuries, non-Agency CMOs (Collateralized Mortgage Obligations), collateralized loan obligations (CLOs), and corporate bonds. ABS performed strongly due to stable prices and robust coupon income, especially in auto, equipment, fleet, and consumer loans. Non-Agency CMOs and U.S. Treasuries also added positive returns along with CLOs (both commercial real estate and middle-market. The CMBS segment detracted from performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Short Duration Income Fund - Institutional - WEFIX	6.19	3.46	2.47
Bloomberg U.S. Aggregate Bond Index	4.88	(0.40)	1.46
Bloomberg 1-3 Year U.S. Aggregate Index	5.61	1.49	1.71

The above line chart and returns table compares the fund’s results to (i) the Bloomberg U.S. Aggregate Bond Index, a broad measure of market performance and (ii) the Bloomberg 1-3 Year U.S. Aggregate Index, an additional index that the investment adviser believes more closely reflects the market segments in which the fund invests.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	1,151,278,170
Number of Portfolio Holdings	373
Net Investment Advisory Fees Paid ($)	3,862,762
Portfolio Turnover Rate (%)	39

30-Day SEC Yield (Subsidized) (%)	4.66
30-Day SEC Yield (Unsubsidized) (%)	4.59
Average Effective Maturity (yrs)	3.50
Average Effective Duration (yrs)	1.50

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	-0.5
Less than 1 Year	17.0
1-3 Years	49.4
3-5 Years	14.1
5-7 Years	5.9
7-10 Years	5.0
10 Years or more	9.1
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	21.5
U.S. Government Agency Mortgage Related Securities	18.6
AAA	40.3
AA	5.9
A	7.8
BBB	5.7
BB	0.4
Non-Rated	0.3
Cash Equivalents	-0.5

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	40.0
1-3 Years	47.6
3-5 Years	10.3
5-7 Years	2.1
	100.0

Sector Breakdown

	% of Net Assets
Asset-Backed Securities	33.7
Mortgage-Backed Securities	30.2
U.S. Treasuries	21.4
Commercial Mortgage-Backed Securities	7.9
Corporate Bonds	5.2
Corporate Convertible Bonds	0.3
Short-Term Securities Held as Collateral for Securities on Loan	0.0
Cash Equivalents/Other	1.3
	100.0

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

Materialfund changes:  There were no material fund changes during the reporting period. 

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Short Duration Income Fund 

Institutional Class (WEFIX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P302-033125

Weitz Short Duration Income Fund 

Investor Class (WSHNX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Short Duration Income Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. This report describes changes to the Fund that occurred during the reporting period.You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Short Duration Income Fund - Investor	64	0.62

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Short Duration Income Fund - Investor	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year U.S. Aggregate Index
Mar 15	10,000	10,000	10,000
Mar 16	10,058	10,196	10,105
Mar 17	10,274	10,240	10,180
Mar 18	10,319	10,364	10,205
Mar 19	10,624	10,828	10,517
Mar 20	10,652	11,796	11,007
Mar 21	11,322	11,880	11,134
Mar 22	11,157	11,386	10,810
Mar 23	11,251	10,842	10,836
Mar 24	11,854	11,026	11,222
Mar 25	12,568	11,564	11,851

How did the Fund perform last year?

The Fund (Ticker: WSHNX) returned 6.02% for the year ended March 31, 2025.

Top contributors included asset-backed securities (ABS), U.S. Treasuries, non-Agency CMOs (Collateralized Mortgage Obligations), collateralized loan obligations (CLOs), and corporate bonds. ABS performed strongly due to stable prices and robust coupon income, especially in auto, equipment, fleet, and consumer loans. Non-Agency CMOs and U.S. Treasuries also added positive returns along with CLOs (both commercial real estate and middle-market. The CMBS segment detracted from performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Short Duration Income Fund - Investor - WSHNX	6.02	3.36	2.31
Bloomberg U.S. Aggregate Bond Index	4.88	(0.40)	1.46
Bloomberg 1-3 Year U.S. Aggregate Index	5.61	1.49	1.71

The above line chart and returns table compares the fund’s results to (i) the Bloomberg U.S. Aggregate Bond Index, a broad measure of market performance and (ii) the Bloomberg 1-3 Year U.S. Aggregate Index, an additional index that the investment adviser believes more closely reflects the market segments in which the fund invests.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	1,151,278,170
Number of Portfolio Holdings	373
Net Investment Advisory Fees Paid ($)	3,862,762
Portfolio Turnover Rate (%)	39

30-Day SEC Yield (Subsidized) (%)	4.46
30-Day SEC Yield (Unsubsidized) (%)	4.15
Average Effective Maturity (yrs)	3.50
Average Effective Duration (yrs)	1.50

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	-0.5
Less than 1 Year	17.0
1-3 Years	49.4
3-5 Years	14.1
5-7 Years	5.9
7-10 Years	5.0
10 Years or more	9.1
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	21.5
U.S. Government Agency Mortgage Related Securities	18.6
AAA	40.3
AA	5.9
A	7.8
BBB	5.7
BB	0.4
Non-Rated	0.3
Cash Equivalents	-0.5

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	40.0
1-3 Years	47.6
3-5 Years	10.3
5-7 Years	2.1
	100.0

Sector Breakdown

	% of Net Assets
Asset-Backed Securities	33.7
Mortgage-Backed Securities	30.2
U.S. Treasuries	21.4
Commercial Mortgage-Backed Securities	7.9
Corporate Bonds	5.2
Corporate Convertible Bonds	0.3
Short-Term Securities Held as Collateral for Securities on Loan	0.0
Cash Equivalents/Other	1.3
	100.0

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

Materialfund changes:  Effective July 31, 2024, the annual operating expense ratio cap was updated to 0.65%. Prior to July 31, 2024, the annual operating expense ratio cap was 0.55%. 

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Short Duration Income Fund 

Investor Class (WSHNX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P864-033125

Weitz Ultra Short Government Fund 

(SAFEX)

Annual Shareholder Report — March 31, 2025

Fund overview

This annual shareholder report contains important information about the Weitz Ultra Short Government Fund (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Ultra Short Government Fund	33	0.32

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

	Weitz Ultra Short Government Fund	Bloomberg U.S. Aggregate Bond Index	ICE BofA U.S. 6-Month Treasury Bill Index
Mar 15	10,000	10,000	10,000
Mar 16	10,003	10,196	10,039
Mar 17	10,029	10,240	10,098
Mar 18	10,123	10,364	10,213
Mar 19	10,342	10,828	10,444
Mar 20	10,595	11,796	10,742
Mar 21	10,625	11,880	10,759
Mar 22	10,626	11,386	10,754
Mar 23	10,885	10,842	11,035
Mar 24	11,420	11,026	11,610
Mar 25	11,965	11,564	12,205

How did the Fund perform last year?

The Fund (Ticker: SAFEX) returned 4.78% for the year ended March 31, 2025.

As of March 31, the fund held 91.3% in U.S. Treasuries, 0.1% in investment-grade asset-backed securities, and 8.6% in a high-quality money market fund. The Fund maintained a low average effective duration to reduce rate sensitivity, focusing on short-term Treasuries that provided steady gains through favorable reinvestment rates. No segments detracted from performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Ultra Short Government Fund - Institutional - SAFEX	4.78	2.46	1.81
Bloomberg U.S. Aggregate Bond Index	4.88	(0.40)	1.46
ICE BofA U.S. 6-Month Treasury Bill Index	5.12	2.59	2.01

The above line chart and returns table compares the fund’s results to (i) the Bloomberg U.S. Aggregate Bond Index, a broad measure of market performance and (ii) the ICE BofA U.S. 6-Month Treasury Bill Index, an additional index that the investment adviser believes more closely reflects the market segments in which the fund invests.

The fund’s past performance is not a predictor of its future performance. Investment results reflect applicable fees and expenses, assumes all distributions are reinvested, and include fee waivers and/or expense reimbursements, without which results would have been lower; however, they do not reflect the deduction of taxes an investor would pay on distributions or share redemptions.

Fund Statistics

Net Assets ($)	141,744,909
Number of Portfolio Holdings	13
Net Investment Advisory Fees Paid ($)	470,024
Portfolio Turnover Rate (%)	3

30-Day SEC Yield (Subsidized) (%)	4.05
30-Day SEC Yield (Unsubsidized) (%)	3.82
Average Effective Maturity (yrs)	0.20
Average Effective Duration (yrs)	0.20

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	8.6
Less than 1 Year	91.4
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	91.4
Cash Equivalents	8.6

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	100.0
	100.0

Sector Breakdown

	% of Net Assets
Asset-Backed Securities	0.1
Cash Equivalents/Other	99.9
	100.0

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

Material fund changes:  There were no material fund changes during the reporting period.

Changes in or disagreements with accountants:  On September 27, 2024, The Fund replaced its existing independent registered public accounting firm, Ernst & Young LLP ("E&Y"), with Deloitte & Touche LLP. There were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Weitz Ultra Short Government Fund 

(SAFEX)

Annual Shareholder Report — March 31, 2025

Additional information about the Fund (e.g. Financial Statements, Prospectus and Statement of Additional Information) is available on the Fund's website at weitz.investments/reports or upon request, by calling 888-859-0698. Additional information about the Fund's Proxy Voting Record is available on the Fund's website at weitz.investments/proxy. 

94904P401-033125

Item 2. Code of Ethics.

(a)           The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  This code of ethics is included as an Exhibit.

(b)           During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

(a)(1)      The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2)      The audit committee financial expert is Alison Maloy, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)           Audit Fees            

i)        Deloitte & Touche LLP (2025)                                                                                 $208,000                              

ii)      Ernst & Young (2024)                                                                                                $269,500

(b)           Audit-Related Fees                                                                                                                                                             

                Related to the consent on Form N-1A regarding the change of auditors.

i)        Deloitte & Touche LLP (2025)                                                                                 $0

ii)      Ernst & Young (2024)                                                                                                $5,000

(c)           Tax Fees                                                                                                                                                                               

                Preparation of the funds’ federal and state income tax returns and excise returns.

i)        Deloitte & Touche LLP (2025)                                                                                 $44,800

ii)      Ernst & Young (2024)                                                                                                $44,730

(d)           All Other Fees                                                                                                                                                                     

i)        Deloitte & Touche LLP (2025)                                                                                 $0

ii)      Ernst & Young (2024)                                                                                                $0

4(e)(1)    The Audit Committee (“Committee”) of the Registrant is responsible for pre-approving all audit and non-audit services performed by the independent auditor in order to assure that the provision of such services does not impair the auditor’s independence. Before the Registrant engages the independent auditor to render a service, the engagement must be either specifically approved by the Committee or entered into pursuant to the pre-approval policy.  The Committee may delegate preapproval authority to one or more of its members.  The member or members to whom such authority is delegated shall report any pre-approval decisions to the Committee at its next scheduled meeting.  The Committee may not delegate to management the Committee’s responsibilities to pre-approve services performed by the independent auditor.  The Committee has delegated pre-approval authority to its Chairman for any services not exceeding $10,000.

4(e)(2)    During the previous two fiscal years, the Registrant did not receive any non-audit services pursuant to a waiver from the audit committee approval or pre-approval requirement under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 (f)           All of the work in connection with the audit of the Registrant during the years ended March 31, 2025 and 2024 was performed by full-time employees of the Registrant’s principal accountant.

 (g)          The aggregate non-audit fees billed for services rendered to the Funds, and rendered to the Funds’ investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Funds for each of the last two fiscal years of the registrant were as follows:

i)        Deloitte & Touche LLP (2025)                                                                                 $44,800

ii)      Ernst & Young (2024)                                                                                                $150,670

 (h)          The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-X is compatible with maintaining the principal auditor’s independence.

 (i)           Not applicable.

 (j)           Not applicable.

Item 5.    Audit Committee of Listed Registrants.

Not applicable.

Item 6.   Investments.

(a)                 The Schedule of Investments in securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b)                Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

March

31,

2025

Conservative

Allocation

Fund

Investor

Class

(WBALX)

Institutional

Class

(WBAIX)

Core

Plus

Income

Fund

Investor

Class

(WCPNX)

Institutional

Class

(WCPBX)

Large

Cap

Equity

Fund

Investor

Class

(WVALX)

Institutional

Class

(WVAIX)

Multi

Cap

Equity

Fund

Investor

Class

(WPVLX)

Institutional

Class

(WPVIX)

Nebraska

Tax

Free

Income

Fund

(WNTFX)

Partners

III

Opportunity

Fund

Investor

Class

(WPOIX)

Institutional

Class

(WPOPX)

Short

Duration

Income

Fund

Investor

Class

(WSHNX)

Institutional

Class

(WEFIX)

Ultra

Short

Government

Fund

(SAFEX)

TABLE

OF

CONTENTS

2

Schedule

of

Investments

3

Financial

Statements

30

Notes

to

Financial

Statements

38

Report

of

Independent

Registered

Public

Accounting

Firm

48

Other

Information

49

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

Conservative

Allocation

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

41.1%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

4.7

Visa,

Inc.

-

Class

A

17,000

5,957,820‌

Mastercard,

Inc.

-

Class

A

9,500

5,207,140‌

a

Insurance

Brokers

2.9

Aon

plc

-

Class

A

(a)

16,750

6,684,758‌

a

Multi-Sector

Holdings

2.8

Berkshire

Hathaway,

Inc.

-

Class

B

(b)

12,500

6,657,250‌

a

Financial

Exchanges

&

Data

1.3

S&P

Global,

Inc.

6,100

3,099,410‌

a

11.7

27,606,378‌

Information

Technology

Semiconductor

Materials

&

Equipment

2.5

Analog

Devices,

Inc.

20,000

4,033,400‌

Texas

Instruments,

Inc.

11,000

1,976,700‌

a

Systems

Software

2.4

Microsoft

Corp.

9,250

3,472,356‌

Oracle

Corp.

17,000

2,376,770‌

a

IT

Consulting

&

Other

Services

2.2

Accenture

plc

-

Class

A

(a)

16,500

5,148,660‌

a

Application

Software

1.4

Roper

Technologies,

Inc.

5,500

3,242,690‌

a

8.5

20,250,576‌

Health

Care

Life

Sciences

Tools

&

Services

5.1

Danaher

Corp.

25,000

5,125,000‌

Thermo

Fisher

Scientific,

Inc.

9,500

4,727,200‌

Bio-Techne

Corp.

40,000

2,345,200‌

a

Health

Care

Services

1.5

Labcorp

Holdings,

Inc.

15,000

3,491,100‌

a

6.6

15,688,500‌

Industrials

Industrial

Machinery

&

Supplies

&

Components

3.0

IDEX

Corp.

25,000

4,524,250‌

Fortive

Corp.

35,000

2,561,300‌

a

Environmental

&

Facilities

Services

1.4

Veralto

Corp.

32,500

3,167,125‌

a

Cargo

Ground

Transportation

1.1

Old

Dominion

Freight

Line,

Inc.

16,000

2,647,200‌

a

Human

Resource

&

Employment

Services

1.0

Equifax,

Inc.

10,000

2,435,600‌

a

6.5

15,335,475‌

a

Materials

%

of

Net

Assets

Shares

$

Value

Construction

Materials

3.3

Vulcan

Materials

Co.

17,500

4,082,750‌

Martin

Marietta

Materials,

Inc.

8,000

3,825,040‌

a

Industrial

Gases

1.2

Linde

plc

6,000

2,793,840‌

a

4.5

10,701,630‌

Communication

Services

Cable

&

Satellite

1.2

Comcast

Corp.

-

Class

A

80,000

2,952,000‌

a

Interactive

Media

&

Services

1.0

Alphabet,

Inc.

-

Class

C

15,000

2,343,450‌

a

2.2

5,295,450‌

Consumer

Staples

Distillers

&

Vintners

1.1

Diageo

plc

-

ADR

(a)

24,000

2,514,960‌

a

Total

Common

Stocks

(Cost

$50,730,935)

97,392,969‌

Corporate

Bonds

-

0.2%

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

AutoZone,

Inc.

3.63%

4/15/25

(Cost

$499,996)

500,000

499,738‌

Asset-Backed

Securities

-

5.5%

a

a

a

a

a

Automobile

ARI

Fleet

Lease

Trust

(ARIFL)

Series

2023-B

Class

A2

–6.05%

7/15/32

(c)

96,815

97,711‌

Series

2024-A

Class

A2

–5.3%

11/15/32

(c)

70,227

70,557‌

Series

2024-B

Class

A2

–5.54%

4/15/33

(c)

202,681

204,051‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(c)

48,803

49,019‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(c)

112,636

113,135‌

CarMax

Auto

Owner

Trust

(CARMX)

Series

2021-3

Class

C

–1.25%

5/17/27

380,000

373,040‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(c)

62,310

61,410‌

Chesapeake

Funding

II

LLC

(CFII)

Series

2023-1A

Class

A1

–5.65%

5/15/35

(c)

244,141

245,794‌

Series

2023-2A

Class

A1

–6.16%

10/15/35

(c)

89,533

90,822‌

Series

S2-1A

Class

A1

–5.52%

5/15/36

(c)

85,924

86,888‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-1

Class

A2

–5.51%

1/22/29

(c)

102,737

103,124‌

Series

2023-2

Class

A2

–5.56%

4/22/30

(c)

225,217

226,779‌

Series

2023-3

Class

A2

–6.4%

3/20/30

(c)

431,580

438,558‌

Series

2024-1

Class

A2

–5.23%

3/20/30

(c)

147,242

148,234‌

Series

2024-2

Class

A3

–5.61%

4/20/28

(c)

300,000

305,885‌

Series

2024-3

Class

A3

–4.98%

8/21/28

(c)

130,000

131,774‌

Series

2024-4

Class

A3

–4.56%

11/20/28

(c)

100,000

100,331‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2022-1A

Class

A

–5.21%

6/15/27

(c)

74,048

74,132‌

4

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Series

2023-2A

Class

A2

–5.93%

6/15/27

(c)

38,974

39,024‌

Series

2023-4A

Class

A3

–6.1%

12/15/27

(c)

204,970

206,063‌

Merchants

Fleet

Funding

LLC

(MFF)

Series

2023-1A

Class

A

–7.21%

5/20/36

(c)

274,513

277,048‌

OneMain

Direct

Auto

Receivables

Trust

(ODART)

Series

2021-1A

Class

A

–0.87%

7/14/28

(c)

100,197

99,049‌

Series

2022-1A

Class

C

–1.42%

7/14/28

(c)

447,000

435,938‌

SFS

Auto

Receivables

Securitization

Trust

(SFAST)

Series

2023-1A

Class

A2A

–5.89%

3/22/27

(c)

7,233

7,240‌

Wheels

Fleet

Lease

Funding

LLC

(WFLF)

Series

2023-2A

Class

A

–6.46%

8/18/38

(c)

503,159

510,428‌

Series

2024-2A

Class

A1

–4.87%

6/21/39

(c)

700,000

702,663‌

a

5,198,697‌

a

Collateralized

Loan

Obligations

Audax

Senior

Debt

CLO

6

LLC

(AUDAX)

Series

2021-6A

Class

A1

–6.05%

10/20/33

Floating

Rate

(TSFR3M

+

176)

(c)

(d)

500,000

500,348‌

BlackRock

Rainier

CLO

VI

Ltd.

(BLKMM)

Series

2021-6A

Class

A

–6.25%

4/20/33

Floating

Rate

(TSFR3M

+

196)

(a)

(c)

(d)

500,000

500,500‌

Churchill

Middle

Market

CLO

III

Ltd.

(CHMML)

Series

2021-1A

Class

A1

–6.06%

10/24/33

Floating

Rate

(TSFR3M

+

176)

(a)

(c)

(d)

250,000

250,175‌

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

A2

–6.11%

4/25/33

Floating

Rate

(TSFR3M

+

181)

(a)

(c)

(d)

500,000

500,367‌

Golub

Capital

Partners

CLO

54M

LP

(GOCAP)

Series

2021-54A

Class

A2

–6.09%

8/5/33

Floating

Rate

(TSFR3M

+

179)

(a)

(c)

(d)

500,000

500,393‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

A1

–6.05%

9/14/33

Floating

Rate

(TSFR3M

+

176)

(a)

(c)

(d)

500,000

500,401‌

a

2,752,184‌

a

Consumer

&

Specialty

Finance

Foundation

Finance

Trust

(FFIN)

Series

2021-2A

Class

A

–2.19%

1/15/42

(c)

80,392

75,332‌

Series

2023-2A

Class

A

–6.53%

6/15/49

(c)

139,839

145,920‌

Series

2024-1A

Class

A

–5.5%

12/15/49

(c)

117,159

119,500‌

Greensky

Home

Improvement

Issuer

Trust

(GSKY)

Series

2024-2

Class

A2

–5.25%

10/27/59

(c)

677,549

679,916‌

Series

2025-1A

Class

A4

–5.22%

3/25/60

(c)

170,000

170,595‌

Octane

Receivables

Trust

(OCTL)

Series

2021-2A

Class

A

–1.21%

9/20/28

(c)

4,753

4,740‌

Series

2022-1A

Class

A2

–4.18%

3/20/28

(c)

10,332

10,326‌

Series

2022-2A

Class

A

–5.11%

2/22/28

(c)

22,882

22,896‌

Series

2024-2A

Class

A2

–5.8%

7/20/32

(c)

280,117

283,326‌

a

1,512,551‌

a

Equipment

Amur

Equipment

Finance

Receivables

XI

LLC

(AXIS)

Series

2022-2A

Class

A2

–5.3%

6/21/28

(c)

45,701

45,814‌

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(c)

136,014

137,639‌

Amur

Equipment

Finance

Receivables

XIII

LLC

(AXIS)

Series

2024-1A

Class

A2

–5.38%

1/21/31

(c)

131,173

132,381‌

Amur

Equipment

Finance

Receivables

XIV

LLC

(AXIS)

Series

2024-2A

Class

A2

–5.19%

7/21/31

(c)

258,795

260,887‌

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Dell

Equipment

Finance

Trust

(DEFT)

Series

2023-3

Class

A2

–6.1%

4/23/29

(c)

21,698

21,727‌

Series

2024-1

Class

A3

–5.39%

3/22/30

(c)

170,000

171,961‌

Series

2024-2

Class

A3

–4.59%

8/22/30

(c)

100,000

100,359‌

Dext

ABS

LLC

(DEXT)

Series

2023-2

Class

A2

–6.56%

5/15/34

(c)

298,239

300,622‌

DLLMT

LLC

(DLLMT)

Series

2024-1A

Class

A3

–4.84%

8/21/28

(c)

230,000

231,595‌

DLLST

LLC

(DLLST)

Series

2024-1A

Class

A3

–5.05%

8/20/27

(c)

110,000

110,508‌

Granite

Park

Equipment

Leasing

LLC

(SCFGP)

Series

2023-1A

Class

A2

–6.51%

5/20/30

(c)

111,162

111,853‌

GreatAmerica

Leasing

Receivables

Funding

LLC

(GALC)

Series

2024-2

Class

A3

–5%

9/15/28

(c)

240,000

243,035‌

HPEFS

Equipment

Trust

(HPEFS)

Series

2024-2A

Class

A3

–5.36%

10/20/31

(c)

125,000

126,271‌

Kubota

Credit

Owner

Trust

(KCOT)

Series

2024-2A

Class

A3

–5.26%

11/15/28

(c)

190,000

193,310‌

M&T

Equipment

Notes

(MTLRF)

Series

2024-1

Class

A2

–4.99%

8/18/31

(c)

300,000

301,012‌

MMAF

Equipment

Finance

LLC

(MMAF)

Series

2022-B

Class

A3

–5.61%

7/10/28

(c)

83,611

83,797‌

Series

2023-A

Class

A2

–5.79%

11/13/26

(c)

69,521

69,703‌

NMEF

Funding

LLC

(NMEF)

Series

2025-A

Class

A2

–4.72%

7/15/32

(c)

200,000

200,008‌

SCF

Equipment

Trust

LLC

(SCFET)

Series

2023-1A

Class

A2

–6.56%

1/22/30

(c)

142,542

142,624‌

a

2,985,106‌

a

Other

Verizon

Master

Trust

(VZMT)

Series

2023-7

Class

A1A

–5.67%

11/20/29

465,000

474,880‌

a

Total

Asset-Backed

Securities

(Cost

$12,831,681)

12,923,418‌

Commercial

Mortgage-Backed

Securities

-

1.4%

a

a

a

a

a

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

AS

–7.19%

8/17/41

Floating

Rate

(TSFR1M

+

287)

(a)

(c)

500,000

498,994‌

AREIT

Trust

(AREIT)

Series

2021-CRE5

Class

A

–5.51%

11/17/38

Floating

Rate

(TSFR1M

+

119)

(a)

(c)

37,204

37,136‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

A

–5.93%

7/16/35

Floating

Rate

(TSFR1M

+

161)

(a)

(c)

179,738

179,756‌

HERA

Commercial

Mortgage

Ltd.

(HERA)

Series

2021-FL1

Class

A

–5.48%

2/18/38

Floating

Rate

(TSFR1M

+

116)

(a)

(c)

77,326

77,034‌

HGI

CRE

CLO

Ltd.

(HGI)

Series

2021-FL1

Class

A4

–5.48%

6/16/36

Floating

Rate

(TSFR1M

+

116)

(a)

(c)

35,287

35,049‌

Series

2021-FL1

Class

AS

–5.83%

6/16/36

Floating

Rate

(TSFR1M

+

151)

(a)

(c)

500,000

497,848‌

Series

2021-FL2

Class

A4

–5.43%

9/17/36

Floating

Rate

(TSFR1M

+

111)

(a)

(c)

98,675

98,354‌

HIG

RCP

Trust

(HIG)

Series

2023-FL1

Class

A

–6.59%

9/19/38

Floating

Rate

(TSFR1M

+

227)

(c)

28,713

28,814‌

5

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

KREF

Ltd.

(KREF)

Series

2021-FL2

Class

A4

–5.5%

2/15/39

Floating

Rate

(TSFR1M

+

118)

(a)

(c)

287,387

286,303‌

Series

2022-FL3

Class

A

–5.77%

2/17/39

Floating

Rate

(TSFR1M

+

145)

(a)

(c)

446,035

445,177‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

A

–5.73%

7/15/36

Floating

Rate

(TSFR1M

+

141)

(a)

(c)

302,401

302,111‌

PFP

Ltd.

(PFP)

Series

2022-9

Class

A

–6.59%

8/19/35

Floating

Rate

(TSFR1M

+

227)

(a)

(c)

178,928

179,375‌

Series

2024-11

Class

A

–6.15%

9/17/39

Floating

Rate

(TSFR1M

+

183)

(a)

(c)

195,124

195,590‌

STWD

Ltd.

(STWD)

Series

2022-FL3

Class

A

–5.7%

11/15/38

Floating

Rate

(SOFR30A

+

135)

(a)

(c)

420,325

419,622‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$3,259,940)

3,281,163‌

Mortgage-Backed

Securities

-

7.3%

a

a

a

a

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

5436

Class

AB

–5.5%

4/25/49

593,497

596,517‌

Series

5301

Class

ED

–5%

4/25/53

659,819

664,289‌

a

Pass-Through

Securities

Pool#

J14649

–

3.5%

4/1/26

2,588

2,567‌

Pool#

E02948

–

3.5%

7/1/26

8,049

7,985‌

Pool#

J16663

–

3.5%

9/1/26

6,178

6,124‌

Pool#

ZS8692

–

2.5%

4/1/33

94,568

90,081‌

Pool#

SB8257

–

5.5%

9/1/38

939,822

955,844‌

Pool#

SB8287

–

5%

3/1/39

718,945

723,370‌

Pool#

SB8293

–

5%

4/1/39

593,914

597,570‌

Series

5407

Class

DA

–5.5%

11/25/49

791,381

805,778‌

Series

5450

Class

KA

–4.5%

6/25/51

914,157

911,005‌

5,361,130‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2024-20

Class

HD

–5.5%

3/25/46

393,101

397,048‌

Series

2024-21

Class

DA

–5.5%

12/25/46

374,829

376,303‌

Series

2024-20

Class

CA

–5.5%

1/25/47

651,316

653,742‌

Series

2024-97

Class

BA

–5.5%

4/25/49

773,646

783,753‌

Series

2024-20

Class

EA

–5.5%

8/25/49

642,838

651,766‌

a

Pass-Through

Securities

Pool#

AB1769

–

3%

11/1/25

1,622

1,611‌

Pool#

AB3902

–

3%

11/1/26

9,382

9,265‌

Pool#

AK3264

–

3%

2/1/27

8,956

8,834‌

Pool#

AB6291

–

3%

9/1/27

61,788

60,827‌

Pool#

MA3189

–

2.5%

11/1/27

49,736

48,654‌

Pool#

MA3791

–

2.5%

9/1/29

150,894

146,051‌

Pool#

BM5708

–

3%

12/1/29

60,751

59,731‌

Pool#

AS7701

–

2.5%

8/1/31

447,555

428,523‌

Pool#

MA3540

–

3.5%

12/1/33

55,482

54,302‌

Pool#

MA5311

–

5%

3/1/39

556,659

560,086‌

4,240,496‌

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

a

Government

National

Mortgage

Association

Pass-Through

Securities

Pool#

5255

–

3%

12/20/26

9,208

9,106‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A4A

–6%

1/25/55

(c)

(d)

742,562

746,393‌

Series

2024-2

Class

A4A

–6%

2/25/55

(c)

(d)

487,468

490,539‌

Series

2024-9

Class

A6

–5.5%

9/25/55

(c)

(d)

226,416

225,860‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2021-7

Class

B

–2.5%

8/25/51

(c)

(d)

346,579

306,597‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2022-PJ1

Class

AB

–2.5%

5/28/52

(c)

(d)

383,530

339,116‌

Series

2024-PJ8

Class

A8

–5.5%

2/25/55

(c)

(d)

658,373

656,436‌

Series

2025-PJ3

Class

A8

–5.5%

7/25/55

(c)

(d)

800,000

798,574‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2014-5

Class

B

–2.68%

10/25/29

(c)

(d)

22,994

22,444‌

Series

2016-3

Class

A

–2.95%

10/25/46

(c)

(d)

89,794

84,086‌

Series

2017-3

Class

A

–2.5%

8/25/47

(c)

(d)

127,716

112,391‌

Series

2020-7

Class

A

–3%

1/25/51

(c)

(d)

6,515

6,471‌

Series

2020-8

Class

A

–3%

3/25/51

(c)

(d)

32,839

32,196‌

Series

2021-6

Class

B

–2.5%

10/25/51

(c)

(d)

449,936

402,442‌

Series

2021-8

Class

B

–2.5%

12/25/51

(c)

(d)

331,642

294,962‌

Series

2022-2

Class

A4A

–2.5%

8/25/52

(c)

(d)

263,444

232,359‌

Series

2023-6

Class

A4A

–5.5%

12/26/53

(c)

(d)

523,029

521,691‌

Series

2024-2

Class

A6A

–6%

8/25/54

(c)

(d)

246,632

246,907‌

Series

2024-10

Class

A6

–5.5%

3/25/55

(c)

(d)

511,632

510,493‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(c)

(d)

308,794

276,726‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2019-CH2

Class

A

–4.5%

8/25/49

(c)

(d)

5,597

5,565‌

Series

2020-3

Class

A

–3%

4/25/50

(c)

(d)

18,835

18,466‌

Series

2023-3

Class

A4

–6%

9/25/53

(c)

(d)

357,675

359,799‌

Series

2024-3

Class

A4

–6%

4/25/54

(c)

(d)

341,176

343,154‌

Series

2024-5

Class

A5

–6%

6/25/54

(c)

(d)

266,732

268,326‌

Series

2024-10

Class

A5

–5.5%

11/25/54

(c)

(d)

365,429

364,128‌

7,666,121‌

a

Total

Mortgage-Backed

Securities

(Cost

$17,445,859)

17,276,853‌

U.S.

Treasuries

-

35.0%

a

a

a

a

a

U.S.

Treasury

Notes

2.75%

5/15/25

3,000,000

2,994,584‌

0.25%

6/30/25

2,000,000

1,980,174‌

0.25%

7/31/25

2,000,000

1,973,350‌

3.13%

8/15/25

2,000,000

1,991,544‌

2.75%

8/31/25

2,000,000

1,988,015‌

3.5%

9/15/25

2,000,000

1,993,988‌

3%

10/31/25

2,000,000

1,986,425‌

2.25%

11/15/25

2,000,000

1,977,089‌

0.38%

11/30/25

2,000,000

1,950,830‌

0.38%

1/31/26

1,000,000

969,657‌

4%

2/15/26

2,000,000

1,997,873‌

2.38%

4/30/26

2,000,000

1,965,168‌

0.75%

5/31/26

2,000,000

1,926,172‌

1.5%

8/15/26

2,000,000

1,934,492‌

4.63%

9/15/26

2,000,000

2,019,023‌

6

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

1.63%

10/31/26

4,000,000

3,859,297‌

2%

11/15/26

3,000,000

2,909,473‌

1.88%

2/28/27

2,000,000

1,925,547‌

4.5%

4/15/27

2,000,000

2,023,281‌

2.38%

5/15/27

2,000,000

1,938,164‌

4.63%

6/15/27

2,000,000

2,031,016‌

0.5%

8/31/27

2,000,000

1,845,117‌

4.13%

9/30/27

2,000,000

2,011,875‌

4.13%

10/31/27

2,000,000

2,011,602‌

2.25%

11/15/27

2,000,000

1,918,867‌

3.5%

1/31/28

2,000,000

1,979,336‌

4%

2/29/28

3,000,000

3,009,141‌

3.5%

4/30/28

2,000,000

1,977,188‌

3.63%

5/31/28

2,000,000

1,983,945‌

4.13%

7/31/28

2,000,000

2,014,375‌

4.38%

8/31/28

2,000,000

2,029,648‌

4.63%

9/30/28

2,000,000

2,046,797‌

3.13%

11/15/28

2,000,000

1,947,422‌

4%

1/31/29

2,000,000

2,005,820‌

2.63%

2/15/29

4,000,000

3,816,094‌

2.88%

4/30/29

1,000,000

960,859‌

4%

7/31/29

2,000,000

2,005,586‌

4.13%

10/31/29

2,000,000

2,015,039‌

4%

10/31/29

1,000,000

1,002,344‌

4%

2/28/30

2,000,000

2,004,844‌

a

Total

U.S.

Treasuries

(Cost

$82,870,945)

82,921,061‌

Cash

Equivalents

-

9.3%

a

a

a

a

U.S.

Treasury

Bills,

3.82%

to

4.19%,

4/10/25

to

7/15/25

(e)

20,000,000

19,877,325‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(f)

2,206,729

2,206,729‌

a

Total

Cash

Equivalents

(Cost

$22,083,897)

22,084,054‌

Total

Investments

in

Securities

-

99.8%

(Cost

$189,723,253)

236,379,256‌

Other

Assets

Less

Other

Liabilities

-  0.2%

583,739‌

Net

Assets

-

100%

236,962,995‌

(a)

Foreign

domiciled

entity.

(b)

Non-income

producing.

(c)

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

institutional

buyers.

As

of

March

31,

2025,

the

total

value

of

such

securities

was

$23,022,782

or

9.72%

of

net

assets.

(d)

The

interest

rate

resets

periodically

based

on

the

weighted

average

coupons

of

the

underlying

mortgage-related

or

asset-backed

obligations.

(e)

Interest

rates

presented

represent

the

effective

yield

at

March

31,

2025.

(f)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

7

Core

Plus

Income

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Corporate

Bonds

-

11.1%

a

a

a

$

Principal

Amount

$

Value

a

Agree,

LP

5.63%

6/15/34

10,650,000

10,782,409‌

Aircastle,

Ltd.

5.25%

8/11/25

(a)

(b)

5,171,000

5,174,721‌

Allegion

U.S.

Holding

Co.,

Inc.

5.6%

5/29/34

3,000,000

3,037,825‌

Ally

Financial,

Inc.

8%

11/1/31

2,000,000

2,229,674‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.5%

4/20/26

(a)

(b)

1,375,000

1,372,278‌

5.75%

4/20/29

(a)

(b)

1,000,000

979,372‌

Americold

Realty

Operating

Partnership,

LP

5.41%

9/12/34

5,000,000

4,884,152‌

Antares

Holdings,

LP

7.95%

8/11/28

(b)

3,000,000

3,168,225‌

Apollo

Debt

Solutions

BDC

6.9%

4/13/29

500,000

518,976‌

Ares

Capital

Corp.

2.88%

6/15/28

1,000,000

931,044‌

Ares

Strategic

Income

Fund

6.35%

8/15/29

(b)

5,000,000

5,078,639‌

Ashtead

Capital,

Inc.

4.38%

8/15/27

(b)

1,000,000

990,178‌

4%

5/1/28

(b)

1,070,000

1,038,826‌

2.45%

8/12/31

(b)

500,000

425,184‌

5.55%

5/30/33

(b)

250,000

248,138‌

5.95%

10/15/33

(b)

1,000,000

1,015,000‌

AT&T,

Inc.

6.8%

5/15/36

713,000

775,936‌

Axalta

Coating

Systems

LLC

3.38%

2/15/29

(b)

624,000

571,171‌

Axon

Enterprise,

Inc.

6.13%

3/15/30

(b)

1,000,000

1,011,725‌

6.25%

3/15/33

(b)

2,000,000

2,025,574‌

Barings

BDC,

Inc.

7%

2/15/29

7,000,000

7,227,233‌

Bath

&

Body

Works,

Inc.

6.95%

3/1/33

3,675,000

3,757,184‌

6.88%

11/1/35

301,000

305,235‌

6.75%

7/1/36

2,756,000

2,750,470‌

Berkshire

Hathaway

Finance

Corp.

4.25%

1/15/49

500,000

423,819‌

Blue

Owl

Credit

Income

Corp.

7.75%

1/15/29

5,000,000

5,314,858‌

Boeing

Co.

(The)

6.26%

5/1/27

2,500,000

2,572,790‌

6.3%

5/1/29

3,000,000

3,147,360‌

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

7.14%

12/31/35

Floating

Rate

(TSFR3M

+

280)

(b)

6,900,000

6,997,083‌

Broadcom,

Inc.

3.42%

4/15/33

(b)

350,000

311,743‌

3.14%

11/15/35

(b)

1,014,000

840,828‌

Cantor

Fitzgerald

LP

4.5%

4/14/27

(b)

1,500,000

1,484,514‌

7.2%

12/12/28

(b)

1,000,000

1,055,510‌

CDW

LLC

/

CDW

Finance

Corp.

4.25%

4/1/28

4,000,000

3,926,378‌

3.28%

12/1/28

1,000,000

944,082‌

5.55%

8/22/34

5,000,000

4,947,848‌

Charles

Schwab

Corp.

(The)

1.95%

12/1/31

5,000,000

4,187,764‌

a

a

a

$

Principal

Amount

$

Value

a

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

4.2%

3/15/28

650,000

637,606‌

6.1%

6/1/29

5,000,000

5,164,549‌

Choice

Hotels

International,

Inc.

3.7%

1/15/31

250,000

229,108‌

5.85%

8/1/34

3,000,000

3,008,205‌

Cinemark

USA,

Inc.

5.25%

7/15/28

(b)

3,000,000

2,913,894‌

7%

8/1/32

(b)

3,000,000

3,031,215‌

CNX

Resources

Corp.

7.25%

3/1/32

(b)

3,000,000

3,053,145‌

Concentrix

Corp.

6.6%

8/2/28^

3,165,000

3,304,395‌

6.85%

8/2/33

4,812,000

4,975,677‌

CoStar

Group,

Inc.

2.8%

7/15/30

(b)

5,846,000

5,207,572‌

Cousins

Properties,

LP

5.88%

10/1/34

2,000,000

2,017,336‌

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.5%

10/20/25^

(a)

(b)

138,750

138,282‌

4.75%

10/20/28

(a)

(b)

1,100,000

1,095,770‌

Devon

Energy

Corp.

5.25%

10/15/27

325,000

325,933‌

4.5%

1/15/30

920,000

904,003‌

Diamondback

Energy,

Inc.

3.25%

12/1/26

75,000

73,559‌

3.5%

12/1/29

100,000

94,627‌

Dick's

Sporting

Goods,

Inc.

3.15%

1/15/32

1,700,000

1,504,820‌

Dow

Chemical

Co.

(The)

4.25%

10/1/34

1,052,000

960,079‌

Element

Fleet

Management

Corp.

3.85%

6/15/25

(a)

(b)

1,000,000

997,735‌

Energy

Transfer

LP

2.9%

5/15/25

500,000

498,849‌

6%

2/1/29

(b)

1,000,000

1,017,170‌

7.38%

2/1/31

(b)

900,000

945,248‌

Enterprise

Products

Operating

LLC

4.45%

2/15/43

990,000

857,505‌

EPR

Properties

4.75%

12/15/26

1,250,000

1,244,775‌

4.5%

6/1/27

3,330,000

3,286,578‌

4.95%

4/15/28

3,830,000

3,794,413‌

3.6%

11/15/31

350,000

312,554‌

Essential

Properties

LP

2.95%

7/15/31

12,121,000

10,518,441‌

Expedia

Group,

Inc.

3.8%

2/15/28

484,000

472,121‌

3.25%

2/15/30

90,000

83,930‌

Ferguson

Enterprises,

Inc.

5%

10/3/34

3,000,000

2,921,852‌

Forestar

Group,

Inc.

6.5%

3/15/33

(b)

6,000,000

5,879,743‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

7%

6/15/32

(b)

5,000,000

5,074,177‌

Gap,

Inc.

(The)

3.88%

10/1/31

(b)

106,000

91,563‌

Gartner,

Inc.

3.75%

10/1/30

(b)

5,000,000

4,616,082‌

8

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

Golub

Capital

Private

Credit

Fund

5.8%

9/12/29

(b)

5,000,000

4,944,238‌

Harbour

Energy

PLC

6.33%

4/1/35

(a)

(b)

3,000,000

2,989,055‌

HEICO

Corp.

5.25%

8/1/28

3,000,000

3,053,800‌

5.35%

8/1/33

1,000,000

1,010,476‌

Hercules

Capital,

Inc.

2.63%

9/16/26

1,000,000

962,247‌

Highwoods

Realty

LP

3.88%

3/1/27

750,000

735,761‌

3.05%

2/15/30

1,600,000

1,429,784‌

2.6%

2/1/31

500,000

424,417‌

Host

Hotels

&

Resorts

LP

Series

H

3.38%

12/15/29

612,000

569,001‌

5.5%

4/15/35

5,000,000

4,902,603‌

IDEX

Corp.

4.95%

9/1/29

2,000,000

2,004,622‌

Indiana

Bell

Telephone

Co.,

Inc.

7.3%

8/15/26

535,000

551,976‌

Ingersoll

Rand,

Inc.

5.4%

8/14/28

1,000,000

1,024,495‌

International

Flavors

&

Fragrances,

Inc.

4.45%

9/26/28

1,662,000

1,645,994‌

5%

9/26/48

1,500,000

1,282,866‌

Kilroy

Realty,

LP

2.65%

11/15/33

280,000

217,988‌

Kite

Realty

Group

Trust

4.75%

9/15/30

2,315,000

2,286,959‌

Lennar

Corp.

4.75%

5/30/25

622,000

621,893‌

LKQ

Corp.

6.25%

6/15/33

5,000,000

5,202,239‌

LPL

Holdings,

Inc.

6.75%

11/17/28

3,000,000

3,172,576‌

LXP

Industrial

Trust

6.75%

11/15/28

3,000,000

3,175,007‌

2.7%

9/15/30

500,000

440,527‌

Manitowoc

Co.,

Inc.

(The)

9.25%

10/1/31

(b)

1,000,000

1,029,190‌

Markel

Group,

Inc.

3.5%

11/1/27

550,000

536,778‌

Marriott

International,

Inc.

Series

HH

2.85%

4/15/31

500,000

444,839‌

MasTec,

Inc.

4.5%

8/15/28

(b)

3,881,000

3,791,724‌

Masterbrand,

Inc.

7%

7/15/32

(b)

6,000,000

5,995,806‌

Micron

Technology,

Inc.

4.19%

2/15/27

500,000

496,300‌

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.

6.5%

6/20/27

(b)

812,250

816,259‌

MPLX

LP

4.88%

6/1/25

190,000

189,993‌

4%

3/15/28

85,000

83,482‌

4.8%

2/15/29

250,000

250,504‌

5.5%

6/1/34

5,000,000

4,983,917‌

4.7%

4/15/48

551,000

451,249‌

NNN

REIT,

Inc.

5.5%

6/15/34

5,000,000

5,028,444‌

a

a

a

$

Principal

Amount

$

Value

a

OneMain

Finance

Corp.

3.88%

9/15/28

1,994,000

1,845,341‌

5.38%

11/15/29

3,303,000

3,144,951‌

Oracle

Corp.

4.13%

5/15/45

1,000,000

790,232‌

3.6%

4/1/50

470,000

326,784‌

Owens

Corning

3.5%

2/15/30

200,000

188,498‌

Penske

Truck

Leasing

Co.

Lp

/

PTL

Finance

Corp.

5.35%

1/12/27

(b)

250,000

252,647‌

6.05%

8/1/28

(b)

2,000,000

2,076,465‌

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

2.63%

11/15/31

4,100,000

3,525,686‌

5.75%

7/15/34

8,000,000

8,069,410‌

Physicians

Realty

LP

4.3%

3/15/27

1,271,000

1,264,538‌

2.63%

11/1/31

7,577,000

6,561,074‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3.55%

12/15/29

798,000

752,282‌

4.3%

1/31/43

75,000

60,508‌

Realty

Income

Corp.

4%

7/15/29

2,000,000

1,948,363‌

4.85%

3/15/30

1,000,000

1,003,840‌

RELX

Capital,

Inc.

4%

3/18/29

500,000

490,110‌

4.75%

5/20/32

250,000

246,870‌

Rithm

Capital

Corp.

8%

4/1/29

(b)

11,000,000

10,948,154‌

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.88%

3/1/31

(b)

200,000

179,393‌

4%

10/15/33

(b)

1,450,000

1,244,960‌

Sirius

XM

Radio,

LLC

4.13%

7/1/30

(b)

10,000,000

8,891,867‌

Store

Capital

LLC

4.5%

3/15/28

503,000

494,920‌

4.63%

3/15/29

14,538,000

14,219,141‌

5.4%

4/30/30

(b)

2,000,000

2,003,763‌

2.7%

12/1/31

1,250,000

1,059,653‌

Tapestry,

Inc.

5.1%

3/11/30

3,000,000

2,999,907‌

5.5%

3/11/35

1,000,000

988,803‌

Tempur

Sealy

International,

Inc.

4%

4/15/29

(b)

400,000

371,874‌

3.88%

10/15/31

(b)

1,500,000

1,318,688‌

T-Mobile

USA,

Inc.

2.63%

4/15/26

250,000

245,265‌

3.38%

4/15/29

4,000,000

3,803,245‌

Twilio,

Inc.

3.88%

3/15/31

300,000

270,582‌

United

Rentals

North

America,

Inc.

6.13%

3/15/34

(b)

2,800,000

2,805,251‌

United

Wholesale

Mortgage

LLC

5.75%

6/15/27

(b)

200,000

196,825‌

5.5%

4/15/29

(b)

700,000

675,474‌

UWM

Holdings

LLC

6.63%

2/1/30

(b)

3,000,000

2,978,361‌

VICI

Properties

LP

4.95%

2/15/30

500,000

496,142‌

5.75%

4/1/34

5,000,000

5,030,610‌

5.63%

4/1/35

2,000,000

1,990,205‌

9

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.13%

8/15/30

(b)

1,120,000

1,055,521‌

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

7.88%

5/1/27^

(a)

(b)

4,462,000

4,386,837‌

6.38%

2/1/30^

(a)

(b)

100,000

87,729‌

Vontier

Corp.

2.95%

4/1/31

100,000

86,884‌

Walker

&

Dunlop,

Inc.

6.63%

4/1/33

(b)

3,000,000

2,995,245‌

Wayfair

LLC

7.75%

9/15/30

(b)

7,000,000

6,775,611‌

a

Total

Corporate

Bonds

(Cost

$350,118,180)

355,601,775‌

Corporate

Convertible

Bonds

-

0.0%

a

Redwood

Trust,

Inc.

5.75%

10/1/25

(Cost

$500,000)

500,000

500,000‌

Asset-Backed

Securities

-

16.8%

a

Automobile

ACM

Auto

Trust

(ACMAT)

Series

2023-1A

Class

C

–8.59%

1/22/30

(b)

181,733

182,071‌

Series

2023-2A

Class

A

–7.97%

6/20/30

(b)

339,050

339,805‌

Series

2023-2A

Class

B

–9.85%

6/20/30

(b)

7,000,000

7,159,631‌

Series

2024-1A

Class

A

–7.71%

1/21/31

(b)

194,281

194,661‌

AmeriCredit

Automobile

Receivables

Trust

(AMCAR)

Series

2020-3

Class

D

–1.49%

9/18/26

1,250,000

1,248,043‌

Series

2022-1

Class

C

–2.98%

9/20/27

450,000

443,590‌

Arivo

Acceptance

Auto

Loan

Receivables

Trust

(ARIVO)

Series

2022-2A

Class

C

–9.84%

3/15/29

(b)

1,000,000

1,016,289‌

Avid

Automobile

Receivables

Trust

(AVID)

Series

2023-1

Class

B

–7.12%

3/15/27

(b)

646,555

647,541‌

Bayview

Opportunity

Master

Fund

VII

LLC

(BVCLN)

Series

2024-CAR1

Class

C

–5.84%

12/26/31

Floating

Rate

(SOFR30A

+

150)

(b)

(c)

1,141,962

1,145,730‌

Bayview

Opportunity

Master

Fund

VII

Trust

(BVABS)

Series

2024-CAR1F

Class

A

–6.97%

7/29/32

(b)

1,248,865

1,251,362‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(b)

244,016

245,098‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(b)

563,181

565,674‌

BOF

VII

AL

Funding

Trust

I

(BVABS)

Series

2023-CAR3

Class

A2

–6.29%

7/26/32

(b)

2,185,615

2,223,057‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(b)

145,389

143,290‌

Drive

Auto

Receivables

Trust

(DRIVE)

Series

2021-1

Class

D

–1.45%

1/16/29

248,775

247,834‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-2

Class

A2

–5.56%

4/22/30

(b)

1,126,085

1,133,894‌

First

Help

Financial

Trust

(FHF)

Series

2023-1A

Class

A2

–6.57%

6/15/28

(b)

1,349,342

1,363,910‌

Series

2023-2A

Class

A2

–6.79%

10/15/29

(b)

946,307

962,275‌

First

Investors

Auto

Owner

Trust

(FIAOT)

Series

2022-2A

Class

D

–8.71%

10/16/28

(b)

1,000,000

1,046,080‌

Flagship

Credit

Auto

Trust

(FCAT)

Series

2021-1

Class

E

–2.72%

4/17/28

(b)

1,500,000

1,447,854‌

Series

2021-2

Class

C

–1.27%

6/15/27

(b)

840,479

833,151‌

a

a

a

$

Principal

Amount

$

Value

a

Series

2021-3

Class

C

–1.46%

9/15/27

(b)

213,909

211,576‌

Series

2021-4

Class

D

–2.26%

12/15/27

(b)

350,000

333,024‌

GLS

Auto

Receivables

Issuer

Trust

(GCAR)

Series

2021-2A

Class

D

–1.42%

4/15/27

(b)

209,487

206,997‌

Series

2021-4A

Class

D

–2.48%

10/15/27

(b)

455,000

446,633‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2021-1A

Class

C

–2.35%

4/15/27

(b)

4,212,259

4,193,058‌

Series

2021-1A

Class

D

–3.99%

11/15/29

(b)

3,740,000

3,718,268‌

Series

2022-1A

Class

B

–5.87%

9/15/27

(b)

1,720,000

1,731,605‌

Series

2022-1A

Class

C

–6.85%

4/15/30

(b)

2,000,000

2,038,806‌

Series

2023-1A

Class

D

–7.3%

6/17/30

(b)

3,000,000

3,072,514‌

Series

2023-2A

Class

A2

–5.93%

6/15/27

(b)

389,740

390,241‌

Series

2023-4A

Class

C

–6.76%

3/15/29

(b)

1,510,000

1,557,382‌

Lendbuzz

Auto

Receivables

Trust

(LBZZ)

Series

2024-A

Class

A

–6%

5/15/31

(b)

(d)

13,334,761

13,394,768‌

Series

2025-A

Class

A

12/31/99

(b)

(d)

9,971,000

9,978,977‌

Lendbuzz

Securitization

Trust

(LBZZ)

Series

2023-1A

Class

A2

–6.92%

8/15/28

(b)

2,090,637

2,124,296‌

Series

2023-3A

Class

A2

–7.5%

12/15/28

(b)

4,693,018

4,813,063‌

Series

2024-1A

Class

A2

–6.19%

8/15/29

(b)

1,668,680

1,686,325‌

Series

2024-2A

Class

A2

–5.99%

5/15/29

(b)

4,720,519

4,766,903‌

Series

2024-2A

Class

C

–7.45%

5/15/31

(b)

1,500,000

1,579,786‌

Series

2024-3A

Class

A2

–4.97%

10/15/29

(b)

2,211,951

2,214,431‌

Lobel

Automobile

Receivables

Trust

(LOBEL)

Series

2023-2

Class

A

–7.59%

4/16/29

(b)

177,789

178,500‌

OneMain

Direct

Auto

Receivables

Trust

(ODART)

Series

2021-1A

Class

D

–1.62%

11/14/30

(b)

1,000,000

975,300‌

Series

2022-1A

Class

C

–1.42%

7/14/28

(b)

4,000,000

3,901,016‌

Prestige

Auto

Receivables

Trust

(PART)

Series

2022-1A

Class

C

–7.09%

8/15/28

(b)

1,000,000

1,005,322‌

Research-Driven

Pagaya

Motor

Asset

Trust

(RPM)

Series

2023-3A

Class

A

–7.13%

1/26/32

(b)

2,811,477

2,830,588‌

Series

25-1A

Class

B

–5.49%

6/27/33

(b)

2,525,000

2,529,406‌

SAFCO

Auto

Receivables

Trust

(SAFCO)

Series

2024-1A

Class

A

–6.51%

3/20/28

(b)

2,617,064

2,627,580‌

Tricolor

Auto

Securitization

Trust

(TAST)

Series

2024-2A

Class

A

–6.36%

12/15/27

(b)

1,555,155

1,565,062‌

United

Auto

Credit

Securitization

Trust

(UACST)

Series

2024-1

Class

B

–6.57%

6/10/27

(b)

2,000,000

2,009,913‌

Series

2024-1

Class

C

–7.06%

10/10/29

(b)

4,000,000

4,045,294‌

Series

2024-1

Class

D

–8.3%

11/12/29

(b)

8,660,000

8,885,501‌

Series

2025-1

Class

C

–5.15%

6/10/30

(b)

5,660,000

5,669,853‌

Series

2025-1

Class

D

–5.96%

7/10/30

(b)

12,000,000

11,969,042‌

A

130,491,870‌

a

Cell

Tower

VB-S1

Issuer

LLC

(VBTEL)

Series

2024-1A

Class

C2

–5.59%

5/15/54

(b)

7,500,000

7,556,472‌

a

Collateralized

Loan

Obligations

ABPCI

Direct

Lending

Fund

CLO

XII

Ltd.

(ABPCI)

Series

2023-12A

Class

B

–7.79%

4/29/35

Floating

Rate

(TSFR3M

+

350)

(a)

(b)

(c)

2,000,000

2,008,290‌

ABPCI

Direct

Lending

Fund

CLO

XVI,

LP

(ABPCI)

Series

2023-16A

Class

C

–8.54%

2/1/36

Floating

Rate

(TSFR3M

+

425)

(b)

(c)

2,000,000

2,035,106‌

Antares

CLO

Ltd.

(ANTR)

Series

2017-2A

Class

DR

–8.3%

10/20/33

Floating

Rate

(TSFR3M

+

401)

(a)

(b)

(c)

2,000,000

2,000,000‌

10

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

Audax

Senior

Debt

CLO

6

LLC

(AUDAX)

Series

2021-6A

Class

B

–6.5%

10/20/33

Floating

Rate

(TSFR3M

+

221)

(b)

(c)

3,000,000

3,008,556‌

Audax

Senior

Debt

CLO

9

LLC

(AUDAX)

Series

2024-9A

Class

A1

–6.39%

4/20/36

Floating

Rate

(TSFR3M

+

210)

(b)

(c)

4,000,000

4,028,750‌

AUF

Funding

LLC

(ANTF)

Series

2022-1A

Class

B1

–8.04%

1/20/31

Floating

Rate

(TSFR3M

+

375)

(b)

(c)

1,500,000

1,511,470‌

Barings

Middle

Market

CLO,

Ltd.

(BMM)

Series

2023-IIA

Class

A2

–7.49%

1/20/32

Floating

Rate

(TSFR3M

+

320)

(a)

(b)

(c)

3,000,000

3,009,143‌

Series

2023-IIA

Class

B

–8.44%

1/20/32

Floating

Rate

(TSFR3M

+

415)

(a)

(b)

(c)

3,000,000

3,018,123‌

Series

2023-IIA

Class

C

–10.54%

1/20/32

Floating

Rate

(TSFR3M

+

625)

(a)

(b)

(c)

2,500,000

2,518,175‌

BCC

Middle

Market

LLC

(BCMM)

Series

2023-1A

Class

B1

–8.09%

7/20/35

Floating

Rate

(TSFR3M

+

380)

(b)

(c)

3,750,000

3,787,536‌

BCRED

MML

CLO

LLC

(BXCMM)

Series

2022-1A

Class

A1

–5.94%

4/20/35

Floating

Rate

(TSFR3M

+

165)

(b)

(c)

1,000,000

1,002,923‌

BlackRock

Elbert

CLO

V

LLC

(ELB)

Series

5A

Class

AR

–6.15%

6/15/34

Floating

Rate

(TSFR3M

+

185)

(b)

(c)

1,039,740

1,040,756‌

BlackRock

Rainier

CLO

VI

Ltd.

(BLKMM)

Series

2021-6A

Class

B

–6.6%

4/20/33

Floating

Rate

(TSFR3M

+

231)

(a)

(b)

(c)

1,800,000

1,805,407‌

Brightwood

Capital

MM

CLO

Ltd.

(BWCAP)

Series

2020-1A

Class

A1R

–7.1%

1/15/31

Floating

Rate

(TSFR3M

+

280)

(a)

(b)

(c)

289,522

289,822‌

Cerberus

Loan

Funding

XLII

LLC

(CERB)

Series

2023-3A

Class

B

–7.66%

9/13/35

Floating

Rate

(TSFR3M

+

335)

(b)

(c)

1,750,000

1,769,474‌

Cerberus

Loan

Funding

XXVIII,

LP

(CERB)

Series

2020-1A

Class

C

–8.26%

10/15/31

Floating

Rate

(TSFR3M

+

396)

(a)

(b)

(c)

406,804

407,711‌

Cerberus

Loan

Funding

XXXII,

LP

(CERB)

Series

2021-2A

Class

B

–6.46%

4/22/33

Floating

Rate

(TSFR3M

+

216)

(a)

(b)

(c)

1,500,000

1,504,025‌

Cerberus

Loan

Funding

XXXVII,

LP

(CERB)

Series

2022-1A

Class

A2

–4.02%

4/15/34

(b)

1,750,000

1,716,836‌

Churchill

Middle

Market

CLO

III

Ltd.

(CHMML)

Series

2021-1A

Class

A1

–6.06%

10/24/33

Floating

Rate

(TSFR3M

+

176)

(a)

(b)

(c)

1,000,000

1,000,700‌

CIFC-LBC

Middle

Market

CLO

LLC

(CLBC)

Series

2023-1A

Class

B1

–7.84%

10/20/35

Floating

Rate

(TSFR3M

+

355)

(b)

(c)

4,500,000

4,553,623‌

Series

2023-1A

Class

C

–8.59%

10/20/35

Floating

Rate

(TSFR3M

+

430)

(b)

(c)

5,000,000

5,068,548‌

Deerpath

Capital

CLO

Ltd.

(DPATH)

Series

2021-2A

Class

A1

–6.16%

1/15/34

Floating

Rate

(TSFR3M

+

186)

(a)

(b)

(c)

1,000,000

1,001,907‌

Series

2021-2A

Class

C

–7.46%

1/15/34

Floating

Rate

(TSFR3M

+

316)

(a)

(b)

(c)

2,300,000

2,310,059‌

Series

2023-1A

Class

B1

–8.2%

4/15/35

Floating

Rate

(TSFR3M

+

390)

(a)

(b)

(c)

2,500,000

2,500,000‌

Series

2023-1A

Class

C

–9.55%

4/15/35

Floating

Rate

(TSFR3M

+

525)

(a)

(b)

(c)

1,500,000

1,500,000‌

Series

2024-1A

Class

A1

–6.35%

7/15/36

Floating

Rate

(TSFR3M

+

205)

(a)

(b)

(c)

5,000,000

5,038,124‌

Fortress

Credit

Opportunities

IX

CLO

Ltd.

(FCO)

Series

2017-9A

Class

A1TR

–6.11%

10/15/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

1,500,000

1,500,801‌

a

a

a

$

Principal

Amount

$

Value

a

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

B

–6.41%

4/25/33

Floating

Rate

(TSFR3M

+

211)

(a)

(b)

(c)

1,500,000

1,503,794‌

Golub

Capital

Partners

CLO

54M

LP

(GOCAP)

Series

2021-54A

Class

B

–6.41%

8/5/33

Floating

Rate

(TSFR3M

+

211)

(a)

(b)

(c)

500,000

501,409‌

Series

2021-54A

Class

C

–7.21%

8/5/33

Floating

Rate

(TSFR3M

+

291)

(a)

(b)

(c)

1,000,000

1,001,887‌

Guggenheim

MM

CLO

Ltd.

(GUGG)

Series

2021-4A

Class

B

–6.81%

1/15/34

Floating

Rate

(TSFR3M

+

251)

(a)

(b)

(c)

2,500,000

2,507,714‌

Ivy

Hill

Middle

Market

Credit

Fund

IX

Ltd.

(IVYH)

Series

9A

Class

A1TR

–5.91%

4/23/34

Floating

Rate

(TSFR3M

+

162)

(a)

(b)

(c)

1,500,000

1,502,213‌

KKR

Lending

Partners

III

CLO

LLC

(KKRLP)

Series

2021-1A

Class

B

–6.45%

10/20/30

Floating

Rate

(TSFR3M

+

216)

(b)

(c)

3,000,000

3,008,436‌

Maranon

Loan

Funding

Ltd.

(MRNON)

Series

2021-2RA

Class

BR

–6.61%

7/15/33

Floating

Rate

(TSFR3M

+

231)

(a)

(b)

(c)

2,500,000

2,507,285‌

Monroe

Capital

ABS

Funding

II

Ltd.

(MCAF)

Series

2023-1A

Class

A1R

–6.77%

7/22/34

(b)

5,250,000

5,247,715‌

Series

2023-1A

Class

B1R

–7.83%

7/22/34

(b)

2,500,000

2,536,970‌

Monroe

Capital

Funding

CLO

X

Ltd.

(MCFCL)

Series

2023-1A

Class

B

–7.8%

4/15/35

Floating

Rate

(TSFR3M

+

350)

(a)

(b)

(c)

1,500,000

1,507,914‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

C

–7.2%

9/14/33

Floating

Rate

(TSFR3M

+

291)

(a)

(b)

(c)

2,000,000

2,004,927‌

Monroe

Capital

MML

CLO

XV

LLC

(MCMML)

Series

2023-1A

Class

A1

–6.79%

9/23/35

Floating

Rate

(TSFR3M

+

250)

(b)

(c)

3,000,000

3,030,848‌

Series

2023-1A

Class

B

–7.74%

9/23/35

Floating

Rate

(TSFR3M

+

345)

(b)

(c)

3,000,000

3,036,068‌

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.

(NMRF)

Series

2024-1A

Class

B

–8.52%

4/5/37

Floating

Rate

(TSFR3M

+

400)

(a)

(b)

(c)

3,097,250

3,140,593‌

Series

2024-1A

Class

C

–10.52%

4/5/37

Floating

Rate

(TSFR3M

+

600)

(a)

(b)

(c)

2,486,250

2,526,595‌

Series

2024-1A

Class

D

–12.92%

4/5/37

Floating

Rate

(TSFR3M

+

840)

(a)

(b)

(c)

1,950,000

1,968,921‌

NXT

Capital

CLO

LLC

(NXTC)

Series

2024-1A

Class

D

–8.6%

1/15/37

Floating

Rate

(TSFR3M

+

425)

(b)

(c)

8,600,000

8,620,819‌

Owl

Rock

CLO

VIII

LLC

(OR)

Series

2022-8A

Class

AT

–6.82%

11/20/34

Floating

Rate

(TSFR3M

+

250)

(b)

(c)

1,000,000

1,000,000‌

Owl

Rock

CLO

XII

LLC

(OR)

Series

2023-12A

Class

B

–7.84%

7/20/34

Floating

Rate

(TSFR3M

+

355)

(b)

(c)

1,000,000

1,005,773‌

PennantPark

CLO

VI

LLC

(PNTPK)

Series

2023-6A

Class

B1

–8.04%

4/22/35

Floating

Rate

(TSFR3M

+

375)

(b)

(c)

2,000,000

2,011,989‌

Silver

Point

SCF

CLO

V,

Ltd.

(SPCSL)

Series

2025-1A

Class

A1

–5.73%

4/20/38

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

2,875,000

2,879,540‌

Starwood

Commercial

Mortgage

Trust

(STWD)

Series

2024-SIF4A

Class

D

–8.48%

10/17/36

Floating

Rate

(TSFR3M

+

400)

(b)

(c)

13,200,000

13,310,933‌

Starwood

Property

Mortgage

Trust

(STWD)

Series

2024-SIF3A

Class

B

–6.55%

4/17/36

Floating

Rate

(TSFR3M

+

225)

(b)

(c)

5,000,000

5,039,365‌

11

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

Series

2024-SIF3A

Class

C

–7.15%

4/17/36

Floating

Rate

(TSFR3M

+

285)

(b)

(c)

5,000,000

5,035,858‌

Series

2024-SIF3A

Class

D

–8.8%

4/17/36

Floating

Rate

(TSFR3M

+

450)

(b)

(c)

5,000,000

5,061,639‌

Windhill

CLO

1,

Ltd.

(WNDHL)

Series

2023-1A

Class

C

–8.79%

10/22/35

Floating

Rate

(TSFR3M

+

450)

(a)

(b)

(c)

9,200,000

9,374,772‌

Windhill

CLO

2,

Ltd.

(WNDHL)

Series

2024-1A

Class

A

–6.26%

10/20/36

Floating

Rate

(TSFR3M

+

170)

(a)

(b)

(c)

4,000,000

4,021,024‌

a

155,830,866‌

a

Consumer

&

Specialty

Finance

ACHV

ABS

Trust

(ACHV)

Series

2024-2PL

Class

C

–5.72%

10/27/31

(b)

5,960,477

5,976,926‌

Affirm

Asset

Securitization

Trust

(AFFRM)

Series

2022-Z1

Class

A

–4.55%

6/15/27

(b)

30,998

30,981‌

Bankers

Healthcare

Group

Securitization

Trust

(BHG)

Series

2021-A

Class

A

–1.42%

11/17/33

(b)

84,916

83,240‌

Series

2022-B

Class

B

–4.84%

6/18/35

(b)

615,760

614,915‌

Series

2023-A

Class

A

–5.55%

4/17/36

(b)

345,937

346,519‌

Series

2023-B

Class

A

–6.92%

12/17/36

(b)

882,149

918,653‌

Driven

Brands

Funding

LLC

(HONK)

Series

2019-2A

Class

A2

–3.98%

10/20/49

(b)

462,287

454,838‌

Foundation

Finance

Trust

(FFIN)

Series

2021-1A

Class

B

–1.87%

5/15/41

(b)

2,189,636

2,055,101‌

Hilton

Grand

Vacations

Trust

(HGVT)

Series

2020-AA

Class

B

–4.22%

2/25/39

(b)

103,259

102,100‌

LendingPoint

Asset

Securitization

Trust

(LDPT)

Series

2020-REV1

Class

C

–7.7%

10/15/28

(b)

3,797,968

3,751,543‌

LP

LMS

Asset

Securitization

Trust

(LPMS)

Series

2023-1A

Class

A

–8.18%

10/17/33

(b)

10,110

10,115‌

Octane

Receivables

Trust

(OCTL)

Series

2021-1A

Class

B

–1.53%

4/20/27

(b)

155,727

155,247‌

Series

2022-1A

Class

A2

–4.18%

3/20/28

(b)

24,109

24,095‌

Pagaya

AI

Debt

Selection

Trust

(PAID)

Series

2021

Class

B

–1.82%

1/16/29

(b)

95,755

93,650‌

Series

2023-7

Class

C

–8.8%

7/15/31

(b)

7,997,020

8,133,960‌

Series

2023-7

Class

D

–9%

7/15/31

(b)

4,998,138

5,112,556‌

Pagaya

AI

Debt

Trust

(PAID)

Series

2022-5

Class

A

–8.1%

6/17/30

(b)

180,505

181,659‌

Series

2023-3

Class

A

–7.6%

12/16/30

(b)

365,995

366,784‌

Series

2023-5

Class

B

–7.63%

4/15/31

(b)

534,296

535,064‌

Series

2023-5

Class

C

–9.1%

4/15/31

(b)

2,999,975

3,034,549‌

Series

2023-5

Class

D

–9%

4/15/31

(b)

3,499,970

3,554,427‌

Series

2024-1

Class

A

–6.66%

7/15/31

(b)

636,884

643,257‌

Series

2024-3

Class

B

–6.57%

10/15/31

(b)

6,836,461

6,903,824‌

Prosper

Marketplace

Issuance

Trust

(PMIT)

Series

2023-1A

Class

A

–7.06%

7/16/29

(b)

5,883

5,887‌

Reach

ABS

Trust

(REACH)

Series

2024-1A

Class

A

–6.3%

2/18/31

(b)

542,478

544,727‌

Theorem

Funding

Trust

(THRM)

Series

2022-2A

Class

B

–9.27%

12/15/28

(b)

1,000,000

1,026,229‌

Series

2022-3A

Class

A

–7.6%

4/15/29

(b)

90,722

91,193‌

Upstart

Securitization

Trust

(UPST)

Series

2021-1

Class

C

–4.06%

3/20/31

(b)

21,804

21,725‌

Series

2023-2

Class

A

–6.77%

6/20/33

(b)

748,082

749,678‌

A

45,523,442‌

a

a

a

$

Principal

Amount

$

Value

a

A

Data

Center

Compass

Datacenters

Issuer

II

LLC

(CMPDC)

Series

2024-1A

Class

A1

–5.25%

2/25/49

(b)

3,250,000

3,267,534‌

Series

2024-2A

Class

A1

–5.02%

8/25/49

(b)

7,750,000

7,711,575‌

Compass

Datacenters

Issuer

III

LLC

(CMDC)

Series

2025-1A

Class

A2

–5.66%

2/25/50

(b)

6,500,000

6,605,106‌

Cyrusone

Data

Centers

Issuer

I

LLC

(CYRUS)

Series

2025-1A

Class

A2

–5.91%

2/20/50

(b)

12,500,000

12,703,902‌

Databank

Issuer

LLC

(COLO)

Series

2024-1A

Class

A2

–5.3%

1/26/54

(b)

5,750,000

5,710,572‌

Retained

Vantage

Data

Centers

Issuer

LLC

(VDCR)

Series

2024-1A

Class

A2

–4.99%

9/15/49

(b)

3,500,000

3,443,785‌

Series

2024-1A

Class

B

–5.78%

9/15/49

(b)

2,000,000

1,970,719‌

Stack

Infrastructure

Issuer

LLC

(SIDC)

Series

2023-3A

Class

A2

–5.9%

10/25/48

(b)

4,250,000

4,304,315‌

Switch

ABS

Issuer,

LLC

(SWTCH)

Series

2024-1A

Class

A2

–6.28%

3/25/54

(b)

6,600,000

6,684,882‌

Series

2024-2A

Class

C

–10.03%

6/25/54

(b)

10,000,000

10,404,248‌

A

62,806,638‌

A

Equipment

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(b)

544,056

550,556‌

A

Fiber

ALLO

Issuer

LLC

(ALLO)

Series

2024-1A

Class

A2

–5.94%

7/20/54

(b)

3,000,000

3,033,459‌

Series

2024-1A

Class

B

–7.15%

7/20/54

(b)

2,500,000

2,563,675‌

Series

2024-1A

Class

C

–11.19%

7/20/54

(b)

7,500,000

8,152,811‌

Series

2025-1A

Class

B

–6.16%

4/20/55

(b)

1,500,000

1,499,984‌

Series

2025-1A

Class

C

–8.1%

4/20/55

(b)

4,000,000

3,943,809‌

Frontier

Issuer

LLC

(FYBR)

Series

2023-1

Class

A2

–6.6%

8/20/53

(b)

10,000,000

10,191,429‌

Series

2023-1

Class

B

–8.3%

8/20/53

(b)

2,650,000

2,740,380‌

Series

2023-1

Class

C

–11.5%

8/20/53

(b)

4,750,000

5,030,888‌

Hotwire

Funding

LLC

(HWIRE)

Series

2024-1A

Class

C

–9.19%

6/20/54

(b)

6,000,000

6,300,922‌

Zayo

Issuer

LLC

(ZAYO)

Series

2025-1A

Class

A2

–5.65%

3/20/55

(b)

8,250,000

8,304,439‌

A

51,761,796‌

A

Other

Adams

Outdoor

Advertising,

LP

(ADMSO)

Series

2023-1

Class

A2

–6.97%

7/15/53

(b)

6,000,000

6,179,003‌

Bojangles

Issuer

LLC

(BOJA)

Series

2024-1A

Class

A2

–6.58%

11/20/54

(b)

19,500,000

19,625,798‌

Cogent

Ipv4

LLC

(CGNT)

Series

2024-1A

Class

A2

–7.92%

5/25/54

(b)

2,250,000

2,349,828‌

ExteNet

Issuer

LLC

(EXTNT)

Series

2024-1A

Class

A2

–5.34%

7/25/54

(b)

2,000,000

2,012,516‌

Series

2024-1A

Class

C

–9.05%

7/25/54

(b)

5,000,000

5,237,073‌

Golub

Capital

Partners

ABS

Funding

(GCPAF)

Series

2023-1A

Class

A

–7.46%

7/25/33

(b)

5,000,000

5,116,520‌

Series

2024-1A

Class

A1

–7.2%

1/25/34

Floating

Rate

(TSFR3M

+

290)

(b)

(c)

5,000,000

5,002,892‌

Series

2024-1A

Class

A2

–6.89%

1/25/34

(b)

5,000,000

5,056,507‌

Jersey

Mike's

Funding

LLC

(JMIKE)

Series

2019-1A

Class

A2

–4.43%

2/15/50

(b)

2,643,300

2,616,231‌

12

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

Series

2024-1A

Class

A2

–5.64%

2/15/55

(b)

8,000,000

8,099,155‌

Oxford

Finance

Funding

Trust

(OXFIN)

Series

2023-1A

Class

A2

–6.72%

2/15/31

(b)

4,932,830

4,953,906‌

TSC

SPV

Funding

LLC

(TROP)

Series

2024-1A

Class

A2

–6.29%

8/20/54

(b)

16,957,500

16,956,727‌

Zaxby's

Funding

LLC

(ZAXBY)

Series

2021-1A

Class

A2

–3.24%

7/30/51

(b)

1,206,250

1,104,707‌

84,310,863‌

A

Total

Asset-Backed

Securities

(Cost

$531,054,734)

538,832,503‌

Commercial

Mortgage-Backed

Securities

-

8.4%

a

Acrec

LLC

(ACREC)

Series

2025-FL3

Class

C

–6.6%

8/18/42

Floating

Rate

(TSFR1M

+

229)

(b)

2,400,000

2,396,945‌

ACREC,

Ltd.

(ACREC)

Series

2021-FL1

Class

E

–7.43%

10/16/36

Floating

Rate

(TSFR1M

+

311)

(a)

(b)

16,482,000

16,578,734‌

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

B

–7.64%

8/17/41

Floating

Rate

(TSFR1M

+

332)

(a)

(b)

5,000,000

5,029,288‌

Series

2023-CRE8

Class

C

–8.34%

8/17/41

Floating

Rate

(TSFR1M

+

402)

(a)

(b)

5,000,000

5,038,447‌

Series

2023-CRE8

Class

D

–9.69%

8/17/41

Floating

Rate

(TSFR1M

+

537)

(a)

(b)

3,000,000

3,024,966‌

AREIT

Trust

(AREIT)

Series

2021-CRE5

Class

A

–5.51%

11/17/38

Floating

Rate

(TSFR1M

+

119)

(a)

(b)

74,408

74,271‌

Series

2021-CRE5

Class

B

–6.25%

11/17/38

Floating

Rate

(TSFR1M

+

193)

(a)

(b)

5,561,000

5,553,759‌

AREIT,

Ltd.

(AREIT)

Series

2024-CRE9

Class

AS

–6.56%

5/17/41

Floating

Rate

(TSFR1M

+

224)

(a)

(b)

5,000,000

4,998,319‌

Series

2024-CRE9

Class

B

–6.86%

5/17/41

Floating

Rate

(TSFR1M

+

254)

(a)

(b)

3,000,000

2,996,917‌

Series

2025-CRE10

Class

A

–5.71%

12/17/29

Floating

Rate

(TSFR1M

+

139)

(b)

5,000,000

4,981,458‌

BDS

LLC

(BDS)

Series

2024-FL13

Class

A

–5.89%

9/19/39

Floating

Rate

(TSFR1M

+

158)

(b)

5,000,000

4,998,897‌

BDS

Ltd.

(BDS)

Series

2021-FL10

Class

C

–6.73%

12/16/36

Floating

Rate

(TSFR1M

+

241)

(a)

(b)

1,250,000

1,253,991‌

BPR

Trust

(BPR)

Series

2021-TY

Class

B

–5.58%

9/15/38

Floating

Rate

(TSFR1M

+

126)

(b)

3,250,000

3,227,829‌

Brightspire

Capital,

Inc.

(BRSP)

Series

2021-FL1

Class

D

–7.13%

8/19/38

Floating

Rate

(TSFR1M

+

281)

(a)

(b)

1,000,000

996,221‌

BRSP

Ltd.

(BRSP)

Series

2021-FL1

Class

B

–6.33%

8/19/38

Floating

Rate

(TSFR1M

+

201)

(a)

(b)

1,100,000

1,095,923‌

Series

2021-FL1

Class

C

–6.58%

8/19/38

Floating

Rate

(TSFR1M

+

226)

(a)

(b)

5,050,000

5,052,714‌

Series

2021-FL1

Class

E

–7.88%

8/19/38

Floating

Rate

(TSFR1M

+

356)

(a)

(b)

4,000,000

3,972,451‌

Series

2024-FL2

Class

A

–6.26%

8/19/37

Floating

Rate

(TSFR1M

+

195)

(a)

(b)

5,000,000

4,977,033‌

Series

2024-FL2

Class

D

–9.16%

8/19/37

Floating

Rate

(TSFR1M

+

484)

(a)

(b)

10,000,000

10,102,711‌

a

a

a

$

Principal

Amount

$

Value

a

BSPRT

Issuer

LLC

(BSPRT)

Series

2024-FL11

Class

A

–5.96%

7/15/39

Floating

Rate

(TSFR1M

+

164)

(b)

10,000,000

9,994,760‌

FS

Rialto

Issuer

LLC

(FSRIA)

Series

2021-FL2

Class

D

–7.23%

5/16/38

Floating

Rate

(TSFR1M

+

291)

(b)

2,080,000

2,064,635‌

Series

2021-FL2

Class

E

–7.88%

5/16/38

Floating

Rate

(TSFR1M

+

356)

(b)

1,000,000

922,983‌

Series

2021-FL3

Class

E

–7.28%

11/16/36

Floating

Rate

(TSFR1M

+

296)

(a)

(b)

2,800,000

2,772,000‌

Government

National

Mortgage

Association

(GNR)

Series

2018-52

Class

AE

–2.75%

5/16/51

75,704

70,329‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

A

–5.93%

7/16/35

Floating

Rate

(TSFR1M

+

161)

(a)

(b)

718,952

719,024‌

Series

2021-FL4

Class

C

–6.78%

12/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

13,000,000

12,486,353‌

HERA

Commercial

Mortgage

Ltd.

(HERA)

Series

2021-FL1

Class

C

–6.38%

2/18/38

Floating

Rate

(TSFR1M

+

206)

(a)

(b)

650,000

645,002‌

HGI

CRE

CLO

Ltd.

(HGI)

Series

2021-FL1

Class

A4

–5.48%

6/16/36

Floating

Rate

(TSFR1M

+

116)

(a)

(b)

129,324

128,454‌

Series

2021-FL1

Class

AS

–5.83%

6/16/36

Floating

Rate

(TSFR1M

+

151)

(a)

(b)

2,000,000

1,991,391‌

Series

2021-FL1

Class

B

–6.03%

6/16/36

Floating

Rate

(TSFR1M

+

171)

(a)

(b)

5,100,000

5,119,602‌

Series

2021-FL1

Class

C

–6.13%

6/16/36

Floating

Rate

(TSFR1M

+

181)

(a)

(b)

450,000

450,484‌

Series

2021-FL1

Class

E

–7.38%

6/16/36

Floating

Rate

(TSFR1M

+

306)

(a)

(b)

750,000

719,803‌

Series

2021-FL2

Class

D

–6.58%

9/17/36

Floating

Rate

(TSFR1M

+

226)

(a)

(b)

2,800,000

2,807,413‌

HIG

RCP

LLC

(HIG)

Series

2023-FL1

Class

C

–8.88%

9/19/38

Floating

Rate

(TSFR1M

+

456)

(b)

5,000,000

5,077,058‌

Series

2023-FL1

Class

D

–10.18%

9/19/38

Floating

Rate

(TSFR1M

+

586)

(b)

5,000,000

5,110,868‌

HIG

RCP

Trust

(HIG)

Series

2023-FL1

Class

B

–7.93%

9/19/38

Floating

Rate

(TSFR1M

+

361)

(b)

3,000,000

3,039,807‌

Hilton

USA

Trust

(HILT)

Series

2016-SFP

Class

E

–5.52%

11/5/35

(b)

(f)

840,000

35,284‌

ILPT

Commercial

Mortgage

Trust

(ILPT)

Series

2022-LPF2

Class

B

–7.06%

10/15/39

Floating

Rate

(TSFR1M

+

274)

(b)

3,000,000

2,987,952‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

B

–6.43%

7/15/36

Floating

Rate

(TSFR1M

+

211)

(a)

(b)

1,407,000

1,408,952‌

Series

2021-CRE5

Class

E

–8.18%

7/15/36

Floating

Rate

(TSFR1M

+

386)

(a)

(b)

8,500,000

8,544,534‌

Series

2021-CRE6

Class

AS

–6.08%

11/15/38

Floating

Rate

(TSFR1M

+

176)

(a)

(b)

5,500,000

5,479,895‌

Series

2021-CRE6

Class

E

–7.88%

11/15/38

Floating

Rate

(TSFR1M

+

356)

(a)

(b)

3,000,000

3,019,250‌

Series

2022-CRE7

Class

E

–8.1%

1/17/37

Floating

Rate

(SOFR30A

+

375)

(a)

(b)

2,250,000

2,218,786‌

Series

2025-CRE8

Class

A

–5.7%

8/17/42

Floating

Rate

(TSFR1M

+

139)

(b)

2,500,000

2,495,031‌

PFP

Ltd.

(PFP)

Series

2022-9

Class

A

–6.59%

8/19/35

Floating

Rate

(TSFR1M

+

227)

(a)

(b)

536,783

538,125‌

Series

2024-11

Class

C

–7.31%

9/17/39

Floating

Rate

(TSFR1M

+

299)

(a)

(b)

3,902,498

3,918,161‌

13

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

Series

2024-11

Class

D

–8.41%

9/17/39

Floating

Rate

(TSFR1M

+

409)

(a)

(b)

5,000,000

5,019,783‌

SKY

Trust

(SKY)

Series

2025-LINE

Class

A

–6.91%

4/15/30

Floating

Rate

(TSFR1M

+

259)

(b)

22,000,000

22,001,945‌

Series

2025-LINE

Class

C

–8.76%

4/15/30

Floating

Rate

(TSFR1M

+

444)

(b)

7,500,000

7,512,156‌

STWD

Ltd.

(STWD)

Series

2021-FL2

Class

C

–6.53%

4/18/38

Floating

Rate

(TSFR1M

+

221)

(a)

(b)

2,109,000

2,096,573‌

Series

2022-FL3

Class

B

–6.3%

11/15/38

Floating

Rate

(SOFR30A

+

195)

(a)

(b)

3,525,000

3,455,218‌

Series

2022-FL3

Class

E

–7.6%

11/15/38

Floating

Rate

(SOFR30A

+

325)

(a)

(b)

2,320,000

2,195,964‌

SWCH

Commercial

Mortgage

Trust

(SWCH)

Series

2025-DATA

Class

A

–5.76%

3/15/42

Floating

Rate

(TSFR1M

+

144)

(b)

7,500,000

7,429,038‌

Series

2025-DATA

Class

B

–6.16%

3/15/42

Floating

Rate

(TSFR1M

+

184)

(b)

15,000,000

14,866,531‌

TPG

Real

Estate

Finance

(TRTX)

Series

2022-FL5

Class

AS

–6.47%

2/15/39

Floating

Rate

(TSFR1M

+

215)

(a)

(b)

6,485,000

6,493,313‌

TRTX

Issuer,

Ltd.

(TRTX)

Series

2021-FL4

Class

C

–6.83%

3/15/38

Floating

Rate

(TSFR1M

+

251)

(a)

(b)

23,750,000

23,636,894‌

Series

2022-FL5

Class

C

–7.07%

2/15/39

Floating

Rate

(TSFR1M

+

275)

(a)

(b)

5,000,000

4,956,795‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$270,707,883)

270,781,020‌

Mortgage-Backed

Securities

-

33.9%

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

5026

Class

DH

–1.75%

9/25/43

357,433

326,615‌

Series

4949

Class

BC

–2.25%

3/25/49

188,858

169,171‌

a

Pass-Through

Securities

Pool#

C91945

–

3%

8/1/37

195,086

182,217‌

Pool#

RA7183

–

4%

4/1/52

11,027,618

10,298,741‌

Pool#

SD8245

–

4.5%

9/1/52

18,343,178

17,583,649‌

Pool#

SD8257

–

4.5%

10/1/52

49,933,885

47,868,063‌

Pool#

SD8258

–

Series

8258

5%

10/1/52

8,267,999

8,132,559‌

Pool#

SD8266

–

4.5%

11/1/52

10,389,469

9,960,025‌

Pool#

SD8267

–

Series

8267

5%

11/1/52

3,375,531

3,319,367‌

Pool#

SD4712

–

4.5%

12/1/52

25,734,884

24,640,549‌

Pool#

SD8290

–

6%

1/1/53

3,691,579

3,751,731‌

Pool#

SD2473

–

5%

2/1/53

12,655,178

12,439,472‌

Pool#

MA5496

–

4.5%

3/1/53

19,457,707

18,633,332‌

Pool#

SD8323

–

Series

8323

5%

5/1/53

6,208,653

6,100,481‌

Pool#

SD8324

–

Series

8324

5.5%

5/1/53

7,665,168

7,669,965‌

Pool#

SD8329

–

5%

6/1/53

13,320,512

13,088,427‌

Pool#

SD3386

–

5.5%

7/1/53

4,610,535

4,607,485‌

Pool#

SD8341

–

Series

8341

5%

7/1/53

4,473,042

4,391,120‌

Pool#

SD8342

–

Series

8342

5.5%

7/1/53

12,179,589

12,194,171‌

Pool#

SD8350

–

6%

8/1/53

7,350,603

7,472,831‌

Pool#

SD5089

–

4.5%

8/1/53

39,127,348

37,491,676‌

Pool#

SD3857

–

6%

9/1/53

7,737,999

7,881,304‌

Pool#

SD8362

–

5.5%

9/1/53

17,643,986

17,645,942‌

Pool#

SD8366

–

5%

10/1/53

23,928,020

23,503,710‌

Pool#

SD6291

–

4.5%

10/1/53

7,778,401

7,448,009‌

a

a

a

$

Principal

Amount

$

Value

a

Pool#

SD8374

–

6.5%

11/1/53

3,627,534

3,744,718‌

Pool#

SD8372

–

5.5%

11/1/53

4,464,702

4,465,197‌

Pool#

SD8371

–

5%

11/1/53

12,073,811

11,863,444‌

Pool#

SD8383

–

5.5%

12/1/53

20,778,164

20,772,442‌

Pool#

SD8395

–

5.5%

1/1/54

23,219,063

23,209,680‌

Pool#

SD8400

–

5%

2/1/54

18,869,042

18,540,590‌

Pool#

SD8408

–

5.5%

3/1/54

23,089,566

23,074,271‌

Pool#

SD8417

–

4.5%

3/1/54

13,996,858

13,396,366‌

Pool#

SD8421

–

6%

4/1/54

4,226,856

4,295,545‌

Pool#

SD8420

–

5.5%

4/1/54

10,761,631

10,754,503‌

Pool#

SD8419

–

5%

4/1/54

21,501,126

21,121,861‌

Pool#

SD8430

–

5%

5/1/54

5,648,887

5,548,808‌

Pool#

SD8438

–

5.5%

6/1/54

17,343,689

17,332,202‌

Pool#

SD8447

–

6%

7/1/54

4,482,913

4,555,763‌

Pool#

MA5585

–

5.5%

9/1/54

7,513,359

7,508,383‌

Pool#

SD8461

–

5%

9/1/54

7,784,569

7,643,640‌

Pool#

SD6319

–

5%

11/1/54

71,059,776

69,688,161‌

Pool#

SD8306

–

5.5%

12/1/54

33,060,802

33,033,741‌

Pool#

SD8493

–

5%

12/1/54

20,611,254

20,213,410‌

627,563,337‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2013-130

Class

CA

–2.5%

6/25/43

79,565

75,411‌

Series

2013-130

Class

CD

–3%

6/25/43

144,664

139,244‌

a

Pass-Through

Securities

POOL

SD8494

–

5.5%

1/1/55

7,851,865

7,845,438‌

Pool#

932836

–

3%

12/1/25

1,522

1,511‌

Pool#

468516

–

5.17%

6/1/28

189,816

190,754‌

Pool#

MA3443

–

4%

8/1/48

84,231

79,381‌

Pool#

FM5733

–

2%

1/1/51

1,072,242

867,276‌

Pool#

MA4733

–

4.5%

9/1/52

6,113,910

5,860,754‌

Pool#

MA4785

–

Series

4785

5%

10/1/52

11,087,394

10,902,910‌

Pool#

MA4806

–

Series

4806

5%

11/1/52

3,341,019

3,291,630‌

Pool#

MA4840

–

4.5%

12/1/52

11,942,271

11,448,665‌

Pool#

MA4941

–

5.5%

3/1/53

6,542,737

6,548,515‌

Pool#

MA5009

–

5%

5/1/53

27,461,974

26,983,505‌

Pool#

MA5040

–

6%

6/1/53

1,553,558

1,581,937‌

Pool#

MA5039

–

5.5%

6/1/53

6,816,369

6,820,634‌

Pool#

MA5038

–

Series

5038

5%

6/1/53

3,062,065

3,008,715‌

Pool#

FS6837

–

5.5%

7/1/53

19,044,390

19,042,058‌

Pool#

MA5071

–

5%

7/1/53

21,204,144

20,834,704‌

Pool#

MA5167

–

6.5%

10/1/53

2,184,263

2,254,823‌

Pool#

MA5166

–

6%

10/1/53

5,676,339

5,777,125‌

Pool#

MA5164

–

5%

10/1/53

9,426,051

9,261,817‌

Pool#

MA5192

–

6.5%

11/1/53

4,796,573

4,952,931‌

Pool#

MA5191

–

6%

11/1/53

4,115,125

4,181,998‌

Pool#

MA5216

–

6%

12/1/53

8,042,553

8,184,322‌

Pool#

MA5215

–

5.5%

12/1/53

20,538,120

20,524,531‌

Pool#

MA5271

–

5.5%

2/1/54

15,819,141

15,808,662‌

Pool#

CB7972

–

5%

2/1/54

9,413,420

9,246,290‌

Pool#

MA5296

–

5.5%

3/1/54

34,829,546

34,806,475‌

Pool#

MA5294

–

5%

3/1/54

9,450,381

9,285,146‌

Pool#

MA5331

–

5.5%

4/1/54

13,636,321

13,627,288‌

Pool#

MA5326

–

4.5%

4/1/54

6,201,178

5,935,139‌

Pool#

DB1847

–

5.5%

5/1/54

4,845,978

4,847,259‌

Pool#

MA5387

–

5%

6/1/54

29,635,262

29,105,639‌

Pool#

MA5420

–

5.5%

7/1/54

9,274,629

9,268,486‌

Pool#

MA5419

–

5%

7/1/54

12,630,993

12,403,304‌

14

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

Pool#

MA5443

–

5%

8/1/54

7,761,075

7,621,173‌

Pool#

MA5470

–

5.5%

9/1/54

15,253,868

15,243,766‌

Pool#

MA5468

–

4.5%

9/1/54

17,396,050

16,647,011‌

Pool#

MA5496

–

5%

10/1/54

15,586,838

15,285,977‌

Pool#

MA5470

–

5%

1/1/55

7,887,461

7,740,383‌

387,532,587‌

a

Government

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2021-29

Class

CY

–3%

9/20/50

998,902

796,823‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A3

–6%

1/25/55

(b)

(c)

5,648,449

5,685,779‌

Series

2024-2

Class

A3

–6%

2/25/55

(b)

(c)

7,391,261

7,440,110‌

Series

2024-5

Class

A2

–6%

4/25/55

(b)

(c)

7,274,835

7,322,914‌

Series

2024-8

Class

A3

–5.5%

8/25/55

(b)

(c)

3,461,319

3,425,478‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2017-1

Class

2A2

–3%

3/25/47

(b)

(c)

29,112

27,077‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2023-PJ3

Class

A3

–5%

10/27/53

(b)

(c)

4,244,381

4,134,642‌

Series

2024-PJ5

Class

A3

–6%

9/25/54

(b)

(c)

5,767,438

5,805,555‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2016-3

Class

A

–2.95%

10/25/46

(b)

(c)

35,918

33,635‌

Series

2017-3

Class

A

–2.5%

8/25/47

(b)

(c)

44,701

39,337‌

Series

2018-6

Class

2A2

–3%

12/25/48

(b)

(c)

11,624

11,065‌

Series

2023-3

Class

A3A

–5%

10/25/53

(b)

(c)

4,014,521

3,910,725‌

Series

2023-4

Class

1A2

–6%

11/25/53

(b)

(c)

2,257,157

2,272,075‌

Series

2023-9

Class

A2

–6%

4/25/54

(b)

(c)

2,606,387

2,623,613‌

Series

2023-10

Class

A2

–6%

5/25/54

(b)

(c)

1,727,734

1,739,152‌

Series

2024-2

Class

A3

–6%

8/25/54

(b)

(c)

2,389,223

2,405,013‌

Series

2024-4

Class

A3

–6%

10/25/54

(b)

(c)

3,758,978

3,783,821‌

Series

2024-6

Class

A3

–6%

12/25/54

(b)

(c)

4,588,186

4,609,333‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(MSRM)

Series

2023-1

Class

A1

–4%

2/25/53

(b)

(c)

5,190,581

4,765,317‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(b)

(c)

1,235,175

1,106,903‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2019-CH2

Class

A

–4.5%

8/25/49

(b)

(c)

2,399

2,386‌

Series

2023-3

Class

A1

–6%

9/25/53

(b)

(c)

3,932,561

3,958,551‌

Series

2024-1

Class

A1

–5.99%

1/25/54

(b)

(c)

10,445,056

10,514,087‌

a

Pass-Through

Securities

Greenpoint

Mortgage

Pass-Through

Certificates

(GMSI)

Series

2003-1

Class

A1

–7.39%

10/25/33

(c)

26,520

25,547‌

75,642,115‌

a

Total

Mortgage-Backed

Securities

(Cost

$1,086,547,936)

1,091,534,862‌

Municipal

Bonds

-

0.0%

a

Detroit,

MI

City

School

District

General

Obligation

Q-SBLF,

6.65%

5/1/29

(Cost

$535,025)

460,000

491,798‌

Term

Loan

-

0.2%

a

a

a

$

Principal

Amount

$

Value

a

Industrials

TransDigm,

Inc.

6.82%

2/28/31

(Cost

$7,527,986)

7,500,000

7,467,188‌

U.S.

Treasuries

-

27.5%

a

U.S.

Treasury

Bonds

3.5%

2/15/39

2,100,000

1,915,758‌

4.5%

8/15/39

10,000,000

10,103,906‌

4.38%

11/15/39

5,000,000

4,976,758‌

4.63%

2/15/40

20,000,000

20,433,594‌

1.88%

2/15/41

11,500,000

8,072,910‌

4.38%

5/15/41

5,000,000

4,931,250‌

1.75%

8/15/41

4,000,000

2,712,500‌

2%

11/15/41

7,500,000

5,271,387‌

2.38%

2/15/42

28,000,000

20,791,641‌

3.25%

5/15/42

15,000,000

12,680,566‌

4%

11/15/42

90,000,000

83,988,281‌

3.88%

2/15/43

10,000,000

9,156,055‌

3.13%

2/15/43

25,000,000

20,527,832‌

3.88%

5/15/43

49,000,000

44,742,168‌

2.88%

5/15/43

2,000,000

1,575,820‌

4.38%

8/15/43

75,500,000

73,600,703‌

3.63%

8/15/43

17,000,000

14,949,375‌

4.75%

11/15/43

25,000,000

25,547,852‌

3.75%

11/15/43

6,000,000

5,358,750‌

4.5%

2/15/44

82,500,000

81,539,649‌

3.63%

2/15/44

15,500,000

13,567,344‌

4.63%

5/15/44

35,000,000

35,123,731‌

3.38%

5/15/44

15,500,000

13,043,613‌

4.13%

8/15/44

55,000,000

51,545,312‌

3.13%

8/15/44

27,500,000

22,189,062‌

4.63%

11/15/44

40,000,000

40,062,500‌

3%

11/15/44

24,000,000

18,916,875‌

2.5%

2/15/45

21,000,000

15,146,660‌

3%

5/15/45

23,000,000

18,047,363‌

3%

11/15/45

9,500,000

7,418,535‌

2.5%

5/15/46

8,400,000

5,955,141‌

2.25%

8/15/46

2,500,000

1,682,129‌

3%

2/15/47

1,000,000

770,547‌

4.13%

8/15/53

13,000,000

11,983,105‌

U.S.

Treasury

Notes

2.25%

2/15/27

3,500,000

3,395,479‌

2.25%

8/15/27

3,000,000

2,889,668‌

1.13%

2/29/28

6,500,000

6,011,738‌

1.25%

9/30/28

7,000,000

6,396,660‌

2.38%

10/15/28

13,000,000

14,050,031‌

1.5%

11/30/28

3,000,000

2,755,430‌

1.88%

2/28/29

3,500,000

3,243,105‌

4%

10/31/29

10,000,000

10,023,438‌

1.75%

11/15/29

3,000,000

2,728,359‌

1.5%

2/15/30

5,250,000

4,684,189‌

4%

2/28/30

20,000,000

20,048,438‌

0.88%

11/15/30

8,000,000

6,752,969‌

1.13%

2/15/31

4,500,000

3,831,240‌

1.38%

11/15/31

5,500,000

4,645,781‌

1.88%

2/15/32

1,000,000

868,516‌

4.13%

11/15/32

42,000,000

42,070,547‌

4.5%

11/15/33

10,000,000

10,241,211‌

15

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

4.25%

11/15/34

21,000,000

21,065,625‌

4.25%

5/15/39

10,000,000

9,855,078‌

a

Total

U.S.

Treasuries

(Cost

$916,384,128)

883,886,174‌

Cash

Equivalents

-

2.9%

a

Shares

$

Value

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(Cost

$92,690,146)

(e)

92,690,146

92,690,146‌

Short-Term

Securities

Held

as

Collateral

for

Securities

on

Loan

-

0.1%

a

a

Goldman

Sachs

Financial

Square

Government

Fund

Institutional

Class

–4.26%

(e)

2,532,769

2,532,769‌

Citibank

N.A.

DDCA

4.33%

281,419

281,419‌

a

Total

Short-Term

Securities

Held

as

Collateral

for

Securities

on

Loan

(Cost

$2,814,188)

2,814,188‌

Total

Investments

in

Securities

100.9%

(Cost

$3,258,880,206)

3,244,599,654‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.9%)

(29,130,809‌)

Net

Assets

-

100%

3,215,468,845‌

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2025.

The

total

value

of

securities

on

loan

as

of

March

31,

2025

was

$2,752,916.

(a)

Foreign

domiciled

entity.

(b)

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

institutional

buyers.

As

of

March

31,

2025,

the

total

value

of

such

securities

was

$1,019,881,537

or

31.72%

of

net

assets.

(c)

The

interest

rate

resets

periodically

based

on

the

weighted

average

coupons

of

the

underlying

mortgage-related

or

asset-backed

obligations.

(d)

This

security

is

classified

as

Level

3

security

within

the

fair

value

hierarchy.

Level

3

security

values

are

determined

using

significant

unobservable

inputs.

As

of

March

31,

2025,

the

total

value

of

such

securities

was

$23,373,745

or

0.73%

of

net

assets.

(e)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

(f)

Defaulted

bond.

16

Large

Cap

Equity

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

98.5%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

15.4

Visa,

Inc.

-

Class

A

145,000

50,816,699‌

Mastercard,

Inc.

-

Class

A

77,000

42,205,240‌

Global

Payments,

Inc.

400,000

39,168,000‌

a

Multi-Sector

Holdings

4.5

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

72,500

38,612,050‌

a

Insurance

Brokers

4.0

Aon

plc

-

Class

A

(b)

85,000

33,922,650‌

a

23.9

204,724,639‌

Information

Technology

Application

Software

8.7

Adobe,

Inc.

(a)

72,500

27,805,925‌

Constellation

Software,

Inc.

Canada

(b)

7,500

23,751,972‌

Salesforce,

Inc.

87,500

23,481,500‌

a

IT

Consulting

&

Other

Services

6.2

Gartner,

Inc.

(a)

63,500

26,653,490‌

Accenture

plc

-

Class

A

(b)

85,000

26,523,400‌

a

Systems

Software

5.9

Microsoft

Corp.

78,500

29,468,115‌

Oracle

Corp.

150,000

20,971,500‌

a

Semiconductor

Materials

&

Equipment

2.8

Analog

Devices,

Inc.

117,500

23,696,225‌

a

23.6

202,352,127‌

Health

Care

Life

Sciences

Tools

&

Services

12.9

Danaher

Corp.

270,000

55,350,000‌

Thermo

Fisher

Scientific,

Inc.

75,000

37,320,000‌

Bio-Techne

Corp.

300,000

17,589,000‌

a

Health

Care

Equipment

2.2

IDEXX

Laboratories,

Inc.

(a)

45,000

18,897,750‌

a

15.1

129,156,750‌

Communication

Services

Interactive

Media

&

Services

7.2

Meta

Platforms,

Inc.

-

Class

A

60,000

34,581,600‌

Alphabet,

Inc.

-

Class

C

175,000

27,340,250‌

a

Cable

&

Satellite

3.9

Charter

Communications,

Inc.

-

Class

A

(a)

90,000

33,167,700‌

a

11.1

95,089,550‌

Industrials

Industrial

Machinery

&

Supplies

&

Components

4.2

IDEX

Corp.

200,000

36,194,000‌

a

Human

Resource

&

Employment

Services

4.1

Equifax,

Inc.

142,500

34,707,300‌

a

Industrials  

%

of

Net

Assets

Shares

$

Value

a

Cargo

Ground

Transportation

2.4

Old

Dominion

Freight

Line,

Inc.

123,600

20,449,620‌

a

10.7

91,350,920‌

Consumer

Discretionary

Broadline

Retail

3.4

Amazon.com,

Inc.

(a)

152,500

29,014,650‌

a

Automotive

Retail

3.2

CarMax,

Inc.

(a)

360,000

28,051,200‌

a

6.6

57,065,850‌

Real

Estate

Real

Estate

Services

4.2

CoStar

Group,

Inc.

(a)

460,000

36,445,800‌

Materials

Construction

Materials

3.3

Vulcan

Materials

Co.

120,000

27,996,000‌

a

Total

Common

Stocks

(Cost

$503,419,474)

844,181,636‌

Cash

Equivalents

-

1.6%

a

a

a

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(Cost

$13,583,743)

(c)

13,583,743

13,583,743‌

a

Total

Investments

in

Securities

-

100.1%

(Cost

$517,003,217)

857,765,379‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(797,879‌)

Net

Assets

-

100%

856,967,500‌

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

17

Multi

Cap

Equity

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

96.5%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

10.6

Visa,

Inc.

-

Class

A

92,500

32,417,550‌

Mastercard,

Inc.

-

Class

A

50,000

27,406,000‌

a

Multi-Sector

Holdings

8.5

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

90,000

47,932,200‌

a

Insurance

Brokers

4.7

Aon

plc

-

Class

A

(b)

67,500

26,938,575‌

a

23.8

134,694,325‌

Communication

Services

Cable

&

Satellite

8.4

Liberty

Broadband

Corp.

(a)

Class

C

200,000

17,010,000‌

Class

A

100,000

8,500,000‌

Comcast

Corp.

-

Class

A

350,000

12,915,000‌

Charter

Communications,

Inc.

-

Class

A

(a)

25,000

9,213,250‌

a

Interactive

Media

&

Services

8.2

Alphabet,

Inc.

-

Class

C

150,000

23,434,500‌

Meta

Platforms,

Inc.

-

Class

A

40,000

23,054,400‌

a

Integrated

Telecommunication

Services

0.7

LICT

Corp.

(a)

299

3,901,950‌

a

17.3

98,029,100‌

Industrials

Aerospace

&

Defense

6.0

HEICO

Corp.

-

Class

A

160,000

33,755,200‌

a

Industrial

Machinery

&

Supplies

&

Components

2.5

IDEX

Corp.

80,000

14,477,600‌

a

Human

Resource

&

Employment

Services

2.4

Equifax,

Inc.

55,000

13,395,800‌

a

Cargo

Ground

Transportation

1.9

Old

Dominion

Freight

Line,

Inc.

65,000

10,754,250‌

a

12.8

72,382,850‌

Information

Technology

Application

Software

3.4

ACI

Worldwide,

Inc.

(a)

350,000

19,148,500‌

a

Communications

Equipment

3.2

Sirius

XM

Holdings,

Inc.

800,000

18,036,000‌

a

IT

Consulting

&

Other

Services

2.9

Gartner,

Inc.

(a)

24,000

10,073,760‌

Accenture

plc

-

Class

A

(b)

20,000

6,240,800‌

a

Semiconductor

Materials

&

Equipment

2.7

Texas

Instruments,

Inc.

85,000

15,274,500‌

a

12.2

68,773,560‌

a

Health

Care

%

of

Net

Assets

Shares

$

Value

Life

Sciences

Tools

&

Services

5.7

Danaher

Corp.

95,000

19,475,000‌

Bio-Techne

Corp.

220,000

12,898,600‌

a

Health

Care

Services

3.4

Labcorp

Holdings,

Inc.

82,000

19,084,680‌

a

Health

Care

Equipment

1.1

IDEXX

Laboratories,

Inc.

(a)

15,000

6,299,250‌

a

10.2

57,757,530‌

Materials

Construction

Materials

5.5

Vulcan

Materials

Co.

70,000

16,331,000‌

Martin

Marietta

Materials,

Inc.

31,200

14,917,656‌

a

Specialty

Chemicals

2.1

Perimeter

Solutions,

Inc.

(a)

1,161,334

11,694,633‌

a

7.6

42,943,289‌

Consumer

Discretionary

Automotive

Retail

3.6

CarMax,

Inc.

(a)

260,000

20,259,200‌

a

Distributors

3.4

LKQ

Corp.

450,000

19,143,000‌

a

7.0

39,402,200‌

Real

Estate

Real

Estate

Services

5.6

CoStar

Group,

Inc.

(a)

300,000

23,769,000‌

Altus

Group,

Ltd.

Canada

(b)

225,000

8,044,370‌

a

5.6

31,813,370‌

a

Total

Common

Stocks

(Cost

$254,806,878)

545,796,224‌

Cash

Equivalents

-

3.6%

a

a

$

Principal

Amount

$

Value

a

a

a

a

U.S.

Treasury

Bills,

4.15%

to

4.19%,

7/15/25

to

8/28/25

(c)

17,000,000

16,768,924‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(d)

3,488,649

3,488,649‌

a

Total

Cash

Equivalents

(Cost

$20,256,730)

20,257,573‌

Total

Investments

in

Securities

-

100.1%

(Cost

$275,063,608)

566,053,797‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(627,469‌)

Net

Assets

-

100%

565,426,328‌

18

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Multi

Cap

Equity

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Interest

rates

presented

represent

the

effective

yield

at

March

31,

2025.

(d)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

19

Nebraska

Tax

Free

Income

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Municipal

Bonds

-

96.5%

a

a

%

of

Net

Assets

$

Principal

Amount

$

Value

a

a

a

a

a

Nebraska

93.4

Ashland-Greenwood

Public

Schools

General

Obligation

3%

12/15/42

100,000

77,538‌

Cass

County

School

District

No.

22

General

Obligation

2.2%

12/15/26

250,000

244,495‌

City

of

Bellevue

NE

General

Obligation

Series

A

3%

9/15/32

500,000

473,700‌

City

of

Blair

NE

General

Obligation

5%

6/15/34

360,000

375,613‌

City

of

Blair

NE

Water

System

Revenue

    2.85%

12/15/25

100,000

99,206‌

    3%

12/15/26

100,000

98,373‌

    3.1%

12/15/27

100,000

97,547‌

    3.2%

12/15/28

100,000

96,585‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue

    4%

6/15/33

200,000

203,489‌

AGM,

    4%

12/15/26

100,000

101,895‌

    4%

12/15/27

100,000

101,912‌

City

of

Columbus

NE

General

Obligation

    3%

12/15/29

150,000

147,779‌

    3%

12/15/30

150,000

146,235‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue

Series

A

AGM,

    4%

8/15/35

205,000

207,426‌

    4%

8/15/36

125,000

125,988‌

City

of

Grand

Island

NE

General

Obligation

    3%

11/15/27

150,000

150,005‌

    3%

11/15/30

150,000

146,810‌

City

of

Kearney

NE

General

Obligation

4%

5/15/34

220,000

220,028‌

City

of

Lincoln

NE

Electric

System

Revenue

3%

9/1/28

30,000

29,631‌

City

of

Norfolk

NE

General

Obligation

3.38%

5/15/34

500,000

481,031‌

City

of

Omaha

NE

General

Obligation

Series

A

    3%

4/15/35

100,000

91,172‌

Series

A

Class

A

–

    3%

4/15/34

100,000

92,316‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue

Series

A

4%

1/15/33

260,000

265,466‌

City

of

Omaha

NE

Sewer

Revenue

    4%

4/1/31

350,000

351,995‌

Series

A

    4%

4/1/34

100,000

102,147‌

County

of

Saline

NE

Revenue

3%

2/15/31

200,000

189,806‌

County

of

Sarpy

NE

Certificates

of

Participation

1.75%

6/15/26

500,000

489,459‌

County

of

Seward

NE

General

Obligation

3%

12/15/30

605,000

591,640‌

Cozad

City

School

District

General

Obligation

4%

6/15/26

250,000

252,807‌

Dawson

County

Public

Power

District

Revenue

Series

A

    2%

6/15/26

170,000

166,433‌

    2.1%

6/15/27

105,000

101,036‌

Series

B

    2.5%

6/15/28

135,000

129,101‌

    3%

6/15/29

245,000

236,582‌

    3%

6/15/30

355,000

336,584‌

Dodge

County

School

District

No.

595

General

Obligation

1.9%

6/15/32

200,000

170,203‌

Douglas

County

Hospital

Authority

No.

2

Revenue

    5%

5/15/26

500,000

500,300‌

    5%

5/15/30

140,000

142,401‌

    4%

5/15/32

700,000

695,156‌

a

a

%

of

Net

Assets

$

Principal

Amount

$

Value

a

a

a

a

a

Douglas

County

Hospital

Authority

No.

3

Revenue

5%

11/1/26

250,000

252,255‌

Douglas

County

School

District

No.

59

NE

General

Obligation

3%

12/15/32

100,000

94,244‌

Lincoln

Airport

Authority

Revenue

5%

7/1/27

150,000

154,704‌

Madison

County

Hospital

Authority

No.

1

Revenue

5%

7/1/35

140,000

137,228‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue

4%

12/1/27

450,000

450,444‌

Municipal

Energy

Agency

of

Nebraska

Revenue

    5%

4/1/27

350,000

361,194‌

    5%

4/1/28

225,000

232,305‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project

Revenue

Series

A

2%

12/15/29

250,000

226,178‌

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

4%

1/1/34

110,000

105,316‌

Nebraska

Investment

Finance

Authority

Revenue

    4.45%

9/1/43

180,000

176,138‌

Series

B

    1.35%

9/1/26

200,000

191,780‌

Series

C

GNMA,

    2%

9/1/35

325,000

251,862‌

Nebraska

Public

Power

District

Revenue

Series

C

5%

1/1/32

65,000

65,869‌

Nebraska

State

College

Facilities

Corp.

Revenue

AGM,

4%

7/15/28

250,000

253,795‌

Omaha

Public

Facilities

Corp.

Revenue

    4%

6/1/28

85,000

85,994‌

Series

A

    4%

6/1/31

155,000

160,028‌

Series

C

    4%

4/1/33

340,000

347,000‌

    4%

4/1/39

500,000

477,418‌

Omaha

School

District

General

Obligation

    5%

12/15/28

130,000

130,558‌

    5%

12/15/29

350,000

361,222‌

    5%

12/15/31

135,000

139,124‌

Papillion

Municipal

Facilities

Corp.

Revenue

    2%

12/15/32

100,000

84,908‌

    2%

12/15/34

200,000

161,685‌

Papillion-La

Vista

School

District

No.

27

General

Obligation

Series

A

    2.3%

12/1/26

275,000

270,366‌

Series

B

    4%

12/1/35

400,000

407,616‌

Public

Power

Generation

Agency

5%

1/1/37

400,000

406,051‌

State

of

Nebraska

Certificates

of

Participation

    3%

2/1/26

60,000

59,973‌

Series

A

    2%

4/1/26

150,000

147,821‌

University

of

Nebraska

Facilities

Corp.

(The)

Revenue

5%

7/15/29

380,000

389,834‌

University

of

Nebraska

Revenue

    2.5%

7/1/26

210,000

209,252‌

    3%

7/1/27

100,000

100,403‌

    5%

5/15/30

100,000

105,462‌

Upper

Republican

Natural

Resource

District

Revenue

AGM,

    4%

12/15/25

245,000

245,224‌

    4%

12/15/27

395,000

395,318‌

Village

of

Boys

Town

NE

Revenue

    3%

9/1/28

700,000

689,008‌

20

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Nebraska

Tax

Free

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

%

of

Net

Assets

$

Principal

Amount

$

Value

a

a

a

a

a

    3%

7/1/35

325,000

295,208‌

Winside

Public

Schools

General

Obligation

2%

6/15/31

350,000

301,932‌

a

17,454,607‌

a

Texas

2.0

City

of

Austin

Tx

Airport

System

Revenue

Series

B

5%

11/15/26

250,000

257,006‌

City

of

Austin

Tx

Electric

Utility

Revenue

Series

A

5%

11/15/35

100,000

107,138‌

a

364,144‌

a

Utah

0.6

City

of

Salt

Lake

City

UT

Public

Utilities

Revenue

5%

2/1/35

100,000

105,613‌

a

Washington

0.5

Pierce

County

School

District

No.

10

Tacoma

General

Obligation

Series

B

AMBAC,

4%

12/1/35

100,000

101,567‌

a

Total

Municipal

Bonds

(Cost

$18,883,744)

18,025,931‌

Cash

Equivalents

-

2.5%

a

Shares

$

Value

a

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(Cost

$475,552)

(a)

475,552

475,552‌

a

Total

Investments

in

Securities

-

99.0%

(Cost

$19,359,296)

18,501,483‌

Other

Assets

Less

Other

Liabilities

-  1.0%

192,433‌

Net

Assets

-

100%

18,693,916‌

(a)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

21

Partners

III

Opportunity

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

96.0%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

15.0

Visa,

Inc.

-

Class

A

65,000

22,779,900‌

Mastercard

,

Inc.

-

Class

A

40,000

21,924,800‌

Global

Payments,

Inc.

180,000

17,625,600‌

a

Multi-Sector

Holdings

13.8

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

108,000

57,518,640‌

a

Insurance

Brokers

3.8

Aon

plc

-

Class

A

(b)

40,000

15,963,600‌

a

32.6

135,812,540‌

Information

Technology

Application

Software

6.8

Roper

Technologies,

Inc.

25,000

14,739,500‌

CoreCard

Corp.

†

(a)

515,000

9,635,650‌

Adobe,

Inc.

(a)

10,000

3,835,300‌

a

Systems

Software

4.1

Microsoft

Corp.

45,000

16,892,550‌

a

Communications

Equipment

3.5

Sirius

XM

Holdings,

Inc.

650,000

14,654,250‌

a

Semiconductor

Materials

&

Equipment

3.0

Texas

Instruments,

Inc.

70,000

12,579,000‌

a

IT

Consulting

&

Other

Services

1.1

Accenture

plc

-

Class

A

(b)

15,000

4,680,600‌

a

18.5

77,016,850‌

Health

Care

Life

Sciences

Tools

&

Services

12.8

Danaher

Corp.

100,000

20,500,000‌

Thermo

Fisher

Scientific,

Inc.

40,000

19,904,000‌

Bio-

Techne

Corp.

220,000

12,898,600‌

a

Health

Care

Services

2.8

Labcorp

Holdings,

Inc.

50,000

11,637,000‌

a

15.6

64,939,600‌

Communication

Services

Cable

&

Satellite

7.5

Liberty

Broadband

Corp.

(a)

Class

C

325,000

27,641,250‌

Class

A

40,000

3,400,000‌

a

Interactive

Media

&

Services

6.5

Alphabet,

Inc.

-

Class

C

100,000

15,623,000‌

Meta

Platforms,

Inc.

-

Class

A

20,000

11,527,200‌

a

14.0

58,191,450‌

Consumer

Discretionary

Automotive

Retail

3.4

CarMax,

Inc.

(a)

180,000

14,025,600‌

a

Consumer

Discretionary  

%

of

Net

Assets

Shares

$

Value

a

Broadline

Retail

3.2

Amazon.com,

Inc.

(a)

70,000

13,318,200‌

a

6.6

27,343,800‌

Industrials

Industrial

Machinery

&

Supplies

&

Components

3.9

IDEX

Corp.

90,000

16,287,300‌

Real

Estate

Real

Estate

Services

2.7

CoStar

Group,

Inc.

(a)

140,000

11,092,200‌

Materials

Specialty

Chemicals

2.1

Perimeter

Solutions,

Inc.

(a)

875,000

8,811,250‌

a

Total

Common

Stocks

(Cost

$214,278,691)

399,494,990‌

Cash

Equivalents

-

4.1%

a

a

$

Principal

Amount

$

Value

a

a

a

a

U.S.

Treasury

Bills,

3.82%

to

4.15%,

4/10/25

to

8/28/25

(c)

9,000,000

8,958,591‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(d)

8,085,807

8,085,807‌

a

Total

Cash

Equivalents

(Cost

$17,044,114)

17,044,398‌

Total

Investments

in

Securities

-

100.1%

(Cost

$231,322,805)

416,539,388‌

Options

Written

-

(0.0)%

(223,500‌)

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(364,283‌)

Net

Assets

-

100%

415,951,605‌

Options

Written-

(0.0)%

$

Notional

Shares

subject

to

option

$

Value

Covered

Call

Options

Adobe,

Inc.

July

2025

/

$400

4,0

00,000

10,000

(223,500‌)

Total

Options

Written

(premiums

received

$310,889)

(223,500‌)

†

Non-controlled

affiliate.

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Interest

rates

presented

represent

the

effective

yield

at

March

31,

2025.

(d)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

22

Short

Duration

Income

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Corporate

Bonds

-

5.2%

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Agree,

LP

2%

6/15/28

2,239,000

2,061,993‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.5%

4/20/26

(a)

(b)

864,583

862,872‌

Ares

Capital

Corp.

7%

1/15/27

1,000,000

1,031,007‌

Ares

Strategic

Income

Fund

5.7%

3/15/28

(b)

3,000,000

3,000,810‌

Ashtead

Capital,

Inc.

1.5%

8/12/26

(b)

4,800,000

4,592,535‌

4.38%

8/15/27

(b)

3,000,000

2,970,532‌

Axon

Enterprise,

Inc.

6.13%

3/15/30

(b)

1,000,000

1,011,725‌

Bath

&

Body

Works,

Inc.

6.69%

1/15/27

945,000

965,409‌

Blackstone

Secured

Lending

Fund

5.88%

11/15/27

250,000

254,194‌

Boeing

Co.

(The)

6.26%

5/1/27

2,500,000

2,572,790‌

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

7.14%

12/31/35

Floating

Rate

(TSFR3M

+

280)

(b)

2,250,000

2,281,658‌

Cantor

Fitzgerald

LP

4.5%

4/14/27

(b)

1,500,000

1,484,514‌

Concentrix

Corp.

6.65%

8/2/26

2,910,000

2,969,518‌

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.5%

10/20/25^

(a)

(b)

749,250

746,722‌

Devon

Energy

Corp.

5.25%

10/15/27

390,000

391,119‌

Energy

Transfer

LP

5.63%

5/1/27

(b)

610,000

609,744‌

EPR

Properties

4.75%

12/15/26

4,869,000

4,848,646‌

4.5%

6/1/27

1,000,000

986,961‌

Gartner,

Inc.

4.5%

7/1/28

(b)

1,200,000

1,177,575‌

Hercules

Capital,

Inc.

2.63%

9/16/26

1,500,000

1,443,370‌

Highwoods

Realty

LP

3.88%

3/1/27

750,000

735,761‌

HPS

Corporate

Lending

Fund

5.45%

1/14/28

(b)

5,000,000

5,003,127‌

MasTec,

Inc.

4.5%

8/15/28

(b)

2,000,000

1,953,993‌

Mileage

Plus

Holdings

LLC/Mileage

Plus

Intellectual

Property

Assets

Ltd.

6.5%

6/20/27

(b)

1,029,150

1,034,229‌

MPLX

LP

4.88%

6/1/25^

1,961,000

1,960,928‌

Penske

Truck

Leasing

Co.

Lp

/

PTL

Finance

Corp.

5.35%

3/30/29

(b)

6,000,000

6,118,924‌

Synchrony

Bank

5.4%

8/22/25

1,000,000

1,001,422‌

VICI

Properties

LP

4.63%

12/1/29

(b)

1,445,000

1,403,180‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.63%

6/15/25

(b)

3,100,000

3,101,705‌

Vontier

Corp.

1.8%

4/1/26

1,004,000

974,834‌

a

Total

Corporate

Bonds

(Cost

$59,002,354)

59,551,797‌

Corporate

Convertible

Bonds

-

0.3%

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Redwood

Trust,

Inc.

5.75%

10/1/25

(Cost

$3,000,000)

3,000,000

3,000,000‌

Asset-Backed

Securities

-

33.7%

a

a

a

a

a

Automobile

ACM

Auto

Trust

(ACMAT)

Series

2023-2A

Class

A

–7.97%

6/20/30

(b)

339,050

339,806‌

Series

2023-2A

Class

B

–9.85%

6/20/30

(b)

3,000,000

3,068,413‌

Series

2024-1A

Class

A

–7.71%

1/21/31

(b)

97,558

97,748‌

Series

2024-2A

Class

A

–6.06%

2/20/29

(b)

2,286,828

2,292,723‌

AmeriCredit

Automobile

Receivables

Trust

(AMCAR)

Series

2020-3

Class

D

–1.49%

9/18/26

3,000,000

2,995,303‌

ARI

Fleet

Lease

Trust

(ARIFL)

Series

2023-B

Class

A2

–6.05%

7/15/32

(b)

1,839,493

1,856,506‌

Series

2024-A

Class

A2

–5.3%

11/15/32

(b)

962,518

967,048‌

Series

2024-B

Class

A2

–5.54%

4/15/33

(b)

1,409,556

1,419,083‌

Arivo

Acceptance

Auto

Loan

Receivables

Trust

(ARIVO)

Series

2022-1A

Class

A

–3.93%

5/15/28

(b)

562,222

560,439‌

Bayview

Opportunity

Master

Fund

VII

Trust

(BVABS)

Series

2024-CAR1

Class

A

–5.44%

12/26/31

Floating

Rate

(SOFR30A

+

110)

(b)

(c)

1,877,198

1,883,330‌

Series

2024-CAR1

Class

B

–5.64%

12/26/31

Floating

Rate

(SOFR30A

+

130)

(b)

(c)

1,095,032

1,098,060‌

Series

2024-CAR1F

Class

A

–6.97%

7/29/32

(b)

1,248,865

1,251,362‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(b)

195,213

196,079‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(b)

450,545

452,539‌

BOF

VII

AL

Funding

Trust

I

(BVABS)

Series

2023-CAR3

Class

A2

–6.29%

7/26/32

(b)

2,185,615

2,223,057‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(b)

581,555

573,159‌

Chesapeake

Funding

II

LLC

(CFII)

Series

2023-1A

Class

A1

–5.65%

5/15/35

(b)

1,220,707

1,228,972‌

Series

2023-2A

Class

A1

–6.16%

10/15/35

(b)

805,799

817,394‌

Series

S2-1A

Class

A1

–5.52%

5/15/36

(b)

2,155,579

2,179,747‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-1

Class

A2

–5.51%

1/22/29

(b)

308,212

309,372‌

Series

2023-2

Class

A2

–5.56%

4/22/30

(b)

2,449,235

2,466,219‌

Series

2023-3

Class

A2

–6.4%

3/20/30

(b)

2,229,831

2,265,883‌

Series

2024-1

Class

A2

–5.23%

3/20/30

(b)

1,488,776

1,498,815‌

Series

2024-2

Class

A3

–5.61%

4/20/28

(b)

2,700,000

2,752,961‌

Series

2024-3

Class

A3

–4.98%

8/21/28

(b)

1,870,000

1,895,515‌

Series

2024-4

Class

A3

–4.56%

11/20/28

(b)

1,400,000

1,404,633‌

Exeter

Automobile

Receivables

Trust

(EART)

Series

2021-1A

Class

D

–1.08%

11/16/26

217,334

216,153‌

First

Help

Financial

Trust

(FHF)

Series

2022-1A

Class

A

–4.43%

1/18/28

(b)

799,376

798,074‌

Series

2022-2A

Class

A

–6.14%

12/15/27

(b)

202,977

203,972‌

Series

2023-1A

Class

A2

–6.57%

6/15/28

(b)

771,053

779,377‌

Series

2023-2A

Class

A2

–6.79%

10/15/29

(b)

946,307

962,276‌

Series

2024-2A

Class

A2

–5.89%

6/15/30

(b)

2,553,056

2,587,213‌

Series

2024-3A

Class

A2

–4.94%

11/15/30

(b)

3,750,000

3,758,430‌

Series

2025-1A

Class

A2

–4.92%

2/15/31

(b)

5,000,000

4,997,944‌

Huntington

Bank

Auto

Credit-Linked

Notes

(HACLN)

Series

2024-2

Class

B1

–5.44%

10/20/32

(b)

1,684,220

1,692,723‌

Series

2025-1

Class

B

–4.96%

3/21/33

(b)

5,000,000

4,994,028‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2022-1A

Class

A

–5.21%

6/15/27

(b)

634,700

635,418‌

Series

2023-1A

Class

B

–5.59%

8/16/27

(b)

2,500,000

2,509,434‌

Series

2023-2A

Class

A2

–5.93%

6/15/27

(b)

204,613

204,877‌

Series

2023-4A

Class

A3

–6.1%

12/15/27

(b)

3,302,293

3,319,899‌

23

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Lendbuzz

Auto

Receivables

Trust

(LBZZ)

Series

2024-A

Class

A

–6%

5/15/31

(b)

(d)

4,854,653

4,876,499‌

Series

2025-A

Class

A

12/31/99

(b)

(d)

4,986,000

4,989,989‌

Lendbuzz

Securitization

Trust

(LBZZ)

Series

2023-1A

Class

A2

–6.92%

8/15/28

(b)

2,926,891

2,974,015‌

Series

2023-3A

Class

A2

–7.5%

12/15/28

(b)

4,693,018

4,813,063‌

Series

2024-1A

Class

A2

–6.19%

8/15/29

(b)

1,668,680

1,686,325‌

Series

2024-2A

Class

A2

–5.99%

5/15/29

(b)

4,720,519

4,766,903‌

Series

2024-3A

Class

A2

–4.97%

10/15/29

(b)

2,211,951

2,214,431‌

Lobel

Automobile

Receivables

Trust

(LOBEL)

Series

2023-2

Class

A

–7.59%

4/16/29

(b)

177,789

178,500‌

Merchants

Fleet

Funding

LLC

(MFF)

Series

2023-1A

Class

A

–7.21%

5/20/36

(b)

5,490,267

5,540,956‌

OneMain

Direct

Auto

Receivables

Trust

(ODART)

Series

2021-1A

Class

A

–0.87%

7/14/28

(b)

500,984

495,245‌

Series

2022-1A

Class

C

–1.42%

7/14/28

(b)

4,100,000

3,998,541‌

Prestige

Auto

Receivables

Trust

(PART)

Series

2022-1A

Class

B

–6.55%

7/17/28

(b)

216,560

216,679‌

Research-Driven

Pagaya

Motor

Asset

Trust

(RPM)

Series

2023-3A

Class

A

–7.13%

1/26/32

(b)

2,811,477

2,830,588‌

Series

2023-4A

Class

A

–7.54%

3/25/32

(b)

3,138,678

3,173,657‌

SAFCO

Auto

Receivables

Trust

(SAFCO)

Series

2024-1A

Class

A

–6.51%

3/20/28

(b)

1,308,532

1,313,790‌

SFS

Auto

Receivables

Securitization

Trust

(SFAST)

Series

2023-1A

Class

A2A

–5.89%

3/22/27

(b)

137,433

137,557‌

Tricolor

Auto

Securitization

Trust

(TAST)

Series

2024-3A

Class

A

–5.22%

6/15/28

(b)

1,323,481

1,327,121‌

United

Auto

Credit

Securitization

Trust

(UACST)

Series

2024-1

Class

A

–6.17%

8/10/26

(b)

336,503

336,680‌

Series

2024-1

Class

B

–6.57%

6/10/27

(b)

6,000,000

6,029,738‌

Series

2025-1

Class

B

–5.05%

2/10/28

(b)

7,700,000

7,710,082‌

Wheels

Fleet

Lease

Funding

LLC

(WFLF)

Series

2023-2A

Class

A

–6.46%

8/18/38

(b)

4,744,069

4,812,607‌

Series

2024-1A

Class

A1

–5.49%

2/18/39

(b)

4,198,279

4,235,922‌

Series

2024-2A

Class

A1

–4.87%

6/21/39

(b)

6,300,000

6,323,971‌

a

140,736,843‌

a

Collateralized

Loan

Obligations

ABPCI

Direct

Lending

Fund

CLO

I

LLC

(ABPCI)

Series

2016-1A

Class

A1A2

–6.25%

7/20/33

Floating

Rate

(TSFR3M

+

196)

(a)

(b)

(c)

2,000,000

2,006,320‌

Audax

Senior

Debt

CLO

6

LLC

(AUDAX)

Series

2021-6A

Class

A1

–6.05%

10/20/33

Floating

Rate

(TSFR3M

+

176)

(b)

(c)

6,000,000

6,004,174‌

AUF

Funding

LLC

(ANTF)

Series

2022-1A

Class

B1

–8.04%

1/20/31

Floating

Rate

(TSFR3M

+

375)

(b)

(c)

2,500,000

2,519,117‌

BlackRock

Elbert

CLO

V

LLC

(ELB)

Series

5A

Class

AR

–6.15%

6/15/34

Floating

Rate

(TSFR3M

+

185)

(b)

(c)

1,999,501

2,001,454‌

BlackRock

Rainier

CLO

VI

Ltd.

(BLKMM)

Series

2021-6A

Class

A

–6.25%

4/20/33

Floating

Rate

(TSFR3M

+

196)

(a)

(b)

(c)

5,500,000

5,505,502‌

Brightwood

Capital

MM

CLO

Ltd.

(BWCAP)

Series

2020-1A

Class

A1R

–7.1%

1/15/31

Floating

Rate

(TSFR3M

+

280)

(a)

(b)

(c)

289,522

289,822‌

Cerberus

Loan

Funding

XLIII

LLC

(CERB)

Series

2023-4A

Class

A

–6.73%

10/15/35

Floating

Rate

(TSFR3M

+

243)

(b)

(c)

3,000,000

3,085,814‌

Cerberus

Loan

Funding

XXXII,

LP

(CERB)

Series

2021-2A

Class

A

–6.18%

4/22/33

Floating

Rate

(TSFR3M

+

188)

(a)

(b)

(c)

3,000,000

3,002,671‌

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Churchill

Middle

Market

CLO

III

Ltd.

(CHMML)

Series

2021-1A

Class

A1

–6.06%

10/24/33

Floating

Rate

(TSFR3M

+

176)

(a)

(b)

(c)

2,750,000

2,751,926‌

CIFC-LBC

Middle

Market

CLO

LLC

(CLBC)

Series

2023-1A

Class

A1

–6.89%

10/20/35

Floating

Rate

(TSFR3M

+

260)

(b)

(c)

5,000,000

5,050,928‌

Deerpath

Capital

CLO

Ltd.

(DPATH)

Series

2021-2A

Class

A1

–6.16%

1/15/34

Floating

Rate

(TSFR3M

+

186)

(a)

(b)

(c)

4,000,000

4,007,629‌

Series

2023-1A

Class

A1

–7.1%

4/15/35

Floating

Rate

(TSFR3M

+

280)

(a)

(b)

(c)

3,000,000

3,000,000‌

Fortress

Credit

Opportunities

IX

CLO

Ltd.

(FCO)

Series

2017-9A

Class

A1TR

–6.11%

10/15/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

1,500,000

1,500,801‌

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

A2

–6.11%

4/25/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

3,500,000

3,502,571‌

Golub

Capital

Partners

CLO

54M

LP

(GOCAP)

Series

2021-54A

Class

A2

–6.09%

8/5/33

Floating

Rate

(TSFR3M

+

179)

(a)

(b)

(c)

4,500,000

4,503,542‌

Series

2021-54A

Class

B

–6.41%

8/5/33

Floating

Rate

(TSFR3M

+

211)

(a)

(b)

(c)

2,500,000

2,507,046‌

Ivy

Hill

Middle

Market

Credit

Fund

IX

Ltd.

(IVYH)

Series

9A

Class

A1TR

–5.91%

4/23/34

Floating

Rate

(TSFR3M

+

162)

(a)

(b)

(c)

3,500,000

3,505,164‌

KKR

Lending

Partners

III

CLO

LLC

(KKRLP)

Series

2021-1A

Class

B

–6.45%

10/20/30

Floating

Rate

(TSFR3M

+

216)

(b)

(c)

2,000,000

2,005,624‌

Maranon

Loan

Funding

Ltd.

(MRNON)

Series

2021-2RA

Class

A1R

–6.25%

7/15/33

Floating

Rate

(TSFR3M

+

195)

(a)

(b)

(c)

5,000,000

5,004,739‌

Monroe

Capital

Funding

CLO

X

Ltd.

(MCFCL)

Series

2023-1A

Class

A

–6.7%

4/15/35

Floating

Rate

(TSFR3M

+

240)

(a)

(b)

(c)

3,000,000

3,007,957‌

Series

2023-1A

Class

A1R

4/15/37

Floating

Rate

(TSFR3M

+

145)

(a)

(b)

(c)

3,000,000

2,997,000‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

A1

–6.05%

9/14/33

Floating

Rate

(TSFR3M

+

176)

(a)

(b)

(c)

7,500,000

7,506,019‌

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.

(NMRF)

Series

2024-1A

Class

A

–7.27%

4/5/37

Floating

Rate

(TSFR3M

+

275)

(a)

(b)

(c)

3,250,000

3,271,957‌

Owl

Rock

CLO

VIII

LLC

(OR)

Series

2022-8A

Class

AT

–6.82%

11/20/34

Floating

Rate

(TSFR3M

+

250)

(b)

(c)

2,000,000

2,000,000‌

Silver

Point

SCF

CLO

V,

Ltd.

(SPCSL)

Series

2025-1A

Class

A1

–5.73%

4/20/38

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

2,875,000

2,879,540‌

Starwood

Commercial

Mortgage

Trust

(STWD)

Series

2025-SIF5A

Class

A

4/15/37

Floating

Rate

(TSFR3M

+

155)

(b)

(c)

5,000,000

5,000,000‌

Starwood

Property

Mortgage

Trust

(STWD)

Series

2024-SIF3A

Class

A1

–6.25%

4/17/36

Floating

Rate

(TSFR3M

+

195)

(b)

(c)

5,000,000

5,022,842‌

a

93,440,159‌

a

Consumer

&

Specialty

Finance

ACHV

ABS

Trust

(ACHV)

Series

2025-1PL

Class

C

–5.31%

4/26/32

(b)

1,362,000

1,359,778‌

Affirm

Asset

Securitization

Trust

(AFFRM)

Series

2022-Z1

Class

A

–4.55%

6/15/27

(b)

77,494

77,452‌

24

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Bankers

Healthcare

Group

Securitization

Trust

(BHG)

Series

2021-A

Class

A

–1.42%

11/17/33

(b)

169,832

166,480‌

Series

2022-B

Class

B

–4.84%

6/18/35

(b)

615,760

614,915‌

Series

2023-A

Class

A

–5.55%

4/17/36

(b)

1,383,747

1,386,076‌

Series

2023-B

Class

A

–6.92%

12/17/36

(b)

882,149

918,652‌

Series

2024-1A

Class

A

–5.81%

4/17/35

(b)

1,071,053

1,090,015‌

Finance

of

America

HECM

Buyout

(FAHB)

Series

2024-HB1

Class

A1A

–4%

10/1/34

(b)

(c)

3,388,809

3,366,378‌

Series

2024-HB1

Class

A1B

–4%

10/1/34

(b)

(c)

4,000,000

3,931,810‌

Foundation

Finance

Trust

(FFIN)

Series

2021-2A

Class

A

–2.19%

1/15/42

(b)

884,317

828,650‌

Series

2023-1A

Class

A

–5.67%

12/15/43

(b)

1,209,444

1,226,325‌

Series

2023-2A

Class

A

–6.53%

6/15/49

(b)

2,656,936

2,772,472‌

Series

2024-1A

Class

A

–5.5%

12/15/49

(b)

2,445,685

2,494,563‌

Series

2024-2A

Class

A

–4.6%

3/15/50

(b)

1,437,706

1,435,080‌

Series

2025-1A

Class

A

–4.95%

4/15/50

(b)

6,000,000

6,021,875‌

Goodleap

Home

Improvement

Solutions

Trust

(GDLP)

Series

2024-1A

Class

A

–5.35%

10/20/46

(b)

2,183,968

2,214,029‌

Greensky

Home

Improvement

Issuer

Trust

(GSKY)

Series

2024-2

Class

A2

–5.25%

10/27/59

(b)

4,742,840

4,759,408‌

Series

2024-2

Class

A4

–5.15%

10/27/59

(b)

2,570,362

2,578,681‌

Series

2025-1A

Class

A4

–5.22%

3/25/60

(b)

830,000

832,906‌

GreenSky

Home

Improvement

Trust

(GSKY)

Series

2024-1

Class

A2

–5.88%

6/25/59

(b)

2,582,103

2,604,335‌

Hilton

Grand

Vacations

Trust

(HGVT)

Series

2020-AA

Class

A

–2.74%

2/25/39

(b)

103,259

100,526‌

Lendingpoint

Asset

Securitization

Trust

(LDPT)

Series

2022-B

Class

A

–4.77%

10/15/29

(b)

14,752

14,741‌

LP

LMS

Asset

Securitization

Trust

(LPMS)

Series

2023-1A

Class

A

–8.18%

10/17/33

(b)

5,055

5,058‌

Octane

Receivables

Trust

(OCTL)

Series

2021-2A

Class

A

–1.21%

9/20/28

(b)

52,282

52,143‌

Series

2022-1A

Class

A2

–4.18%

3/20/28

(b)

172,204

172,103‌

Series

2022-2A

Class

A

–5.11%

2/22/28

(b)

205,937

206,062‌

Series

2023-1A

Class

A

–5.87%

5/21/29

(b)

288,858

289,911‌

Series

2023-2A

Class

A2

–5.88%

6/20/31

(b)

1,500,635

1,506,260‌

Series

2024-2A

Class

A2

–5.8%

7/20/32

(b)

5,281,020

5,341,520‌

Pagaya

AI

Debt

Grantor

Trust

(PAID)

Series

2024-11

Class

B

–5.64%

7/15/32

(b)

3,106,144

3,115,943‌

Series

2025-2

Class

A2

–4.96%

10/15/32

(b)

4,000,000

3,999,035‌

Pagaya

AI

Debt

Selection

Trust

(PAID)

Series

2021-HG1

Class

A

–1.22%

1/16/29

(b)

131,324

130,286‌

Series

2025-1

Class

B

–5.63%

7/15/32

(b)

3,000,000

3,018,685‌

Pagaya

AI

Debt

Trust

(PAID)

Series

2022-5

Class

A

–8.1%

6/17/30

(b)

300,842

302,764‌

Series

2023-3

Class

A

–7.6%

12/16/30

(b)

182,998

183,392‌

Series

2024-1

Class

A

–6.66%

7/15/31

(b)

299,710

302,710‌

Series

2024-3

Class

B

–6.57%

10/15/31

(b)

4,101,876

4,142,294‌

Series

2024-8

Class

B

–5.46%

1/15/32

(b)

7,603,061

7,609,510‌

Prosper

Marketplace

Issuance

Trust

(PMIT)

Series

2023-1A

Class

A

–7.06%

7/16/29

(b)

5,883

5,887‌

Reach

ABS

Trust

(REACH)

Series

2024-1A

Class

A

–6.3%

2/18/31

(b)

542,478

544,727‌

Series

2024-2A

Class

A

–5.88%

7/15/31

(b)

1,139,270

1,144,008‌

Series

2025-1A

Class

A

–4.96%

8/16/32

(b)

1,336,994

1,337,327‌

Series

2025-1A

Class

B

–5.34%

8/16/32

(b)

3,000,000

3,022,542‌

Sierra

Timeshare

Receivables

Funding

LLC

(SRFC)

Series

2020-2A

Class

A

–1.33%

7/20/37

(b)

220,555

218,847‌

Theorem

Funding

Trust

(THRM)

Series

2022-3A

Class

A

–7.6%

4/15/29

(b)

362,890

364,772‌

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Upstart

Securitization

Trust

(UPST)

Series

2023-2

Class

A

–6.77%

6/20/33

(b)

498,721

499,785‌

a

78,310,718‌

a

Data

Center

Compass

Datacenters

Issuer

III

LLC

(CMDC)

Series

2025-1A

Class

A2

–5.66%

2/25/50

(b)

1,500,000

1,524,255‌

Switch

ABS

Issuer,

LLC

(SWTCH)

Series

2025-1A

Class

A2

–5.04%

3/25/55

(b)

5,000,000

4,833,788‌

a

6,358,043‌

a

Equipment

Amur

Equipment

Finance

Receivables

XI

LLC

(AXIS)

Series

2022-2A

Class

A2

–5.3%

6/21/28

(b)

639,814

641,390‌

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(b)

1,904,194

1,926,945‌

Amur

Equipment

Finance

Receivables

XIII

LLC

(AXIS)

Series

2024-1A

Class

A2

–5.38%

1/21/31

(b)

1,373,460

1,386,110‌

Amur

Equipment

Finance

Receivables

XIV

LLC

(AXIS)

Series

2024-2A

Class

A2

–5.19%

7/21/31

(b)

3,095,954

3,120,987‌

Auxilior

Term

Funding

LLC

(XCAP)

Series

2023-1A

Class

A2

–6.18%

12/15/28

(b)

2,466,733

2,489,842‌

Series

2024-1A

Class

A3

–5.49%

7/15/31

(b)

3,500,000

3,572,122‌

Crossroads

Asset

Trust

(XROAD)

Series

2024-A

Class

A2

–5.9%

8/20/30

(b)

1,317,257

1,335,093‌

Dell

Equipment

Finance

Trust

(DEFT)

Series

2023-3

Class

A2

–6.1%

4/23/29

(b)

231,443

231,756‌

Series

2023-3

Class

A3

–5.93%

4/23/29

(b)

3,500,000

3,535,742‌

Series

2024-1

Class

A3

–5.39%

3/22/30

(b)

1,830,000

1,851,109‌

Series

2024-2

Class

A3

–4.59%

8/22/30

(b)

900,000

903,227‌

Dext

ABS

LLC

(DEXT)

Series

2023-2

Class

A2

–6.56%

5/15/34

(b)

2,684,150

2,705,598‌

DLLMT

LLC

(DLLMT)

Series

2024-1A

Class

A3

–4.84%

8/21/28

(b)

3,520,000

3,544,411‌

DLLST

LLC

(DLLST)

Series

2024-1A

Class

A3

–5.05%

8/20/27

(b)

1,140,000

1,145,266‌

Granite

Park

Equipment

Leasing

LLC

(SCFGP)

Series

2023-1A

Class

A2

–6.51%

5/20/30

(b)

1,318,058

1,326,255‌

Series

2023-1A

Class

A3

–6.46%

9/20/32

(b)

1,400,000

1,443,666‌

GreatAmerica

Leasing

Receivables

Funding

LLC

(GALC)

Series

2024-2

Class

A3

–5%

9/15/28

(b)

2,160,000

2,187,312‌

HPEFS

Equipment

Trust

(HPEFS)

Series

2024-2A

Class

A3

–5.36%

10/20/31

(b)

1,125,000

1,136,437‌

Kubota

Credit

Owner

Trust

(KCOT)

Series

2024-2A

Class

A3

–5.26%

11/15/28

(b)

2,060,000

2,095,886‌

M&T

Equipment

Notes

(MTLRF)

Series

2024-1

Class

A2

–4.99%

8/18/31

(b)

2,700,000

2,709,107‌

MMAF

Equipment

Finance

LLC

(MMAF)

Series

2022-B

Class

A3

–5.61%

7/10/28

(b)

1,421,388

1,424,541‌

Series

2023-A

Class

A2

–5.79%

11/13/26

(b)

923,633

926,054‌

NMEF

Funding

LLC

(NMEF)

Series

2025-A

Class

A2

–4.72%

7/15/32

(b)

3,800,000

3,800,151‌

OWN

Equipment

Fund

I

LLC

(EQS)

Series

2024-2M

Class

A

–5.7%

12/20/32

(b)

3,342,014

3,372,192‌

SCF

Equipment

Leasing

LLC

(SCFET)

Series

2023-1A

Class

A3

–6.17%

5/20/32

(b)

3,500,000

3,518,430‌

a

52,329,629‌

25

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

a

Fiber

ALLO

Issuer

LLC

(ALLO)

Series

2024-1A

Class

A2

–5.94%

7/20/54

(b)

3,000,000

3,033,459‌

Series

2025-1A

Class

A2

–5.53%

4/20/55

(b)

3,500,000

3,499,867‌

Series

2025-1A

Class

B

–6.16%

4/20/55

(b)

5,000,000

4,999,948‌

Zayo

Issuer

LLC

(ZAYO)

Series

2025-1A

Class

A2

–5.65%

3/20/55

(b)

1,750,000

1,761,548‌

a

13,294,822‌

a

Other

Verizon

Master

Trust

(VZMT)

Series

2023-7

Class

A1A

–5.67%

11/20/29

3,000,000

3,063,740‌

a

Total

Asset-Backed

Securities

(Cost

$385,078,718)

387,533,954‌

Commercial

Mortgage-Backed

Securities

-

7.9%

a

a

a

a

a

Acrec

LLC

(ACREC)

Series

2025-FL3

Class

A

–5.62%

8/18/42

Floating

Rate

(TSFR1M

+

131)

(b)

4,000,000

3,993,507‌

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

AS

–7.19%

8/17/41

Floating

Rate

(TSFR1M

+

287)

(a)

(b)

5,000,000

4,989,935‌

AREIT

Trust

(AREIT)

Series

2021-CRE5

Class

A

–5.51%

11/17/38

Floating

Rate

(TSFR1M

+

119)

(a)

(b)

446,450

445,626‌

AREIT,

Ltd.

(AREIT)

Series

2024-CRE9

Class

AS

–6.56%

5/17/41

Floating

Rate

(TSFR1M

+

224)

(a)

(b)

5,000,000

4,998,319‌

Series

2025-CRE10

Class

A

–5.71%

12/17/29

Floating

Rate

(TSFR1M

+

139)

(b)

5,000,000

4,981,458‌

BRSP

Ltd.

(BRSP)

Series

2021-FL1

Class

A

–5.58%

8/19/38

Floating

Rate

(TSFR1M

+

126)

(a)

(b)

959,162

957,470‌

Series

2024-FL2

Class

A

–6.26%

8/19/37

Floating

Rate

(TSFR1M

+

195)

(a)

(b)

5,000,000

4,977,033‌

BX

Trust

(BX)

Series

2025-ROIC

Class

A

–5.46%

3/15/30

Floating

Rate

(TSFR1M

+

114)

(b)

6,000,000

5,978,116‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

A

–5.93%

7/16/35

Floating

Rate

(TSFR1M

+

161)

(a)

(b)

1,797,379

1,797,560‌

HERA

Commercial

Mortgage

Ltd.

(HERA)

Series

2021-FL1

Class

A

–5.48%

2/18/38

Floating

Rate

(TSFR1M

+

116)

(a)

(b)

695,933

693,305‌

HGI

CRE

CLO

Ltd.

(HGI)

Series

2021-FL1

Class

A4

–5.48%

6/16/36

Floating

Rate

(TSFR1M

+

116)

(a)

(b)

670,453

665,942‌

Series

2021-FL1

Class

AS

–5.83%

6/16/36

Floating

Rate

(TSFR1M

+

151)

(a)

(b)

4,000,000

3,982,783‌

Series

2021-FL2

Class

A4

–5.43%

9/17/36

Floating

Rate

(TSFR1M

+

111)

(a)

(b)

2,545,803

2,537,525‌

Series

2021-FL2

Class

B

–5.93%

9/17/36

Floating

Rate

(TSFR1M

+

161)

(a)

(b)

4,000,000

3,979,866‌

HIG

RCP

Trust

(HIG)

Series

2023-FL1

Class

A

–6.59%

9/19/38

Floating

Rate

(TSFR1M

+

227)

(b)

401,985

403,400‌

Hilton

USA

Trust

(HILT)

Series

2016-SFP

Class

E

–5.52%

11/5/35

(b)

(f)

4,300,000

180,619‌

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

ILPT

Commercial

Mortgage

Trust

(ILPT)

Series

2022-LPF2

Class

A

–6.56%

10/15/39

Floating

Rate

(TSFR1M

+

225)

(b)

1,000,000

1,002,544‌

KREF

Ltd.

(KREF)

Series

2021-FL2

Class

A4

–5.5%

2/15/39

Floating

Rate

(TSFR1M

+

118)

(a)

(b)

2,586,485

2,576,729‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

A

–5.73%

7/15/36

Floating

Rate

(TSFR1M

+

141)

(a)

(b)

3,024,007

3,021,113‌

Series

2021-CRE5

Class

C

–6.78%

7/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

1,500,000

1,500,282‌

Series

2025-CRE8

Class

A

–5.7%

8/17/42

Floating

Rate

(TSFR1M

+

139)

(b)

2,500,000

2,495,031‌

PFP

Ltd.

(PFP)

Series

2024-11

Class

A

–6.15%

9/17/39

Floating

Rate

(TSFR1M

+

183)

(a)

(b)

3,707,357

3,716,213‌

Series

2024-11

Class

AS

–6.51%

9/17/39

Floating

Rate

(TSFR1M

+

219)

(a)

(b)

4,725,652

4,729,207‌

SKY

Trust

(SKY)

Series

2025-LINE

Class

A

–6.91%

4/15/30

Floating

Rate

(TSFR1M

+

259)

(b)

5,000,000

5,000,442‌

STWD

Ltd.

(STWD)

Series

2022-FL3

Class

A

–5.7%

11/15/38

Floating

Rate

(SOFR30A

+

135)

(a)

(b)

5,464,225

5,455,086‌

SWCH

Commercial

Mortgage

Trust

(SWCH)

Series

2025-DATA

Class

A

–5.76%

3/15/42

Floating

Rate

(TSFR1M

+

144)

(b)

7,500,000

7,429,038‌

TPG

Real

Estate

Finance

(TRTX)

Series

2025-FL6

Class

A

–5.87%

9/18/42

Floating

Rate

(TSFR1M

+

154)

(a)

(b)

4,000,000

3,993,310‌

TRTX

Issuer,

Ltd.

(TRTX)

Series

2021-FL4

Class

C

–6.83%

3/15/38

Floating

Rate

(TSFR1M

+

251)

(a)

(b)

5,000,000

4,976,188‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$95,524,714)

91,457,647‌

Mortgage-Backed

Securities

-

30.2%

a

a

a

a

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

4107

Class

LW

–1.75%

8/15/27

3,001,734

2,926,586‌

Series

4281

Class

AG

–2.5%

12/15/28

159

158‌

Series

3003

Class

LD

–5%

12/15/34

293,654

298,900‌

Series

2952

Class

PA

–5%

2/15/35

77,177

76,702‌

Series

5486

Class

VB

–5%

5/25/35

4,912,377

4,945,285‌

Series

3620

Class

PA

–4.5%

12/15/39

186,134

185,764‌

Series

3842

Class

PH

–4%

4/15/41

294,772

291,096‌

Series

5436

Class

AB

–5.5%

4/25/49

7,319,792

7,357,046‌

Series

550

Class

MJ

–5.5%

5/25/49

9,713,222

9,808,724‌

Series

5444

Class

BC

–5.5%

7/25/49

5,453,699

5,527,810‌

Series

5501

Class

NA

–5.5%

7/25/49

9,722,960

9,821,874‌

Series

5501

Class

NE

–5.5%

7/25/49

4,861,480

4,910,937‌

Series

5440

Class

B

–5.5%

9/25/49

4,576,271

4,672,304‌

Series

5444

Class

AB

–5.5%

9/25/49

4,582,949

4,611,343‌

Series

5413

Class

JA

–5.5%

1/25/50

4,427,824

4,522,595‌

Series

5490

Class

LC

–5.5%

8/25/50

4,761,609

4,807,951‌

Series

5407

Class

AB

–5.5%

11/25/50

3,767,922

3,853,129‌

Series

5301

Class

ED

–5%

4/25/53

6,763,142

6,808,960‌

a

Pass-Through

Securities

Pool#

J13949

–

3.5%

12/1/25

66,168

65,650‌

Pool#

E02804

–

3%

12/1/25

62,054

61,626‌

26

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2025

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Pool#

J14649

–

3.5%

4/1/26

71,339

70,775‌

Pool#

E02948

–

3.5%

7/1/26

313,927

311,421‌

Pool#

J16663

–

3.5%

9/1/26

370,976

367,744‌

Pool#

E03033

–

3%

2/1/27

225,797

223,152‌

Pool#

ZS8692

–

2.5%

4/1/33

472,842

450,403‌

Pool#

G01818

–

5%

5/1/35

358,773

361,639‌

Pool#

SB8257

–

5.5%

9/1/38

5,101,888

5,188,867‌

Pool#

SB8278

–

5.5%

1/1/39

3,415,567

3,473,819‌

Pool#

SB8287

–

5%

3/1/39

5,751,556

5,786,961‌

Pool#

SB8293

–

5%

4/1/39

5,463,514

5,497,150‌

Series

5440

Class

NG

–5.5%

9/25/49

3,578,937

3,589,051‌

Series

5407

Class

DA

–5.5%

11/25/49

3,956,905

4,028,891‌

Series

5450

Class

KA

–4.5%

6/25/51

16,311,590

16,255,337‌

121,159,650‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2024-87

Class

VK

–5%

6/25/35

5,859,918

5,914,653‌

Series

2024-20

Class

HD

–5.5%

3/25/46

3,931,013

3,970,479‌

Series

2024-21

Class

DA

–5.5%

12/25/46

5,247,601

5,268,241‌

Series

2024-20

Class

CA

–5.5%

1/25/47

2,355,159

2,363,930‌

Series

2024-41

Class

GA

–5.5%

2/25/48

4,670,133

4,718,874‌

Series

2024-9

Class

CE

–5%

10/25/48

3,067,433

3,092,709‌

Series

2024-97

Class

BA

–5.5%

4/25/49

9,670,579

9,796,914‌

Series

2024-20

Class

EA

–5.5%

8/25/49

3,214,191

3,258,833‌

Series

2024-65

Class

BA

–5%

8/25/49

15,025,219

14,999,271‌

Series

2024-61

Class

CA

–5%

11/25/49

11,889,776

11,921,324‌

Series

2025-9

Class

EA

–5.5%

4/25/50

8,814,041

8,878,610‌

a

Pass-Through

Securities

Pool#

AD7073

–

4%

6/1/25

3,885

3,870‌

Pool#

310139

–

3.5%

11/1/25

81,445

80,978‌

Pool#

AB1769

–

3%

11/1/25

37,299

37,044‌

Pool#

AH3429

–

3.5%

1/1/26

214,048

212,537‌

Pool#

AB2251

–

3%

2/1/26

63,362

62,819‌

Pool#

AB3902

–

3%

11/1/26

95,834

94,644‌

Pool#

AB4482

–

3%

2/1/27

593,356

585,390‌

Pool#

AL1366

–

2.5%

2/1/27

209,274

205,736‌

Pool#

AB6291

–

3%

9/1/27

145,852

143,584‌

Pool#

MA3189

–

2.5%

11/1/27

234,467

229,368‌

Pool#

MA3791

–

2.5%

9/1/29

744,849

720,947‌

Pool#

BM5708

–

3%

12/1/29

425,258

418,118‌

Pool#

MA0587

–

4%

12/1/30

791,564

784,650‌

Pool#

BA4767

–

2.5%

1/1/31

417,849

400,867‌

Pool#

AS7701

–

2.5%

8/1/31

1,362,553

1,304,796‌

Pool#

555531

–

5.5%

6/1/33

704,953

718,352‌

Pool#

MA3540

–

3.5%

12/1/33

499,338

488,715‌

Pool#

725232

–

5%

3/1/34

66,137

66,542‌

Pool#

995112

–

5.5%

7/1/36

338,059

345,295‌

Pool#

MA5311

–

5%

3/1/39

4,638,823

4,667,381‌

85,755,471‌

a

Government

National

Mortgage

Association

Pass-Through

Securities

Pool#

5255

–

3%

12/20/26

417,007

412,356‌

a

Non-Government

Agency

Verus

Securitization

Trust

(VERSUS)

Series

2025-1

Class

A1

–5.62%

1/25/70

(b)

(c)

2,091,382

2,097,641‌

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

a

Collateralized

Mortgage

Obligations

AD

Mortgage

Trust

(ADMT)

Series

2024-NQM3

Class

A1

–6.45%

7/25/69

(b)

(c)

3,640,322

3,695,093‌

Angel

Oak

Mortgage

Trust

(AOMT)

Series

2025-1

Class

A1

–5.69%

1/25/70

(b)

(c)

3,969,707

3,982,367‌

Series

2025-2

Class

A1

–5.64%

2/25/70

(b)

(c)

2,872,946

2,891,173‌

Series

2025-3

Class

A1

–5.42%

3/25/70

(b)

(c)

5,000,000

5,007,659‌

Bunker

Hill

Loan

Depositary

Trust

(BHLD)

Series

2019-3A

Class

A1

–2.72%

11/25/59

(b)

(c)

232,385

229,315‌

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A4A

–6%

1/25/55

(b)

(c)

3,712,808

3,731,967‌

Series

2024-2

Class

A4A

–6%

2/25/55

(b)

(c)

4,082,543

4,108,261‌

Series

2024-4

Class

A4

–6%

3/25/55

(b)

(c)

3,322,343

3,340,919‌

Series

2024-9

Class

A6

–5.5%

9/25/55

(b)

(c)

2,037,745

2,032,737‌

Citigroup

Mortgage

Loan

Trust

(CMLTI)

Series

2014-A

Class

A

–4%

1/25/35

(b)

(c)

259,182

251,629‌

Cross

Mortgage

Trust

(CROSS)

Series

2025-H1

Class

A1

–5.74%

2/25/70

(b)

(c)

6,854,392

6,882,177‌

Series

2025-H2

Class

A1

–5.36%

3/25/70

(b)

(c)

1,997,490

2,003,185‌

Finance

of

America

Structured

Securities

Trust

(FASST)

Series

2025-S1

Class

A1

–3.5%

2/25/75

(b)

2,990,281

2,844,812‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2017-1

Class

2A2

–3%

3/25/47

(b)

(c)

303,596

282,367‌

Series

2021-7

Class

B

–2.5%

8/25/51

(b)

(c)

4,505,529

3,985,760‌

Series

2021-10IN

Class

A6

–2.5%

10/25/51

(b)

(c)

4,015,236

3,577,595‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2021-PJ9

Class

A8

–2.5%

2/26/52

(b)

(c)

2,843,712

2,531,330‌

Series

2022-PJ1

Class

AB

–2.5%

5/28/52

(b)

(c)

3,451,766

3,052,041‌

Series

2022-PJ2

Class

A24

–3%

6/25/52

(b)

(c)

2,216,420

2,004,370‌

Series

2024-PJ5

Class

A15

–6%

9/25/54

(b)

(c)

3,557,462

3,576,831‌

Series

2024-PJ8

Class

A8

–5.5%

2/25/55

(b)

(c)

5,266,983

5,251,492‌

Series

2025-PJ3

Class

A8

–5.5%

7/25/55

(b)

(c)

5,200,000

5,190,729‌

Series

2020-NQM1

Class

A1

–1.38%

9/27/60

(b)

(c)

266,124

250,757‌

Homes

Trust

(HOMES)

Series

2025-NQM1

Class

A1

–5.55%

1/25/70

(b)

(c)

3,456,835

3,458,718‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2014-2

Class

2A2

–3.5%

6/25/29

(b)

(c)

174,464

172,292‌

Series

2014-5

Class

B

–2.68%

10/25/29

(b)

(c)

666,827

650,866‌

Series

2016-3

Class

A

–2.95%

10/25/46

(b)

(c)

704,521

659,741‌

Series

2017-3

Class

A

–2.5%

8/25/47

(b)

(c)

1,743,319

1,534,141‌

Series

2018-6

Class

2A2

–3%

12/25/48

(b)

(c)

182,113

173,360‌

Series

2020-7

Class

A

–3%

1/25/51

(b)

(c)

19,543

19,414‌

Series

2020-8

Class

A

–3%

3/25/51

(b)

(c)

98,516

96,588‌

Series

2021-4

Class

A4

–2.5%

8/25/51

(b)

(c)

1,788,439

1,602,337‌

Series

2021-6

Class

B

–2.5%

10/25/51

(b)

(c)

4,049,420

3,621,979‌

Series

2021-8

Class

B

–2.5%

12/25/51

(b)

(c)

1,326,569

1,179,846‌

Series

2022-2

Class

A4A

–2.5%

8/25/52

(b)

(c)

1,618,303

1,427,348‌

Series

2023-6

Class

A4A

–5.5%

12/26/53

(b)

(c)

2,266,458

2,260,660‌

Series

2024-2

Class

A6A

–6%

8/25/54

(b)

(c)

2,055,268

2,057,555‌

Series

2024-4

Class

A4A

–6%

10/25/54

(b)

(c)

2,676,245

2,691,024‌

Series

2024-10

Class

A6

–5.5%

3/25/55

(b)

(c)

3,274,446

3,267,158‌

Series

2024-11

Class

A6A

–5.5%

4/25/55

(b)

(c)

5,104,917

5,095,348‌

Series

2025-NQM1

Class

A1

–5.59%

6/25/65

(b)

(c)

6,000,000

5,999,990‌

New

Residential

Mortgage

Loan

Trust

(NRZT)

Series

2025-NQM2

Class

A1

–5.57%

5/25/65

(b)

(c)

1,500,000

1,499,978‌

Onslow

Bay

Financial

LLC

(OBX)

Series

2025-NQM3

Class

A1

–5.65%

12/1/64

(b)

(c)

2,478,461

2,488,384‌

Series

2025-NQM1

Class

A1

–5.55%

12/25/64

(b)

(c)

2,891,262

2,897,066‌

Radian

Mortgage

Capital

Trust

(RMCT)

Series

2024-J2

Class

A8

–5.5%

3/25/55

(b)

(c)

3,419,605

3,410,709‌

27

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Rate

Mortgage

Trust

(RATE)

Series

2021-J3

Class

A7

–2.5%

10/25/51

(b)

(c)

3,786,736

3,350,516‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(b)

(c)

4,631,906

4,150,886‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2019-CH2

Class

A

–4.5%

8/25/49

(b)

(c)

34,379

34,188‌

Series

2020-3

Class

A

–3%

4/25/50

(b)

(c)

169,518

166,192‌

Series

2023-3

Class

A4

–6%

9/25/53

(b)

(c)

2,503,724

2,518,592‌

Series

2024-3

Class

A4

–6%

4/25/54

(b)

(c)

3,411,756

3,431,543‌

Series

2024-4

Class

A4

–6%

5/25/54

(b)

(c)

2,761,551

2,777,805‌

Series

2024-5

Class

A5

–6%

6/25/54

(b)

(c)

2,400,591

2,414,930‌

Series

2024-10

Class

A5

–5.5%

11/25/54

(b)

(c)

3,033,914

3,023,109‌

140,934,470‌

a

Total

Mortgage-Backed

Securities

(Cost

$350,378,015)

348,261,947‌

U.S.

Treasuries

-

21.4%

a

a

a

a

a

U.S.

Treasury

Notes

0.25%

8/31/25

20,000,000

19,676,841‌

3.5%

9/15/25

7,000,000

6,978,958‌

4.25%

10/15/25

12,000,000

12,003,258‌

4%

2/15/26

12,000,000

11,987,241‌

4.63%

3/15/26

10,000,000

10,052,180‌

4.88%

4/30/26

20,000,000

20,173,202‌

4.5%

7/15/26

22,000,000

22,140,508‌

1.88%

7/31/26

15,000,000

14,594,824‌

4.63%

9/15/26

12,000,000

12,114,141‌

1.63%

10/31/26

17,000,000

16,402,012‌

2.25%

2/15/27

2,000,000

1,940,273‌

1.13%

2/28/27

10,000,000

9,491,602‌

4.13%

9/30/27

13,000,000

13,077,187‌

1.13%

2/29/28

16,000,000

14,798,125‌

1.25%

3/31/28

7,000,000

6,483,613‌

4.38%

8/31/28

15,000,000

15,222,363‌

4.63%

9/30/28

4,000,000

4,093,594‌

4%

1/31/29

8,000,000

8,023,281‌

4%

2/28/30

4,000,000

4,009,688‌

4.13%

8/31/30

8,000,000

8,052,500‌

4.63%

9/30/30

15,000,000

15,465,527‌

a

Total

U.S.

Treasuries

(Cost

$248,486,824)

246,780,918‌

Cash

Equivalents

-

2.7%

a

Shares

$

Value

a

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(Cost

$31,065,496)

(e)

31,065,496

31,065,496‌

Short-Term

Securities

Held

as

Collateral

for

Securities

on

Loan

-

0.0%

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

Institutional

Class

–

4.26%

(e)

108,056

108,057‌

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Citibank

N.A.

DDCA

4.33%

12,006

12,006‌

a

Total

Short-Term

Securities

Held

as

Collateral

for

Securities

on

Loan

(Cost

$120,063)

120,063‌

Total

Investments

in

Securities

-

101.4%

(Cost

$1,172,656,184)

1,167,771,822‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (1.4%)

(16,493,652‌)

Net

Assets

-

100%

1,151,278,170‌

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

March

31,

2025.

The

total

value

of

securities

on

loan

as

of

March

31,

2025

was

$103,289.

(a)

Foreign

domiciled

entity.

(b)

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

institutional

buyers.

As

of

March

31,

2025,

the

total

value

of

such

securities

was

$651,004,720

or

56.55%

of

net

assets.

(c)

The

interest

rate

resets

periodically

based

on

the

weighted

average

coupons

of

the

underlying

mortgage-related

or

asset-backed

obligations.

(d)

This

security

is

classified

as

Level

3

security

within

the

fair

value

hierarchy.

Level

3

security

values

are

determined

using

significant

unobservable

inputs.

As

of

March

31,

2025,

the

total

value

of

such

securities

was

$9,866,488

or

0.86%

of

net

assets.

(e)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

(f)

Defaulted

bond.

28

Ultra

Short

Government

Fund

Schedule

of

Investments

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Asset-Backed

Securities

-

0.1%

a

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Automobile

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(a)

41,540

40,940‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2022-1A

Class

A

–5.21%

6/15/27

(a)

31,735

31,771‌

United

Auto

Credit

Securitization

Trust

(UACST)

Series

2024-1

Class

A

–6.17%

8/10/26

(a)

24,036

24,049‌

96,760‌

a

Total

Asset-Backed

Securities

(Cost

$97,284)

96,760‌

Cash

Equivalents

-

100.0%

a

a

a

a

U.S.

Treasury

Bills,

4.04%

to

4.2%,

4/22/25

to

8/28/25

(b)

131,000,000

129,647,399‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

4.21%

(c)

12,138,032

12,138,032‌

a

Total

Cash

Equivalents

(Cost

$141,787,636)

141,785,431‌

Total

Investments

in

Securities

-

100.1%

(Cost

$141,884,920)

141,882,191‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(137,282‌)

Net

Assets

-

100%

141,744,909‌

(a)

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

institutional

buyers.

As

of

March

31,

2025,

the

total

value

of

such

securities

was

$96,760

or

0.07%

of

net

assets.

(b)

Interest

rates

presented

represent

the

effective

yield

at

March

31,

2025.

(c)

Rate

presented

represents

the

7

day

average

yield

at

March

31,

2025.

30

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

(In

U.S.

dollars,

except

share

data)

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Nebraska

Tax

Free

Income

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Assets:

Investments

in

securities

at

value*

#

:

Unaffiliated

issuers

236,379,256

3,244,599,654

857,765,379

566,053,797

18,501,483

406,903,738

1,167,771,822

141,882,191

Non-controlled

affiliates

—

—

—

—

—

9,635,650

—

—

236,379,256

3,244,599,654

857,765,379

566,053,797

18,501,483

416,539,388

1,167,771,822

141,882,191

Accrued

interest

and

dividends

receivable

775,041

23,729,142

181,261

81,363

210,408

141,186

5,362,387

50,978

Receivable

for

securities

sold

—

—

—

—

—

—

48,956

—

Receivable

for

fund

shares

sold

798

4,698,352

3,654

260

—

206

1,537,741

—

Receivable

from

adviser

—

—

—

—

8,151

—

—

—

Prepaid

expenses

15,365

102,640

22,697

13,958

2,869

14,626

32,001

7,957

Cash

—

330

—

24,673

—

14

4

—

Unrealized

appreciation

on

u

nfunded

loan

commitments

—

281,778

—

—

—

—

85,691

—

Total

assets

237,170,460

3,273,411,896

857,972,991

566,174,051

18,722,911

416,695,420

1,174,838,602

141,941,126

Liabilities:

Distributions

payable

—

403,738

—

—

—

—

68,699

17,004

Dividends

payable

on

securities

sold

short

—

—

—

—

—

59,344

—

—

Due

to

adviser

118,543

1,025,948

672,840

422,835

—

376,482

362,606

14,428

Options

written,

at

value†

—

—

—

—

—

223,500

—

—

Payable

for

collateral

received

on

loaned

securities

—

2,814,188

—

—

—

—

120,063

—

Payable

for

securities

purchased

—

47,509,436

—

—

—

—

21,487,315

—

Payable

for

fund

shares

redeemed

49,956

6,019,170

243,509

263,157

—

39,709

1,440,148

130,581

Other

38,966

170,571

89,142

61,731

28,995

44,780

81,601

34,204

Total

liabilities

207,465

57,943,051

1,005,491

747,723

28,995

743,815

23,560,432

196,217

Net

assets

236,962,995

3,215,468,845

856,967,500

565,426,328

18,693,916

415,951,605

1,151,278,170

141,744,909

Composition

of

net

assets:

Paid-in

capital

188,678,143

3,234,947,268

391,602,907

229,561,430

19,970,919

219,888,664

1,157,687,386

141,752,081

Total

distributable

earnings

48,284,852

(19,478,423)

465,364,593

335,864,898

(1,277,003)

196,062,941

(6,409,216)

(7,172)

Net

assets

236,962,995

3,215,468,845

856,967,500

565,426,328

18,693,916

415,951,605

1,151,278,170

141,744,909

Net

assets

(a)

:

Investor

Class

49,221,157

444,553,467

502,017,418

222,333,492

18,693,916

6,622,784

29,800,371

Institutional

Class

187,741,838

2,770,915,378

354,950,082

343,092,836

409,328,821

1,121,477,799

141,744,909

Shares

outstanding

(a)(b)

:

Investor

Class

2,929,402

45,917,335

9,929,127

6,837,886

1,949,004

559,579

2,483,502

Institutional

Class

11,145,755

286,139,012

6,794,623

10,205,011

31,002,263

93,244,329

14,194,936

Net

asset

value,

offering

and

redemption

price

(a)

:

Investor

Class

16.80

9.68

50.56

32.51

9.59

11.84

12.00

Institutional

Class

16.84

9.68

52.24

33.62

13.20

12.03

9.99

*  

Cost

of

investments

in

securities:

Unaffiliated

Issuers

189,723,253

3,258,880,206

517,003,217

275,063,608

19,359,296

230,688,271

1,172,656,184

141,884,920

Non-controlled

affiliates

—

—

—

—

—

634,534

—

—

189,723,253

3,258,880,206

517,003,217

275,063,608

19,359,296

231,322,805

1,172,656,184

141,884,920

†  

Premiums

from

options

written.

—

—

—

—

—

310,889

—

—

#

Includes

securities

on

loan

as

shown

in

the

Schedule

of

Investments.

(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.

(b)

Indefinite

number

of

no

par

value

shares

authorized.

31

Statements

of

Operations

Period

ended

March

31,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

(In

U.S.

dollars)

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Nebraska

Tax

Free

Income

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Investment

Income:

Dividends

1,329,562

2,543,890

5,965,275

3,759,513

55,847

2,887,642

1,403,572

375,670

Interest

5,425,882

141,525,074

165,844

759,343

518,140

1,868,331

48,386,637

7,482,180

Income

from

securities

lending

231

88,024

—

5,240

—

17,370

70

—

Foreign

tax

withholding

—

—

(5,250)

(9,389)

—

—

—

—

Total

investment

income

6,755,675

144,156,988

6,125,869

4,514,707

573,987

4,773,343

49,790,279

7,857,850

Fees

and

expenses*:

Investment

advisory

services

1,428,649

10,054,795

6,951,370

4,311,283

90,924

4,249,397

3,862,762

470,024

Business

administration

services

(1)

103,435

1,126,564

403,267

250,477

9,848

185,146

423,623

66,225

Administrative

services:

(2)

Investor

Class

96,930

1,001,471

893,053

414,901

15,312

13,682

81,932

Institutional

Class

28,696

601,161

26,552

21,704

24,664

323,917

36,019

Transfer

agent

services:

Investor

Class

29,934

21,920

113,864

67,555

34,925

20,798

19,621

Institutional

Class

22,061

21,112

32,941

30,209

33,569

28,259

42,702

Registration:

Investor

Class

16,723

47,944

27,589

20,324

5,444

13,119

10,985

Institutional

Class

27,117

204,699

26,647

23,788

27,044

68,127

44,482

Custody

and

fund

accounting

94,673

349,085

157,480

121,904

77,753

106,630

174,142

75,709

Auditing

and

legal

38,076

151,327

69,914

53,996

29,681

46,302

72,697

34,460

Trustees

20,472

198,023

76,961

48,412

2,144

35,518

78,345

14,276

Dividends

on

securities

sold

short

—

—

—

—

—

250,797

—

—

Printing

16,601

117,661

27,918

21,294

5,661

14,885

54,157

8,523

Other

17,700

128,923

70,536

41,512

2,268

24,436

72,976

12,410

1,941,067

14,024,685

8,878,092

5,427,359

273,960

5,045,987

5,271,543

804,830

Less

expenses

waived/reimbursed

by

investment

adviser

(197,275)

(2,078,698)

—

—

(171,724)

—

(873,057)

(303,863)

Net

expenses

1,743,792

11,945,987

8,878,092

5,427,359

102,236

5,045,987

4,398,486

500,967

Net

investment

income

(loss)

5,011,883

132,211,001

(2,752,223)

(912,652)

471,751

(272,644)

45,391,793

7,356,883

Realized

and

unrealized

gain

(loss)

on

investments:

Net

realized

gain

(loss):

Unaffiliated

issuers

and

foreign

currencies

3,951,264

(1,871,839)

161,238,244

67,703,028

(31,809)

37,452,007

60,290

(5,040)

Options

written

—

—

—

—

—

314,488

—

—

Securities

sold

short

—

—

—

—

—

(12,946,776)

—

—

Net

realized

gain

(loss)

3,951,264

(1,871,839)

161,238,244

67,703,028

(31,809)

24,819,719

60,290

(5,040)

Change

in

net

unrealized

appreciation

(depreciation):

Unaffiliated

issuers

and

foreign

currencies

(3,208,651)

14,767,138

(150,199,637)

(27,019,118)

30,624

(10,725,095)

12,247,291

(8,178)

Non-controlled

affiliates

—

—

—

—

—

3,944,900

—

—

Unfunded

loan

commitments

—

281,778

—

—

—

—

85,691

—

Options

written

—

—

—

—

—

207,343

—

—

Securities

sold

short

—

—

—

—

—

11,427,170

—

—

Change

in

net

unrealized

appreciation

(depreciation)

(3,208,651)

15,048,916

(150,199,637)

(27,019,118)

30,624

4,854,318

12,332,982

(8,178)

Net

realized

and

unrealized

gain

(loss)

on

investments

742,613

13,177,077

11,038,607

40,683,910

(1,185)

29,674,037

12,393,272

(13,218)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

5,754,496

145,388,078

8,286,384

39,771,258

470,566

29,401,393

57,785,065

7,343,665

*

Additional

information

related

to

fees

and

expenses

is

included

in

the

notes

to

the

financial

statements.

(1)

The

Trust

has

a

business

administration

agreement

with

the

Advisor

under

which

the

Trust

compensates

the

Adviser

for

providing

business

administration

services

for

all

share

classes

of

the

funds.

Services

encompass

supervising

all

aspects

of

the

management

and

operations

of

the

Trust,

including

monitoring

Trust's

relationships

with

third-party

services

providers

that

may

be

retained

from

time

to

time

by

the

Trust.

(2)

The

Trust

has

administrative

services

plans

under

which

the

Trust

compensates

the

Adviser

for

administrative

services

provided

to

all

share

classes

of

the

Funds.

Effective

July

31,

2024,

this

plan

was

terminated

for

the

Institutional

share

classes.

Administrative

services

are

provided

by

the

Adviser

or

by

certain

financial

intermediaries

with

respect

to

non-distribution

services

to

fund

stakeholders.

These

services

include,

but

are

not

limited

to,

providing

shareholder

statements,

assisting

with

shareholder

communications

and

sub-accounting

services

in

connection

with

omnibus

accounts.

32

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

(In

U.S.

dollars)

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Increase

(decrease)

in

net

assets:

From

operations:

Net

investment

income

(loss)

5,011,883‌

4,143,293‌

132,211,001‌

57,012,684‌

(2,752,223‌)

(1,941,639‌)

(912,652‌)

(1,732,938‌)

Net

realized

gain

(loss)

3,951,264‌

4,766,350‌

(1,871,839‌)

(378,815‌)

161,238,244‌

83,608,655‌

67,703,028‌

37,100,040‌

Change

in

net

unrealized

appreciation

(depreciation)

(3,208,651‌)

17,077,473‌

15,048,916‌

(265,622‌)

(150,199,637‌)

153,878,485‌

(27,019,118‌)

89,151,362‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

5,754,496‌

25,987,116‌

145,388,078‌

56,368,247‌

8,286,384‌

235,545,501‌

39,771,258‌

124,518,464‌

Distributions

to

shareholders

(a)

:

Investor

Class

(2,407,029‌)

(1,053,227‌)

(18,028,585‌)

(9,719,018‌)

(55,152,981‌)

(27,767,688‌)

(16,812,524‌)

(4,131,787‌)

Institutional

Class

(9,238,457‌)

(3,775,302‌)

(112,805,741‌)

(47,419,319‌)

(37,333,267‌)

(17,636,165‌)

(24,600,027‌)

(5,373,514‌)

Total

distributions

(11,645,486‌)

(4,828,529‌)

(130,834,326‌)

(57,138,337‌)

(92,486,248‌)

(45,403,853‌)

(41,412,551‌)

(9,505,301‌)

Fund

share

transactions

(a)

:

Investor

Class

(2,504,221‌)

(5,215,655‌)

171,992,262‌

147,789,199‌

(10,712,395‌)

(54,538,381‌)

(14,764,481‌)

(39,216,714‌)

Institutional

Class

10,113,344‌

13,812,832‌

1,318,330,150‌

964,997,725‌

12,470,066‌

30,146,294‌

7,149,443‌

(22,965,104‌)

Net

increase

(decrease)

from

fund

share

transactions

7,609,123‌

8,597,177‌

1,490,322,412‌

1,112,786,924‌

1,757,671‌

(24,392,087‌)

(7,615,038‌)

(62,181,818‌)

Total

increase

(decrease)

in

net

assets

1,718,133‌

29,755,764‌

1,504,876,164‌

1,112,016,834‌

(82,442,193‌)

165,749,561‌

(9,256,331‌)

52,831,345‌

Net

assets:

Beginning

of

period

235,244,862‌

205,489,098‌

1,710,592,681‌

598,575,847‌

939,409,693‌

773,660,132‌

574,682,659‌

521,851,314‌

End

of

period

236,962,995‌

235,244,862‌

3,215,468,845‌

1,710,592,681‌

856,967,500‌

939,409,693‌

565,426,328‌

574,682,659‌

(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.

33

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Nebraska

Tax

Free

Income

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Year

ended

March

31,

2025

Year

ended

March

31,

2024

471,751‌

520,030‌

(272,644‌)

513,627‌

45,391,793‌

35,292,497‌

7,356,883‌

6,950,345‌

(31,809‌)

(295,684‌)

24,819,719‌

33,002,185‌

60,290‌

(1,334,633‌)

(5,040‌)

(2,173‌)

30,624‌

(15,935‌)

4,854,318‌

52,970,650‌

12,332,982‌

9,625,978‌

(8,178‌)

52,429‌

470,566‌

208,411‌

29,401,393‌

86,486,462‌

57,785,065‌

43,583,842‌

7,343,665‌

7,000,601‌

(467,332‌)

(524,705‌)

(463,849‌)

(396,963‌)

(1,337,385‌)

(1,400,471‌)

—‌

—‌

—‌

—‌

(28,332,298‌)

(26,395,168‌)

(43,769,412‌)

(33,951,721‌)

(7,356,263‌)

(6,922,114‌)

(467,332‌)

(524,705‌)

(28,796,147‌)

(26,792,131‌)

(45,106,797‌)

(35,352,192‌)

(7,356,263‌)

(6,922,114‌)

(4,343,418‌)

(5,548,252‌)

1,015,259‌

(1,828,965‌)

305,568‌

(12,243,151‌)

(9,465,837‌)

(46,846,220‌)

281,266,870‌

90,054,810‌

(41,189,264‌)

96,203,287‌

(4,343,418‌)

(5,548,252‌)

(8,450,578‌)

(48,675,185‌)

281,572,438‌

77,811,659‌

(41,189,264‌)

96,203,287‌

(4,340,184‌)

(5,864,546‌)

(7,845,332‌)

11,019,146‌

294,250,706‌

86,043,309‌

(41,201,862‌)

96,281,774‌

23,034,100‌

28,898,646‌

423,796,937‌

412,777,791‌

857,027,464‌

770,984,155‌

182,946,771‌

86,664,997‌

18,693,916‌

23,034,100‌

415,951,605‌

423,796,937‌

1,151,278,170‌

857,027,464‌

141,744,909‌

182,946,771‌

34

FINANCIAL

HIGHLIGHTS

The

following

financial

information

provides

selected

data,

in

U.S.

dollars,

for

a

share

outstanding

throughout

the

periods

indicated.

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Income

(loss)

from

Investment

Operations

Distributions

Years

ended

March

31,

unless

otherwise

noted

Net

asset

value,

beginning

of

period

Net

investment

income

(loss)

Net

gain

(loss)

on

securities

(realized

and

unrealized)

Total

from

investment

operations

Dividends

from

net

investment

income

Distributions

from

realized

gains

Total

distributions

Conservative

Allocation

-

Investor

Class

2025

17.23‌

0.34‌

(b)

0.07‌

0.41‌

(0.35‌)

(0.49‌)

(0.84‌)

2024

15.69‌

0.29‌

(b)

1.59‌

1.88‌

(0.27‌)

(0.07‌)

(0.34‌)

2023

16.68‌

0.17‌

(b)

(0.86‌)

(0.69‌)

(0.15‌)

(0.15‌)

(0.30‌)

2022

16.30‌

0.05‌

(b)

0.78‌

0.83‌

(0.04‌)

(0.41‌)

(0.45‌)

2021

13.54‌

0.07‌

(b)

2.86‌

2.93‌

(0.08‌)

(0.09‌)

(0.17‌)

Conservative

Allocation

-

Institutional

Class

2025

17.27‌

0.37‌

(b)

0.06‌

0.43‌

(0.37‌)

(0.49‌)

(0.86‌)

2024

15.71‌

0.31‌

(b)

1.60‌

1.91‌

(0.28‌)

(0.07‌)

(0.35‌)

2023

16.70‌

0.20‌

(b)

(0.88‌)

(0.68‌)

(0.16‌)

(0.15‌)

(0.31‌)

2022

16.31‌

0.08‌

(b)

0.77‌

0.85‌

(0.05‌)

(0.41‌)

(0.46‌)

2021

13.55‌

0.09‌

(b)

2.87‌

2.96‌

(0.11‌)

(0.09‌)

(0.20‌)

Core

Plus

Income

-

Investor

Class

2025

9.63‌

0.49‌

(b)

0.05‌

0.54‌

(0.49‌)

—‌

(0.49‌)

2024

9.76‌

0.49‌

(b)

(0.13‌)

0.36‌

(0.49‌)

—‌

(0.49‌)

2023

10.45‌

0.37‌

(b)

(0.70‌)

(0.33‌)

(0.35‌)

(0.01‌)

(0.36‌)

2022

10.86‌

0.23‌

(b)

(0.40‌)

(0.17‌)

(0.21‌)

(0.03‌)

(0.24‌)

2021

10.14‌

0.37‌

(b)

0.91‌

1.28‌

(0.37‌)

(0.19‌)

(0.56‌)

Core

Plus

Income

-

Institutional

Class

2025

9.63‌

0.51‌

(b)

0.05‌

0.56‌

(0.51‌)

—‌

(0.51‌)

2024

9.76‌

0.51‌

(b)

(0.14‌)

0.37‌

(0.50‌)

—‌

(0.50‌)

2023

10.45‌

0.37‌

(b)

(0.69‌)

(0.32‌)

(0.36‌)

(0.01‌)

(0.37‌)

2022

10.87‌

0.24‌

(b)

(0.41‌)

(0.17‌)

(0.22‌)

(0.03‌)

(0.25‌)

2021

10.15‌

0.38‌

(b)

0.91‌

1.29‌

(0.38‌)

(0.19‌)

(0.57‌)

Large

Cap

Equity

-

Investor

Class

2025

55.57‌

(0.20‌)

(b)

0.99‌

0.79‌

—‌

(5.80‌)

(5.80‌)

2024

44.48‌

(0.14‌)

(b)

14.00‌

13.86‌

—‌

(2.77‌)

(2.77‌)

2023

56.83‌

(0.18‌)

(b)

(6.23‌)

(6.41‌)

—‌

(5.94‌)

(5.94‌)

2022

54.30‌

(0.32‌)

(b)

5.18‌

4.86‌

—‌

(2.33‌)

(2.33‌)

2021

37.98‌

(0.21‌)

(b)

21.14‌

20.93‌

—‌

(4.61‌)

(4.61‌)

Large

Cap

Equity

-

Institutional

Class

2025

57.14‌

(0.11‌)

(b)

1.02‌

0.91‌

—‌

(5.80‌)

(5.80‌)

2024

45.61‌

(0.07‌)

(b)

14.37‌

14.30‌

—‌

(2.77‌)

(2.77‌)

2023

58.02‌

(0.11‌)

(b)

(6.36‌)

(6.47‌)

—‌

(5.94‌)

(5.94‌)

2022

55.31‌

(0.23‌)

(b)

5.27‌

5.04‌

—‌

(2.33‌)

(2.33‌)

2021

38.55‌

(0.11‌)

(b)

21.48‌

21.37‌

—‌

(4.61‌)

(4.61‌)

Multi

Cap

Equity

-

Investor

Class

2025

32.66‌

(0.09‌)

(b)

2.44‌

2.35‌

—‌

(2.50‌)

(2.50‌)

2024

26.44‌

(0.12‌)

(b)

6.88‌

6.76‌

—‌

(0.54‌)

(0.54‌)

2023

32.18‌

(0.16‌)

(b)

(3.68‌)

(3.84‌)

—‌

(1.90‌)

(1.90‌)

2022

33.01‌

(0.27‌)

(b)

1.81‌

1.54‌

—‌

(2.37‌)

(2.37‌)

2021

23.32‌

(0.28‌)

(b)

13.30‌

13.02‌

—‌

(3.33‌)

(3.33‌)

Multi

Cap

Equity

-

Institutional

Class

2025

33.63‌

(0.03‌)

(b)

2.52‌

2.49‌

—‌

(2.50‌)

(2.50‌)

2024

27.16‌

(0.07‌)

(b)

7.08‌

7.01‌

—‌

(0.54‌)

(0.54‌)

2023

32.94‌

(0.11‌)

(b)

(3.77‌)

(3.88‌)

—‌

(1.90‌)

(1.90‌)

2022

33.67‌

(0.21‌)

(b)

1.85‌

1.64‌

—‌

(2.37‌)

(2.37‌)

2021

23.70‌

(0.23‌)

(b)

13.53‌

13.30‌

—‌

(3.33‌)

(3.33‌)

(a)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

35

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Ratios/Supplemental

Data

Ratio

of

expenses

to

average

net

assets

Net

asset

value,

end

of

period

Total

return

(%)

Net

assets,

end

of

period

($000)

Prior

to

fee

waivers

(%)

Net

of

fee

waivers

(%)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(%)

Portfolio

turnover

rate

(%)

(a)

16.80‌

2.32

49,221‌

1.00

0.85

1.99

25

17.23‌

12.09

52,884‌

1.00

0.85

1.76

27

15.69‌

(4.12)

53,269‌

0.99

0.85

1.12

20

16.68‌

4.98

64,732‌

1.01

0.85

0.31

26

16.30‌

21.74

64,736‌

1.14

0.85

0.44

29

16.84‌

2.42

187,742‌

0.76

0.70

2.14

25

17.27‌

12.32

182,360‌

0.79

0.70

1.91

27

15.71‌

(4.01)

152,221‌

0.79

0.70

1.29

20

16.70‌

5.15

145,835‌

0.82

0.70

0.46

26

16.31‌

21.93

141,277‌

0.89

0.70

0.58

29

9.68‌

5.75

444,553‌

0.78

0.62

5.11

11

9.63‌

3.88

271,029‌

0.77

0.54

5.16

12

9.76‌

(3.06)

124,729‌

0.82

0.50

3.72

24

10.45‌

(1.67)

54,279‌

0.89

0.50

2.07

46

10.86‌

12.79

53,944‌

1.09

0.50

3.42

38

9.68‌

5.93

2,770,915‌

0.52

0.45

5.28

11

9.63‌

3.97

1,439,564‌

0.57

0.44

5.28

12

9.76‌

(2.98)

473,847‌

0.59

0.40

3.76

24

10.45‌

(1.67)

293,326‌

0.62

0.40

2.16

46

10.87‌

12.88

110,303‌

0.80

0.40

3.54

38

50.56‌

0.55

502,017‌

1.03

1.03

(0.37)

31

55.57‌

31.74

562,750‌

1.01

1.01

(0.28)

20

44.48‌

(11.01)

499,565‌

1.04

1.04

(0.37)

9

56.83‌

8.63

633,358‌

1.04

1.04

(0.53)

15

54.30‌

56.97

616,462‌

1.11

1.09

(0.43)

14

52.24‌

0.72

354,950‌

0.86

0.86

(0.20)

31

57.14‌

31.94

376,660‌

0.87

0.87

(0.14)

20

45.61‌

(10.88)

274,095‌

0.89

0.89

(0.23)

9

58.02‌

8.80

315,413‌

0.90

0.89

(0.37)

15

55.31‌

57.28

311,177‌

0.97

0.89

(0.23)

14

32.51‌

6.86

222,333‌

1.06

1.06

(0.28)

16

32.66‌

25.84

238,197‌

1.05

1.05

(0.43)

10

26.44‌

(11.97)

228,650‌

1.07

1.07

(0.56)

6

32.18‌

4.13

214,991‌

1.09

1.09

(0.78)

8

33.01‌

58.17

231,482‌

1.18

1.09

(0.97)

7

33.62‌

7.12

343,093‌

0.87

0.87

(0.08)

16

33.63‌

26.04

336,486‌

0.87

0.87

(0.24)

10

27.16‌

(11.81)

293,201‌

0.89

0.89

(0.38)

6

32.94‌

4.35

279,181‌

0.91

0.89

(0.59)

8

33.67‌

58.43

277,133‌

0.99

0.89

(0.77)

7

36

FINANCIAL

HIGHLIGHTS

(Continued)

The

following

financial

information

provides

selected

data,

in

U.S.

dollars,

for

a

share

outstanding

throughout

the

periods

indicated.

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Income

(loss)

from

Investment

Operations

Distributions

Years

ended

March

31,

unless

otherwise

noted

Net

asset

value,

beginning

of

period

Net

investment

income

(loss)

Net

gain

(loss)

on

securities

(realized

and

unrealized)

Total

from

investment

operations

Dividends

from

net

investment

income

Distributions

from

realized

gains

Total

distributions

Nebraska

Tax

Free

Income

2025

9.59‌

0.20‌

(b)

—‌

#

0.20‌

(0.20‌)

—‌

(0.20‌)

2024

9.65‌

0.19‌

(b)

(0.05‌)

0.14‌

(0.20‌)

—‌

(0.20‌)

2023

9.73‌

0.17‌

(b)

(0.09‌)

0.08‌

(0.16‌)

—‌

(0.16‌)

2022

10.18‌

0.14‌

(b)

(0.45‌)

(0.31‌)

(0.14‌)

—‌

(0.14‌)

2021

10.07‌

0.16‌

0.11‌

0.27‌

(0.16‌)

—‌

(0.16‌)

Partners

III

Opportunity

-

Investor

Class

2025

11.98‌

(0.10‌)

(b)

0.89‌

0.79‌

—‌

(0.93‌)

(0.93‌)

2024

10.55‌

(0.06‌)

(b)

2.32‌

2.26‌

—‌

(0.83‌)

(0.83‌)

2023

13.74‌

(0.11‌)

(b)

(2.14‌)

(2.25‌)

—‌

(0.94‌)

(0.94‌)

2022

15.67‌

(0.20‌)

(b)

0.11‌

(0.09‌)

—‌

(1.84‌)

(1.84‌)

2021

12.84‌

(0.16‌)

(b)

4.92‌

4.76‌

—‌

(1.93‌)

(1.93‌)

Partners

III

Opportunity

-

Institutional

Class

2025

13.18‌

(0.01‌)

(b)

0.96‌

0.95‌

—‌

#

(0.93‌)

(0.93‌)

2024

11.46‌

0.02‌

(b)

2.54‌

2.56‌

(0.01‌)

(0.83‌)

(0.84‌)

2023

14.74‌

(0.04‌)

(b)

(2.30‌)

(2.34‌)

—‌

(0.94‌)

(0.94‌)

2022

16.60‌

(0.13‌)

(b)

0.11‌

(0.02‌)

—‌

(1.84‌)

(1.84‌)

2021

13.43‌

(0.07‌)

(b)

5.17‌

5.10‌

—‌

(1.93‌)

(1.93‌)

Short

Duration

Income

-

Investor

Class

2025

11.84‌

0.54‌

(b)

0.16‌

0.70‌

(0.54‌)

—‌

(0.54‌)

2024

11.73‌

0.50‌

(b)

0.12‌

0.62‌

(0.51‌)

—‌

(0.51‌)

2023

11.98‌

0.32‌

(b)

(0.22‌)

0.10‌

(0.34‌)

(0.01‌)

(0.35‌)

2022

12.37‌

0.19‌

(b)

(0.37‌)

(0.18‌)

(0.19‌)

(0.02‌)

(0.21‌)

2021

11.93‌

0.27‌

(b)

0.48‌

0.75‌

(0.29‌)

(0.02‌)

(0.31‌)

Short

Duration

Income

-

Institutional

Class

2025

11.87‌

0.56‌

(b)

0.16‌

0.72‌

(0.56‌)

—‌

(0.56‌)

2024

11.76‌

0.52‌

(b)

0.11‌

0.63‌

(0.52‌)

—‌

(0.52‌)

2023

12.00‌

0.33‌

(b)

(0.22‌)

0.11‌

(0.34‌)

(0.01‌)

(0.35‌)

2022

12.39‌

0.20‌

(b)

(0.37‌)

(0.17‌)

(0.20‌)

(0.02‌)

(0.22‌)

2021

11.95‌

0.28‌

(b)

0.47‌

0.75‌

(0.29‌)

(0.02‌)

(0.31‌)

Ultra

Short

Government

2025

9.99‌

0.47‌

(b)

—‌

#

0.47‌

(0.47‌)

—‌

(0.47‌)

2024

9.99‌

0.49‌

(b)

(0.01‌)

0.48‌

(0.48‌)

—‌

(0.48‌)

2023

9.99‌

0.25‌

(b)

(0.01‌)

0.24‌

(0.24‌)

—‌

(0.24‌)

2022

10.00‌

0.01‌

(b)

(0.01‌)

—‌

#

(0.01‌)

—‌

(0.01‌)

2021

10.03‌

0.06‌

(0.03‌)

0.03‌

(0.06‌)

—‌

(0.06‌)

#

Amount

less

than

$0.01.

(a)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(b)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

37

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Ratios/Supplemental

Data

Ratio

of

expenses

to

average

net

assets

Net

asset

value,

end

of

period

Total

return

(%)

Net

assets,

end

of

period

($000)

Prior

to

fee

waivers

(%)

Net

of

fee

waivers

(%)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(%)

Portfolio

turnover

rate

(%)

(a)

9.59‌

2.07

18,694‌

1.21

0.45

2.08

2

9.59‌

1.44

23,034‌

1.05

0.45

2.00

5

9.65‌

0.91

28,899‌

0.95

0.45

1.73

5

9.73‌

(3.08)

32,880‌

1.02

0.45

1.42

9

10.18‌

2.67

35,638‌

1.09

0.45

1.54

13

11.84‌

6.27

6,623‌

1.93

1.93

(0.81)

25

11.98‌

22.29

5,710‌

1.90

1.90

(0.57)

19

10.55‌

(16.31)

6,732‌

1.75

1.75

(0.92)

33

13.74‌

(1.02)

14,147‌

1.86

1.86

(1.25)

26

15.67‌

39.25

22,791‌

2.09

2.09

(1.08)

23

13.20‌

6.95

409,329‌

1.18

1.18

(0.05)

25

13.18‌

23.19

418,087‌

1.19

1.19

0.13

19

11.46‌

(15.80)

406,046‌

1.19

1.19

(0.30)

33

14.74‌

(0.53)

559,234‌

1.43

1.43

(0.81)

26

16.60‌

40.11

592,471‌

1.46

1.46

(0.46)

23

12.00‌

6.02

29,800‌

0.87

0.62

4.54

39

11.84‌

5.40

29,104‌

0.93

0.55

4.25

37

11.73‌

0.83

41,089‌

0.86

0.55

2.69

43

11.98‌

(1.46)

60,017‌

0.90

0.55

1.55

51

12.37‌

6.29

36,857‌

1.02

0.55

2.23

45

12.03‌

6.19

1,121,478‌

0.54

0.45

4.70

39

11.87‌

5.46

827,923‌

0.60

0.46

4.39

37

11.76‌

0.98

729,895‌

0.60

0.48

2.82

43

12.00‌

(1.41)

722,024‌

0.62

0.48

1.65

51

12.39‌

6.32

658,216‌

0.65

0.48

2.27

45

9.99‌

4.78

141,745‌

0.51

0.32

4.70

3

9.99‌

4.94

182,947‌

0.53

0.29

4.87

55

9.99‌

2.41

86,665‌

0.63

0.18

2.47

206

9.99‌

0.01

62,574‌

0.68

0.09

0.08

84

10.00‌

0.29

79,937‌

0.69

0.17

0.53

138

38

NOTES

TO

FINANCIAL

STATEMENTS

March

31,

2025

(1)

Organization

The

Weitz

Funds

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940

(the

“’40

Act”)

as

an

open-end

management

investment

company

issuing

shares

in

series,

each

series

representing

a

distinct

portfolio

with

its

own

investment

objectives

and

policies.

At

March

31,

2025,

the

Trust

had

eight

series

in

operation:

Conservative

Allocation

Fund,

Core

Plus

Income

Fund,

Large

Cap

Equity

Fund,

Multi

Cap

Equity

Fund,

Nebraska

Tax

Free

Income

Fund,

Partners

III

Opportunity

Fund,

Short

Duration

Income

Fund,

and

Ultra

Short

Government

Fund

(individually,

a

“Fund”,

collectively,

the

“Funds”).

Currently,

the

Conservative

Allocation,

Core

Plus

Income,

Large

Cap

Equity,

Multi

Cap

Equity,

Partners

III

Opportunity

and

Short

Duration

Income

Funds

each

offer

two

classes

of

shares:

Institutional

Class

and

Investor

Class

shares.

Each

class

of

shares

has

identical

rights

and

privileges,

except

with

respect

to

certain

class

specific

expenses

such

as

business

administration

and

administrative

servicing

fees,

voting

rights

on

matters

affecting

a

single

class

of

shares

and

exchange

privileges.

All

other

Funds

offer

one

class

of

shares.

The

investment

objective

of

the

Large

Cap

Equity,

Multi

Cap

Equity

and

Partners

III

Opportunity

Funds

(the

“Weitz

Equity

Funds”)

is

capital

appreciation.

The

investment

objectives

of

the

Conservative

Allocation

Fund

are

long-term

capital

appreciation,

capital

preservation

and

current

income.

The

investment

objectives

of

the

Core

Plus

Income

Fund

are

current

income

and

capital

preservation.

The

investment

objective

of

the

Nebraska

Tax

Free

Income

Fund

is

current

income

that

is

exempt

from

both

federal

and

Nebraska

personal

income

taxes,

consistent

with

the

preservation

of

capital.

The

investment

objective

of

the

Short

Duration

Income

Fund

is

current

income

consistent

with

the

preservation

of

capital.

The

investment

objective

of

the

Ultra

Short

Government

Fund

is

current

income

consistent

with

the

preservation

of

capital

and

maintenance

of

liquidity.

Investment

strategies

and

risk

factors

of

each

Fund

are

discussed

in

the

Funds’

Prospectus.

(2)

Significant

Accounting

Policies

The

Funds

are

investment

companies

and

apply

the

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

Financial

Services

–

Investment

Companies.

The

following

accounting

policies

are

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States.

(a)

Valuation

of

Investments

Investments

are

carried

at

fair

value

determined

using

the

following

valuation

methods:

Securities

traded

on

a

national

or

regional

securities

exchange

are

valued

at

the

last

sales

price;

if

there

were

no

sales

on

that

day,

securities

are

valued

at

the

mean

between

the

latest

available

and

representative

bid

and

ask

prices;

securities

listed

on

the

NASDAQ

exchange

are

valued

using

the

NASDAQ

Official

Closing

Price

(“NOCP”).

Generally,

the

NOCP

will

be

the

last

sales

price

unless

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

bid

or

ask

price.

Short

sales

traded

on

a

national

or

regional

securities

exchange

are

valued

at

the

last

sales

price;

if

there

were

no

sales

on

that

day,

short

sales

are

valued

at

the

mean

between

the

latest

available

and

representative

bid

and

ask

prices.

Securities

not

listed

on

an

exchange

are

valued

at

the

mean

between

the

latest

available

and

representative

bid

and

ask

prices,

if

available.

The

value

of

certain

debt

securities

for

which

market

quotations

are

not

readily

available

may

be

based

upon

current

market

prices

of

securities

that

are

comparable

in

coupon,

rating

and

maturity

or

an

appropriate

matrix

utilizing

similar

factors.

The

value

of

a

traded

option

is

the

last

sales

price

at

which

such

option

is

traded

or,

in

the

absence

of

a

sale

on

or

about

the

close

of

the

exchange,

the

mean

of

the

closing

bid

and

ask

prices.

Money

market

funds

are

valued

at

the

quoted

net

asset

value.

The

value

of

securities

for

which

market

quotations

are

not

readily

available

or

are

deemed

unreliable,

including

restricted

and

not

readily

marketable

securities,

is

determined

in

good

faith

in

accordance

with

procedures

approved

by

the

Trust’s

Board

of

Trustees.

Such

valuation

procedures

and

methods

for

valuing

securities

may

include,

but

are

not

limited

to:

multiple

of

earnings,

multiple

of

book

value,

discount

from

value

of

a

similar

freely-traded

security,

purchase

price,

private

transaction

in

the

security

or

related

securities,

the

nature

and

duration

of

restrictions

on

disposition

of

the

security

and

a

combination

of

these

and

other

factors.

The

Board

of

Trustees

has

adopted

a

Valuation

Policy

with

regard

to

the

Trust's

valuation

of

portfolio

investments.

The

Valuation

Policy

notes

that

the

Board

of

Trustees

has

(i)

designated

Weitz

Investment

Management,

Inc.

(the

"Adviser")

as

the

valuation

designee

to

perform

fair

valuation

determinations

for

the

Funds

for

all

Fund

investments

and

(ii)

established

a

Valuation

Committee

(composed

of

Independent

Trustees)

to

oversee

the

Adviser's

activities

as

valuation

designee.

The

Adviser

has

contracted

with

Citi

Fund

Services

Ohio,

Inc.

to

perform

portfolio

accounting

services

for

the

Funds,

which

services

include

valuation

services

for

portfolio

securities.

The

Adviser

has

established

a

Pricing

Committee

(composed

of

certain

employees)

to

assist

the

Adviser,

as

valuation

designee,

with

pricing

and

valuation

matters.

The

Adviser

has

adopted

Procedures

for

Valuation

of

Portfolio

Securities

to

govern

the

Adviser

and

the

Pricing

Committee

in

carrying

out

their

valuation

responsibilities

for

the

Funds.

(b)

Option

Transactions

The

Funds,

except

for

the

Ultra

Short

Government

Fund,

may

purchase

put

or

call

options.

When

a

Fund

purchases

an

option,

an

amount

equal

to

the

premium

paid

is

recorded

as

an

asset

and

is

subsequently

marked-to-market

daily.

Premiums

paid

for

purchasing

options

that

expire

unexercised

are

recognized

on

the

expiration

date

as

realized

losses.

If

an

option

is

exercised,

the

premium

paid

is

subtracted

from

the

proceeds

of

the

sale

or

added

to

the

cost

of

the

purchase

to

determine

whether

a

Fund

has

realized

a

gain

or

loss

on

the

related

investment

transaction.

When

a

Fund

enters

into

a

closing

transaction,

a

Fund

realizes

a

gain

or

loss

depending

upon

whether

the

amount

from

the

closing

transaction

is

greater

or

less

than

the

premium

paid.

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

premium

received

is

recorded

as

a

liability

and

is

subsequently

marked-to-market

daily.

Premiums

received

for

writing

options

that

expire

unexercised

are

recognized

on

the

expiration

date

as

realized

gains.

If

an

option

is

exercised,

the

premium

received

is

subtracted

from

the

cost

of

the

purchase

or

added

to

the

proceeds

of

the

sale

to

determine

whether

a

Fund

has

realized

a

gain

or

loss

on

the

related

investment

transaction.

39

When

a

Fund

enters

into

a

closing

transaction,

a

Fund

realizes

a

gain

or

loss

depending

upon

whether

the

amount

from

the

closing

transaction

is

greater

or

less

than

the

premium

received.

The

Funds

attempt

to

limit

market

risk

and

enhance

their

income

by

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

of

the

financial

instrument

underlying

the

option

increases.

A

Fund

also

has

the

additional

risk

of

not

being

able

to

enter

into

a

closing

transaction

if

a

liquid

secondary

market

does

not

exist.

The

risk

in

writing

a

put

option

is

that

a

Fund

is

obligated

to

purchase

the

financial

instrument

underlying

the

option

at

prices

which

may

be

significantly

different

than

the

current

market

price.

(c)

Securities

Sold

Short

The

Funds,

except

for

the

Ultra

Short

Government

Fund,

may

engage

in

selling

securities

short,

which

obligates

a

Fund

to

replace

a

security

borrowed

by

purchasing

the

same

security

at

the

current

market

value.

A

Fund

incurs

a

loss

if

the

price

of

the

security

increases

between

the

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

declines

between

those

dates.

(d)

When-Issued

and

Delayed

Delivery

Transactions

The

Funds

may

purchase

securities

on

a

when-issued

basis.

Securities

may

be

purchased

on

a

when-issued

or

delayed

delivery

basis,

where

payment

and

delivery

take

place

at

a

future

date.

Since

the

market

price

of

the

security

may

fluctuate

during

the

time

before

payment

and

delivery,

the

Funds

assume

the

risk

that

the

value

of

the

security

at

delivery

may

be

more

or

less

than

the

purchase

price.

The

Funds

will

not

pay

for

such

securities

or

start

earning

interest

on

them

until

they

are

received.

Securities

purchased

on

a

when-issued

basis

are

recorded

as

an

asset

and

are

subject

to

changes

in

the

value

based

upon

changes

in

the

general

level

of

interest

rates.

The

Funds

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

All

or

a

portion

of

any

when-issued

securities

may

be

unfunded.

The

Funds

reflect

the

funded

portion

of

a

when-issued

security

in

the

Schedule

of

Investments.

The

Funds

are

obligated

to

cover

all

commitments,

therefore,

the

Funds

must

have

resources

sufficient

to

meet

their

contractual

obligations.

The

difference

between

the

unfunded

commitments

and

their

market

value

is

included

in

“Unrealized

appreciation/

depreciation

on

unfunded

loan

commitments”

on

the

Statements

of

Assets

and

Liabilities.

(e)

Securities

Lending

For

the

purpose

of

generating

income,

the

Funds,

other

than

Ultra

Short

Government

Fund,

may

lend

portfolio

securities,

provided

(1)

the

loan

is

secured

continuously

by

collateral

consisting

of

cash

and/or

U.S.

Government

securities

maintained

on

a

daily

mark-to-market

basis

in

an

amount

ranging

from

100%

to

105%

of

the

current

market

value

of

the

securities

loaned,

(2)

a

Fund

may

at

any

time

call

the

loan

and

obtain

the

return

of

securities

loaned,

(3)

a

Fund

will

receive

any

interest

or

dividends

received

on

the

loaned

securities,

and

(4)

the

aggregate

value

of

the

securities

loaned

will

not

at

any

time

exceed

one-third

of

the

total

assets

of

the

lending

Fund.

Gain

or

loss

in

the

value

of

securities

loaned

that

may

occur

during

the

term

of

the

loan

will

be

for

the

account

of

the

Funds.

Cash

collateral

received

in

connection

with

securities

lending

is

invested

by

Citibank,

NA

(the

“Securities

Lending

Agent”)

on

behalf

of

the

Funds

in

demand

deposit

accounts

and

money

market

funds.

Such

investments

are

subject

to

risk

of

payment

delays

or

default

on

the

part

of

the

issuer

or

counterparty

or

otherwise

may

not

generate

sufficient

interest

to

support

the

costs

associated

with

securities

lending.

The

Funds

could

also

experience

delays

in

recovering

their

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

borrowed

securities,

although

the

Funds

are

indemnified

from

this

risk

by

contract

with

the

Securities

Lending

Agent.

The

Funds

pay

the

Securities

Lending

Agent

a

portion

of

the

investment

income

(net

of

rebates)

on

cash

collateral

delivered.

Such

fees

are

netted

against

“Income

from

securities

lending”

on

the

Statements

of

Operations.

The

Core

Plus

Income

Fund

and

Short

Duration

Income

Fund

had

securities

on

loan

of

$2,752,916

and

$103,289,

respectively,

accounted

for

as

secured

borrowings

with

cash

collateral

of

overnight

and

continuous

maturities

in

the

amounts

of

$2,814,188

and

$120,063,

respectively,

as

of

March

31,

2025.

(f)

Federal

Income

Taxes

It

is

the

policy

of

each

Fund

to

comply

with

all

sections

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies

and

to

distribute

all

of

its

taxable

income

to

shareholders;

therefore,

no

provision

for

income

or

excise

taxes

is

required.

Net

investment

income

and

net

realized

gains

may

differ

for

financial

statement

and

tax

purposes.

The

character

of

distributions

made

during

the

year

from

net

investment

income

or

net

realized

gains

may

differ

from

their

ultimate

characterization

for

federal

income

tax

purposes.

Also,

due

to

the

timing

of

dividend

distributions,

the

fiscal

year

in

which

amounts

are

distributed

may

differ

from

the

year

that

the

income

or

realized

gains

were

recorded

by

the

Funds.

The

Funds

have

reviewed

their

tax

positions

taken

on

federal

income

tax

returns,

for

each

of

the

three

open

tax

years

and

have

determined

that

no

provisions

for

income

taxes

are

required

in

the

Funds’

financial

statements.

The

following

permanent

differences

between

net

asset

components

for

financial

reporting

and

tax

purposes

were

reclassified

at

the

end

of

the

fiscal

year

(in

U.S.

dollars):

The

differences

are

primarily

due

to

net

operating

losses.

These

reclassifications

have

no

impact

on

the

net

asset

value

of

the

Funds.

(g)

Securities

Transactions

Securities

transactions

are

accounted

for

on

the

date

the

securities

are

purchased

or

sold

(trade

date).

Realized

gains

or

losses

are

determined

by

specifically

identifying

the

security

sold.

Income

dividends

less

foreign

tax

withholding

(if

any),

dividends

on

short

positions

and

distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Interest,

including

amortization

of

discount

or

premium,

is

accrued

as

earned.

(h)

Dividend

Policy

The

Funds

declare

and

distribute

income

dividends

and

capital

gains

distributions

as

may

be

required

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code.

Generally,

the

Nebraska

Tax

Free

Income

Fund

pays

income

dividends

on

a

quarterly

basis.

The

Conservative

Allocation

Fund

pays

dividends

on

a

semi-annual

basis.

The

Core

Plus

Income,

Short

Duration

Income

and

Ultra

Short

Government

Funds

declares

dividends

daily

and

pay

dividends

monthly.

All

dividends

and

distributions

are

reinvested

automatically,

unless

the

shareholder

elects

otherwise.

(i)

Other

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

on

the

basis

of

relative

net

assets

or

another

appropriate

basis.

Income,

realized

and

unrealized

gains

and

losses

and

expenses

(other

than

class

specific

expenses)

are

allocated

to

each

class

of

shares

based

on

its

relative

net

Multi

Cap

Equity

Partners

III

Opportunity

Paid-in

capital

(1,227,839)

(164,685)

Total

distributable

earnings

1,227,839

164,685

40

assets,

except

that

each

class

separately

bears

expenses

related

specifically

to

that

class,

such

as

business

administration,

administrative

servicing

fees,

transfer

agent

fees

and

registration

fees.

(j)

Use

of

Estimates

The

preparation

of

financial

statements

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

requires

management

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.

(k)

In-Kind

Redemptions

The

Funds

may

meet

redemption

requests

through

an

in-kind

distribution

of

portfolio

securities

and

cash.

For

financial

reporting

purposes,

in-kind

transactions

are

treated

as

a

sale

of

securities.

The

resulting

gains

and

losses

are

recognized

based

on

the

market

value

of

the

securities

on

the

date

of

the

redemption.

For

the

year

ended

March

31,

2025,

there

was

no

in-kind

redemption

activity.

The

net

realized

gain

(loss)

from

in-kind

transactions,

if

any,

can

be

found

on

the

Statements

of

Operations.

For

tax

purposes,

no

gains

or

losses

were

recognized.

(3)

Fund

Share

Transactions

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Shares

$

Amount

Shares

$

Amount

Conservative

Allocation

-

Investor

Class

Sales

604,815‌

10,465,036‌

687,787‌

11,266,705‌

Redemptions

(878,444‌)

(15,268,577‌)

(1,076,814‌)

(17,500,060‌)

Reinvestment

of

distributions

134,443‌

2,299,320‌

62,653‌

1,017,700‌

Net

increase

(decrease)

(139,186‌)

(2,504,221‌)

(326,374‌)

(5,215,655‌)

Conservative

Allocation

-

Institutional

Class

Sales

1,427,194‌

24,743,395‌

2,632,007‌

42,707,371‌

Redemptions

(1,379,264‌)

(23,832,798‌)

(1,990,157‌)

(32,663,767‌)

Reinvestment

of

distributions

536,853‌

9,202,747‌

231,376‌

3,769,228‌

Net

increase

(decrease)

584,783‌

10,113,344‌

873,226‌

13,812,832‌

Core

Plus

Income

-

Investor

Class

Sales

27,652,020‌

267,409,964‌

19,859,364‌

190,698,991‌

Redemptions

(11,739,697‌)

(113,424,618‌)

(5,519,804‌)

(52,614,348‌)

Reinvestment

of

distributions

1,866

,

927‌

18,006,916‌

1,017,44

1‌

9,704,556‌

Net

increase

(decrease)

17,77

9

,

250‌

171,992,262‌

15,357,00

1‌

147,789,199‌

Core

Plus

Income

-

Institutional

Class

Sales

181,505,699‌

1,749,790,032‌

118,797,88

3‌

1,135,472,689‌

Redemptions

(55,985,112‌)

(539,544,910‌)

(22,428,891‌)

(213,504,504‌)

Reinvestment

of

distributions

11,199

,

321‌

108,085,028‌

4,508,990‌

43,029,540‌

Net

increase

(decrease)

136,719

,

908‌

1,318,330,150‌

100,877,98

2‌

964,997,725‌

Large

Cap

Equity

-

Investor

Class

Sales

101,227‌

5,587,464‌

112,568‌

5,689,296‌

Redemptions

(1,253,956‌)

(68,945,188‌)

(1,739,419‌)

(86,863,6

80‌

)

Reinvestment

of

distributions

954,238‌

52,645,329‌

523,301‌

26,636,003‌

Net

increase

(decrease)

(198,491‌)

(10,712,395‌)

(1,103,550‌)

(54,538,38

1‌

)

Large

Cap

Equity

-

Institutional

Class

Sales

554,645‌

31,541,015‌

1,000,3

30‌

51,490,577‌

Redemptions

(953,797‌)

(53,384,621‌)

(716,378‌)

(36,945,07

2‌

)

Reinvestment

of

distributions

602,311‌

34,313,672‌

298,123‌

15,600,789‌

Net

increase

(decrease)

203,159‌

12,470,066‌

582,07

5‌

30,146,29

4‌

Multi

Cap

Equity

-

Investor

Class

Sales

89,407‌

2,930,265‌

48,13

3‌

1,393,436‌

Redemptions

(1,009,715‌)

(33,475,765‌)

(1,536,852‌)

(44,478,470‌)

Reinvestment

of

distributions

465,792‌

15,781,019‌

131,980‌

3,868,320‌

Net

increase

(decrease)

(454,516‌)

(14,764,481‌)

(1,356,73

9‌

)

(39,216,714‌)

Multi

Cap

Equity

-

Institutional

Class

Sales

226,486‌

7,632,725‌

483,272‌

14,379,819‌

Redemptions

(541,328‌)

(18,516,966‌)

(1,404,107‌)

(41,235,504‌)

Reinvestment

of

distributions

515,101‌

18,033,684‌

128,998‌

3,890,581‌

Net

increase

(decrease)

200,259‌

7,149,443‌

(791,837‌)

(22,965,104‌)

Nebraska

Tax

Free

Income

-

Investor

Class

Sales

124,707‌

1,201,167‌

156,757‌

1,501,352‌

Redemptions

(623,642‌)

(5,997,526‌)

(805,279‌)

(7,557,934‌)

Reinvestment

of

distributions

47,057‌

452,941‌

53,353‌

508,330‌

Net

increase

(decrease)

(451,878‌)

(4,343,418‌)

(595,169‌)

(5,548,252‌)

41

(4)

Related

Party

Transactions

Each

Fund

has

retained

Weitz

Investment

Management,

Inc.

as

its

investment

adviser.

In

addition,

the

Trust

has

an

agreement

with

Weitz

Securities,

Inc.

(the

“Distributor”),

a

company

affiliated

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

and

the

Distributor.

Under

the

terms

of

management

and

investment

advisory

agreements,

the

Adviser

is

paid

a

monthly

fee

based

on

average

daily

net

assets.

The

annual

investment

advisory

fee

schedule

for

each

of

the

Funds

is

as

follows:

Business

administration

services

:

The

Trust

has

a

business

administration

agreement

with

the

Adviser

under

which

the

Trust

compensates

the

Adviser

for

providing

business

administration

services

for

all

share

classes

of

the

Funds.

The

Adviser

shall

be

entitled

to

receive

0.05%

of

the

average

daily

net

assets

of

each

Fund,

computed

daily

and

payable

monthly,

reflected

as

“Business

administration

services”

on

the

Statements

of

Operations.

Services

encompass

supervising

all

aspects

of

the

management

and

operations

of

the

Trust,

including

monitoring

the

Trust’s

relationships

with

third-party

service

providers

that

may

be

retained

from

time

to

time

by

the

Trust.

Administrative

services

:

The

Trust

has

administrative

services

plans

under

which

the

Trust

compensates

the

Adviser

for

administrative

services

provided

to

all

share

classes

of

the

Funds.

Effective

July

31,

2024,

this

plan

was

terminated

for

the

Institutional

share

classes.

Due

to

the

plan

termination,

the

Adviser,

out

of

its

own

resources,

will

bear

costs

and

expenses

incurred

in

connection

with

the

shareholder

administrative

services

provided

to

Institutional

Class

shareholders

of

the

Funds.

Administrative

services

are

provided

by

the

Adviser

or

by

certain

financial

intermediaries

with

respect

to

non-distribution

services

to

fund

shareholders.

These

services

include,

but

are

not

limited

to,

providing

shareholder

statements,

assisting

with

shareholder

communications

and

sub-accounting

services

in

connection

with

omnibus

accounts.

Under

the

terms

of

a

services

agreement

between

the

Adviser

and

Citi

Fund

Services

Ohio,

Inc.

(“CFSO”),

CFSO

provides

certain

accounting

and

administrative

services

to

the

Funds.

These

services

include,

among

other

things,

arranging

for

the

payment

of

direct

operating

expenses

of

the

Funds

from

the

accounts

of

the

Funds.

Expenses

incurred

by

the

Funds

for

these

services

are

included

in

“Custody

and

fund

accounting”

on

the

Statements

of

Operations.

Year

ended

March

31,

2025

Year

ended

March

31,

2024

Shares

$

Amount

Shares

$

Amount

Partners

III

Opportunity

-

Investor

Class

Sales

135,055‌

1,637,637‌

54,18

8‌

598,793‌

Redemptions

(89,318‌)

(1,083,703‌)

(252,082‌)

(2,822,694‌)

Reinvestment

of

distributions

37,354‌

461,325‌

36,400‌

394,936‌

Net

increase

(decrease)

83,091‌

1,015,259‌

(161,49

4‌

)

(1,828,965‌)

Partners

III

Opportunity

-

Institutional

Class

Sales

789,353‌

10,437,766‌

713,609‌

8,726,930‌

Redemptions

(3,274,748‌)

(44,050,383‌)

(6,240,320‌)

(77,210,364‌)

Reinvestment

of

distributions

1,756,129‌

24,146,780‌

1,818,25

2‌

21,637,214‌

Net

increase

(decrease)

(729,266‌)

(9,465,837‌)

(3,708,45

9‌

)

(46,846,220‌)

Short

Duration

Income

-

Investor

Class

Sales

764,403‌

9,111

,

727‌

1,237,907‌

14,523,956‌

Redemptions

(845,872‌)

(10,080,364‌)

(2,400,049‌)

(28,145,397‌)

Reinvestment

of

distributions

106,812‌

1,274

,

205‌

117,985‌

1,378,290‌

Net

increase

(decrease)

25,343‌

305,568‌

(1,044,157‌)

(12,243,151‌)

Short

Duration

Income

-

Institutional

Class

Sales

41,562,484‌

497,283

,

645‌

26,991,109‌

317,586,932‌

Redemptions

(21,679,956‌)

(259,036,862‌)

(22,126,143‌)

(260,620,887‌)

Reinvestment

of

distributions

3,596,305‌

43,020

,

087‌

2,820,151‌

33,088,765‌

Net

increase

(decrease)

23,478,833‌

281,266,870‌

7,685,117‌

90,054,810‌

Ultra

Short

Government

Sales

4,535,169‌

45,314,487‌

14,687,735‌

146,687,546‌

Redemptions

(9,352,660‌)

(93,467,585‌)

(5,682,534‌)

(56,765,673‌)

Reinvestment

of

distributions

696

,

857‌

6,963,834‌

631,018‌

6,281,414‌

Net

increase

(decrease)

(4,120

,

634‌

)

(41,189,264‌)

9,636,219‌

96,203,287‌

Greater

Than

($)

Less

Than

or

Equal

To

($)

Rate

(%)

Conservative

Allocation

0

0.60

Core

Plus

Income

0

0.40

Large

Cap

Equity

0

5,000,000,000

5,000,000,000

0.75

0.70

Multi

Cap

Equity

0

5,000,000,000

5,000,000,000

0.75

0.70

Nebraska

Tax

Free

Income

0

0.40

Partners

III

Opportunity

0

1,000,000,000

2,000,000,000

3,000,000,000

5,000,000,000

1,000,000,000

2,000,000,000

3,000,000,000

5,000,000,000

1.00

0.95

0.90

0.85

0.80

Short

Duration

Income

0

0.40

Ultra

Short

Government

0

0.30

42

Through

July

31,

2025,

the

Adviser

has

agreed

in

writing

to

reimburse

or

to

pay

directly

a

portion

of

the

Funds’

(excluding

Partners

III

Opportunity

Fund)

expenses

to

limit

the

net

annual

operating

expense

ratio

(excluding

taxes,

interest,

brokerage

costs,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

The

amount

listed

under

“Due

to

Adviser”

in

the

Statements

of

Assets

and

Liabilities

is

net

of

any

expenses

waived/reimbursed

by

the

Adviser.

The

current

expense

caps

and

dollar

amount

of

expenses

reimbursed

during

the

year

ended

March

31,

2025,

are

as

follows:

As

of

March

31,

2025,

the

controlling

shareholder

of

the

Adviser

held

shares

totaling

approximately

1%,

1%,

4%,

2%

and

5%

of

the

Core

Plus

Income,

Large

Cap

Equity,

Multi

Cap

Equity,

Partners

III

Opportunity

and

Ultra

Short

Government

Funds,

respectively.

(5)

Distributions

to

Shareholders

and

Distributable

Earnings

The

tax

character

of

distributions

paid

by

the

Funds

for

the

past

two

tax

years

are

summarized

as

follows

(in

U.S.

dollars):

As

of

the

tax

year

ended

March

31,

2025,

the

components

of

net

assets

on

a

tax

basis

were

as

follows

(in

U.S.

dollars):

Annual

Operating

Expense

Ratio

Cap*

Conservative

Allocation

Core

Plus

Income

#

Large

Cap

Equity

Multi

Cap

Equity

Nebraska

Tax

Free

Income

Short

Duration

Income

#

Ultra

Short

Government

Annual

Operating

Expense

Cap(%):

Investor

Class

0.85‌

0.6

5‌

1.09‌

1.09‌

0.45‌

0.

6

5‌

Institutional

Class

0.70‌

0.45‌

0.89‌

0.89‌

0.

45‌

0.

32‌

Expenses

Reimbursed

by

the

Adviser

(in

U.S.

dollars):

Investor

Class

77,862

566,696

—

—

171,724

74,934

Institutional

Class

119,413

1,512,002

—

—

798,123

303,863

*

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.

#

Prior

to

July

31,

2024,

the

annual

operating

expense

ratio

cap

was

0.55%

for

the

Investor

Class.

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Year

Ended

March

31,

Year

Ended

March

31,

Year

Ended

March

31,

Year

Ended

March

31,

Distributions

paid

from:

2025

2024

2025

2024

2025

2024

2025

2024

Ordinary

income

4,941,433‌

3,862,637

130,834,326‌

57,138,337‌

—‌

—‌

—‌

—‌

Long-term

capital

gains

6,704,053‌

965,892‌

—‌

—‌

92,486,248‌

45,403,853

41,412,551‌

9,505,301

Total

distributions

+

11,645,486‌

4,828,529‌

130,834,326‌

57,138,337‌

92,486,248‌

45,403,853

41,412,551‌

9,505,301

Nebraska

Tax

Free

Income

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Year

Ended

March

31,

Year

Ended

March

31,

Year

Ended

March

31,

Year

Ended

March

31,

Distributions

paid

from:

2025

2024

2025

2024

2025

2024

2025

2024

Ordinary

income

52,802‌

75,387‌

91,741‌

1,803,150‌

45,106,797‌

35,352,192‌

7,356,263‌

6,922,114‌

Tax-exempt

income

414,530‌

449,318‌

—‌

—‌

—‌

—‌

—‌

—‌

Long-term

capital

gains

—‌

—‌

28,704,406‌

24,988,981‌

—‌

—‌

—‌

—‌

Total

distributions

+

467,332‌

524,705‌

28,796,147‌

26,792,131‌

45,106,797‌

35,352,192‌

7,356,263‌

6,922,114‌

+

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Nebraska

Tax

Free

Income

Cost

of

investments

189,723,253‌

3,

258

,

906

,

6

0

9‌

517,003,217‌

275.063.608‌

19,359,296‌

Gross

unrealized

appreciation

48,486,665‌

35,764,67

3‌

358,622,989‌

295,842,286‌

3,658‌

Gross

unrealized

depreciation

(1,830,662‌)

(49,789,850‌)

(17,860,827‌)

(4,852,097‌)

(861,471‌)

Net

unrealized

appreciation

(depreciation)

^

46

,656,003‌

(14,025,17

7‌

)

340,762,162‌

290,990,189‌

(857,813‌)

Undistributed

ordinary

income

1,249,399‌

1,637,334‌

—‌

—‌

—‌

Qualified

late

year

ordinary

loss

deferral

—‌

—‌

(430,356‌)

(57,680‌)

—‌

Undistributed

tax-exempt

income

—‌

—‌

—‌

—‌

35,367‌

Undistributed

long-term

gains

379,450‌

—‌

125,032,787‌

44,932,389‌

—‌

Capital

loss

carryforwards

—‌

(7,090,580‌)

—‌

—‌

(454,557‌)

Paid-in

capital

188,678,143‌

3,234,947,268‌

391,602,907‌

229,561,430‌

19,970,919‌

Net

assets

236,962,995‌

3,215,468,845‌

856,967,500‌

565,426,328‌

18,693,916‌

43

The

Large

Cap

Equity,

Multi

Cap

Equity

and

Partners

III

Opportunity

Funds

elected

to

defer

ordinary

losses

arising

after

December

31,

2024,

and

the

Short

Duration

Income

Fund

elected

to

defer

post-October

capital

losses

incurred

after

October

31,

2024.

These

losses

are

treated

for

tax

purposes

as

arising

on

April

1,

2025.

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

and

utilization

of

the

carryforwards

are

as

follows

(in

U.S.

Dollars):

(6)

Securities

Transactions

Purchases

and

proceeds

from

maturities

or

sales

of

investment

securities

of

the

Funds

for

the

year

ended

March

31,

2025

excluding

fund

merger

transactions,

in-kind

transactions,

short-term

securities

and

U.S.

government

obligations,

are

summarized

as

follows

(in

U.S.

dollars):

(a)

Options

Written

The

locations

in

the

Statements

of

Assets

and

Liabilities

as

of

March

31,

2025,

of

the

Funds’

derivative

positions,

none

of

which

are

designated

as

hedging

instruments,

are

as

follows

(in

U.S.

dollars):

Transactions

in

derivative

instruments

during

the

year

ended

March

31,

2025,

are

recorded

in

the

following

locations

in

the

Statements

of

Operations

(in

U.S.

dollars):

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Cost

of

investments

231,011,91

6‌

1,172

,

656

,

38

7‌

141,884,920‌

Gross

unrealized

appreciation

193,333,12

0‌

8,497,559‌

1,735‌

Gross

unrealized

depreciation

(8,029,148‌)

(13,296,433‌)

(4,464‌)

Net

unrealized

appreciation

(depreciation)

^

185,303,97

2‌

(

4,

798

,8

7

4‌

)

(2,729‌)

Undistributed

ordinary

income

—‌

692,222‌

476,260‌

Qualified

late

year

ordinary

loss

deferral

(107,959‌)

—‌

—‌

Undistributed

long-term

gains

10,866,928‌

—‌

—‌

Capital

loss

carryforwards

—‌

(2,296,485‌)

(23,083‌)

Dividend

Payable

—‌

—‌

(457,620‌)

Post

October

capital

loss

deferral

—‌

(6,079‌)

—‌

Paid-in

capital

219,888,664‌

1,157,687,386‌

141,752,081‌

Net

assets

415,951,605‌

1,151,278,170‌

141,744,909‌

+

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales

and

deemed

dividends.

Core

Plus

Income

Multi

Cap

Equity

Nebraska

Tax

Free

Income

Short

Duration

Income

Ultra

Short

Government

Short

term

(no

expirations)

811,180

—

—

154,140

19,181

Long

term

(no

expirations)

6,279,400

—

454,557

2,142,345

3,902

Capital

loss

carryforwards

utilized

—

604,072

—

—

—

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Nebraska

Tax

Free

Income

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Purchases

24,105,597

724,040,803

283,072,344

85,444,388

409,312

95,724,395

423,283,340

199,996

Proceeds

37,483,169

204,762,352

360,894,996

126,802,026

4,008,272

115,493,872

289,531,840

1,701,151

Fund

Type

of

Derivative

Location

Value

of

Asset

Derivatives

Value

of

Liability

Derivative

Average

Month-End

Notional

Amount

Gross

Notional

Amount

Outstanding

Partners

III

Opportunity

Equity

call

options

written

Options

written,

at

value

—

(223,500)

1,379,333

40,000

Fund

Type

of

Derivative

Location

Realized

Gain

(Loss)

Location

Change

in

Unrealized

Gain

(Loss)

Partners

III

Opportunity

Equity

call

options

written

Net

realized

gain

(loss)

-

options

written

314,488

Net

unrealized

appreciation

(depreciation)

-

options

written

207,343

44

(7)

Illiquid

Restricted

Securities

A

restricted

security

is

a

security

which

has

been

purchased

through

a

private

offering

and

cannot

be

resold

to

the

general

public

without

prior

registration

under

the

Securities

Act

of

1933

(the

“1933

Act”)

or

pursuant

to

the

resale

limitations

provided

by

Rule

144A

under

the

1933

Act,

or

an

exemption

from

the

registration

requirements

of

the

1933

Act.

The

Adviser

preliminarily

identifies

illiquid

investments

based

on,

among

other

things,

the

trading

characteristics

and

market

depth

of

a

particular

investment.

Not

all

restricted

securities

are

considered

illiquid.

The

illiquid

restricted

securities

held

as

of

March

31,

2025,

are

as

follows

(in

U.S.

dollars):

(8)

Non-Controlled

Affiliated

Issuers

Non-controlled

affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

are

those

in

which

a

Fund’s

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

the

issuer.

A

summary

of

each

Fund’s

holdings

in

the

securities

of

such

issuers

is

set

forth

below:

(9)

Financial

Instruments

With

Off-Balance

Sheet

Risks

Options

contracts

written

and

securities

sold

short

result

in

off-balance

sheet

risk

as

the

Funds’

ultimate

obligation

to

satisfy

the

terms

of

the

contract

or

the

sale

of

securities

sold

short

may

exceed

the

amount

recognized

in

the

Statements

of

Assets

and

Liabilities.

The

Funds

are

required

to

maintain

collateral

in

a

segregated

account

to

provide

adequate

margin

as

determined

by

the

broker.

The

Funds

may

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrower’s

discretion.

Unfunded

loan

commitments

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

Unfunded

loan

commitments

are

categorized

as

Level

2

within

the

fair

value

hierarchy.

In

connection

with

these

commitments,

the

Funds

earn

a

commitment

fee

typically

set

as

a

percentage

of

the

commitment

amount.

The

commitment

fees

are

included

in

“Interest”

on

the

Statement

of

Operations.

As

of

March

31,

2025,

the

Funds

had

the

following

unfunded

loan

commitments

(in

U.S.

dollars):

(10)

Contingencies

Each

Fund

indemnifies

the

Trust’s

officers

and

trustees

for

certain

liabilities

that

might

arise

from

their

performance

of

their

duties

to

each

of

the

Funds.

Additionally,

in

the

normal

course

of

business

the

Funds

enter

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

which

provide

general

indemnifications.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Funds

that

have

not

yet

occurred.

However,

based

on

experience,

the

Funds

expect

the

risk

of

loss

to

be

remote.

(11)

Margin

Borrowing

Agreement

The

Partners

III

Opportunity

Fund

has

a

margin

account

with

its

prime

broker,

Northern

Trust

Securities,

Inc.,

under

which

the

Fund

may

borrow

against

the

value

of

its

securities,

subject

to

regulatory

limitations.

Interest

accrues

at

the

National

Finance

Base

Lending

Rate

(“NFBLR”)

plus

a

minimum

of

0.75%

to

a

maximum

of

2.25%

depending

on

the

average

balance.

The

NFBLR

was

9%

at

March

31,

2025.

Interest

is

accrued

daily

and

paid

monthly.

The

Partners

III

Opportunity

Fund

did

not

hold

a

cash

balance

with

the

broker

at

March

31,

2025.

Fund

Security

Acquisition

Date

(a)

Acquisition

Cost

Principal

Amount

Value

Percentage

of

Net

Assets(%)

Core

Plus

Income

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

1/24/25

6,900,000

6,900,000

6,997,083

0.2

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

B

3/28/24

3,097,250

3,097,250

3,140,593

0.1

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

C

3/28/24

2,486,250

2,486,250

2,526,595

0.1

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

D

3/28/24

1,950,000

1,950,000

1,968,921

0.1

Short

Duration

Income

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

1/24/25

2,250,000

2,250,000

2,281,658

0.2

Short

Duration

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

A

3/28/24

3,250,000

3,250,000

3,271,957

0.3

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

Value

3/31/2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain(Loss)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Value

3/31/2025

Shares

as

of

3/31/2025

Dividend

Income

Partners

III

Opportunity

CoreCard

Corp.

$5,690,750

$-

$-

$-

$3,944,900

$9,635,650

515,000

$

—

Fund

Borrower

Principal

Value

Commitment

Amount

Value

Unrealized

Appreciation/

Depreciation

Core

Plus

Income

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

16,100,000

16,100,000

16,326,527

226,527

Core

Plus

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated,

Series

2025-1A

Class

A1

22,900,000

22,900,000

22,900,000

—

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

B

1,667,750

1,667,750

1,691,089

23,339

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

C

1,338,750

1,338,750

1,360,474

21,724

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

D

1,050,000

1,050,000

1,060,188

10,188

Short

Duration

Income

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

5,250,000

5,250,000

5,323,868

73,868

Short

Duration

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated,

Series

2025-1A

Class

A1

4,600,000

4,600,000

4,600,000

—

Short

Duration

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

A

1,750,000

1,750,000

1,761,823

11,823

Total

54,656,500

55,023,969

367,469

45

The

Partners

III

Opportunity

Fund

is

exposed

to

credit

risk

from

its

prime

broker

who

effects

transactions

and

extends

credit

pursuant

to

a

prime

brokerage

agreement.

The

Adviser

attempts

to

minimize

the

credit

risk

by

monitoring

credit

exposure

and

the

creditworthiness

of

the

prime

broker.

(12)

Concentration

of

Credit

Risk

Approximately

93.4%

of

the

Nebraska

Tax

Free

Income

Fund’s

net

assets

are

in

obligations

of

political

subdivisions

of

the

State

of

Nebraska,

which

are

subject

to

the

credit

risk

associated

with

the

non-performance

of

such

issuers.

(13)

Fair

Value

Measurements

Various

inputs

are

used

in

determining

the

value

of

the

Funds’

investments.

These

inputs

are

used

in

determining

the

value

of

the

Funds’

investments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

securities;

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities);

Level

3

–

significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

investments).

The

inputs

or

methodology

used

for

valuing

securities

are

not

an

indication

of

the

risk

associated

with

investing

in

those

securities.

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

categories

of

assets

and

liabilities

measured

at

fair

value

on

a

recurring

basis

follows.

Equity

securities

and

Exchange-traded

funds.

Securities

traded

on

a

national

securities

exchange

(or

reported

on

the

NASDAQ

national

market)

are

stated

at

the

last

reported

sales

price

on

the

day

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

valuation

adjustments

are

not

applied,

they

are

categorized

in

Level

1

of

the

fair

value

hierarchy.

Preferred

stock

and

other

equities

traded

on

inactive

markets

or

valued

by

reference

to

similar

instruments

are

categorized

in

Level

2.

Corporate

and

Municipal

bonds.

The

fair

values

of

corporate

and

municipal

bonds

are

estimated

using

various

techniques,

which

may

consider

recently

executed

transactions

in

securities

of

the

issuer

or

comparable

issuers,

market

price

quotations

(where

observable),

bond

spreads

and

fundamental

data

relating

to

the

issuer.

Although

most

corporate

and

municipal

bonds

are

categorized

in

Level

2

of

the

fair

value

hierarchy,

in

instances

where

lower

relative

weight

is

placed

on

transaction

prices,

quotations,

or

similar

observable

inputs,

they

are

categorized

in

Level

3.

Asset-backed

securities.

The

fair

values

of

asset-backed

securities

(including

non-government

agency

mortgage-

backed

securities

and

interest-only

securities)

are

generally

estimated

based

on

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

a

benchmark

yield

and

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

Certain

securities

are

valued

principally

using

dealer

quotations.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

are

categorized

in

Level

2

of

the

fair

value

hierarchy;

otherwise

they

are

categorized

as

Level

3.

U.S.

Government

securities.

U.S.

Government

securities

are

normally

valued

using

a

model

that

incorporates

market

observable

data

such

as

reported

sales

of

similar

securities,

broker

quotes,

yields,

bids,

offers

and

reference

data.

Certain

securities

are

valued

principally

using

dealer

quotations.

U.S.

Government

securities

are

categorized

in

Level

1

or

Level

2

of

the

fair

value

hierarchy

depending

on

the

inputs

used

and

market

activity

levels

for

specific

securities.

U.S.

agency

securities.

U.S.

agency

securities

are

comprised

of

two

main

categories

consisting

of

agency

issued

debt

and

mortgage-backed

securities.

Agency

issued

debt

securities

are

generally

valued

in

a

manner

similar

to

U.S.

Government

securities.

Mortgage-backed

securities

include

collateralized

mortgage

obligations,

to-be-announced

(TBA)

securities

and

mortgage

pass-through

certificates.

Mortgage-backed

securities

are

generally

valued

using

dealer

quotations.

Depending

on

market

activity

levels

and

whether

quotations

or

other

data

are

used,

these

securities

are

typically

categorized

in

Level

2

of

the

fair

value

hierarchy.

Restricted

and/or

illiquid

securities.

Restricted

and/or

illiquid

securities

for

which

quotations

are

not

readily

available

are

valued

in

accordance

with

procedures

approved

by

the

Trust’s

Board

of

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

are

valued

by

reference

to

comparable

public

entities

or

fundamental

data

relating

to

the

issuer

or

both.

Depending

on

the

relative

significance

of

valuation

inputs,

these

instruments

are

classified

in

either

Level

2

or

Level

3

of

the

fair

value

hierarchy.

Derivative

instruments.

Listed

derivatives,

such

as

the

Funds’

equity

option

contracts

and

warrants,

that

are

valued

based

on

closing

prices

from

the

exchange

or

the

mean

of

the

closing

bid

and

ask

prices

are

generally

categorized

in

Level

1

or

Level

2

of

the

fair

value

hierarchy

depending

on

the

market

activity

levels.

The

following

is

a

summary

of

inputs

used,

in

U.S.

dollars,

as

of

March

31,

2025,

in

valuing

the

Funds’

assets

and

liabilities

carried

at

fair

value.

The

Schedule

of

Investments

for

each

Fund

provides

a

detailed

breakdown

of

each

category.

For

the

year

ended

March

31,

2025,

there

were

no

transfers

into

or

out

of

Level

3.

A

reconciliation

of

assets

in

which

Level

3

inputs

are

used

in

determining

fair

value,

along

with

the

additional

quantitative

disclosures,

are

presented

when

there

are

significant

Level

3

investments

at

the

end

of

the

period.

Conservative

Allocation

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

97,392,969

—

—

97,392,969

Corporate

Bonds

—

499,738

—

499,738

Asset-Backed

Securities

—

12,923,418

—

12,923,418

Commercial

Mortgage-Backed

Securities

—

3,281,163

—

3,281,163

Mortgage-Backed

Securities

—

17,276,853

—

17,276,853

U.S.

Treasuries

—

82,921,061

—

82,921,061

Cash

Equivalents

2,206,729

19,877,325

—

22,084,054

Total

Investments

in

Securities

99,599,698

136,779,558

—

236,379,256

46

(14)

Changes

in

Accountants

On

September

27,

2024,

The

Funds

replaced

their

existing

independent

registered

public

accounting

firm,

Ernst

&

Young

LLP

(“E&Y”),

with

Deloitte

&

Touche

LLP.

There

were

no

disagreements

with

E&Y

on

any

matter

of

accounting

principles

or

practices,

financial

statement

disclosure,

or

auditing

scope

or

procedure.

(15)

Segment

Reporting

The

Funds

have

adopted

FASB

Accounting

Standards

Update

(“ASU”)

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures.

Adoption

of

the

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds’

financial

position

or

the

results

of

their

operations.

An

operating

segment

is

defined

in

Topic

280

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity’s

chief

operating

decision

maker

(“CODM”)

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

The

CODM

is

the

President

of

the

Funds.

The

Funds

operate

as

a

single

operating

segment.

The

Funds’

income,

expenses,

assets,

changes

in

net

assets

resulting

from

operations

and

performance

are

regularly

monitored

and

assessed

as

a

whole

by

the

CODM

responsible

for

oversight

functions

of

the

Funds,

using

the

information

presented

in

the

financial

statements

and

financial

highlights.

(16)

Recent

Accounting

Pronouncements

In

December

2023,

the

FASB

issued

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

This

ASU

requires

greater

disaggregation

of

disclosures

related

to

income

taxes

paid.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

Core

Plus

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Corporate

Bonds

—

355,601,775

—

355,601,775

Corporate

Convertible

Bonds

—

500,000

—

500,000

Asset-Backed

Securities

—

515,458,758

23,373,745

538,832,503

Commercial

Mortgage-Backed

Securities

—

270,781,020

—

270,781,020

Mortgage-Backed

Securities

—

1,091,534,862

—

1,091,534,862

Municipal

Bonds

—

491,798

—

491,798

Term

Loan

—

7,467,188

—

7,467,188

U.S.

Treasuries

—

883,886,174

—

883,886,174

Cash

Equivalents

92,690,146

—

—

92,690,146

Short-Term

Securities

Held

as

Collateral

for

Securities

on

Loan

2,814,188

—

—

2,814,188

Total

Investments

in

Securities

95,504,334

3,125,721,575

23,373,745

3,244,599,654

Large

Cap

Equity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

844,181,636

—

—

844,181,636

Cash

Equivalents

13,583,743

—

—

13,583,743

Total

Investments

in

Securities

857,765,379

—

—

857,765,379

Multi

Cap

Equity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

541,894,274

3,901,950

—

545,796,224

Cash

Equivalents

3,488,649

16,768,924

—

20,257,573

Total

Investments

in

Securities

545,382,923

20,670,874

—

566,053,797

Nebraska

Tax

Free

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Municipal

Bonds

—

18,025,931

—

18,025,931

Cash

Equivalents

475,552

—

—

475,552

Total

Investments

in

Securities

475,552

18,025,931

—

18,501,483

Partners

III

Opportunity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

399,494,990

—

—

399,494,990

Cash

Equivalents

8,085,807

8,958,591

—

17,044,398

Total

Investments

in

Securities

407,580,797

8,958,591

—

416,539,388

Liabilities:

Options

Written

(223,500)

—

—

(223,500)

Short

Duration

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Corporate

Bonds

—

59,551,797

—

59,551,797

Corporate

Convertible

Bonds

—

3,000,000

—

3,000,000

Asset-Backed

Securities

—

377,667,466

9,866,488

387,533,954

Commercial

Mortgage-Backed

Securities

—

91,457,647

—

91,457,647

Mortgage-Backed

Securities

—

348,261,947

—

348,261,947

U.S.

Treasuries

—

246,780,918

—

246,780,918

Cash

Equivalents

31,065,496

—

—

31,065,496

Short-Term

Securities

Held

as

Collateral

for

Securities

on

Loan

120,063

—

—

120,063

Total

Investments

in

Securities

31,185,559

1,126,719,775

9,866,488

1,167,771,822

Ultra

Short

Government

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Asset-Backed

Securities

—

96,760

—

96,760

Cash

Equivalents

12,138,032

129,647,399

—

141,785,431

Total

Investments

in

Securities

12,138,032

129,744,159

—

141,882,191

47

after

December

15,

2024.

The

Funds

are

in

the

process

of

evaluating

the

effect

of

this

ASU.

(17)

Subsequent

Events

Management

have

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

48

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

and

the

Board

of

Trustees

of

The

Weitz

Funds:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

The

Weitz

Funds

(the

"Trust")

comprising

the

Conservative

Allocation

Fund,

Core

Plus

Income

Fund,

Large

Cap

Equity

Fund,

Multi

Cap

Equity

Fund,

Nebraska

Tax

Free

Income

Fund,

Partners

III

Opportunity

Fund,

Short

Duration

Income

Fund,

and

Ultra

Short

Government

Fund

(the

“Funds”),

including

the

schedules

of

investments,

as

of

March

31,

2025,

the

related

statements

of

operations,

changes

in

net

assets,

and

financial

highlights

for

the

year

then

ended,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

comprising

The

Weitz

Funds

as

of

March

31,

2025,

and

the

results

of

their

operations,

changes

in

their

net

assets,

and

financial

highlights

for

the

year

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

statement

of

changes

in

net

assets

for

the

year

ended

March

31,

2024,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

March

31,

2024,

were

audited

by

other

auditors

whose

report

dated

May

22,

2024,

expressed

an

unqualified

opinion

on

such

statement

of

changes

in

net

assets

and

financial

highlights.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

Deloitte

&

Touche

LLP

Chicago,

Illinois

May

22,

2025

We

have

served

as

the

auditor

of

one

or

more

of

The

Weitz

Funds

investment

companies

since

2025.

49

OTHER

INFORMATION

Tax

Information

Of

the

distributions

paid

during

the

fiscal

year,

the

amounts

that

may

be

considered

qualified

dividend

income

and

for

corporate

shareholders,

the

amounts

that

may

qualify

for

the

corporate

dividends

received

deduction,

are

summarized

as

follows

(in

U.S.

dollars):

The

information

and

distributions

reported

herein

may

differ

from

the

information

and

distributions

reported

to

shareholders

for

the

calendar

year

ended

December

31,

2024,

which

was

reported

in

conjunction

with

your

2024

Form

1099-DIV.

Conservative

Allocation

Core

Plus

Income

Partners

III

Opportunity

Qualified

dividend

income

1.048.625

166,8

00

2,335,082

Corporate

dividends

received

deduction

804,625

—

1,722,782

50

Board

of

Trustees

Lorraine

Chang

Steven

M.

Hill

Alison

L.

Maloy

Elizabeth

L.

Sylvester

Dana

E.

Washington

Andrew

(Drew)

S.

Weitz

Wallace

R.

Weitz

Justin

B.

Wender

Officers

Andrew

S.

Weitz,

President

Shar

M.

Bennett,

Vice

President

&

Assistant

Treasurer

James

J.

Boyne,

Vice

President

&

Treasurer

Thomas

D.

Carney,

Vice

President

John

R.

Detisch,

Vice

President,

Secretary

&

Chief

Compliance

Officer

Bradley

P.

Hinton,

Vice

President

Wallace

R.

Weitz,

Vice

President

Investment

Adviser

Weitz

Investment

Management,

Inc.

Blackstone

Plaza

3555

Farnam

Street,

Suite

800

Omaha,

NE

68131

888-859-0698

Custodian

Citibank,

N.A.

Distributor

Weitz

Securities,

Inc.

Transfer

Agent

and

Dividend

Paying

Agent

Ultimus

Fund

Solutions,

LLC

Investors

should

consider

carefully

the

investment

objectives,

risks,

and

charges

and

expenses

of

a

fund

before

investing.

This

and

other

important

information

is

contained

in

the

prospectus

and

summary

prospectus,

which

may

be

obtained

at

weitzinvestments.com

or

from

a

financial

advisor.

Please

read

the

prospectus

carefully

before

investing.

05/22/2025

AR

03.31.25

(b)           The Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Renumeration paid to Directors/Trustees, Officers, and others, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16. Controls and Procedures.

(a)           The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)           There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

                Not applicable. 

Item 19. Exhibits.

(a)(1)      The Code of Ethics is attached hereto.  

(a)(2)      Not applicable. 

(a)(3)      The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.

(b)           The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)   Weitz Funds                                                

By (Signature and Title)                    /s/ Andrew S. Weitz                                                           

                                                Andrew S. Weitz, Principal Executive Officer

Date    5/22/2025  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)                    /s/ Andrew S. Weitz                                                           

                                                Andrew S. Weitz, Principal Executive Officer

Date   5/22/2025   

By (Signature and Title)                    /s/ James J. Boyne                                                              

                                                James J. Boyne, Principal Financial Officer

Date   5/22/2025