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:    September 30, 2025

Item 1. Reports to Stockholders.

Weitz Conservative Allocation Fund 

Institutional Class (WBAIX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Conservative Allocation Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	36	0.70

How did the Fund perform for the period?

The Fund (Ticker: WBAIX) returned 2.84% for the 6-month period ended September 30, 2025.

Both fixed income and equity holdings contributed positively to performance. Top equity contributors included Oracle, Microsoft, Vulcan Materials, Alphabet, and Martin Marietta Materials Inc., supported by robust operating results and strength among AI infrastructure beneficiaries. Notable equity detractors included Accenture, Gartner, Aon, Roper Technologies, and IDEXX Corp., driven by investors reassessing roles in an AI-driven environment, mixed earnings results, and steadier holdings that had outperformed earlier in the year. 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
Sep 15	10,000	10,000	10,000
Sep 16	10,690	10,519	10,892
Sep 17	11,663	10,528	11,683
Sep 18	12,361	10,398	12,143
Sep 19	13,346	11,468	12,950
Sep 20	14,242	12,270	14,015
Sep 21	16,270	12,160	15,610
Sep 22	14,464	10,385	13,009
Sep 23	16,048	10,452	14,078
Sep 24	18,266	11,662	16,687
Sep 25	18,456	11,997	18,017

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Conservative Allocation Fund - Institutional - WBAIX	2.84	1.04	5.32	6.32
Bloomberg U.S. Aggregate Bond Index	3.26	2.88	(0.45)	1.84
Morningstar Moderately Conservative Target Risk Index	8.86	7.97	5.15	6.06

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 ($)	229,608,404
Number of Portfolio Holdings	195
Net Investment Advisory Fees Paid ($)	617,714
Portfolio Turnover Rate (%)	9

30-Day SEC Yield (Subsidized) (%)	2.03
30-Day SEC Yield (Unsubsidized) (%)	1.98
Average Effective Maturity (yrs)	1.90
Average Effective Duration (yrs)	1.50

What did the Fund invest in?

Top 10 Equity Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	2.7
Aon plc	2.6
Vulcan Materials Co.	2.4
Thermo Fisher Scientific, Inc.	2.2
Martin Marietta Materials, Inc.	2.2
Danaher Corp.	2.2
Mastercard, Inc.	2.1
Microsoft Corp.	2.1
Visa, Inc.	2.1
Analog Devices, Inc.	1.9
	22.5

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	73.8
U.S. Government Agency Mortgage Related Securities	7.4
AAA	15.6
AA	0.4
BBB	0.4
Cash Equivalents	2.4

Top Equity Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Oracle Corp.	77.6	0.8	0.77
Microsoft Corp.	38.4	1.9	0.59
Vulcan Materials Co.	32.3	2.0	0.59
Alphabet, Inc. - Class C	56.2	1.2	0.57
Martin Marietta Materials, Inc.	32.2	1.9	0.54

Sector Breakdown

	% of Net Assets
Financials	10.8
Information Technology	8.8
Health Care	7.1
Industrials	6.6
Materials	5.8
Communication Services	2.7
Consumer Staples	1.0
U.S. Treasuries	33.8
Mortgage-Backed Securities	7.5
Asset-Backed Securities	5.1
Securities Held as Collateral for Securities on Loan	1.0
Commercial Mortgage-Backed Securities	0.8
Corporate Bonds	0.2
Cash Equivalents/Other	8.8
	100.0

Top Equity Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Accenture plc - Class A	(20.1)	2.0	(0.45)
Gartner, Inc.	(32.9)	0.4	(0.37)
Aon plc - Class A	(10.3)	2.6	(0.31)
Roper Technologies, Inc.	(15.2)	1.3	(0.22)
IDEX Corp.	(9.4)	1.9	(0.17)

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:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Conservative Allocation Fund 

Institutional Class (WBAIX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P815-093025

Weitz Conservative Allocation Fund 

Investor Class (WBALX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Conservative Allocation Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	43	0.85

How did the Fund perform for the period?

The Fund (Ticker: WBALX) returned 2.76% for the 6-month period ended September 30, 2025.

Both fixed income and equity holdings contributed positively to performance. Top equity contributors included Oracle, Microsoft, Vulcan Materials, Alphabet, and Martin Marietta Materials Inc., supported by robust operating results and strength among AI infrastructure beneficiaries. Notable equity detractors included Accenture, Gartner, Aon, Roper Technologies, and IDEXX Corp., driven by investors reassessing roles in an AI-driven environment, mixed earnings results, and steadier holdings that had outperformed earlier in the year. 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
Sep 15	10,000	10,000	10,000
Sep 16	10,690	10,519	10,892
Sep 17	11,663	10,528	11,683
Sep 18	12,361	10,398	12,143
Sep 19	13,346	11,468	12,950
Sep 20	14,214	12,270	14,015
Sep 21	16,221	12,160	15,610
Sep 22	14,396	10,385	13,009
Sep 23	15,948	10,452	14,078
Sep 24	18,127	11,662	16,687
Sep 25	18,287	11,997	18,017

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Conservative Allocation Fund - Investor - WBALX	2.76	0.88	5.17	6.22
Bloomberg U.S. Aggregate Bond Index	3.26	2.88	(0.45)	1.84
Morningstar Moderately Conservative Target Risk Index	8.86	7.97	5.15	6.06

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 ($)	229,608,404
Number of Portfolio Holdings	195
Net Investment Advisory Fees Paid ($)	617,714
Portfolio Turnover Rate (%)	9

30-Day SEC Yield (Subsidized) (%)	1.88
30-Day SEC Yield (Unsubsidized) (%)	1.74
Average Effective Maturity (yrs)	1.90
Average Effective Duration (yrs)	1.50

What did the Fund invest in?

Top 10 Equity Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	2.7
Aon plc	2.6
Vulcan Materials Co.	2.4
Thermo Fisher Scientific, Inc.	2.2
Martin Marietta Materials, Inc.	2.2
Danaher Corp.	2.2
Mastercard, Inc.	2.1
Microsoft Corp.	2.1
Visa, Inc.	2.1
Analog Devices, Inc.	1.9
	22.5

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	73.8
U.S. Government Agency Mortgage Related Securities	7.4
AAA	15.6
AA	0.4
BBB	0.4
Cash Equivalents	2.4

Top Equity Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Oracle Corp.	77.6	0.8	0.77
Microsoft Corp.	38.4	1.9	0.59
Vulcan Materials Co.	32.3	2.0	0.59
Alphabet, Inc. - Class C	56.2	1.2	0.57
Martin Marietta Materials, Inc.	32.2	1.9	0.54

Sector Breakdown

	% of Net Assets
Financials	10.8
Information Technology	8.8
Health Care	7.1
Industrials	6.6
Materials	5.8
Communication Services	2.7
Consumer Staples	1.0
U.S. Treasuries	33.8
Mortgage-Backed Securities	7.5
Asset-Backed Securities	5.1
Securities Held as Collateral for Securities on Loan	1.0
Commercial Mortgage-Backed Securities	0.8
Corporate Bonds	0.2
Cash Equivalents/Other	8.8
	100.0

Top Equity Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Accenture plc - Class A	(20.1)	2.0	(0.45)
Gartner, Inc.	(32.9)	0.4	(0.37)
Aon plc - Class A	(10.3)	2.6	(0.31)
Roper Technologies, Inc.	(15.2)	1.3	(0.22)
IDEX Corp.	(9.4)	1.9	(0.17)

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:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Conservative Allocation Fund 

Investor Class (WBALX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P104-093025

Weitz Core Plus Income Fund 

Institutional Class (WCPBX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Core Plus Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	23	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
Sep 15	10,000	10,000
Sep 16	10,704	10,519
Sep 17	10,860	10,528
Sep 18	10,889	10,398
Sep 19	11,894	11,468
Sep 20	12,807	12,270
Sep 21	13,352	12,160
Sep 22	11,870	10,385
Sep 23	12,179	10,452
Sep 24	13,641	11,662
Sep 25	14,150	11,997

How did the Fund perform for the period?

The Fund (Ticker: WCPBX) returned 3.34% for the 6-month period ended September 30, 2025.

Agency mortgage-backed securities (MBS), corporate bonds, collateralized loan obligations (CLOs), U.S. Treasuries, and asset-backed securities (ABS) were top contributors. MBS benefited from coupon income and lower interest rates. Corporate bonds, led by high yield, gained as credit spreads tightened during the quarter. U.S. Treasuries generated unrealized mark-to-market gains as rates declined across the curve. The ABS and CLO portfolios contributed through high coupon income and modest price appreciation. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Core Plus Income Fund - Institutional - WCPBX	3.34	3.74	2.01	3.53
Bloomberg U.S. Aggregate Bond Index	3.26	2.88	(0.45)	1.84

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 ($)	3,713,426,169
Number of Portfolio Holdings	566
Net Investment Advisory Fees Paid ($)	6,040,386
Portfolio Turnover Rate (%)	6

30-Day SEC Yield (Subsidized) (%)	5.14
30-Day SEC Yield (Unsubsidized) (%)	5.10
Average Effective Maturity (yrs)	9.00
Average Effective Duration (yrs)	5.40

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	-1.1
Less than 1 Year	2.5
1-3 Years	8.9
3-5 Years	23.9
5-7 Years	16.0
7-10 Years	15.2
10 Years or more	34.6
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	27.3
U.S. Government Agency Mortgage Related Securities	31.8
AAA	6.9
AA	2.6
A	9.2
BBB	15.3
BB	3.8
B	3.0
Non-Rated	0.1

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	16.5
1-3 Years	12.4
3-5 Years	32.5
5-7 Years	13.5
7-10 Years	1.9
10 Years or more	23.2
	100.0

Sector Breakdown

	% of Net Assets
Mortgage-Backed Securities	33.9
U.S. Treasuries	27.3
Asset-Backed Securities	15.1
Corporate Bonds	14.0
Commercial Mortgage-Backed Securities	9.0
Securities Held as Collateral for Securities on Loan	0.2
Term Loan	0.2
Corporate Convertible Bonds	0.0
Municipal Bonds	0.0
Cash Equivalents/Other	0.3
	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. 

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Core Plus Income Fund 

Institutional Class (WCPBX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P831-093025

Weitz Core Plus Income Fund 

Investor Class (WCPNX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Core Plus Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	33	0.65

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
Sep 15	10,000	10,000
Sep 16	10,682	10,519
Sep 17	10,817	10,528
Sep 18	10,824	10,398
Sep 19	11,802	11,468
Sep 20	12,692	12,270
Sep 21	13,209	12,160
Sep 22	11,742	10,385
Sep 23	12,023	10,452
Sep 24	13,465	11,662
Sep 25	13,941	11,997

How did the Fund perform for the period?

The Fund (Ticker: WCPNX) returned 3.24% for the 6-month period ended September 30, 2025.

Agency mortgage-backed securities (MBS), corporate bonds, collateralized loan obligations (CLOs), U.S. Treasuries, and asset-backed securities (ABS) were top contributors. MBS benefited from coupon income and lower interest rates. Corporate bonds, led by high yield, gained as credit spreads tightened during the quarter. U.S. Treasuries generated unrealized mark-to-market gains as rates declined across the curve. The ABS and CLO portfolios contributed through high coupon income and modest price appreciation. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Core Plus Income Fund - Investor - WCPNX	3.24	3.53	1.90	3.38
Bloomberg U.S. Aggregate Bond Index	3.26	2.88	(0.45)	1.84

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 ($)	3,713,426,169
Number of Portfolio Holdings	566
Net Investment Advisory Fees Paid ($)	6,040,386
Portfolio Turnover Rate (%)	6

30-Day SEC Yield (Subsidized) (%)	4.94
30-Day SEC Yield (Unsubsidized) (%)	4.85
Average Effective Maturity (yrs)	9.00
Average Effective Duration (yrs)	5.40

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	-1.1
Less than 1 Year	2.5
1-3 Years	8.9
3-5 Years	23.9
5-7 Years	16.0
7-10 Years	15.2
10 Years or more	34.6
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	27.3
U.S. Government Agency Mortgage Related Securities	31.8
AAA	6.9
AA	2.6
A	9.2
BBB	15.3
BB	3.8
B	3.0
Non-Rated	0.1

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	16.5
1-3 Years	12.4
3-5 Years	32.5
5-7 Years	13.5
7-10 Years	1.9
10 Years or more	23.2
	100.0

Sector Breakdown

	% of Net Assets
Mortgage-Backed Securities	33.9
U.S. Treasuries	27.3
Asset-Backed Securities	15.1
Corporate Bonds	14.0
Commercial Mortgage-Backed Securities	9.0
Securities Held as Collateral for Securities on Loan	0.2
Term Loan	0.2
Corporate Convertible Bonds	0.0
Municipal Bonds	0.0
Cash Equivalents/Other	0.3
	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. 

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Core Plus Income Fund 

Investor Class (WCPNX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P823-093025

Weitz Large Cap Equity Fund 

Institutional Class (WVAIX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Large Cap Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	44	0.86

How did the Fund perform for the period?

The Fund (Ticker: WVAIX) returned 3.14% for the 6-month period ended September 30, 2025.

Top contributors included AI infrastructure beneficiaries Oracle Corp., Alphabet Inc., Microsoft Corp., Meta Platforms Inc., and healthcare company IDEXX Laboratories Inc., which reported strong results. Primary detractors were Gartner Inc., CarMax Inc., Global Payments Inc., Accenture plc, and Charter Communications Inc. IT service providers (Accenture and Gartner) were restrained as investors reassessed their roles in an AI-driven environment. Charter and CarMax posted disappointing results, while Global Payments’ acquisition of Worldpay, though we believe strategically sound, surprised investors.

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	Bloomberg U.S. 1000 Total Return Index	Russell 1000 Index
Sep 15	10,000	10,000	10,000
Sep 16	10,276	11,488	11,476
Sep 17	11,694	13,612	13,594
Sep 18	13,142	16,028	16,020
Sep 19	14,469	16,671	16,641
Sep 20	16,639	19,353	19,312
Sep 21	22,042	25,385	25,283
Sep 22	16,716	20,901	20,931
Sep 23	21,077	25,311	25,367
Sep 24	26,515	34,314	34,417
Sep 25	26,174	40,420	40,526

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Large Cap Equity Fund - Institutional - WVAIX	3.14	(1.29)	9.48	10.10
Bloomberg U.S. 1000 Total Return Index	20.32	17.80	15.87	14.99
Russell 1000 Index	19.99	17.75	15.98	15.02

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. 1000 Total Return Index, a broad measure of market performance. The Fund's primary comparative index was changed from the Russell 1000 Index to the Bloomberg U.S. 1000 Total Return Index to utilize a different broad-based equity index that provides a similar basis for evaluating the Fund's 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 ($)	820,555,944
Number of Portfolio Holdings	29
Net Investment Advisory Fees Paid ($)	3,143,434
Portfolio Turnover Rate (%)	4

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Danaher Corp.	6.8
Microsoft Corp.	6.7
Thermo Fisher Scientific, Inc.	5.2
Alphabet, Inc.	5.2
Meta Platforms, Inc.	4.9
Visa, Inc.	4.8
CoStar Group, Inc.	4.7
Vulcan Materials Co.	4.5
Equifax, Inc.	4.4
Berkshire Hathaway, Inc.	4.4
	51.6

Capitalization (% of Common Stock)

Value	Value
>$50B	68.3
$25-$50B	18.1
$10-$25B	10.0
$2.5-$10B	3.6

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Oracle Corp.	100.9	2.7	2.10
Alphabet, Inc. - Class C	56.2	3.9	1.83
Microsoft Corp.	38.5	5.0	1.42
IDEXX Laboratories, Inc.	52.1	2.9	1.22
Meta Platforms, Inc. - Class A	27.7	4.7	1.18

Sector Breakdown

	% of Net Assets
Information Technology	22.5
Financials	20.9
Health Care	17.2
Communication Services	12.4
Industrials	10.6
Consumer Discretionary	6.6
Real Estate	4.7
Materials	4.5
Cash Equivalents/Other	0.6
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Gartner, Inc.	(37.4)	2.8	(1.28)
CarMax, Inc.	(42.1)	2.1	(1.11)
Global Payments, Inc.	(14.7)	3.7	(0.83)
Accenture plc - Class A	(20.1)	2.9	(0.63)
Charter Communications, Inc. - Class A	(25.4)	3.0	(0.61)

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Large Cap Equity Fund 

Institutional Class (WVAIX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P856-093025

Weitz Large Cap Equity Fund 

Investor Class (WVALX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Large Cap Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	53	1.04

How did the Fund perform for the period?

The Fund (Ticker: WVALX) returned 3.05% for the 6-month period ended September 30, 2025.

Top contributors included AI infrastructure beneficiaries Oracle Corp., Alphabet Inc., Microsoft Corp., Meta Platforms Inc., and healthcare company IDEXX Laboratories Inc., which reported strong results. Primary detractors were Gartner Inc., CarMax Inc., Global Payments Inc., Accenture plc, and Charter Communications Inc. IT service providers (Accenture and Gartner) were restrained as investors reassessed their roles in an AI-driven environment. Charter and CarMax posted disappointing results, while Global Payments’ acquisition of Worldpay, though we believe strategically sound, surprised investors.

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	Bloomberg U.S. 1000 Total Return Index	Russell 1000 Index
Sep 15	10,000	10,000	10,000
Sep 16	10,256	11,488	11,476
Sep 17	11,644	13,612	13,594
Sep 18	13,056	16,028	16,020
Sep 19	14,340	16,671	16,641
Sep 20	16,458	19,353	19,312
Sep 21	21,760	25,385	25,283
Sep 22	16,474	20,901	20,931
Sep 23	20,749	25,311	25,367
Sep 24	26,058	34,314	34,417
Sep 25	25,678	40,420	40,526

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Large Cap Equity Fund - Investor - WVALX	3.05	(1.46)	9.30	9.89
Bloomberg U.S. 1000 Total Return Index	20.32	17.80	15.87	14.99
Russell 1000 Index	19.99	17.75	15.98	15.02

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. 1000 Total Return Index, a broad measure of market performance. The Fund's primary comparative index was changed from the Russell 1000 Index to the Bloomberg U.S. 1000 Total Return Index to utilize a different broad-based equity index that provides a similar basis for evaluating the Fund's 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 ($)	820,555,944
Number of Portfolio Holdings	29
Net Investment Advisory Fees Paid ($)	3,143,434
Portfolio Turnover Rate (%)	4

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Danaher Corp.	6.8
Microsoft Corp.	6.7
Thermo Fisher Scientific, Inc.	5.2
Alphabet, Inc.	5.2
Meta Platforms, Inc.	4.9
Visa, Inc.	4.8
CoStar Group, Inc.	4.7
Vulcan Materials Co.	4.5
Equifax, Inc.	4.4
Berkshire Hathaway, Inc.	4.4
	51.6

Capitalization (% of Common Stock)

Value	Value
>$50B	68.3
$25-$50B	18.1
$10-$25B	10.0
$2.5-$10B	3.6

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Oracle Corp.	100.9	2.7	2.10
Alphabet, Inc. - Class C	56.2	3.9	1.83
Microsoft Corp.	38.5	5.0	1.42
IDEXX Laboratories, Inc.	52.1	2.9	1.22
Meta Platforms, Inc. - Class A	27.7	4.7	1.18

Sector Breakdown

	% of Net Assets
Information Technology	22.5
Financials	20.9
Health Care	17.2
Communication Services	12.4
Industrials	10.6
Consumer Discretionary	6.6
Real Estate	4.7
Materials	4.5
Cash Equivalents/Other	0.6
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
Gartner, Inc.	(37.4)	2.8	(1.28)
CarMax, Inc.	(42.1)	2.1	(1.11)
Global Payments, Inc.	(14.7)	3.7	(0.83)
Accenture plc - Class A	(20.1)	2.9	(0.63)
Charter Communications, Inc. - Class A	(25.4)	3.0	(0.61)

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Large Cap Equity Fund 

Investor Class (WVALX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P203-093025

Weitz Multi Cap Equity Fund 

Institutional Class (WPVIX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Multi Cap Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	44	0.86

How did the Fund perform for the period?

The Fund (Ticker: WPVIX) returned 3.93% for the 6-month period ended September 30, 2025.

Top contributors included AI infrastructure beneficiaries Alphabet Inc. and Meta Platforms Inc., as well as Perimeter Solutions SA, HEICO Corporation, and Vulcan Materials Co., all supported by solid operating results. Detractors were CarMax Inc., LKQ Corporation, Liberty Broadband Corp., Gartner Inc., and Aon plc. CarMax, LKQ, and Liberty were held back by disappointing earnings. Gartner declined as investors reassessed its role in an AI-driven environment, while Aon gave back earlier gains.

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	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Sep 15	10,000	10,000	10,000
Sep 16	10,410	11,498	11,486
Sep 17	11,621	13,630	13,624
Sep 18	12,491	16,031	16,032
Sep 19	13,103	16,505	16,500
Sep 20	13,116	19,001	18,985
Sep 21	17,645	25,157	25,023
Sep 22	13,636	20,609	20,612
Sep 23	16,140	24,816	24,830
Sep 24	20,326	33,535	33,569
Sep 25	21,173	39,378	39,413

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Multi Cap Equity Fund - Institutional - WPVIX	3.93	4.17	10.05	7.79
Bloomberg U.S. 3000 Total Return Index	20.33	17.43	15.69	14.69
Russell 3000 Index	20.07	17.41	15.73	14.70

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. 3000 Total Return Index, a broad measure of market performance. The Fund's primary comparative index was changed from the Russell 3000 Index to the Bloomberg U.S. 3000 Total Return Index to utilize a different broad-based equity index that provides a similar basis for evaluating the Fund's 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 ($)	574,982,510
Number of Portfolio Holdings	42
Net Investment Advisory Fees Paid ($)	2,129,763
Portfolio Turnover Rate (%)	6

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	7.9
HEICO Corp.	7.1
Alphabet, Inc.	6.3
Visa, Inc.	4.7
Meta Platforms, Inc.	4.5
Mastercard, Inc.	4.4
Aon plc	4.2
Labcorp Holdings, Inc.	4.1
Vulcan Materials Co.	3.8
CoStar Group, Inc.	3.7
	50.7

Capitalization (% of Common Stock)

Value	Value
>$50B	45.4
$25-$50B	24.4
$10-$25B	8.7
$2.5-$10B	18.9
	2.6

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	56.2	5.0	2.32
Perimeter Solutions, Inc.	120.8	2.4	2.11
HEICO Corp. - Class A	20.5	6.6	1.24
Meta Platforms, Inc. - Class A	28.2	4.2	1.02
Vulcan Materials Co.	32.3	3.3	0.98

Sector Breakdown

	% of Net Assets
Financials	21.2
Communication Services	18.6
Industrials	13.4
Information Technology	13.2
Health Care	11.6
Materials	9.3
Real Estate	5.4
Consumer Discretionary	4.5
Securities Held as Collateral for Securities on Loan	0.2
Cash Equivalents/Other	2.6
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
CarMax, Inc.	(42.4)	2.5	(1.33)
LKQ Corp.	(26.6)	3.1	(0.93)
Liberty Broadband Corp.	(20.3)	4.2	(0.80)
Gartner, Inc.	(37.4)	1.5	(0.68)
Aon plc - Class A	(10.3)	4.3	(0.56)

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Multi Cap Equity Fund 

Institutional Class (WPVIX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P849-093025

Weitz Multi Cap Equity Fund 

Investor Class (WPVLX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Multi Cap Equity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	55	1.07

How did the Fund perform for the period?

The Fund (Ticker: WPVLX) returned 3.85% for the 6-month period ended September 30, 2025.

Top contributors included AI infrastructure beneficiaries Alphabet Inc. and Meta Platforms Inc., as well as Perimeter Solutions SA, HEICO Corporation, and Vulcan Materials Co., all supported by solid operating results. Detractors were CarMax Inc., LKQ Corporation, Liberty Broadband Corp., Gartner Inc., and Aon plc. CarMax, LKQ, and Liberty were held back by disappointing earnings. Gartner declined as investors reassessed its role in an AI-driven environment, while Aon gave back earlier gains.

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	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Sep 15	10,000	10,000	10,000
Sep 16	10,389	11,498	11,486
Sep 17	11,567	13,630	13,624
Sep 18	12,402	16,031	16,032
Sep 19	12,972	16,505	16,500
Sep 20	12,955	19,001	18,985
Sep 21	17,396	25,157	25,023
Sep 22	13,418	20,609	20,612
Sep 23	15,858	24,816	24,830
Sep 24	19,928	33,535	33,569
Sep 25	20,719	39,378	39,413

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Multi Cap Equity Fund - Investor - WPVLX	3.85	3.97	9.85	7.56
Bloomberg U.S. 3000 Total Return Index	20.33	17.43	15.69	14.69
Russell 3000 Index	20.07	17.41	15.73	14.70

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. 3000 Total Return Index, a broad measure of market performance. The Fund's primary comparative index was changed from the Russell 3000 Index to the Bloomberg U.S. 3000 Total Return Index to utilize a different broad-based equity index that provides a similar basis for evaluating the Fund's 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 ($)	574,982,510
Number of Portfolio Holdings	42
Net Investment Advisory Fees Paid ($)	2,129,763
Portfolio Turnover Rate (%)	6

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	7.9
HEICO Corp.	7.1
Alphabet, Inc.	6.3
Visa, Inc.	4.7
Meta Platforms, Inc.	4.5
Mastercard, Inc.	4.4
Aon plc	4.2
Labcorp Holdings, Inc.	4.1
Vulcan Materials Co.	3.8
CoStar Group, Inc.	3.7
	50.7

Capitalization (% of Common Stock)

Value	Value
>$50B	45.4
$25-$50B	24.4
$10-$25B	8.7
$2.5-$10B	18.9
	2.6

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	56.2	5.0	2.32
Perimeter Solutions, Inc.	120.8	2.4	2.11
HEICO Corp. - Class A	20.5	6.6	1.24
Meta Platforms, Inc. - Class A	28.2	4.2	1.02
Vulcan Materials Co.	32.3	3.3	0.98

Sector Breakdown

	% of Net Assets
Financials	21.2
Communication Services	18.6
Industrials	13.4
Information Technology	13.2
Health Care	11.6
Materials	9.3
Real Estate	5.4
Consumer Discretionary	4.5
Securities Held as Collateral for Securities on Loan	0.2
Cash Equivalents/Other	2.6
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
CarMax, Inc.	(42.4)	2.5	(1.33)
LKQ Corp.	(26.6)	3.1	(0.93)
Liberty Broadband Corp.	(20.3)	4.2	(0.80)
Gartner, Inc.	(37.4)	1.5	(0.68)
Aon plc - Class A	(10.3)	4.3	(0.56)

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Multi Cap Equity Fund 

Investor Class (WPVLX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P609-093025

Weitz Nebraska Tax Free Income Fund 

(WNTFX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Nebraska Tax Free Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	23	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
Sep 15	10,000	10,000	10,000
Sep 16	10,106	10,558	10,298
Sep 17	10,125	10,650	10,417
Sep 18	10,037	10,683	10,352
Sep 19	10,547	11,601	10,975
Sep 20	10,877	12,079	11,479
Sep 21	10,966	12,393	11,600
Sep 22	10,126	10,968	10,668
Sep 23	10,300	11,257	10,899
Sep 24	11,069	12,428	11,722
Sep 25	11,396	12,601	12,124

How did the Fund perform for the period?

The Fund (Ticker: WNTFX) returned 3.14% for the 6-month period ended September 30, 2025. 

Top contributing sectors included city-specific general obligations bonds, education revenue bonds, utility bonds, appropriation bonds and single-family housing bonds. No segment had negative performance.

Credit conditions across most municipal bond sectors remain supportive as the U.S. economy has been resilient. State and local conditions for investments in the Fund reflect the strength, and benefit from, the fiscal, educational, employment and economic stability of the Cornhusker state.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Nebraska Tax Free Income Fund - WNTFX	3.14	2.95	0.94	1.32
Bloomberg Municipal Bond Index	2.87	1.39	0.85	2.34
Bloomberg 5-Year Municipal Bond Index	3.57	3.43	1.10	1.94

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 ($)	20,507,966
Number of Portfolio Holdings	84
Net Investment Advisory Fees Paid ($)	(38,643)
Portfolio Turnover Rate (%)	-

30-Day SEC Yield (Subsidized) (%)	2.57
30-Day SEC Yield (Unsubsidized) (%)	1.83
Average Effective Maturity (yrs)	2.80
Average Effective Duration (yrs)	2.60

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	6.3
Less than 1 Year	36.2
1-3 Years	23.1
3-5 Years	15.5
5-7 Years	9.8
7-10 Years	6.3
10 Years or more	2.8
	100.0

Credit Quality (% of Portfolio)

Value	Value
AAA	5.6
AA	59.2
A	23.8
BBB	3.2
Non-Rated	1.9
Cash Equivalents	6.3

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	36.0
1-3 Years	30.4
3-5 Years	14.1
5-7 Years	12.3
7-10 Years	6.0
10 Years or more	1.2
	100.0

Sector Breakdown

	% of Net Assets
Revenue	59.4
General Obligation	29.0
Escrow/Pre-Refunded	4.4
Cash Equivalents/Other	7.2
	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:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Nebraska Tax Free Income Fund 

(WNTFX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P807-093025

Weitz Partners III Opportunity Fund 

Institutional Class (WPOPX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Partners III Opportunity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	57	1.12

How did the Fund perform for the period?

The Fund (Ticker: WPOPX) returned 2.95% for the 6-month period ended September 30, 2025.

Top contributors included AI infrastructure beneficiaries Alphabet Inc., Microsoft Corp., and Meta Platforms Inc., as well as Perimeter Solutions SA and payment processor CoreCard Corp., all supported by strong operating results. Primary detractors were CarMax Inc., Liberty Broadband Corp., Berkshire Hathaway Inc., Global Payments Inc., and Roper Technologies Inc. CarMax and Liberty were held back by disappointing earnings. Berkshire, a steadier holding, gave back some prior gains as investors favored higher-octane names. Global Payments’ acquisition of Worldpay, while strategically sound, surprised investors. Roper was restrained as investors reassessed its role in an AI-driven environment.

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	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Sep 15	10,000	10,000	10,000
Sep 16	10,452	11,498	11,486
Sep 17	11,458	13,630	13,624
Sep 18	12,021	16,031	16,032
Sep 19	13,528	16,505	16,500
Sep 20	14,301	19,001	18,985
Sep 21	17,358	25,157	25,023
Sep 22	12,880	20,609	20,612
Sep 23	15,036	24,816	24,830
Sep 24	18,303	33,535	33,569
Sep 25	18,987	39,378	39,413

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Partners III Opportunity Fund - Institutional - WPOPX	2.95	3.73	5.83	6.62
Bloomberg U.S. 3000 Total Return Index	20.33	17.43	15.69	14.69
Russell 3000 Index	20.07	17.41	15.73	14.70

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. 3000 Total Return Index, a broad measure of market performance. The Fund's primary comparative index was changed from the Russell 3000 Index to the Bloomberg U.S. 3000 Total Return Index to utilize a different broad-based equity index that provides a similar basis for evaluating the Fund's 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 ($)	398,714,268
Number of Portfolio Holdings	31
Net Investment Advisory Fees Paid ($)	2,052,318
Portfolio Turnover Rate (%)	7

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	13.6
Thermo Fisher Scientific, Inc.	6.1
Alphabet, Inc.	5.8
Danaher Corp.	5.5
Liberty Broadband Corp.	5.4
Mastercard, Inc.	5.1
Visa, Inc.	5.0
Microsoft Corp.	5.0
Global Payments, Inc.	4.2
Amazon.com, Inc.	3.8
	59.5

Capitalization (% of Common Stock)

Value	Value
>$50B	68.0
$10-$25B	11.5
$2.5-$10B	16.1
	4.4

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	56.2	4.5	2.08
Perimeter Solutions, Inc.	119.5	2.3	2.03
Microsoft Corp.	38.4	4.8	1.63
CoreCard Corp.	43.9	3.2	1.12
Meta Platforms, Inc. - Class A	27.6	3.2	0.85

Sector Breakdown

	% of Net Assets
Financials	31.5
Information Technology	18.6
Health Care	17.5
Communication Services	15.1
Consumer Discretionary	5.5
Industrials	3.7
Materials	1.1
Cash Equivalents/Other	7.0
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
CarMax, Inc.	(42.3)	2.4	(1.26)
Liberty Broadband Corp.	(20.2)	6.7	(1.14)
Berkshire Hathaway, Inc. - Class B	(5.6)	13.1	(0.79)
Global Payments, Inc.	(15.3)	3.4	(0.79)
Roper Technologies, Inc.	(15.2)	3.4	(0.57)

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Partners III Opportunity Fund 

Institutional Class (WPOPX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P708-093025

Weitz Partners III Opportunity Fund 

Investor Class (WPOIX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Partners III Opportunity Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	90	1.78

How did the Fund perform for the period?

The Fund (Ticker: WPOIX) returned 2.53% for the 6-month period ended September 30, 2025.

Top contributors included AI infrastructure beneficiaries Alphabet Inc., Microsoft Corp., and Meta Platforms Inc., as well as Perimeter Solutions SA and payment processor CoreCard Corp., all supported by strong operating results. Primary detractors were CarMax Inc., Liberty Broadband Corp., Berkshire Hathaway Inc., Global Payments Inc., and Roper Technologies Inc. CarMax and Liberty were held back by disappointing earnings. Berkshire, a steadier holding, gave back some prior gains as investors favored higher-octane names. Global Payments’ acquisition of Worldpay, while strategically sound, surprised investors. Roper was restrained as investors reassessed its role in an AI-driven environment.

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	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Sep 15	10,000	10,000	10,000
Sep 16	10,407	11,498	11,486
Sep 17	11,353	13,630	13,624
Sep 18	11,845	16,031	16,032
Sep 19	13,253	16,505	16,500
Sep 20	13,923	19,001	18,985
Sep 21	16,799	25,157	25,023
Sep 22	12,421	20,609	20,612
Sep 23	14,391	24,816	24,830
Sep 24	17,376	33,535	33,569
Sep 25	17,903	39,378	39,413

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Partners III Opportunity Fund - Investor - WPOIX	2.53	3.03	5.16	6.00
Bloomberg U.S. 3000 Total Return Index	20.33	17.43	15.69	14.69
Russell 3000 Index	20.07	17.41	15.73	14.70

The above line chart and returns table compares the fund’s results to the Bloomberg U.S. 3000 Total Return Index, a broad measure of market performance. The Fund's primary comparative index was changed from the Russell 3000 Index to the Bloomberg U.S. 3000 Total Return Index to utilize a different broad-based equity index that provides a similar basis for evaluating the Fund's 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 ($)	398,714,268
Number of Portfolio Holdings	31
Net Investment Advisory Fees Paid ($)	2,052,318
Portfolio Turnover Rate (%)	7

What did the Fund invest in?

Top 10 Holdings 

Security	% of Net Assets
Berkshire Hathaway, Inc.	13.6
Thermo Fisher Scientific, Inc.	6.1
Alphabet, Inc.	5.8
Danaher Corp.	5.5
Liberty Broadband Corp.	5.4
Mastercard, Inc.	5.1
Visa, Inc.	5.0
Microsoft Corp.	5.0
Global Payments, Inc.	4.2
Amazon.com, Inc.	3.8
	59.5

Capitalization (% of Common Stock)

Value	Value
>$50B	68.0
$10-$25B	11.5
$2.5-$10B	16.1
	4.4

Top Contributors

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	56.2	4.5	2.08
Perimeter Solutions, Inc.	119.5	2.3	2.03
Microsoft Corp.	38.4	4.8	1.63
CoreCard Corp.	43.9	3.2	1.12
Meta Platforms, Inc. - Class A	27.6	3.2	0.85

Sector Breakdown

	% of Net Assets
Financials	31.5
Information Technology	18.6
Health Care	17.5
Communication Services	15.1
Consumer Discretionary	5.5
Industrials	3.7
Materials	1.1
Cash Equivalents/Other	7.0
	100.0

Top Detractors

	Return (%)	Average Weight (%)	Contribution (%)
CarMax, Inc.	(42.3)	2.4	(1.26)
Liberty Broadband Corp.	(20.2)	6.7	(1.14)
Berkshire Hathaway, Inc. - Class B	(5.6)	13.1	(0.79)
Global Payments, Inc.	(15.3)	3.4	(0.79)
Roper Technologies, Inc.	(15.2)	3.4	(0.57)

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

Changes in or disagreements with accountants:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Partners III Opportunity Fund 

Investor Class (WPOIX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P872-093025

Weitz Short Duration Income Fund 

Institutional Class (WEFIX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Short Duration Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	23	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
Sep 15	10,000	10,000	10,000
Sep 16	10,319	10,519	10,133
Sep 17	10,437	10,528	10,203
Sep 18	10,482	10,398	10,224
Sep 19	10,956	11,468	10,701
Sep 20	11,289	12,270	11,069
Sep 21	11,527	12,160	11,101
Sep 22	11,059	10,385	10,534
Sep 23	11,605	10,452	10,829
Sep 24	12,508	11,662	11,612
Sep 25	13,128	11,997	12,093

How did the Fund perform for the period?

The Fund (Ticker: WEFIX) returned 2.76% for the 6-month period ended September 30, 2025.

Top contributors included non-Agency CMOs (Collateralized Mortgage Obligations), asset-backed securities (ABS), U.S. Treasuries, collateralized loan obligations (CLOs), and corporate bonds. Portfolio performance benefited from coupon income and the earlier decline in U.S. Treasury yields. Credit quality across portfolio holdings remained stable to strong as interest rates and credit spreads were largely unchanged in the latter part of the period. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Short Duration Income Fund - Institutional - WEFIX	2.76	4.96	3.06	2.76
Bloomberg U.S. Aggregate Bond Index	3.26	2.88	(0.45)	1.84
Bloomberg 1-3 Year U.S. Aggregate Index	2.49	4.14	1.78	1.92

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 ($)	1,264,450,053
Number of Portfolio Holdings	394
Net Investment Advisory Fees Paid ($)	2,106,506
Portfolio Turnover Rate (%)	20

30-Day SEC Yield (Subsidized) (%)	4.65
30-Day SEC Yield (Unsubsidized) (%)	4.60
Average Effective Maturity (yrs)	3.60
Average Effective Duration (yrs)	1.50

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	1.7
Less than 1 Year	22.1
1-3 Years	38.8
3-5 Years	19.3
5-7 Years	3.5
7-10 Years	2.4
10 Years or more	12.2
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	17.4
U.S. Government Agency Mortgage Related Securities	16.5
AAA	45.0
AA	5.3
A	5.9
BBB	6.3
BB	0.2
B	1.2
Non-Rated	0.5
Cash Equivalents	1.7

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	48.8
1-3 Years	34.8
3-5 Years	12.9
5-7 Years	3.5
	100.0

Sector Breakdown

	% of Net Assets
Mortgage-Backed Securities	35.5
Asset-Backed Securities	28.1
U.S. Treasuries	17.4
Commercial Mortgage-Backed Securities	8.9
Corporate Bonds	7.3
Corporate Convertible Bonds	0.2
Cash Equivalents/Other	2.6
	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:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Short Duration Income Fund 

Institutional Class (WEFIX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P302-093025

Weitz Short Duration Income Fund 

Investor Class (WSHNX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Short Duration Income Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	33	0.65

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
Sep 15	10,000	10,000	10,000
Sep 16	10,294	10,519	10,133
Sep 17	10,392	10,528	10,203
Sep 18	10,416	10,398	10,224
Sep 19	10,863	11,468	10,701
Sep 20	11,182	12,270	11,069
Sep 21	11,413	12,160	11,101
Sep 22	10,943	10,385	10,534
Sep 23	11,466	10,452	10,829
Sep 24	12,344	11,662	11,612
Sep 25	12,930	11,997	12,093

How did the Fund perform for the period?

The Fund (Ticker: WSHNX) returned 2.66% for the 6-month period ended September 30, 2025.

Top contributors included non-Agency CMOs (Collateralized Mortgage Obligations), asset-backed securities (ABS), U.S. Treasuries, collateralized loan obligations (CLOs), and corporate bonds. Portfolio performance benefited from coupon income and the earlier decline in U.S. Treasury yields. Credit quality across portfolio holdings remained stable to strong as interest rates and credit spreads were largely unchanged in the latter part of the period. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Short Duration Income Fund - Investor - WSHNX	2.66	4.75	2.95	2.60
Bloomberg U.S. Aggregate Bond Index	3.26	2.88	(0.45)	1.84
Bloomberg 1-3 Year U.S. Aggregate Index	2.49	4.14	1.78	1.92

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 ($)	1,264,450,053
Number of Portfolio Holdings	394
Net Investment Advisory Fees Paid ($)	2,106,506
Portfolio Turnover Rate (%)	20

30-Day SEC Yield (Subsidized) (%)	4.45
30-Day SEC Yield (Unsubsidized) (%)	4.26
Average Effective Maturity (yrs)	3.60
Average Effective Duration (yrs)	1.50

What did the Fund invest in?

Maturity Distribution

Maturity	% of Portfolio
Cash Equivalents	1.7
Less than 1 Year	22.1
1-3 Years	38.8
3-5 Years	19.3
5-7 Years	3.5
7-10 Years	2.4
10 Years or more	12.2
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	17.4
U.S. Government Agency Mortgage Related Securities	16.5
AAA	45.0
AA	5.3
A	5.9
BBB	6.3
BB	0.2
B	1.2
Non-Rated	0.5
Cash Equivalents	1.7

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	48.8
1-3 Years	34.8
3-5 Years	12.9
5-7 Years	3.5
	100.0

Sector Breakdown

	% of Net Assets
Mortgage-Backed Securities	35.5
Asset-Backed Securities	28.1
U.S. Treasuries	17.4
Commercial Mortgage-Backed Securities	8.9
Corporate Bonds	7.3
Corporate Convertible Bonds	0.2
Cash Equivalents/Other	2.6
	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:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Short Duration Income Fund 

Investor Class (WSHNX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P864-093025

Weitz Ultra Short Government Fund 

(SAFEX)

Semi-Annual Shareholder Report — September 30, 2025

Fund overview

This semi-annual shareholder report contains important information about the Weitz Ultra Short Government Fund (the "Fund") for the period of April 1, 2025 to September 30, 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 six months?

(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	16	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
Sep 15	10,000	10,000	10,000
Sep 16	10,011	10,519	10,055
Sep 17	10,068	10,528	10,136
Sep 18	10,214	10,398	10,296
Sep 19	10,474	11,468	10,568
Sep 20	10,622	12,270	10,731
Sep 21	10,631	12,160	10,745
Sep 22	10,670	10,385	10,786
Sep 23	11,130	10,452	11,281
Sep 24	11,714	11,662	11,927
Sep 25	12,201	11,997	12,449

How did the Fund perform for the period?

The Fund (Ticker: SAFEX) returned 1.98% for the 6-month period ended September 30, 2025.

As of September 30, the fund held 99.6% in U.S. Treasury and 0.4% in cash equivalents. The Fund maintained a low average effective duration to reduce rate sensitivity, focusing on short-term Treasuries that provided steady income through favorable reinvestment rates. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

	6 Month (%)	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Ultra Short Government Fund - SAFEX	1.98	4.16	2.81	2.01
Bloomberg U.S. Aggregate Bond Index	3.26	2.88	(0.45)	1.84
ICE BofA U.S. 6-Month Treasury Bill Index	2.16	4.37	3.01	2.21

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 ($)	145,653,619
Number of Portfolio Holdings	11
Net Investment Advisory Fees Paid ($)	88,948
Portfolio Turnover Rate (%)	-

30-Day SEC Yield (Subsidized) (%)	3.65
30-Day SEC Yield (Unsubsidized) (%)	3.49
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	0.4
Less than 1 Year	99.6
	100.0

Credit Quality (% of Portfolio)

Value	Value
U.S Treasury	99.6
Cash Equivalents	0.4

Duration Distribution

Maturity	% of Portfolio
Less than 1 Year	100.0
	100.0

Sector Breakdown

	% of Net Assets
U.S.Treasury Notes	13.8
Asset-Backed Securities	0.0
Cash Equivalents/Other	86.2
	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:  There were no changes in or disagreements with accountants during the reporting period.

Weitz Ultra Short Government Fund 

(SAFEX)

Semi-Annual Shareholder Report — September 30, 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. 

94904P401-093025

(b)           Not applicable.

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6.   Investments.

(a)                 The Schedule of Investments are 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.

(a)      

SEMI-ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

September

30,

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

Other

Information

48

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

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

42.8%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

4.2

Mastercard,

Inc.

-

Class

A

8,500

4,834,885‌

Visa,

Inc.

-

Class

A

13,750

4,693,975‌

a

Multi-Sector

Holdings

2.7

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

12,500

6,284,250‌

a

Insurance

Brokers

2.6

Aon

plc

-

Class

A

(b)

16,750

5,972,715‌

a

Financial

Exchanges

&

Data

1.3

S&P

Global,

Inc.

6,100

2,968,931‌

a

10.8

24,754,756‌

Information

Technology

Semiconductor

Materials

&

Equipment

2.8

Analog

Devices,

Inc.

^

18,500

4,545,450‌

Texas

Instruments,

Inc.

11,000

2,021,030‌

a

IT

Consulting

&

Other

Services

2.7

Accenture

plc

-

Class

A

(b)

16,500

4,068,900‌

Gartner,

Inc.

(a)

8,250

2,168,678‌

a

Systems

Software

2.1

Microsoft

Corp.

9,250

4,791,037‌

a

Application

Software

1.2

Roper

Technologies,

Inc.

5,500

2,742,795‌

a

8.8

20,337,890‌

Health

Care

Life

Sciences

Tools

&

Services

5.4

Thermo

Fisher

Scientific,

Inc.

10,500

5,092,710‌

Danaher

Corp.

25,000

4,956,500‌

Bio-Techne

Corp.

40,000

2,225,200‌

a

Health

Care

Services

1.7

Labcorp

Holdings,

Inc.

^

13,750

3,947,075‌

a

7.1

16,221,485‌

Industrials

Industrial

Machinery

&

Supplies

&

Components

2.6

IDEX

Corp.

25,000

4,069,000‌

Fortive

Corp.

39,000

1,910,610‌

a

Environmental

&

Facilities

Services

1.5

Veralto

Corp.

32,500

3,464,825‌

a

Human

Resource

&

Employment

Services

1.5

Equifax,

Inc.

13,500

3,463,155‌

a

Cargo

Ground

Transportation

1.0

Old

Dominion

Freight

Line,

Inc.

16,000

2,252,480‌

a

6.6

15,160,070‌

a

Materials

%

of

Net

Assets

Shares

$

Value

Construction

Materials

4.6

Vulcan

Materials

Co.

18,000

5,537,160‌

Martin

Marietta

Materials,

Inc.

8,000

5,042,240‌

a

Industrial

Gases

1.2

Linde

plc

6,000

2,850,000‌

a

5.8

13,429,400‌

Communication

Services

Interactive

Media

&

Services

1.6

Alphabet,

Inc.

-

Class

C

15,000

3,653,250‌

a

Cable

&

Satellite

1.1

Comcast

Corp.

-

Class

A

80,000

2,513,600‌

a

2.7

6,166,850‌

Consumer

Staples

Distillers

&

Vintners

1.0

Diageo

plc

-

ADR

(b)

24,000

2,290,320‌

a

Total

Common

Stocks

(Cost

$52,743,601)

98,360,771‌

Corporate

Bonds

-

0.2%

a

a

$

Principal

Amount

$

Value

a

a

a

a

Gartner,

Inc.

4.5%

7/1/28

(Cost

$496,223)

(c)

500,000

495,998‌

Asset-Backed

Securities

-

5.1%

a

a

a

a

a

Automobile

ARI

Fleet

Lease

Trust

(ARIFL)

Series

2023-B

Class

A2

–6.05%

7/15/32

(c)

62,844

63,387‌

Series

2024-A

Class

A2

–5.3%

11/15/32

(c)

45,418

45,721‌

Series

2024-B

Class

A2

–5.54%

4/15/33

(c)

136,671

137,785‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(c)

33,965

34,169‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(c)

78,106

78,578‌

CarMax

Auto

Owner

Trust

(CARMX)

Series

2021-3

Class

C

–1.25%

5/17/27

380,000

379,491‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(c)

28,769

28,611‌

Chesapeake

Funding

II

LLC

(CFII)

Series

2023-1A

Class

A1

–5.65%

5/15/35

(c)

163,608

164,645‌

Series

2023-2A

Class

A1

–6.16%

10/15/35

(c)

64,597

65,533‌

Series

2024-1A

Class

A1

–5.52%

5/15/36

(c)

67,487

68,358‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-1

Class

A2

–5.51%

1/22/29

(c)

53,166

53,318‌

Series

2023-2

Class

A2

–5.56%

4/22/30

(c)

151,205

152,219‌

Series

2023-3

Class

A2

–6.4%

3/20/30

(c)

319,510

324,378‌

Series

2024-1

Class

A2

–5.23%

3/20/30

(c)

111,331

112,309‌

Series

2024-2

Class

A3

–5.61%

4/20/28

(c)

300,000

305,979‌

Series

2024-3

Class

A3

–4.98%

8/21/28

(c)

130,000

132,050‌

Series

2024-4

Class

A3

–4.56%

11/20/28

(c)

100,000

100,918‌

4

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

$

Principal

Amount

$

Value

a

a

a

a

LAD

Auto

Receivables

Trust

(LADAR)

Series

2022-1A

Class

A

–5.21%

6/15/27

(c)

5,857

5,858‌

Series

2023-4A

Class

A3

–6.1%

12/15/27

(c)

78,475

78,725‌

Merchants

Fleet

Funding

LLC

(MFF)

Series

2023-1A

Class

A

–7.21%

5/20/36

(c)

186,470

187,614‌

OneMain

Direct

Auto

Receivables

Trust

(ODART)

Series

2021-1A

Class

A

–0.87%

7/14/28

(c)

19,846

19,796‌

Series

2022-1A

Class

C

–1.42%

7/14/28

(c)

447,000

443,819‌

Wheels

Fleet

Lease

Funding

LLC

(WFLF)

Series

2023-2A

Class

A

–6.46%

8/18/38

(c)

349,684

354,663‌

Series

2024-2A

Class

A1

–4.87%

6/21/39

(c)

603,304

609,706‌

a

3,947,630‌

a

Collateralized

Loan

Obligations

Audax

Senior

Debt

CLO

6

LLC

(AUDAX)

Series

2021-6A

Class

A

–6.09%

10/20/33

Floating

Rate

(TSFR3M

+

176)

(c)

(d)

500,000

500,000‌

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

AT

–6.13%

4/25/33

Floating

Rate

(TSFR3M

+

181)

(b)

(c)

(d)

434,123

434,624‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

A1

–5.8%

9/14/33

Floating

Rate

(TSFR3M

+

176)

(b)

(c)

(d)

500,000

500,711‌

a

1,435,335‌

a

Consumer

&

Specialty

Finance

Aqua

Finance

Issuer

Trust

(AQFIT)

Series

2025-A

Class

A

–5.25%

12/19/50

(c)

285,374

290,731‌

Series

2025-B

Class

A

–4.79%

5/17/51

(c)

150,000

150,992‌

Foundation

Finance

Trust

(FFIN)

Series

2021-2A

Class

A

–2.19%

1/15/42

(c)

69,970

66,789‌

Series

2023-2A

Class

A

–6.53%

6/15/49

(c)

122,856

128,353‌

Series

2024-1A

Class

A

–5.5%

12/15/49

(c)

103,952

106,314‌

Series

2025-2A

Class

A

–4.67%

4/15/52

(c)

148,550

149,319‌

Greensky

Home

Improvement

Issuer

Trust

(GSKY)

Series

2024-2

Class

A2

–5.25%

10/27/59

(c)

242,857

243,613‌

Series

2025-1A

Class

A4

–5.22%

3/25/60

(c)

129,724

131,550‌

Octane

Receivables

Trust

(OCTL)

Series

2024-2A

Class

A2

–5.8%

7/20/32

(c)

185,755

187,487‌

a

1,455,148‌

a

Equipment

Amur

Equipment

Finance

Receivables

XI

LLC

(AXIS)

Series

2022-2A

Class

A2

–5.3%

6/21/28

(c)

22,298

22,356‌

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(c)

89,214

90,117‌

Amur

Equipment

Finance

Receivables

XIII

LLC

(AXIS)

Series

2024-1A

Class

A2

–5.38%

1/21/31

(c)

99,921

101,075‌

Amur

Equipment

Finance

Receivables

XIV

LLC

(AXIS)

Series

2024-2A

Class

A2

–5.19%

7/21/31

(c)

214,952

217,845‌

Amur

Equipment

Finance

Receivables

XV

LLC

(AXIS)

Series

2025-1A

Class

A2

–4.7%

9/22/31

(c)

437,500

441,850‌

Dell

Equipment

Finance

Trust

(DEFT)

Series

2024-1

Class

A3

–5.39%

3/22/30

(c)

170,000

171,618‌

Series

2024-2

Class

A3

–4.59%

8/22/30

(c)

100,000

100,789‌

Dext

ABS

LLC

(DEXT)

Series

2023-2

Class

A2

–6.56%

5/15/34

(c)

164,332

165,608‌

DLLMT

LLC

(DLLMT)

Series

2024-1A

Class

A3

–4.84%

8/21/28

(c)

230,000

232,654‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

DLLST

LLC

(DLLST)

Series

2024-1A

Class

A3

–5.05%

8/20/27

(c)

104,060

104,544‌

GreatAmerica

Leasing

Receivables

Funding

LLC

(GALC)

Series

2024-2

Class

A3

–5%

9/15/28

(c)

240,000

243,921‌

HPEFS

Equipment

Trust

(HPEFS)

Series

2024-2A

Class

A3

–5.36%

10/20/31

(c)

125,000

125,975‌

Kubota

Credit

Owner

Trust

(KCOT)

Series

2024-2A

Class

A3

–5.26%

11/15/28

(c)

190,000

193,663‌

M&T

Equipment

Notes

(MTLRF)

Series

2024-1A

Class

A2

–4.99%

8/18/31

(c)

211,653

212,424‌

Series

2025-1A

Class

A2

–4.7%

12/16/27

(c)

1,000,000

1,007,506‌

MMAF

Equipment

Finance

LLC

(MMAF)

Series

2023-A

Class

A2

–5.79%

11/13/26

(c)

23,740

23,793‌

NMEF

Funding  LLC

(NMEF)

Series

2025-B

Class

A2

–4.64%

1/18/33

(c)

750,000

753,377‌

NMEF

Funding

LLC

(NMEF)

Series

2025-A

Class

A2

–4.72%

7/15/32

(c)

185,874

186,804‌

a

4,395,919‌

a

Other

Verizon

Master

Trust

(VZMT)

Series

2023-7

Class

A1A

–5.67%

11/20/29

465,000

474,242‌

a

Total

Asset-Backed

Securities

(Cost

$11,602,538)

11,708,274‌

Commercial

Mortgage-Backed

Securities

-

0.8%

a

a

a

a

a

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

AS

–7.01%

8/17/41

Floating

Rate

(TSFR1M

+

287)

(b)

(c)

500,000

500,685‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

A

–5.75%

7/16/35

Floating

Rate

(TSFR1M

+

161)

(b)

(c)

71,143

71,150‌

HGI

CRE

CLO

Ltd.

(HGI)

Series

2021-FL2

Class

A

–5.26%

9/17/36

Floating

Rate

(TSFR1M

+

111)

(b)

(c)

5,192

5,199‌

KREF

Ltd.

(KREF)

Series

2021-FL2

Class

A

–5.33%

2/15/39

Floating

Rate

(TSFR1M

+

118)

(b)

(c)

243,849

243,245‌

Series

2022-FL3

Class

A

–5.58%

2/17/39

Floating

Rate

(TSFR1M

+

145)

(b)

(c)

278,944

279,475‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

A

–5.56%

7/15/36

Floating

Rate

(TSFR1M

+

141)

(b)

(c)

36,400

36,426‌

NRTH

Commercial

Mortgage

Trust

(NRTH)

Series

2025-PARK

Class

A

–5.54%

10/15/40

Floating

Rate

(TSFR1M

+

139)

(c)

300,000

299,250‌

PFP

Ltd.

(PFP)

Series

2024-11

Class

A

–6.05%

9/17/39

Floating

Rate

(TSFR1M

+

183)

(b)

(c)

135,586

135,651‌

STWD

Ltd.

(STWD)

Series

2022-FL3

Class

A

–5.72%

11/15/38

Floating

Rate

(SOFR30A

+

135)

(b)

(c)

265,799

265,151‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$1,835,834)

1,836,232‌

5

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

Mortgage-Backed

Securities

-

7.5%

a

a

$

Principal

Amount

$

Value

a

a

a

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

5436

Class

AB

–5.5%

4/25/49

514,253

518,285‌

Series

5301

Class

ED

–5%

4/25/53

603,446

608,008‌

a

Pass-Through

Securities

Pool#

J14649

–

3.5%

4/1/26

781

778‌

Pool#

E02948

–

3.5%

7/1/26

4,290

4,271‌

Pool#

J16663

–

3.5%

9/1/26

3,495

3,478‌

Pool#

ZS8692

–

2.5%

4/1/33

85,580

82,275‌

Pool#

SB8257

–

5.5%

9/1/38

815,816

834,993‌

Pool#

SB8287

–

5%

3/1/39

629,656

637,067‌

Pool#

SB8293

–

5%

4/1/39

518,972

525,081‌

Series

5407

Class

DA

–5.5%

11/25/49

705,718

711,451‌

Series

5450

Class

KA

–4.5%

6/25/51

839,467

840,327‌

4,766,014‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2023-12

Class

GB

–6%

6/25/45

474,874

484,424‌

Series

2024-20

Class

HD

–5.5%

3/25/46

337,913

341,457‌

Series

2024-21

Class

DA

–5.5%

12/25/46

280,077

281,152‌

Series

2024-20

Class

CA

–5.5%

1/25/47

483,032

484,955‌

Series

2024-97

Class

BA

–5.5%

4/25/49

711,337

718,354‌

Series

2024-20

Class

EA

–5.5%

8/25/49

496,436

499,313‌

Series

2025-59

Class

MA

–5%

3/25/51

480,128

480,998‌

a

Pass-Through

Securities

Pool#

AB1769

–

3%

11/1/25

169

168‌

Pool#

AB3902

–

3%

11/1/26

5,651

5,606‌

Pool#

AK3264

–

3%

2/1/27

5,726

5,677‌

Pool#

AB6291

–

3%

9/1/27

43,598

43,158‌

Pool#

MA3189

–

2.5%

11/1/27

35,612

35,076‌

Pool#

MA3791

–

2.5%

9/1/29

115,201

112,296‌

Pool#

BM5708

–

3%

12/1/29

44,225

43,717‌

Pool#

AS7701

–

2.5%

8/1/31

397,287

383,732‌

Pool#

MA3540

–

3.5%

12/1/33

49,324

48,666‌

Pool#

MA5311

–

5%

3/1/39

481,175

486,839‌

4,455,588‌

a

Government

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2024-23

Class

KA

–5.5%

4/20/48

440,634

443,604‌

a

Pass-Through

Securities

Pool#

5255

–

3%

12/20/26

5,512

5,473‌

449,077‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A4A

–6%

1/25/55

(c)

(d)

631,012

639,016‌

Series

2024-2

Class

A4A

–6%

2/25/55

(c)

(d)

414,571

419,552‌

Series

2024-9

Class

A6

–5.5%

9/25/55

(c)

(d)

150,300

150,718‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2021-7

Class

A5

–2.5%

8/25/51

(c)

(d)

326,063

292,283‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2022-PJ1

Class

A8

–2.5%

5/28/52

(c)

(d)

367,700

326,512‌

Series

2024-PJ8

Class

A8

–5.5%

2/25/55

(c)

(d)

411,963

412,246‌

Series

2025-PJ3

Class

A8

–5.5%

7/25/55

(c)

(d)

664,703

668,927‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2014-5

Class

A1

–2.6%

10/25/29

(c)

(d)

14,869

14,642‌

Series

2016-3

Class

2A1

–2.94%

10/25/46

(c)

(d)

76,565

72,255‌

Series

2017-3

Class

2A2

–2.5%

8/25/47

(c)

(d)

113,725

99,934‌

Series

2020-8

Class

A4

–3%

3/25/51

(c)

(d)

25,091

24,740‌

Series

2021-6

Class

A4

–2.5%

10/25/51

(c)

(d)

423,899

381,627‌

Series

2021-8

Class

A4

–2.5%

12/25/51

(c)

(d)

312,291

281,234‌

Series

2022-2

Class

A4A

–2.5%

8/25/52

(c)

(d)

245,418

219,096‌

Series

2023-6

Class

A4A

–5.5%

12/26/53

(c)

(d)

438,516

439,934‌

Series

2024-2

Class

A6A

–6%

8/25/54

(c)

(d)

86,068

86,008‌

Series

2024-5

Class

A6

–6%

11/25/54

(c)

(d)

507,192

510,941‌

Series

2024-10

Class

A6

–5.5%

3/25/55

(c)

(d)

384,006

385,047‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(c)

(d)

294,191

264,859‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2019-CH2

Class

A1

–4.5%

8/25/49

(c)

(d)

321

321‌

Series

2020-3

Class

A4

–3%

4/25/50

(c)

(d)

13,215

13,042‌

Series

2023-3

Class

A4

–6%

9/25/53

(c)

(d)

322,532

326,448‌

Series

2024-3

Class

A4

–6%

4/25/54

(c)

(d)

269,412

272,204‌

Series

2024-5

Class

A5

–6%

6/25/54

(c)

(d)

198,992

201,281‌

Series

2024-10

Class

A5

–5.5%

11/25/54

(c)

(d)

288,260

289,615‌

Series

2025-6

Class

A11

–5.5%

7/25/55

(c)

(d)

742,650

747,047‌

7,539,529‌

a

Total

Mortgage-Backed

Securities

(Cost

$17,315,205)

17,210,208‌

U.S.

Treasuries

-

33.8%

a

a

a

a

a

U.S.

Treasury

Notes

3%

10/31/25

2,000,000

1,998,089‌

2.25%

11/15/25

2,000,000

1,995,842‌

0.38%

11/30/25

2,000,000

1,987,894‌

0.38%

1/31/26

1,000,000

988,179‌

4%

2/15/26

2,000,000

2,000,497‌

2.38%

4/30/26

2,000,000

1,983,613‌

0.75%

5/31/26

2,000,000

1,960,010‌

1.5%

8/15/26

2,000,000

1,961,446‌

4.63%

9/15/26

2,000,000

2,016,891‌

1.63%

10/31/26

4,000,000

3,912,812‌

2%

11/15/26

3,000,000

2,943,867‌

4%

1/15/27

3,000,000

3,011,719‌

1.88%

2/28/27

2,000,000

1,950,977‌

4.5%

4/15/27

2,000,000

2,024,961‌

2.38%

5/15/27

2,000,000

1,960,117‌

4.63%

6/15/27

2,000,000

2,032,070‌

2.75%

7/31/27

2,000,000

1,968,945‌

0.5%

8/31/27

2,000,000

1,885,508‌

4.13%

9/30/27

2,000,000

2,019,492‌

4.13%

10/31/27

2,000,000

2,020,547‌

2.25%

11/15/27

2,000,000

1,944,648‌

3.5%

1/31/28

2,000,000

1,994,961‌

4%

2/29/28

3,000,000

3,026,895‌

3.5%

4/30/28

2,000,000

1,994,492‌

3.63%

5/31/28

2,000,000

2,000,586‌

4.13%

7/31/28

2,000,000

2,026,758‌

4.38%

8/31/28

2,000,000

2,041,016‌

4.63%

9/30/28

2,000,000

2,056,445‌

3.13%

11/15/28

2,000,000

1,969,844‌

3.75%

12/31/28

2,000,000

2,006,719‌

4%

1/31/29

2,000,000

2,022,031‌

2.63%

2/15/29

4,000,000

3,870,937‌

6

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

$

Principal

Amount

$

Value

a

a

a

a

2.88%

4/30/29

1,000,000

973,750‌

4%

7/31/29

2,000,000

2,022,461‌

4.13%

10/31/29

2,000,000

2,032,148‌

4%

10/31/29

1,000,000

1,011,426‌

4%

2/28/30

2,000,000

2,023,516‌

a

Total

U.S.

Treasuries

(Cost

$77,066,569)

77,642,109‌

Cash

Equivalents

-

9.8%

a

a

a

a

U.S.

Treasury

Bills,

3.48%

to

3.94%,

10/7/25

to

1/22/26

(e)

19,000,000

18,905,355‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(f)

3,493,468

3,493,468‌

a

Total

Cash

Equivalents

(Cost

$22,394,183)

22,398,823‌

Securities

Held

as

Collateral

for

Securities

on

Loan

-

1.0%

a

a

a

a

a

U.S.

Treasury

Notes

4.25%

1/15/28

1,500,000

1,533,014‌

4%

6/30/28

696,646

710,148‌

a

Total

Securities

Held

as

Collateral

for

Securities

on

Loan

(Cost

$2,243,162)

2,243,162‌

Total

Investments

in

Securities

-

101.0%

(Cost

$185,697,315)

231,895,577‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (1.0%)

(2,287,173‌)

Net

Assets

-

100%

229,608,404‌

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,870,872.

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(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

September

30,

2025,

the

total

value

of

such

securities

was

$20,726,300

or

9.03%

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

rate

presented

represents

the

effective

yield

at

September

30,

2025.

(f)

Rate

presented

represents

the

7-day

average

yield

at

September

30,

2025.

7

Core

Plus

Income

Fund

Schedule

of

Investments

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Corporate

Bonds

-

14.0%

a

a

a

$

Principal

Amount

$

Value

Agree,

LP

5.63%

6/15/34

10,650,000

11,106,480‌

Allegion

U.S.

Holding

Co.,

Inc.

5.6%

5/29/34

3,000,000

3,135,123‌

Ally

Financial,

Inc.

8%

11/1/31

2,000,000

2,280,904‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.5%

4/20/26

(a)

(b)

825,000

826,065‌

5.75%

4/20/29

(a)

(b)

1,000,000

1,004,575‌

Americold

Realty

Operating

Partnership,

LP

5.41%

9/12/34

^

5,000,000

4,919,229‌

Antares

Holdings,

LP

7.95%

8/11/28

(b)

3,000,000

3,192,296‌

Apollo

Debt

Solutions

BDC

6.9%

4/13/29

500,000

525,839‌

Ares

Capital

Corp.

2.88%

6/15/28

1,000,000

954,889‌

Ares

Strategic

Income

Fund

6.35%

8/15/29

5,000,000

5,181,483‌

Ashtead

Capital,

Inc.

4.38%

8/15/27

(b)

1,000,000

1,000,319‌

4%

5/1/28

(b)

1,070,000

1,061,721‌

2.45%

8/12/31

(b)

500,000

443,727‌

5.55%

5/30/33

(b)

250,000

258,022‌

5.95%

10/15/33

(b)

1,000,000

1,057,653‌

AT&T,

Inc.

6.8%

5/15/36

713,000

793,713‌

Atlas

Warehouse

Lending

Co.,

LP

6.25%

1/15/30

(b)

1,900,000

1,954,440‌

Axalta

Coating

Systems

LLC

3.38%

2/15/29

(b)

624,000

591,723‌

Axon

Enterprise,

Inc.

6.13%

3/15/30

(b)

1,000,000

1,029,527‌

6.25%

3/15/33

(b)

2,000,000

2,063,592‌

Barings

BDC,

Inc.

7%

2/15/29

7,000,000

7,285,219‌

Barings

Private

Credit

Corp.

6.15%

6/11/30

(b)

10,000,000

9,988,886‌

Bath

&

Body

Works,

Inc.

6.95%

3/1/33

3,675,000

3,846,490‌

6.88%

11/1/35

301,000

313,552‌

6.75%

7/1/36

2,756,000

2,840,064‌

7.6%

7/15/37

10,000,000

10,347,690‌

Berkshire

Hathaway

Finance

Corp.

4.25%

1/15/49

500,000

429,001‌

Blue

Owl

Credit

Income

Corp.

7.75%

1/15/29

5,000,000

5,372,357‌

Boeing

Co.

(The)

6.26%

5/1/27

2,500,000

2,573,303‌

6.3%

5/1/29

3,000,000

3,184,595‌

Bombardier,

Inc.

6.75%

6/15/33

(a)

(b)

250,000

261,202‌

Brightwood

Capital

Offshore

Fund

V-U

RN

LLC

Series

A

6.97%

12/31/35

Floating

Rate

(TSFR3M

+

280)

(b)

11,500,000

11,660,772‌

Broadcom,

Inc.

3.42%

4/15/33

(b)

350,000

324,045‌

3.14%

11/15/35

(b)

1,014,000

877,647‌

Broadstone

Net

Lease

LLC

5%

11/1/32

800,000

795,574‌

a

a

a

$

Principal

Amount

$

Value

CACI

International,

Inc.

6.38%

6/15/33

(b)

1,800,000

1,859,041‌

Cantor

Fitzgerald

LP

4.5%

4/14/27

(b)

1,500,000

1,488,787‌

7.2%

12/12/28

(b)

1,000,000

1,068,725‌

CDW

LLC/CDW

Finance

Corp.

4.25%

4/1/28

4,000,000

3,978,117‌

3.28%

12/1/28

1,000,000

966,738‌

5.55%

8/22/34

5,000,000

5,129,755‌

Charles

Schwab

Corp.

(The)

1.95%

12/1/31

5,000,000

4,342,163‌

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

4.2%

3/15/28

650,000

647,123‌

6.1%

6/1/29

5,000,000

5,247,901‌

Choice

Hotels

International,

Inc.

3.7%

1/15/31

250,000

234,141‌

5.85%

8/1/34

3,000,000

3,069,941‌

Cinemark

USA,

Inc.

5.25%

7/15/28

(b)

3,000,000

2,986,055‌

7%

8/1/32

(b)

3,000,000

3,120,594‌

Cleveland

Cliffs,

Inc.

7.63%

1/15/34

(b)

2,900,000

2,990,074‌

CNX

Resources

Corp.

7.25%

3/1/32

(b)

3,000,000

3,114,531‌

Cogent

Communications

Group

LLC/Cogent

Finance,

Inc.

6.5%

7/1/32

(b)

150,000

145,992‌

Compass

Group

Diversified

Holdings

LLC

5.25%

4/15/29

(b)

17,250,000

15,950,116‌

Concentrix

Corp.

6.6%

8/2/28

^

3,165,000

3,314,988‌

6.85%

8/2/33

4,812,000

4,997,149‌

CoStar

Group,

Inc.

2.8%

7/15/30

(b)

5,846,000

5,354,065‌

Cousins

Properties,

LP

5.88%

10/1/34

2,000,000

2,100,063‌

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.5%

10/20/25

(a)

(b)

46,250

46,194‌

4.75%

10/20/28

(a)

(b)

1,100,000

1,106,643‌

Devon

Energy

Corp.

5.25%

10/15/27

325,000

325,028‌

4.5%

1/15/30

^

920,000

922,330‌

Diamondback

Energy,

Inc.

3.25%

12/1/26

75,000

74,234‌

3.5%

12/1/29

100,000

96,512‌

Dow

Chemical

Co.

(The)

4.25%

10/1/34

1,052,000

971,998‌

Energy

Transfer

LP

6%

2/1/29

(b)

1,000,000

1,014,274‌

7.38%

2/1/31

(b)

900,000

940,090‌

Enterprise

Products

Operating

LLC

4.45%

2/15/43

990,000

875,336‌

EPR

Properties

4.75%

12/15/26

1,250,000

1,253,352‌

4.5%

6/1/27

3,330,000

3,333,377‌

4.95%

4/15/28

3,830,000

3,860,485‌

3.6%

11/15/31

5,350,000

4,941,021‌

EquipmentShare.com,

Inc.

8%

3/15/33

(b)

4,900,000

5,241,270‌

Essential

Properties

LP

2.95%

7/15/31

17,121,000

15,439,592‌

8

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

Expedia

Group,

Inc.

3.8%

2/15/28

484,000

479,903‌

3.25%

2/15/30

90,000

86,023‌

5.4%

2/15/35

5,000,000

5,133,387‌

Ferguson

Enterprises,

Inc.

5%

10/3/34

3,000,000

3,022,564‌

Forestar

Group,

Inc.

6.5%

3/15/33

(b)

6,000,000

6,143,028‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

7%

6/15/32

(b)

7,000,000

7,331,779‌

Franklin

BSP

Realty

Trust,

Inc.

Series

QIB

8.25%

4/25/30

(b)

15,000,000

15,123,354‌

Gap,

Inc.

(The)

3.88%

10/1/31

(b)

106,000

96,843‌

Gartner,

Inc.

3.75%

10/1/30

(b)

5,000,000

4,723,291‌

Golar

LNG,

Ltd.

7.5%

10/2/30

(a)

(b)

8,100,000

8,030,375‌

Golub

Capital

Private

Credit

Fund

5.8%

9/12/29

5,000,000

5,068,359‌

Harbour

Energy

PLC

6.33%

4/1/35

(a)

(b)

3,000,000

3,082,259‌

Hawaiian

Electric

Co.,

Inc.

6%

10/1/33

(b)

850,000

857,920‌

HEICO

Corp.

5.25%

8/1/28

3,000,000

3,081,254‌

5.35%

8/1/33

1,000,000

1,038,065‌

Hercules

Capital,

Inc.

2.63%

9/16/26

1,000,000

982,493‌

Highwoods

Realty

LP

3.88%

3/1/27

750,000

742,833‌

3.05%

2/15/30

1,600,000

1,482,399‌

2.6%

2/1/31

500,000

442,029‌

Host

Hotels

&

Resorts

LP

Series

H

3.38%

12/15/29

612,000

582,104‌

5.7%

6/15/32

9,600,000

9,896,504‌

5.5%

4/15/35

5,000,000

5,037,178‌

IDEX

Corp.

4.95%

9/1/29

2,000,000

2,044,320‌

Indiana

Bell

Telephone

Co.

LLC

7.3%

8/15/26

535,000

545,753‌

Ingersoll

Rand,

Inc.

5.4%

8/14/28

1,000,000

1,034,688‌

International

Flavors

&

Fragrances,

Inc.

5%

9/26/48

914,000

804,333‌

International

Petroleum

Corp.

7.25%

2/1/27

(a)

(b)

5,000,000

5,077,305‌

Kilroy

Realty,

LP

2.65%

11/15/33

280,000

229,337‌

5.88%

10/15/35

2,000,000

2,028,406‌

Kite

Realty

Group

Trust

4.75%

9/15/30

2,315,000

2,322,502‌

Lamar

Media

Corp.

5.38%

11/1/33

(b)

800,000

795,115‌

Latam

Airlines

Group

SA

7.63%

1/7/31

(a)

(b)

5,000,000

5,189,680‌

LPL

Holdings,

Inc.

6.75%

11/17/28

3,000,000

3,203,175‌

LXP

Industrial

Trust

6.75%

11/15/28

3,000,000

3,191,709‌

2.7%

9/15/30

500,000

457,061‌

a

a

a

$

Principal

Amount

$

Value

Manitowoc

Co.,

Inc.(

The)

9.25%

10/1/31

(b)

1,000,000

1,050,463‌

Markel

Group,

Inc.

3.5%

11/1/27

550,000

543,214‌

Marriott

International,

Inc.

Series

HH

2.85%

4/15/31

500,000

460,274‌

MasTec,

Inc.

4.5%

8/15/28

(b)

3,881,000

3,873,693‌

Masterbrand,

Inc.

7%

7/15/32

(b)

7,250,000

7,502,017‌

Morgan

Stanley

Direct

Lending

Fund

6%

5/19/30

^

5,000,000

5,127,585‌

MPLX

LP

4%

3/15/28

85,000

84,622‌

4.8%

2/15/29

250,000

253,672‌

5.5%

6/1/34

5,000,000

5,098,509‌

4.7%

4/15/48

551,000

461,839‌

Newell

Brands,

Inc.

6.38%

5/15/30

1,000,000

993,294‌

6.63%

5/15/32

^

850,000

840,997‌

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.38%

2/15/32

(b)

8,700,000

8,922,337‌

NNN

REIT,

Inc.

5.5%

6/15/34

5,000,000

5,191,425‌

OneMain

Finance

Corp.

3.88%

9/15/28

1,994,000

1,918,053‌

5.38%

11/15/29

3,303,000

3,268,294‌

6.75%

3/15/32

5,000,000

5,098,855‌

Oracle

Corp.

4.13%

5/15/45

1,000,000

804,074‌

3.6%

4/1/50

470,000

331,098‌

Owens

Corning

3.5%

2/15/30

200,000

193,075‌

Penske

Truck

Leasing

Co.

LP/PTL

Finance

Corp.

5.35%

1/12/27

(b)

250,000

253,129‌

6.05%

8/1/28

(b)

2,000,000

2,088,857‌

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

2.63%

11/15/31

4,100,000

3,645,612‌

5.75%

7/15/34

8,000,000

8,329,847‌

Physicians

Realty

LP

4.3%

3/15/27

1,271,000

1,271,922‌

2.63%

11/1/31

7,577,000

6,756,653‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3.55%

12/15/29

798,000

770,718‌

4.3%

1/31/43

75,000

61,170‌

Realty

Income

Corp.

4%

7/15/29

2,000,000

1,988,275‌

4.85%

3/15/30

1,000,000

1,026,046‌

RELX

Capital,

Inc.

4%

3/18/29

500,000

497,390‌

4.75%

5/20/32

250,000

254,690‌

Rithm

Capital

Corp.

8%

4/1/29

(b)

14,250,000

14,596,802‌

8%

7/15/30

(b)

6,000,000

6,147,630‌

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.88%

3/1/31

(b)

200,000

186,935‌

4%

10/15/33

(b)

1,450,000

1,325,319‌

Sirius

XM

Radio,

LLC

4.13%

7/1/30

(b)

10,000,000

9,385,996‌

Sixth

Street

Specialty

Lending,

Inc.

5.63%

8/15/30

3,000,000

3,043,624‌

9

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

Stagwell

Global

LLC

5.63%

8/15/29

(b)

8,502,000

8,266,102‌

Store

Capital

LLC

4.5%

3/15/28

503,000

501,551‌

4.63%

3/15/29

14,538,000

14,455,477‌

5.4%

4/30/30

(b)

2,000,000

2,037,687‌

2.7%

12/1/31

1,250,000

1,096,945‌

Tapestry,

Inc.

5.1%

3/11/30

3,000,000

3,069,551‌

5.5%

3/11/35

1,000,000

1,022,117‌

Tempur

Sealy

International,

Inc.

4%

4/15/29

(b)

400,000

384,451‌

3.88%

10/15/31

(b)

1,500,000

1,375,752‌

T-Mobile

USA,

Inc.

2.63%

4/15/26

250,000

248,004‌

3.38%

4/15/29

4,000,000

3,884,544‌

Twilio,

Inc.

3.88%

3/15/31

300,000

282,290‌

United

Rentals

North

America,

Inc.

6.13%

3/15/34

(b)

2,800,000

2,915,004‌

United

Wholesale

Mortgage

LLC

5.75%

6/15/27

(b)

200,000

200,045‌

5.5%

4/15/29

(b)

700,000

690,945‌

UWM

Holdings

LLC

6.63%

2/1/30

(b)

3,000,000

3,054,489‌

VICI

Properties

LP

4.95%

2/15/30

500,000

505,935‌

5.75%

4/1/34

5,000,000

5,198,383‌

5.63%

4/1/35

2,000,000

2,049,267‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.13%

8/15/30

(b)

1,120,000

1,082,812‌

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

7.88%

5/1/27

(a)

(b)

4,462,000

4,535,503‌

Vontier

Corp.

2.95%

4/1/31

100,000

91,415‌

Walker

&

Dunlop,

Inc.

6.63%

4/1/33

(b)

3,000,000

3,070,430‌

Wayfair

LLC

7.75%

9/15/30

(b)

9,000,000

9,461,209‌

WBI

Operating

LLC

6.25%

10/15/30

(b)

4,750,000

4,750,000‌

6.5%

10/15/33

(b)

1,750,000

1,750,000‌

Whirlpool

Corp.

6.13%

6/15/30

5,500,000

5,547,972‌

a

Total

Corporate

Bonds

(Cost

$503,381,563)

520,592,725‌

Corporate

Convertible

Bonds

-

0.0%

a

Redwood

Trust,

Inc.

5.75%

10/1/25

(Cost

$500,000)

500,000

501,000‌

Asset-Backed

Securities

-

15.1%

a

a

a

$

Principal

Amount

$

Value

Automobile

ACM

Auto

Trust

(ACMAT)

Series

2023-2A

Class

B

–9.85%

6/20/30

(b)

4,858,530

4,894,308‌

AmeriCredit

Automobile

Receivables

Trust

(AMCAR)

Series

2022-1

Class

C

–2.98%

9/20/27

450,000

446,785‌

Arivo

Acceptance

Auto

Loan

Receivables

Trust

(ARIVO)

Series

2022-2A

Class

C

–9.84%

3/15/29

(b)

1,000,000

1,047,597‌

Bayview

Opportunity

Master

Fund

VII

LLC

(BVCLN)

Series

2024-CAR1

Class

C

–5.86%

12/26/31

Floating

Rate

(SOFR30A

+

150)

(b)

(c)

845,836

848,772‌

Bayview

Opportunity

Master

Fund

VII

Trust

(BVABS)

Series

2024-CAR1F

Class

A

–6.97%

7/29/32

(b)

935,041

936,219‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(b)

169,824

170,845‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(b)

390,528

392,891‌

BOF

VII

AL

Funding

Trust

I

(BVABS)

Series

2023-CAR3

Class

A2

–6.29%

7/26/32

(b)

1,609,992

1,638,826‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(b)

67,127

66,759‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-2

Class

A2

–5.56%

4/22/30

(b)

756,023

761,097‌

First

Help

Financial

Trust

(FHF)

Series

2023-1A

Class

A2

–6.57%

6/15/28

(b)

780,267

786,201‌

Series

2023-2A

Class

A2

–6.79%

10/15/29

(b)

616,757

624,535‌

First

Investors

Auto

Owner

Trust

(FIAOT)

Series

2022-2A

Class

D

–8.71%

10/16/28

(b)

1,000,000

1,033,885‌

Flagship

Credit

Auto

Trust

(FCAT)

Series

2021-1

Class

E

–2.72%

4/17/28

(b)

1,500,000

1,467,227‌

Series

2021-2

Class

C

–1.27%

6/15/27

(b)

34,512

34,463‌

Series

2021-3

Class

C

–1.46%

9/15/27

(b)

89,473

89,048‌

Series

2021-4

Class

D

–2.26%

12/15/27

(b)

350,000

332,066‌

GLS

Auto

Receivables

Issuer

Trust

(GCAR)

Series

2021-2A

Class

D

–1.42%

4/15/27

(b)

68,674

68,379‌

Series

2021-4A

Class

D

–2.48%

10/15/27

(b)

294,565

292,098‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2021-1A

Class

D

–3.99%

11/15/29

(b)

3,175,627

3,171,252‌

Series

2022-1A

Class

B

–5.87%

9/15/27

(b)

1,720,000

1,723,806‌

Series

2022-1A

Class

C

–6.85%

4/15/30

(b)

2,000,000

2,023,261‌

Series

2023-1A

Class

D

–7.3%

6/17/30

(b)

3,000,000

3,058,843‌

Series

2023-4A

Class

C

–6.76%

3/15/29

(b)

1,510,000

1,560,094‌

Lendbuzz

Auto

Receivables

Trust

(LBZZ)

Series

2024-A

Class

A

–5.94%

5/15/31

(b)

11,298,436

11,396,922‌

Series

2025-A

Class

A

–5.5%

12/31/99

(b)

8,519,910

8,546,094‌

Lendbuzz

Securitization

Trust

(LBZZ)

Series

2023-1A

Class

A2

–6.92%

8/15/28

(b)

1,434,916

1,455,171‌

Series

2023-3A

Class

A2

–7.5%

12/15/28

(b)

3,352,278

3,414,316‌

Series

2024-1A

Class

A2

–6.19%

8/15/29

(b)

1,108,861

1,116,263‌

Series

2024-2A

Class

A2

–5.99%

5/15/29

(b)

3,279,633

3,301,307‌

Series

2024-2A

Class

C

–7.45%

5/15/31

(b)

1,500,000

1,542,792‌

Series

2024-3A

Class

A2

–4.97%

10/15/29

(b)

1,618,175

1,619,997‌

OneMain

Direct

Auto

Receivables

Trust

(ODART)

Series

2021-1A

Class

D

–1.62%

11/14/30

(b)

1,000,000

992,993‌

Series

2022-1A

Class

C

–1.42%

7/14/28

(b)

4,000,000

3,971,532‌

Prestige

Auto

Receivables

Trust

(PART)

Series

2022-1A

Class

C

–7.09%

8/15/28

(b)

482,371

483,332‌

Series

2025-1A

Class

C

–5.52%

2/15/30

(b)

1,000,000

1,015,265‌

Research-Driven

Pagaya

Motor

Asset

Trust

(RPM)

Series

2023-3A

Class

A

–7.13%

1/26/32

(b)

1,945,944

1,949,039‌

Series

25-1A

Class

B

–5.49%

6/27/33

(b)

2,525,000

2,540,192‌

SAFCO

Auto

Receivables

Trust

(SAFCO)

Series

2024-1A

Class

A

–6.51%

3/20/28

(b)

519,661

520,226‌

10

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

Tricolor

Auto

Securitization

Trust

(TAST)

Series

2024-2A

Class

A

–6.36%

12/15/27

(b)

558,839

537,135‌

United

Auto

Credit

Securitization

Trust

(UACST)

Series

2024-1

Class

B

–6.57%

6/10/27

(b)

340,350

340,510‌

Series

2024-1

Class

C

–7.06%

10/10/29

(b)

4,000,000

4,024,084‌

Series

2024-1

Class

D

–8.3%

11/12/29

(b)

8,660,000

8,873,987‌

Series

2025-1

Class

C

–5.15%

6/10/30

(b)

5,660,000

5,691,923‌

Series

2025-1

Class

D

–5.96%

7/10/30

(b)

12,000,000

12,056,476‌

a

102,858,813‌

a

Cell

Tower

VB-S1

Issuer

LLC

(VBTEL)

Series

2024-1A

Class

C2

–5.59%

5/15/54

(b)

7,500,000

7,549,001‌

a

Collateralized

Loan

Obligations

ABPCI

Direct

Lending

Fund

CLO

XVI,

LP

(ABPCI)

Series

2023-16A

Class

C

–8.55%

2/1/36

Floating

Rate

(TSFR3M

+

425)

(b)

(c)

2,000,000

2,020,172‌

Audax

Senior

Debt

CLO

6

LLC

(AUDAX)

Series

2021-6A

Class

B

–6.54%

10/20/33

Floating

Rate

(TSFR3M

+

221)

(b)

(c)

3,000,000

3,000,000‌

Audax

Senior

Debt

CLO

9

LLC

(AUDAX)

Series

2024-9A

Class

A1

–6.43%

4/20/36

Floating

Rate

(TSFR3M

+

210)

(b)

(c)

4,000,000

4,013,736‌

BCRED

MML

CLO

LLC

(BXCMM)

Series

2022-1A

Class

A1

–5.98%

4/20/35

Floating

Rate

(TSFR3M

+

165)

(b)

(c)

1,000,000

1,001,585‌

BlackRock

Elbert

CLO

V

LLC

(ELB)

Series

5A

Class

AR

–5.89%

6/15/34

Floating

Rate

(TSFR3M

+

185)

(b)

(c)

1,030,035

1,032,374‌

Cerberus

Loan

Funding

LII

LLC

(CERB)

Series

2025-3A

Class

A

–5.49%

10/15/37

Floating

Rate

(TSFR3M

+

152)

(b)

(c)

2,500,000

2,506,794‌

Cerberus

Loan

Funding

XXXII,

LP

(CERB)

Series

2021-2A

Class

B

–6.48%

4/22/33

Floating

Rate

(TSFR3M

+

216)

(a)

(b)

(c)

1,500,000

1,504,170‌

Cerberus

Loan

Funding

XXXVII,

LP

(CERB)

Series

2022-1A

Class

A2

–4.02%

4/15/34

(b)

1,750,000

1,738,270‌

CIFC-LBC

Middle

Market

CLO

LLC

(CLBC)

Series

2023-1A

Class

B1

–7.88%

10/20/35

Floating

Rate

(TSFR3M

+

355)

(b)

(c)

4,500,000

4,512,617‌

Series

2023-1A

Class

C

–8.63%

10/20/35

Floating

Rate

(TSFR3M

+

430)

(b)

(c)

5,000,000

5,027,308‌

Deerpath

Capital

CLO

Ltd.

(DPATH)

Series

2024-1A

Class

A1

–6.37%

7/15/36

Floating

Rate

(TSFR3M

+

205)

(a)

(b)

(c)

5,000,000

5,018,400‌

Fortress

Credit

Opportunities

IX

CLO

Ltd.

(FCO)

Series

2017-9A

Class

A1TR

–6.13%

10/15/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

1,500,000

1,501,780‌

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

B

–6.43%

4/25/33

Floating

Rate

(TSFR3M

+

211)

(a)

(b)

(c)

1,500,000

1,504,189‌

Fortress

Credit

Opportunities

XXXI

CLO,

Ltd.

(FCO)

Series

2025-31A

Class

D

–6.62%

7/20/33

Floating

Rate

(TSFR3M

+

230)

(a)

(b)

(c)

22,000,000

21,625,934‌

Fortress

Credit

Opportunities

XXXV

CLO

Ltd.

(FCO)

Series

2025-35A

Class

D

–7.83%

7/20/33

Floating

Rate

(TSFR3M

+

350)

(a)

(b)

(c)

9,750,000

9,773,608‌

Fortress

Credit

Opportunities

XXXVII

CLO,

Ltd.

(FCO)

Series

2025-37A

Class

C

–7.77%

7/20/33

Floating

Rate

(TSFR3M

+

350)

(a)

(b)

(c)

10,000,000

10,030,964‌

a

a

a

$

Principal

Amount

$

Value

Greensledge

Capital

Markets

(GCM)

Series

2025-1A

Class

A

–6.69%

6/20/36

(b)

(c)

6,271,605

6,252,759‌

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

(GCFRF)

Series

2025-1A

Class

A1

–7.05%

4/10/38

Floating

Rate

(TSFR3M

+

300)

(b)

(c)

13,867,930

13,899,008‌

Guggenheim

MM

CLO

Ltd.

(GUGG)

Series

2021-4A

Class

B

–6.83%

1/15/34

Floating

Rate

(TSFR3M

+

251)

(a)

(b)

(c)

2,500,000

2,500,000‌

Maranon

Loan

Funding

Ltd.

(MRNON)

Series

2021-2RA

Class

BR

–6.63%

7/15/33

Floating

Rate

(TSFR3M

+

231)

(a)

(b)

(c)

2,500,000

2,507,752‌

Monroe

Capital

ABS

Funding

II

Ltd.

(MCAF)

Series

2023-1A

Class

A1R

–6.77%

7/22/34

(b)

5,250,000

5,280,552‌

Series

2023-1A

Class

B1R

–7.83%

7/22/34

(b)

2,500,000

2,549,765‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

C

–6.95%

9/14/33

Floating

Rate

(TSFR3M

+

291)

(a)

(b)

(c)

2,000,000

2,012,128‌

Monroe

Capital

MML

CLO

XV

LLC

(MCMML)

Series

2023-1A

Class

A1

–6.82%

9/23/35

Floating

Rate

(TSFR3M

+

250)

(b)

(c)

3,000,000

3,009,678‌

Series

2023-1A

Class

B

–7.77%

9/23/35

Floating

Rate

(TSFR3M

+

345)

(b)

(c)

3,000,000

3,008,524‌

Series

2023-1A

Class

E

–13.41%

9/23/35

Floating

Rate

(TSFR3M

+

909)

(b)

(c)

3,000,000

3,042,456‌

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.

(NMRF)

Series

2024-1A

Class

B

–8.32%

4/5/37

Floating

Rate

(TSFR3M

+

400)

(a)

(b)

(c)

3,954,950

3,914,227‌

Series

2024-1A

Class

C

–10.32%

4/5/37

Floating

Rate

(TSFR3M

+

600)

(a)

(b)

(c)

3,174,750

3,134,792‌

Series

2024-1A

Class

D

–12.72%

4/5/37

Floating

Rate

(TSFR3M

+

840)

(a)

(b)

(c)

2,490,000

2,477,371‌

NXT

Capital

CLO

LLC

(NXTC)

Series

2024-1A

Class

D

–8.57%

1/15/37

Floating

Rate

(TSFR3M

+

425)

(b)

(c)

8,600,000

8,633,417‌

Silver

Point

SCF

CLO

V,

Ltd.

(SPCSL)

Series

2025-1A

Class

A1

–5.83%

4/20/38

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

2,875,000

2,882,279‌

Silver

Point

SCF

CLO

VII,

Ltd.

(SPCSL)

Series

2025-2A

Class

A1

–5.98%

7/15/37

Floating

Rate

(TSFR3M

+

170)

(a)

(b)

(c)

5,000,000

5,017,088‌

Starwood

Commercial

Mortgage

Trust

(STWD)

Series

2024-SIF4A

Class

D

–8.32%

10/17/36

Floating

Rate

(TSFR3M

+

400)

(b)

(c)

13,200,000

13,257,633‌

Series

2025-SIF6A

Class

A1

10/17/37

Floating

Rate

(TSFR3M

+

155)

(a)

(b)

(c)

7,400,000

7,408,769‌

Starwood

Property

Mortgage

Trust

(STWD)

Series

2024-SIF3A

Class

B

–6.57%

4/17/36

Floating

Rate

(TSFR3M

+

225)

(b)

(c)

5,000,000

5,012,026‌

Series

2024-SIF3A

Class

C

–7.17%

4/17/36

Floating

Rate

(TSFR3M

+

285)

(b)

(c)

5,000,000

5,019,123‌

Series

2024-SIF3A

Class

D

–8.82%

4/17/36

Floating

Rate

(TSFR3M

+

450)

(b)

(c)

5,000,000

5,020,146‌

Windhill

CLO

1,

Ltd.

(WNDHL)

Series

2023-1A

Class

C

–8.83%

10/22/35

Floating

Rate

(TSFR3M

+

450)

(a)

(b)

(c)

9,200,000

9,255,967‌

Windhill

CLO

2,

Ltd.

(WNDHL)

Series

2024-1A

Class

A

–6.03%

10/20/36

Floating

Rate

(TSFR3M

+

170)

(a)

(b)

(c)

4,000,000

4,012,189‌

11

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

Windhill

CLO

4,

Ltd.

(WINDHL)

Series

2025-1A

Class

A

10/22/37

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

5,000,000

5,003,750‌

a

199,923,300‌

a

Consumer

&

Specialty

Finance

Bankers

Healthcare

Group

Securitization

Trust

(BHG)

Series

2021-A

Class

A

–1.42%

11/17/33

(b)

47,922

47,416‌

Series

2022-B

Class

B

–4.84%

6/18/35

(b)

145,425

145,428‌

Series

2023-A

Class

A

–5.55%

4/17/36

(b)

144,610

144,847‌

Series

2023-B

Class

A

–6.92%

12/17/36

(b)

629,209

659,698‌

Driven

Brands

Funding

LLC

(HONK)

Series

2019-2A

Class

A2

–3.98%

10/20/49

(b)

459,787

456,658‌

Foundation

Finance

Trust

(FFIN)

Series

2021-1A

Class

B

–1.87%

5/15/41

(b)

1,878,021

1,766,755‌

Hilton

Grand

Vacations

Trust

(HGVT)

Series

2020-AA

Class

B

–4.22%

2/25/39

(b)

85,850

85,576‌

LendingPoint

Asset

Securitization

Trust

(LDPT)

Series

2020-REV1

Class

C

–7.7%

10/15/28

(b)

2,153,589

2,152,306‌

Pagaya

AI

Debt

Selection

Trust

(PAID)

Series

2021-HG1

Class

B

–1.82%

1/16/29

(b)

95,755

95,267‌

Pagaya

AI

Debt

Trust

(PAID)

Series

2022-5

Class

A

–8.1%

6/17/30

(b)

11,776

11,788‌

Series

2023-5

Class

C

–9.1%

4/15/31

(b)

970,228

974,157‌

Series

2023-5

Class

D

–9%

4/15/31

(b)

3,499,970

3,527,546‌

Series

2023-7

Class

C

–8.8%

7/15/31

(b)

4,704,163

4,736,254‌

Series

2023-7

Class

D

–9%

7/15/31

(b)

4,998,138

5,067,590‌

Series

2024-1

Class

A

–6.66%

7/15/31

(b)

418,225

421,014‌

Series

2024-3

Class

B

–6.57%

10/15/31

(b)

4,926,013

4,960,746‌

Reach

ABS

Trust

(REACH)

Series

2024-1A

Class

A

–6.3%

2/18/31

(b)

118,226

118,400‌

Theorem

Funding

Trust

(THRM)

Series

2022-2A

Class

B

–9.27%

12/15/28

(b)

904,381

908,643‌

a

26,280,089‌

a

Data

Center

Compass

Datacenters

Issuer

II

LLC

(CMPDC)

Series

2024-1A

Class

A1

–5.25%

2/25/49

(b)

3,250,000

3,275,294‌

Series

2024-2A

Class

A1

–5.02%

8/25/49

(b)

7,750,000

7,791,371‌

Compass

Datacenters

Issuer

III

LLC

(CMDC)

Series

2025-1A

Class

A2

–5.66%

2/25/50

(b)

6,500,000

6,642,368‌

CyrusOne

Data

Centers

Issuer

I

LLC

(CYRUS)

Series

2025-1A

Class

A2

–5.91%

2/20/50

(b)

12,500,000

12,780,433‌

DataBank

Issuer

(COLO)

Series

2024-1A

Class

A2

–5.3%

1/26/54

(b)

5,750,000

5,760,839‌

Retained

Vantage

Data

Centers

Issuer

LLC

(VDCR)

Series

2024-1A

Class

A2

–4.99%

9/15/49

(b)

3,500,000

3,510,319‌

Series

2024-1A

Class

B

–5.78%

9/15/49

(b)

2,000,000

2,021,110‌

Scalelogix

ABS

US

Issuer

LLC

(SCLGX)

Series

2025-1A

Class

A2

–5.67%

7/25/55

(b)

10,000,000

10,022,844‌

Stack

Infrastructure

Issuer

LLC

(SIDC)

Series

2023-3A

Class

A2

–5.9%

10/25/48

(b)

4,250,000

4,292,480‌

Series

2025-1A

Class

A2

–5%

5/25/50

(b)

3,000,000

2,991,770‌

Switch

ABS

Issuer,

LLC

(SWTCH)

Series

2024-1A

Class

A2

–6.28%

3/25/54

(b)

6,600,000

6,731,547‌

Series

2024-2A

Class

C

–10.03%

6/25/54

(b)

10,000,000

10,340,834‌

a

76,161,209‌

a

a

a

$

Principal

Amount

$

Value

a

Equipment

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(b)

356,855

360,467‌

a

Fiber

ALLO

Issuer

LLC

(ALLO)

Series

2024-1A

Class

A2

–5.94%

7/20/54

(b)

3,000,000

3,059,570‌

Series

2024-1A

Class

B

–7.15%

7/20/54

(b)

2,500,000

2,579,509‌

Series

2024-1A

Class

C

–11.19%

7/20/54

(b)

7,500,000

8,089,890‌

Series

2025-1A

Class

B

–6.16%

4/20/55

(b)

1,500,000

1,532,647‌

Series

2025-1A

Class

C

–8.1%

4/20/55

(b)

4,000,000

4,085,148‌

Frontier

Issuer

LLC

(FYBR)

Series

2023-1

Class

B

–8.3%

8/20/53

(b)

2,650,000

2,716,212‌

Series

2023-1

Class

C

–11.5%

8/20/53

(b)

4,750,000

4,952,963‌

Hotwire

Funding

LLC

(HWIRE)

Series

2024-1A

Class

C

–9.19%

6/20/54

(b)

6,000,000

6,289,922‌

Metronet

Infrastructure

Issuer

LLC

(MNET)

Series

2025-2A

Class

A2

–5.4%

8/20/55

(b)

5,000,000

5,082,350‌

Zayo

Issuer

LLC

(ZAYO)

Series

2025-1A

Class

A2

–5.65%

3/20/55

(b)

8,250,000

8,415,074‌

a

46,803,285‌

a

Other

Adams

Outdoor

Advertising,

LP

(ADMSO)

Series

2023-1

Class

A2

–6.97%

7/15/53

(b)

6,000,000

6,123,858‌

Bojangles

Issuer

LLC

(BOJA)

Series

2024-1A

Class

A2

–6.58%

11/20/54

(b)

19,500,000

19,795,768‌

Cogent

Ipv4

LLC

(CGNT)

Series

2024-1A

Class

A2

–7.92%

5/25/54

(b)

2,250,000

2,342,816‌

Series

2025-1A

Class

A2

–6.65%

4/25/55

(b)

19,000,000

19,507,697‌

ExteNet

Issuer

LLC

(EXTNT)

Series

2024-1A

Class

A2

–5.34%

7/25/54

(b)

2,000,000

2,015,378‌

Series

2024-1A

Class

C

–9.05%

7/25/54

(b)

5,000,000

5,178,904‌

Golub

Capital

Partners

ABS

Funding

(GCPAF)

Series

2024-1A

Class

A1

–7.22%

1/25/34

Floating

Rate

(TSFR3M

+

290)

(b)

(c)

5,000,000

5,003,507‌

Series

2024-1A

Class

A2

–6.89%

1/25/34

(b)

5,000,000

5,075,938‌

Jersey

Mike's

Funding

LLC

(JMIKE)

Series

2019-1A

Class

A2

–4.43%

2/15/50

(b)

2,629,950

2,628,317‌

Series

2024-1A

Class

A2

–5.64%

2/15/55

(b)

7,960,000

8,125,095‌

Oxford

Finance

Funding

Trust

(OXFIN)

Series

2023-1A

Class

A2

–6.72%

2/15/31

(b)

4,115,373

4,141,509‌

TSC

SPV

Funding

LLC

(TROP)

Series

2024-1A

Class

A2

–6.29%

8/20/54

(b)

16,872,500

17,186,673‌

Zaxby's

Funding

LLC

(ZAXBY)

Series

2021-1A

Class

A2

–3.24%

7/30/51

(b)

1,200,000

1,133,508‌

98,258,968‌

a

Total

Asset-Backed

Securities

(Cost

$550,609,806)

558,195,132‌

Commercial

Mortgage-Backed

Securities

-

9.0%

a

Acrec

LLC

(ACREC)

Series

2025-FL3

Class

C

–6.43%

8/18/42

Floating

Rate

(TSFR1M

+

229)

(b)

2,400,000

2,382,263‌

ACREC,

Ltd.

(ACREC)

Series

2021-FL1

Class

E

–7.25%

10/16/36

Floating

Rate

(TSFR1M

+

311)

(a)

(b)

16,482,000

16,571,098‌

12

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

Arbor

Realty

Collateralized

Loan

Obligation,

Ltd.

(ARCLO)

Series

2025-BTR1

Class

B

–7.32%

1/20/41

Floating

Rate

(TSFR1M

+

319)

(b)

7,000,000

6,987,819‌

Series

2025-BTR1

Class

C

–7.82%

1/20/41

Floating

Rate

(TSFR1M

+

369)

(b)

7,000,000

6,987,768‌

Series

2025-BTR1

Class

D

–8.58%

1/20/41

Floating

Rate

(TSFR1M

+

444)

(b)

10,000,000

9,984,155‌

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

(ARCLO)

Series

2025-FL1

Class

C

–6.83%

1/20/43

Floating

Rate

(TSFR1M

+

269)

(b)

2,500,000

2,498,444‌

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.

(ARCLO)

Series

2021-FL4

Class

C

–6.56%

11/15/36

Floating

Rate

(TSFR1M

+

241)

(a)

(b)

10,000,000

10,036,364‌

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

B

–7.47%

8/17/41

Floating

Rate

(TSFR1M

+

332)

(a)

(b)

5,000,000

5,006,713‌

Series

2023-CRE8

Class

C

–8.17%

8/17/41

Floating

Rate

(TSFR1M

+

402)

(a)

(b)

5,000,000

5,000,626‌

Series

2023-CRE8

Class

D

–9.51%

8/17/41

Floating

Rate

(TSFR1M

+

537)

(a)

(b)

3,000,000

3,003,795‌

AREIT,

Ltd.

(AREIT)

Series

2024-CRE9

Class

AS

–6.39%

5/17/41

Floating

Rate

(TSFR1M

+

224)

(a)

(b)

5,000,000

5,001,195‌

Series

2024-CRE9

Class

B

–6.69%

5/17/41

Floating

Rate

(TSFR1M

+

254)

(a)

(b)

3,000,000

2,993,365‌

Series

2025-CRE10

Class

A

–5.53%

12/17/29

Floating

Rate

(TSFR1M

+

139)

(a)

(b)

5,000,000

5,002,985‌

BDS

Ltd.

(BDS)

Series

2021-FL10

Class

C

–6.55%

12/16/36

Floating

Rate

(TSFR1M

+

241)

(a)

(b)

1,250,000

1,254,635‌

BPR

Trust

(BPR)

Series

2021-TY

Class

B

–5.42%

9/15/38

Floating

Rate

(TSFR1M

+

126)

(b)

3,250,000

3,239,184‌

Brightspire

Capital,

Inc.

(BRSP)

Series

2021-FL1

Class

D

–6.95%

8/19/38

Floating

Rate

(TSFR1M

+

281)

(a)

(b)

1,000,000

995,026‌

Series

2024-FL2

Class

E

–10.67%

8/19/37

Floating

Rate

(TSFR1M

+

654)

(a)

(b)

10,000,000

10,208,415‌

BRSP

Ltd.

(BRSP)

Series

2021-FL1

Class

B

–6.15%

8/19/38

Floating

Rate

(TSFR1M

+

201)

(a)

(b)

1,100,000

1,094,581‌

Series

2021-FL1

Class

C

–6.4%

8/19/38

Floating

Rate

(TSFR1M

+

226)

(a)

(b)

5,050,000

5,047,046‌

Series

2021-FL1

Class

E

–7.7%

8/19/38

Floating

Rate

(TSFR1M

+

356)

(a)

(b)

4,000,000

3,968,400‌

Series

2024-FL2

Class

A

–6.08%

8/19/37

Floating

Rate

(TSFR1M

+

195)

(a)

(b)

5,000,000

5,002,224‌

Series

2024-FL2

Class

D

–8.97%

8/19/37

Floating

Rate

(TSFR1M

+

484)

(a)

(b)

13,000,000

12,877,301‌

BSPRT

Issuer,

Ltd.

(BSPRT)

Series

2021-FL6

Class

D

–7.26%

3/15/36

Floating

Rate

(TSFR1M

+

311)

(a)

(b)

50,000

50,318‌

Series

2022-FL8

Class

C

–6.67%

2/15/37

Floating

Rate

(SOFR30A

+

230)

(a)

(b)

200,000

200,998‌

Dwight

Issuer

LLC

(DWIGHT)

Series

2025-FL1

Class

A

–5.8%

6/18/42

Floating

Rate

(TSFR1M

+

166)

(b)

2,500,000

2,504,604‌

Series

2025-FL1

Class

AS

–6.42%

6/18/42

Floating

Rate

(TSFR1M

+

229)

(b)

10,000,000

10,003,035‌

FS

Rialto

(FSRIA)

Series

2021-FL2

Class

D

–7.06%

5/16/38

Floating

Rate

(TSFR1M

+

291)

(b)

2,080,000

2,062,758‌

Series

2021-FL2

Class

E

–7.71%

5/16/38

Floating

Rate

(TSFR1M

+

356)

(b)

1,000,000

929,704‌

a

a

a

$

Principal

Amount

$

Value

Series

2021-FL3

Class

E

–7.11%

11/16/36

Floating

Rate

(TSFR1M

+

296)

(a)

(b)

8,165,500

8,104,203‌

Government

National

Mortgage

Association

(GNR)

Series

2018-52

Class

AE

–2.75%

5/16/51

74,249

69,134‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

A

–5.75%

7/16/35

Floating

Rate

(TSFR1M

+

161)

(a)

(b)

284,573

284,601‌

Series

2021-FL3

Class

AS

–6.1%

7/16/35

Floating

Rate

(TSFR1M

+

196)

(a)

(b)

13,425,000

13,428,083‌

Series

2021-FL4

Class

B

–6.2%

12/15/36

Floating

Rate

(TSFR1M

+

206)

(a)

(b)

1,000,000

992,865‌

Series

2021-FL4

Class

C

–6.6%

12/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

13,000,000

12,339,721‌

HGI

CRE

CLO

Ltd.

(HGI)

Series

2021-FL1

Class

C

–5.96%

6/16/36

Floating

Rate

(TSFR1M

+

181)

(a)

(b)

266,555

267,250‌

Series

2021-FL1

Class

E

–7.21%

6/16/36

Floating

Rate

(TSFR1M

+

306)

(a)

(b)

750,000

724,831‌

Series

2021-FL2

Class

D

–6.41%

9/17/36

Floating

Rate

(TSFR1M

+

226)

(a)

(b)

2,800,000

2,808,509‌

HIG

RCP

LLC

(HIG)

Series

2023-FL1

Class

B

–7.76%

9/19/38

Floating

Rate

(TSFR1M

+

361)

(b)

2,540,426

2,560,176‌

Series

2023-FL1

Class

C

–8.71%

9/19/38

Floating

Rate

(TSFR1M

+

456)

(b)

5,000,000

5,047,054‌

Series

2023-FL1

Class

D

–10.01%

9/19/38

Floating

Rate

(TSFR1M

+

586)

(b)

5,000,000

5,065,246‌

Hilton

USA

Trust

(HILT)

Series

2016-SFP

Class

E

–5.52%

11/5/35

(b),(d)

840,000

34,566‌

LoanCore

Issuer

LLC

(LNCR)

Series

2025-CRE8

Class

A

–5.53%

8/17/42

Floating

Rate

(TSFR1M

+

139)

(b)

2,500,000

2,506,199‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

AS

–6.01%

7/15/36

Floating

Rate

(TSFR1M

+

186)

(a)

(b)

150,000

150,198‌

Series

2021-CRE5

Class

B

–6.26%

7/15/36

Floating

Rate

(TSFR1M

+

211)

(a)

(b)

1,407,000

1,408,615‌

Series

2021-CRE5

Class

C

–6.61%

7/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

2,500,000

2,493,594‌

Series

2021-CRE5

Class

E

–8.01%

7/15/36

Floating

Rate

(TSFR1M

+

386)

(a)

(b)

8,500,000

8,479,648‌

Series

2021-CRE6

Class

AS

–5.91%

11/15/38

Floating

Rate

(TSFR1M

+

176)

(a)

(b)

5,500,000

5,499,865‌

Series

2021-CRE6

Class

E

–7.71%

11/15/38

Floating

Rate

(TSFR1M

+

356)

(a)

(b)

3,000,000

2,992,611‌

Series

2022-CRE7

Class

E

–8.13%

1/17/37

Floating

Rate

(SOFR30A

+

375)

(a)

(b)

2,250,000

2,244,386‌

MF1,

Ltd.

(MF1)

Series

2022-FL8

Class

E

–7.28%

2/19/37

Floating

Rate

(TSFR1M

+

315)

(a)

(b)

100,000

98,673‌

NRTH

Commercial

Mortgage

Trust

(NRTH)

Series

2025-PARK

Class

A

–5.54%

10/15/40

Floating

Rate

(TSFR1M

+

139)

(b)

9,500,000

9,476,250‌

PFP

Ltd.

(PFP)

Series

2024-11

Class

C

–7.21%

9/17/39

Floating

Rate

(TSFR1M

+

299)

(a)

(b)

3,902,498

3,884,947‌

Series

2024-11

Class

D

–8.31%

9/17/39

Floating

Rate

(TSFR1M

+

409)

(a)

(b)

5,000,000

5,045,518‌

Series

2025-12

Class

A

–5.63%

12/18/42

Floating

Rate

(TSFR1M

+

149)

(a)

(b)

5,000,000

5,003,347‌

Series

2025-12

Class

AS

–5.88%

12/18/42

Floating

Rate

(TSFR1M

+

174)

(a)

(b)

5,000,000

5,000,367‌

13

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

SKY

Trust

(SKY)

Series

2025-LINE

Class

A

–6.74%

4/15/42

Floating

Rate

(TSFR1M

+

259)

(b)

21,807,018

21,805,823‌

Series

2025-LINE

Class

C

–8.59%

4/15/42

Floating

Rate

(TSFR1M

+

444)

(b)

7,434,211

7,447,330‌

STWD

Ltd.

(STWD)

Series

2021-FL2

Class

C

–6.35%

4/18/38

Floating

Rate

(TSFR1M

+

221)

(a)

(b)

2,109,000

2,106,317‌

Series

2022-FL3

Class

AS

–6.17%

11/15/38

Floating

Rate

(SOFR30A

+

180)

(a)

(b)

130,000

129,767‌

Series

2022-FL3

Class

B

–6.32%

11/15/38

Floating

Rate

(SOFR30A

+

195)

(a)

(b)

3,525,000

3,498,711‌

Series

2022-FL3

Class

E

–7.62%

11/15/38

Floating

Rate

(SOFR30A

+

325)

(a)

(b)

2,320,000

2,320,740‌

SWCH

Commercial

Mortgage

Trust

(SWCH)

Series

2025-DATA

Class

B

–5.99%

2/15/42

Floating

Rate

(TSFR1M

+

184)

(b)

15,000,000

14,962,660‌

TPG

Real

Estate

Finance

(TRTX)

Series

2022-FL5

Class

AS

–6.29%

2/15/39

Floating

Rate

(TSFR1M

+

215)

(a)

(b)

6,585,000

6,601,995‌

TRTX

Issuer,

Ltd.

(TRTX)

Series

2021-FL4

Class

C

–6.66%

3/15/38

Floating

Rate

(TSFR1M

+

251)

(a)

(b)

23,750,000

23,757,153‌

Series

2022-FL5

Class

C

–6.89%

2/15/39

Floating

Rate

(TSFR1M

+

275)

(a)

(b)

5,000,000

5,020,899‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$334,660,480)

334,556,671‌

Mortgage-Backed

Securities

-

33.9%

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

5026

Class

DH

–1.75%

9/25/43

327,827

302,378‌

Series

4949

Class

BC

–2.25%

3/25/49

174,405

158,213‌

a

Pass-Through

Securities

Pool#

C91945

–

3%

8/1/37

182,254

172,586‌

Pool#

RA7183

–

4%

4/1/52

10,608,259

10,028,750‌

Pool#

RA7773

–

4%

8/1/52

10,652,381

10,078,530‌

Pool#

SD8245

–

4.5%

9/1/52

17,440,948

17,017,609‌

Pool#

SD8244

–

4%

9/1/52

7,057,156

6,679,120‌

Pool#

SD8257

–

4.5%

10/1/52

47,707,395

46,514,933‌

Pool#

SD8258

–

Series

8258

5%

10/1/52

7,874,041

7,851,682‌

Pool#

SD8266

–

4.5%

11/1/52

9,940,757

9,691,264‌

Pool#

SD8267

–

Series

8267

5%

11/1/52

3,219,808

3,213,802‌

Pool#

SD4712

–

4.5%

12/1/52

24,702,021

24,082,081‌

Pool#

SD8290

–

6%

1/1/53

3,394,936

3,486,056‌

Pool#

SD2473

–

5%

2/1/53

12,046,558

11,968,293‌

Pool#

SD8306

–

4.5%

3/1/53

18,583,236

18,089,952‌

Pool#

SD8323

–

Series

8323

5%

5/1/53

5,934,803

5,899,886‌

Pool#

SD8324

–

Series

8324

5.5%

5/1/53

7,203,867

7,297,129‌

Pool#

SD8329

–

5%

6/1/53

12,739,824

12,697,080‌

Pool#

SD3386

–

5.5%

7/1/53

4,399,456

4,460,832‌

Pool#

SD8341

–

Series

8341

5%

7/1/53

8,968,572

8,936,170‌

Pool#

SD8342

–

Series

8342

5.5%

7/1/53

11,555,646

11,686,534‌

Pool#

SD8350

–

6%

8/1/53

6,842,070

7,010,349‌

Pool#

SD8347

–

4.5%

8/1/53

46,238,815

44,984,863‌

Pool#

SD3857

–

6%

9/1/53

7,168,650

7,351,869‌

Pool#

SD8362

–

5.5%

9/1/53

16,809,062

16,989,028‌

Pool#

SD8361

–

5%

9/1/53

2,202,835

2,192,651‌

Pool#

SD8366

–

5%

10/1/53

22,815,934

22,696,902‌

a

a

a

$

Principal

Amount

$

Value

Pool#

SD6291

–

4.5%

10/1/53

7,536,524

7,333,352‌

Pool#

SD8374

–

6.5%

11/1/53

3,174,758

3,284,546‌

Pool#

SD8372

–

5.5%

11/1/53

15,048,610

15,229,486‌

Pool#

SD8371

–

5%

11/1/53

11,571,882

11,515,161‌

Pool#

SD8383

–

5.5%

12/1/53

19,744,094

19,967,689‌

Pool#

SD8395

–

5.5%

1/1/54

22,133,083

22,383,733‌

Pool#

SD8400

–

5%

2/1/54

18,309,181

18,200,549‌

Pool#

SD8408

–

5.5%

3/1/54

21,950,122

22,177,236‌

Pool#

SD8417

–

4.5%

3/1/54

13,572,177

13,175,440‌

Pool#

SD8421

–

6%

4/1/54

3,917,130

4,011,034‌

Pool#

SD8420

–

5.5%

4/1/54

10,263,982

10,358,025‌

Pool#

SD8419

–

5%

4/1/54

32,958,987

32,754,936‌

Pool#

SD8430

–

5%

5/1/54

5,434,907

5,400,979‌

Pool#

SD8438

–

5.5%

6/1/54

16,494,399

16,664,217‌

Pool#

SD8447

–

6%

7/1/54

4,089,363

4,183,826‌

Pool#

SD6319

–

5.5%

9/1/54

7,184,408

7,256,158‌

Pool#

SD8461

–

5%

9/1/54

7,586,297

7,537,763‌

Pool#

SD8474

–

5%

11/1/54

68,496,693

68,002,275‌

Pool#

SD8493

–

5.5%

12/1/54

31,462,988

31,752,910‌

Pool#

SD8491

–

5%

12/1/54

19,861,328

19,717,966‌

Pool#

SD8494

–

5.5%

1/1/55

7,460,350

7,528,711‌

Pool#

SD7379

–

5.5%

1/1/55

7,197,548

7,263,500‌

Pool#

SD8533

–

5.5%

5/1/55

7,712,297

7,781,160‌

685,019,194‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2013-130

Class

CA

–2.5%

6/25/43

72,907

69,662‌

Series

2013-130

Class

CD

–3%

6/25/43

132,558

128,280‌

a

Pass-Through

Securities

Pool#

932836

–

3%

12/1/25

337

336‌

Pool#

468516

–

5.17%

6/1/28

186,498

188,280‌

Pool#

MA3443

–

4%

8/1/48

79,651

76,501‌

Pool#

FM5733

–

2%

1/1/51

1,035,466

849,856‌

Pool#

BV2634

–

4%

7/1/52

8,023,577

7,587,603‌

Pool#

MA4733

–

4.5%

9/1/52

5,819,533

5,674,673‌

Pool#

MA4785

–

Series

4785

5%

10/1/52

10,423,860

10,393,723‌

Pool#

MA4806

–

Series

4806

5%

11/1/52

3,168,714

3,165,269‌

Pool#

MA4840

–

4.5%

12/1/52

11,466,816

11,202,594‌

Pool#

MA4941

–

5.5%

3/1/53

6,144,254

6,224,662‌

Pool#

MA5009

–

5%

5/1/53

26,096,997

26,009,438‌

Pool#

MA5040

–

6%

6/1/53

1,432,876

1,470,601‌

Pool#

MA5039

–

5.5%

6/1/53

6,394,681

6,474,306‌

Pool#

MA5038

–

Series

5038

5%

6/1/53

2,915,706

2,905,924‌

Pool#

FS6837

–

5.5%

7/1/53

17,987,159

18,187,016‌

Pool#

MA5071

–

5%

7/1/53

20,246,640

20,149,446‌

Pool#

MA5167

–

6.5%

10/1/53

1,906,716

1,973,359‌

Pool#

MA5166

–

6%

10/1/53

5,208,233

5,336,735‌

Pool#

MA5164

–

5%

10/1/53

9,040,497

9,000,844‌

Pool#

MA5192

–

6.5%

11/1/53

4,219,130

4,364,448‌

Pool#

MA5191

–

6%

11/1/53

3,821,317

3,914,453‌

Pool#

MA5216

–

6%

12/1/53

7,405,062

7,587,439‌

Pool#

MA5215

–

5.5%

12/1/53

19,619,429

19,846,155‌

Pool#

MA5271

–

5.5%

2/1/54

15,052,573

15,216,067‌

Pool#

CB7972

–

5%

2/1/54

9,288,671

9,239,905‌

Pool#

MA5296

–

5.5%

3/1/54

33,085,203

33,429,231‌

Pool#

MA5294

–

5%

3/1/54

9,074,100

9,008,602‌

Pool#

MA5331

–

5.5%

4/1/54

18,983,221

19,179,638‌

Pool#

MA5327

–

5%

4/1/54

4,161,930

4,137,464‌

14

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

Pool#

MA5326

–

4.5%

4/1/54

6,019,900

5,843,930‌

Pool#

DB1847

–

5.5%

5/1/54

4,711,844

4,762,370‌

Pool#

MA5387

–

5%

6/1/54

28,639,619

28,459,353‌

Pool#

MA5386

–

4.5%

6/1/54

7,467,865

7,249,564‌

Pool#

MA5420

–

5.5%

7/1/54

8,801,503

8,888,185‌

Pool#

MA5419

–

5%

7/1/54

12,227,751

12,150,155‌

Pool#

MA5443

–

5%

8/1/54

32,983,306

32,745,229‌

Pool#

MA5470

–

5.5%

9/1/54

14,510,757

14,652,864‌

Pool#

MA5468

–

4.5%

9/1/54

16,914,575

16,420,108‌

Pool#

MA5496

–

5%

10/1/54

32,011,071

31,780,011‌

Pool#

MA5495

–

4.5%

10/1/54

1,689,293

1,639,909‌

Pool#

MA5530

–

5%

11/1/54

9,126,980

9,061,100‌

Pool#

MA5529

–

4.5%

11/1/54

7,648,668

7,425,069‌

Pool#

MA5586

–

5.5%

1/1/55

9,406,971

9,498,983‌

Pool#

MA5585

–

5%

1/1/55

7,622,736

7,567,714‌

Pool#

MA5613

–

5%

2/1/55

34,673,555

34,423,277‌

Pool#

MA5759

–

5%

7/1/55

9,883,008

9,809,355‌

505,369,686‌

a

Government

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2021-29

Class

CY

–3%

9/20/50

997,823

803,988‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A3

–6%

1/25/55

(b)

(c)

5,062,817

5,136,297‌

Series

2024-2

Class

A3

–6%

2/25/55

(b)

(c)

6,622,429

6,722,619‌

Series

2024-5

Class

A2

–6%

4/25/55

(b)

(c)

6,670,767

6,767,585‌

Series

2024-8

Class

A3

–5.5%

8/25/55

(b)

(c)

2,808,483

2,823,865‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2017-1

Class

2A2

–3%

3/25/47

(b)

(c)

23,846

22,221‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2023-PJ3

Class

A3

–5%

10/27/53

(b)

(c)

3,879,424

3,833,051‌

Series

2024-PJ5

Class

A3

–6%

9/25/54

(b)

(c)

4,846,260

4,913,617‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2016-3

Class

2A1

–2.94%

10/25/46

(b)

(c)

30,626

28,902‌

Series

2017-3

Class

2A2

–2.5%

8/25/47

(b)

(c)

39,804

34,977‌

Series

2018-6

Class

2A2

–3%

12/25/48

(b)

(c)

9,150

8,777‌

Series

2023-3

Class

A3A

–5%

10/25/53

(b)

(c)

3,636,767

3,593,294‌

Series

2023-4

Class

1A2

–6%

11/25/53

(b)

(c)

2,091,143

2,121,493‌

Series

2023-9

Class

A2

–6%

4/25/54

(b)

(c)

2,288,641

2,321,858‌

Series

2023-10

Class

A2

–6%

5/25/54

(b)

(c)

1,496,149

1,517,863‌

Series

2024-2

Class

A3

–6%

8/25/54

(b)

(c)

1,875,418

1,902,637‌

Series

2024-4

Class

A3

–6%

10/25/54

(b)

(c)

3,109,203

3,152,418‌

Series

2024-6

Class

A3

–6%

12/25/54

(b)

(c)

3,799,270

3,852,075‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(MSRM)

Series

2023-1

Class

A1

–4%

2/25/53

(b)

(c)

4,988,583

4,631,834‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(b)

(c)

1,176,764

1,059,436‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2019-CH2

Class

A1

–4.5%

8/25/49

(b)

(c)

138

137‌

Series

2023-3

Class

A1

–6%

9/25/53

(b)

(c)

3,668,986

3,722,237‌

Series

2024-1

Class

A1

–5.88%

1/25/54

(b)

(c)

9,070,970

9,202,624‌

a

a

a

$

Principal

Amount

$

Value

a

Pass-Through

Securities

Greenpoint

Mortgage

Pass-Through

Certificates

(GMSI)

Series

2003-1

Class

A1

–7.11%

10/25/33

(c)

17,634

17,335‌

67,387,152‌

a

Total

Mortgage-Backed

Securities

(Cost

$1,237,952,917)

1,258,580,020‌

Municipal

Bonds

-

0.0%

a

Detroit,

MI

City

School

District

General

Obligation

Series

QSCB

Q-SBLF,

6.65%

5/1/29

(Cost

$526,253)

460,000

493,176‌

Term

Loan

-

0.2%

a

Industrials

TransDigm,

Inc.

6.66%

2/28/31

(Cost

$7,469,293)

7,443,467

7,448,194‌

U.S.

Treasuries

-

27.3%

a

U.S.

Treasury

Bonds

3.5%

2/15/39

2,100,000

1,922,320‌

4.5%

8/15/39

10,000,000

10,078,320‌

4.38%

11/15/39

27,500,000

27,288,916‌

4.63%

2/15/40

25,000,000

25,455,567‌

4.38%

5/15/40

35,000,000

34,648,633‌

4.25%

11/15/40

5,000,000

4,860,352‌

1.88%

2/15/41

11,500,000

8,089,307‌

4.38%

5/15/41

5,000,000

4,914,649‌

1.75%

8/15/41

4,000,000

2,715,234‌

2%

11/15/41

7,500,000

5,269,775‌

2.38%

2/15/42

28,000,000

20,757,735‌

3.25%

5/15/42

15,000,000

12,607,031‌

4%

11/15/42

102,500,000

94,800,488‌

3.88%

2/15/43

10,000,000

9,078,906‌

3.13%

2/15/43

25,000,000

20,413,086‌

3.88%

5/15/43

49,000,000

44,398,594‌

2.88%

5/15/43

2,000,000

1,567,500‌

4.38%

8/15/43

75,500,000

72,888,467‌

3.63%

8/15/43

17,000,000

14,837,813‌

4.75%

11/15/43

25,000,000

25,273,438‌

3.75%

11/15/43

6,000,000

5,314,453‌

4.5%

2/15/44

82,500,000

80,711,426‌

3.63%

2/15/44

15,500,000

13,458,965‌

4.63%

5/15/44

35,000,000

34,752,539‌

3.38%

5/15/44

15,500,000

12,940,078‌

4.13%

8/15/44

55,000,000

51,067,285‌

3.13%

8/15/44

27,500,000

22,026,855‌

4.63%

11/15/44

50,000,000

49,548,828‌

3%

11/15/44

24,000,000

18,784,687‌

4.75%

2/15/45

30,000,000

30,194,531‌

2.5%

2/15/45

21,000,000

15,048,633‌

5%

5/15/45

10,000,000

10,386,719‌

3%

5/15/45

23,000,000

17,905,859‌

4.88%

8/15/45

5,000,000

5,112,109‌

15

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

a

$

Principal

Amount

$

Value

3%

11/15/45

9,500,000

7,359,160‌

2.5%

5/15/46

8,400,000

5,909,203‌

2.25%

8/15/46

2,500,000

1,668,750‌

3%

2/15/47

1,000,000

763,906‌

4.13%

8/15/53

13,000,000

11,754,336‌

U.S.

Treasury

Inflation

Indexed

Notes

2.38%

10/15/28

13,710,450

14,284,371‌

U.S.

Treasury

Notes

2.25%

2/15/27

3,500,000

3,433,760‌

2.25%

8/15/27

3,000,000

2,926,055‌

1.13%

2/29/28

6,500,000

6,130,186‌

1.25%

9/30/28

7,000,000

6,530,371‌

1.5%

11/30/28

3,000,000

2,809,512‌

1.88%

2/28/29

3,500,000

3,302,100‌

4%

10/31/29

10,000,000

10,114,258‌

1.75%

11/15/29

3,000,000

2,783,203‌

1.5%

2/15/30

5,250,000

4,788,779‌

4%

2/28/30

20,000,000

20,235,156‌

0.88%

11/15/30

8,000,000

6,937,812‌

1.13%

2/15/31

4,500,000

3,933,193‌

1.38%

11/15/31

5,500,000

4,761,582‌

1.88%

2/15/32

1,000,000

887,363‌

4.13%

11/15/32

42,000,000

42,493,828‌

4.5%

11/15/33

10,000,000

10,341,211‌

4.25%

11/15/34

21,000,000

21,241,172‌

4.25%

5/15/39

10,000,000

9,850,000‌

a

Total

U.S.

Treasuries

(Cost

$1,049,243,291)

1,014,358,365‌

Cash

Equivalents

-

0.9%

a

Shares

$

Value

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(Cost

$31,761,308)

(e)

31,761,308

31,761,308‌

Securities

Held

as

Collateral

for

Securities

on

Loan

-

0.2%

a

Goldman

Sachs

Financial

Square

Government

Fund

Institutional

Class

–3.99%

(e)

7,846,509

7,846,509‌

Citibank

N.A.

DDCA

4.09%

871,834

871,834‌

a

Total

Securities

Held

as

Collateral

for

Securities

on

Loan

(Cost

$8,718,343)

8,718,343‌

Total

Investments

in

Securities

100.6%

(Cost

$3,724,823,254)

3,735,204,934‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.6%)

(21,778,765‌)

Net

Assets

-

100%

3,713,426,169‌

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$8,530,297.

(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

September

30,

2025,

the

total

value

of

such

securities

was

$1,202,704,111

or

32.39%

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)

Defaulted

bond.

(e)

Rates

presented

represent

the

7-day

average

yield

at

September

30,

2025.

16

Large

Cap

Equity

Fund

Schedule

of

Investments

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

99.4%

a

Information

Technology

%

of

Net

Assets

Shares

$

Value

Systems

Software

9.1

Microsoft

Corp.

105,000

54,384,750‌

Oracle

Corp.

70,000

19,686,800‌

a

Application

Software

5.0

Salesforce,

Inc.

87,500

20,737,500‌

Constellation

Software,

Inc.

Canada

(a)

7,500

20,359,884‌

a

IT

Consulting

&

Other

Services

4.9

Accenture

plc

-

Class

A

(a)

85,000

20,961,000‌

Gartner,

Inc.

(b)

73,000

19,189,510‌

a

Semiconductor

Materials

&

Equipment

3.5

Analog

Devices,

Inc.

117,500

28,869,750‌

a

22.5

184,189,194‌

Financials

Transaction

&

Payment

Processing

Services

12.8

Visa,

Inc.

-

Class

A

115,000

39,258,700‌

Mastercard,

Inc.

-

Class

A

64,000

36,403,840‌

Global

Payments,

Inc.

350,000

29,078,000‌

a

Multi-Sector

Holdings

4.4

Berkshire

Hathaway,

Inc.

-

Class

B

(b)

72,500

36,448,650‌

a

Insurance

Brokers

3.7

Aon

plc

-

Class

A

(a)

85,000

30,309,300‌

a

20.9

171,498,490‌

Health

Care

Life

Sciences

Tools

&

Services

14.0

Danaher

Corp.

280,000

55,512,800‌

Thermo

Fisher

Scientific,

Inc.

88,000

42,681,760‌

Bio-Techne

Corp.

300,000

16,689,000‌

a

Health

Care

Equipment

3.2

IDEXX

Laboratories,

Inc.

(b)

41,500

26,513,935‌

a

17.2

141,397,495‌

Communication

Services

Interactive

Media

&

Services

10.1

Alphabet,

Inc.

-

Class

C

175,000

42,621,250‌

Meta

Platforms,

Inc.

-

Class

A

55,000

40,390,900‌

a

Cable

&

Satellite

2.3

Charter

Communications,

Inc.

-

Class

A

(b)

66,955

18,419,655‌

a

12.4

101,431,805‌

Industrials

Human

Resource

&

Employment

Services

4.4

Equifax,

Inc.

142,500

36,555,525‌

a

Industrial

Machinery

&

Supplies

&

Components

4.1

IDEX

Corp.

205,000

33,365,800‌

a

Industrials  

%

of

Net

Assets

Shares

$

Value

a

Cargo

Ground

Transportation

2.1

Old

Dominion

Freight

Line,

Inc.

123,600

17,400,408‌

a

10.6

87,321,733‌

Consumer

Discretionary

Broadline

Retail

5.1

Amazon.com,

Inc.

(b)

152,500

33,484,425‌

Mercadolibre,

Inc.

(a)

(b)

3,700

8,646,678‌

a

Automotive

Retail

1.5

CarMax,

Inc.

(b)

275,000

12,339,250‌

a

6.6

54,470,353‌

Real

Estate

Real

Estate

Services

4.7

CoStar

Group,

Inc.

(b)

460,000

38,810,200‌

Materials

Construction

Materials

4.5

Vulcan

Materials

Co.

120,000

36,914,400‌

a

Total

Common

Stocks

(Cost

$479,477,159)

816,033,670‌

Cash

Equivalents

-

0.7%

a

a

$

Principal

Amount

$

Value

a

a

a

U.S.

Treasury

Bill

3.8%

1/22/26

(c)

3,000,000

2,964,318‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(d)

2,523,478

2,523,478‌

a

Total

Cash

Equivalents

(Cost

$5,484,853)

5,487,796‌

Total

Investments

in

Securities

-

100.1%

(Cost

$484,962,012)

821,521,466‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(965,522‌)

Net

Assets

-

100%

820,555,944‌

(a)

Foreign

domiciled

entity.

(b)

Non-income

producing.

(c)

Interest

rate

presented

represents

the

effective

yield

at

September

30,

2025.

(d)

Rate

presented

represents

the

7-day

average

yield

at

September

30,

2025.

17

Multi

Cap

Equity

Fund

Schedule

of

Investments

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

97.2%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

9.1

Visa,

Inc.

-

Class

A

78,500

26,798,330‌

Mastercard,

Inc.

-

Class

A

45,000

25,596,450‌

a

Multi-Sector

Holdings

7.9

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

90,000

45,246,600‌

a

Insurance

Brokers

4.2

Aon

plc

-

Class

A

(b)

67,500

24,069,150‌

a

21.2

121,710,530‌

Communication

Services

Interactive

Media

&

Services

10.8

Alphabet,

Inc.

-

Class

C

150,000

36,532,500‌

Meta

Platforms,

Inc.

-

Class

A

35,000

25,703,300‌

a

Cable

&

Satellite

6.9

Liberty

Broadband

Corp.

(a)

Class

C

200,000

12,708,000‌

Class

A

100,000

6,333,000‌

Comcast

Corp.

-

Class

A

350,000

10,997,000‌

Charter

Communications,

Inc.

-

Class

A

(a)

35,000

9,628,675‌

a

Integrated

Telecommunication

Services

0.9

LICT

Corp.

^

(a)

258

2,838,000‌

GCI

Liberty,

Inc.

(a)

Class

C

40,000

1,490,800‌

Class

A

20,000

751,100‌

a

18.6

106,982,375‌

Industrials

Aerospace

&

Defense

7.1

HEICO

Corp.

-

Class

A

159,880

40,623,909‌

a

Human

Resource

&

Employment

Services

2.4

Equifax,

Inc.

55,000

14,109,150‌

a

Industrial

Machinery

&

Supplies

&

Components

2.3

IDEX

Corp.

80,000

13,020,800‌

a

Cargo

Ground

Transportation

1.6

Old

Dominion

Freight

Line,

Inc.

65,000

9,150,700‌

a

13.4

76,904,559‌

Information

Technology

IT

Consulting

&

Other

Services

3.4

Accenture

plc

-

Class

A

(b)

55,000

13,563,000‌

Gartner,

Inc.

(a)

24,000

6,308,880‌

a

Application

Software

3.3

ACI

Worldwide,

Inc.

(a)

360,000

18,997,200‌

a

Communications

Equipment

2.9

Sirius

XM

Holdings,

Inc.

720,000

16,758,000‌

a

Semiconductor

Materials

&

Equipment

2.6

Texas

Instruments,

Inc.

80,000

14,698,400‌

a

Information

Technology  

%

of

Net

Assets

Shares

$

Value

a

Technology

Distributors

1.0

CDW

Corp.

of

Delaware

^

35,000

5,574,800‌

a

13.2

75,900,280‌

Health

Care

Life

Sciences

Tools

&

Services

5.8

Danaher

Corp.

105,000

20,817,300‌

Bio-Techne

Corp.

230,000

12,794,900‌

a

Health

Care

Services

4.1

Labcorp

Holdings,

Inc.

82,000

23,538,920‌

a

Health

Care

Equipment

1.7

IDEXX

Laboratories,

Inc.

(a)

15,000

9,583,350‌

a

11.6

66,734,470‌

Materials

Construction

Materials

7.2

Vulcan

Materials

Co.

70,000

21,533,400‌

Martin

Marietta

Materials,

Inc.

31,200

19,664,736‌

a

Specialty

Chemicals

2.1

Perimeter

Solutions,

Inc.

(a)

544,891

12,200,109‌

a

9.3

53,398,245‌

Real

Estate

Real

Estate

Services

5.4

CoStar

Group,

Inc.

(a)

255,000

21,514,350‌

Altus

Group,

Ltd.

Canada

(b)

225,000

9,609,830‌

a

5.4

31,124,180‌

Consumer

Discretionary

Distributors

2.8

LKQ

Corp.

525,000

16,033,500‌

a

Automotive

Retail

1.7

CarMax,

Inc.

(a)

220,000

9,871,400‌

a

4.5

25,904,900‌

a

Total

Common

Stocks

(Cost

$262,350,467)

558,659,539‌

Cash

Equivalents

-

2.9%

a

a

$

Principal

Amount

$

Value

a

a

a

U.S.

Treasury

Bills,

3.86%

to

3.9%,

10/21/25

to

11/4/25

(c)

12,000,000

11,965,388‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(d)

4,659,100

4,659,100‌

a

Total

Cash

Equivalents

(Cost

$16,623,024)

16,624,488‌

18

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Multi

Cap

Equity

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

Securities

Held

as

Collateral

for

Securities

on

Loan

-

0.2%

a

a

$

Principal

Amount

$

Value

a

a

a

a

U.S.

Treasury

Notes

4.13%

1/15/28

2,000

2,064‌

4%

6/30/28

703,395

717,029‌

4.38%

1/31/32

512,534

530,473‌

Goldman

Sachs

Financial

Square

Government

Fund

Institutional

Class

–

3.99%

(d)

20,196

20,196‌

Citibank

N.A.

DDCA

4.09%

2,244

2,244‌

a

Total

Securities

Held

as

Collateral

for

Securities

on

Loan

(Cost

$1,272,006)

1,272,006‌

Total

Investments

in

Securities

-

100.3%

(Cost

$280,245,497)

576,556,033‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.3%)

(1,573,523‌)

Net

Assets

-

100%

574,982,510‌

^

This

security

or

a

partial

position

of

this

security

was

on

loan

as

of

September

30,

2025.

The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,245,040.

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Interest

rate

presented

represents

the

effective

yield

at

September

30,

2025.

(d)

Rates

presented

represent

the

7-day

average

yield

at

September

30,

2025.

19

Nebraska

Tax

Free

Income

Fund

Schedule

of

Investments

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Municipal

Bonds

-

92

.8

%

a

a

%

of

Net

Assets

$

Principal

Amount

$

Value

a

a

a

a

Nebraska

90.1

Ashland-Greenwood

Public

Schools

General

Obligation

3%

12/15/42

100,000

78,769‌

Cass

County

School

District

No.

22

General

Obligation

2.2%

12/15/26

250,000

247,578‌

City

of

Bellevue

NE

General

Obligation

Series

A

3%

9/15/32

500,000

497,022‌

City

of

Blair

NE

General

Obligation

5%

6/15/34

360,000

377,493‌

City

of

Blair

NE

Water

System

Revenue

    2.85%

12/15/25

100,000

99,790‌

    3%

12/15/26

100,000

99,183‌

    3.1%

12/15/27

100,000

98,803‌

    3.2%

12/15/28

100,000

98,424‌

City

of

Columbus

NE

Combined

Utilities

System

Revenue

    4%

6/15/33

200,000

206,760‌

AGM,

    4%

12/15/26

100,000

101,761‌

    4%

12/15/27

100,000

101,881‌

City

of

Columbus

NE

General

Obligation

    3%

12/15/29

150,000

150,432‌

    3%

12/15/30

150,000

150,311‌

City

of

Grand

Island

NE

Combined

Utility

System

Revenue

Series

A

AGM,

    4%

8/15/35

205,000

210,018‌

    4%

8/15/36

125,000

127,410‌

City

of

Grand

Island

NE

General

Obligation

    3%

11/15/27

150,000

150,081‌

    3%

11/15/30

150,000

150,046‌

City

of

Kearney

NE

General

Obligation

4%

5/15/34

220,000

221,194‌

City

of

Lincoln

NE

Electric

System

Revenue

3%

9/1/28

30,000

30,096‌

City

of

Norfolk

NE

General

Obligation

3.38%

5/15/34

500,000

500,039‌

City

of

North

Platte

NE

Combined

Utilities

Revenue

Series

A

AGM,

4.38%

12/15/39

200,000

201,510‌

City

of

Omaha

NE

General

Obligation

Series

A

    3%

4/15/35

100,000

95,008‌

Series

A

Class

A

–

    3%

4/15/34

100,000

96,475‌

City

of

Omaha

NE

Riverfront

Redevelopment

Special

Tax

Revenue

Series

A

4%

1/15/33

260,000

268,369‌

City

of

Omaha

NE

Sewer

Revenue

    4%

4/1/31

350,000

352,070‌

Series

A

    4%

4/1/34

100,000

103,493‌

County

of

Saline

NE

Revenue

Series

A

3%

2/15/31

200,000

198,992‌

County

of

Sarpy

NE

Certificates

of

Participation

1.75%

6/15/26

500,000

495,072‌

County

of

Seward

NE

General

Obligation

3%

12/15/30

605,000

605,116‌

Cozad

City

School

District

General

Obligation

4%

6/15/26

250,000

252,097‌

Dawson

County

Public

Power

District

Revenue

Series

A

    2%

6/15/26

170,000

168,330‌

    2.1%

6/15/27

105,000

102,919‌

Series

B

    2.5%

6/15/28

135,000

132,305‌

    3%

6/15/29

245,000

244,119‌

    3%

6/15/30

355,000

351,894‌

Dodge

County

School

District

No.

595

General

Obligation

1.9%

6/15/32

200,000

179,654‌

Douglas

County

Hospital

Authority

No.

2

Revenue

    5%

5/15/26

500,000

500,386‌

    5%

5/15/30

140,000

141,945‌

a

a

%

of

Net

Assets

$

Principal

Amount

$

Value

a

a

a

a

    4%

5/15/32

700,000

701,979‌

Douglas

County

Hospital

Authority

No.

3

Revenue

5%

11/1/26

250,000

250,449‌

Douglas

County

School

District

No.

59

NE

General

Obligation

Series

B

3%

12/15/32

100,000

99,066‌

Fillmore

County

School

District

No.

25

General

Obligation

5%

6/15/36

200,000

214,240‌

Lincoln

Airport

Authority

Revenue

5%

7/1/27

150,000

155,325‌

Madison

County

Hospital

Authority

No.

1

Revenue

5%

7/1/35

140,000

140,038‌

Metropolitan

Utilities

District

of

Omaha

Gas

System

Revenue

4%

12/1/27

450,000

450,589‌

Municipal

Energy

Agency

of

Nebraska

Revenue

Series

A

    5%

4/1/27

350,000

358,846‌

    5%

4/1/28

225,000

230,373‌

Nebraska

Cooperative

Republican

Platte

Enhancement

Project

Revenue

Series

A

2%

12/15/29

250,000

235,954‌

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

Revenue

Series

S

4%

1/1/34

110,000

110,068‌

Nebraska

Investment

Finance

Authority

Revenue

Series

B

GNMA,

    1.35%

9/1/26

200,000

195,263‌

Series

C

GNMA,

    2%

9/1/35

325,000

269,752‌

    4.45%

9/1/43

180,000

181,266‌

Nebraska

Public

Power

District

Revenue

Series

C

5%

1/1/32

65,000

65,293‌

Nebraska

State

College

Facilities

Corp.

Revenue

AGM,

4%

7/15/28

250,000

252,849‌

Omaha

Public

Facilities

Corp.

Revenue

Series

A

    4%

6/1/28

85,000

85,835‌

    4%

6/1/31

155,000

163,471‌

Series

C

    4%

4/1/33

340,000

350,966‌

    4%

4/1/39

500,000

492,130‌

    5%

4/15/43

150,000

160,566‌

Omaha

School

District

General

Obligation

    5%

12/15/28

130,000

130,562‌

    5%

12/15/29

350,000

359,238‌

    5%

12/15/31

135,000

138,256‌

Papillion

Municipal

Facilities

Corp.

Revenue

    2%

12/15/32

100,000

89,594‌

    2%

12/15/34

200,000

170,359‌

Papillion-La

Vista

School

District

No.

27

General

Obligation

Series

A

    2.3%

12/1/26

275,000

273,319‌

Series

B

    4%

12/1/35

400,000

412,682‌

Pleasanton

Public

Schools

District

No.

105

General

Obligation

4%

6/15/36

150,000

151,049‌

Public

Power

Generation

Agency

Revenue

5%

1/1/37

400,000

404,245‌

State

of

Nebraska

Certificates

of

Participation

Series

A

    3%

2/1/26

60,000

60,004‌

    2%

4/1/26

150,000

148,957‌

University

of

Nebraska

Facilities

Corp.

(The)

Revenue

5%

7/15/29

380,000

386,703‌

University

of

Nebraska

Revenue

    2.5%

7/1/26

210,000

209,953‌

    3%

7/1/27

100,000

101,015‌

20

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Nebraska

Tax

Free

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

%

of

Net

Assets

$

Principal

Amount

$

Value

a

a

a

a

Series

A

    5%

5/15/30

100,000

105,389‌

Upper

Republican

Natural

Resource

District

Revenue

AGM,

    4%

12/15/25

245,000

245,252‌

    4%

12/15/27

395,000

395,448‌

Village

of

Boys

Town

NE

Revenue

    3%

9/1/28

700,000

703,657‌

    3%

7/1/35

325,000

301,298‌

Winside

Public

Schools

General

Obligation

Series

A

2%

6/15/31

350,000

320,762‌

a

18,458,905‌

a

Texas

1.7

City

of

Austin

TX

Airport

System

Revenue

Series

B

5%

11/15/26

250,000

255,571‌

City

of

Austin

TX

Electric

Utility

Revenue

Series

A

5%

11/15/35

100,000

107,966‌

a

363,537‌

a

Utah

0.5

City

of

Salt

Lake

City

UT

Public

Utilities

Revenue

5%

2/1/35

100,000

106,298‌

a

Washington

0.5

Pierce

County

School

District

No.

10

Tacoma

General

Obligation

Series

B

SCH

BD

GTY,

4%

12/1/35

100,000

102,848‌

a

Total

Municipal

Bonds

(Cost

$19,508,964)

19,031,588‌

Cash

Equivalents

-

7

.1

%

a

Shares

$

Value

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(Cost

$1,449,631)

(a)

1,449,631

1,449,631‌

Total

Investments

in

Securities

-

99.9%

(Cost

$20,958,595)

20,481,219‌

Other

Assets

Less

Other

Liabilities

-  0.1%

26,747‌

Net

Assets

-

100%

20,507,966‌

(a)

Rate

presented

represents

the

7-day

average

yield

at

September

30,

2025.

21

Partners

III

Opportunity

Fund

Schedule

of

Investments

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

93.0%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

14.3

Mastercard

,

Inc.

-

Class

A

36,000

20,477,160‌

Visa,

Inc.

-

Class

A

59,000

20,141,420‌

Global

Payments,

Inc.

200,000

16,616,000‌

a

Multi-Sector

Holdings

13.6

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

108,000

54,295,920‌

a

Insurance

Brokers

3.6

Aon

plc

-

Class

A

(b)

40,000

14,263,200‌

a

31.5

125,793,700‌

Information

Technology

Application

Software

6.6

CoreCard

Corp.

†

(a)

515,000

13,863,800‌

Roper

Technologies,

Inc.

25,000

12,467,250‌

a

Systems

Software

5.0

Microsoft

Corp.

38,000

19,682,100‌

a

Communications

Equipment

3.8

Sirius

XM

Holdings,

Inc.

650,000

15,128,750‌

a

Semiconductor

Materials

&

Equipment

3.2

Texas

Instruments,

Inc.

70,000

12,861,100‌

a

18.6

74,003,000‌

Health

Care

Life

Sciences

Tools

&

Services

14.6

Thermo

Fisher

Scientific,

Inc.

50,000

24,251,000‌

Danaher

Corp.

110,000

21,808,600‌

Bio-

Techne

Corp.

220,000

12,238,600‌

a

Health

Care

Services

2.9

Labcorp

Holdings,

Inc.

40,000

11,482,400‌

a

17.5

69,780,600‌

Communication

Services

Interactive

Media

&

Services

9.1

Alphabet,

Inc.

-

Class

C

95,000

23,137,250‌

Meta

Platforms,

Inc.

-

Class

A

18,000

13,218,840‌

a

Cable

&

Satellite

5.4

Liberty

Broadband

Corp.

(a)

Class

C

295,000

18,744,300‌

Class

A

40,000

2,533,200‌

a

Integrated

Telecommunication

Services

0.6

GCI

Liberty,

Inc.

(a)

Class

C

59,000

2,198,930‌

Class

A

8,000

300,440‌

a

15.1

60,132,960‌

a

Consumer

Discretionary

%

of

Net

Assets

Shares

$

Value

Broadline

Retail

3.8

Amazon.com,

Inc.

(a)

70,000

15,369,900‌

a

Automotive

Retail

1.7

CarMax,

Inc.

(a)

150,000

6,730,500‌

a

5.5

22,100,400‌

Industrials

Industrial

Machinery

&

Supplies

&

Components

3.7

IDEX

Corp.

90,000

14,648,400‌

Materials

Specialty

Chemicals

1.1

Perimeter

Solutions,

Inc.

(a)

189,783

4,249,241‌

a

Total

Common

Stocks

(Cost

$183,924,224)

370,708,301‌

Cash

Equivalents

-

7.3%

a

a

$

Principal

Amount

$

Value

a

a

a

U.S.

Treasury

Bills,

3.48%

to

3.9%,

10/7/25

to

1/22/26

(c)

23,000,000

22,924,628‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(d)

6,396,922

6,396,922‌

a

Total

Cash

Equivalents

(Cost

$29,317,319)

29,321,550‌

Total

Investments

in

Securities

-

100.3%

(Cost

$213,241,543)

400,029,851‌

Options

Written

-

(0.2)%

(1,013,000‌)

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(302,583‌)

Net

Assets

-

100%

398,714,268‌

Options

Written

-

(0.2)%

$

Notional

Shares

subject

to

option

$

Value

Covered

Call

Options

Laboratory

Corp.

of

America

Holdings

November

2025

/

$260

5,200,000

20,000

(569,000‌)

Laboratory

Corp.

of

America

Holdings

November

2025

/

$270

5,400,000

20,000

(444,000‌)

Total

Options

Written

(premiums

received

$669,199)

(1,013,000‌)

†

Non-controlled

affiliate.

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Interest

rate

presented

represents

the

effective

yield

at

September

30,

2025.

(d)

Rate

presented

represents

the

7-day

average

yield

at

September

30,

2025.

22

Short

Duration

Income

Fund

Schedule

of

Investments

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Corporate

Bonds

-

7.3%

a

a

$

Principal

Amount

$

Value

a

a

a

a

Agree,

LP

2%

6/15/28

2,239,000

2,113,165‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.5%

4/20/26

(a)

(b)

518,750

519,420‌

Ares

Capital

Corp.

7%

1/15/27

1,000,000

1,029,652‌

Ares

Strategic

Income

Fund

5.7%

3/15/28

3,000,000

3,042,692‌

Ashtead

Capital,

Inc.

1.5%

8/12/26

(b)

4,800,000

4,688,036‌

4.38%

8/15/27

(b)

3,000,000

3,000,957‌

Axon

Enterprise,

Inc.

6.13%

3/15/30

(b)

1,000,000

1,029,527‌

Barings

BDC,

Inc.

5.2%

9/15/28

2,750,000

2,731,176‌

Bath

&

Body

Works,

Inc.

6.69%

1/15/27

945,000

964,296‌

Blackstone

Secured

Lending

Fund

5.88%

11/15/27

250,000

256,225‌

Boeing

Co.

(The)

6.26%

5/1/27

2,500,000

2,573,303‌

Brightwood

Capital

Offshore

Fund

V-U

RN

LLC

Series

A

6.97%

12/31/35

Floating

Rate

(TSFR3M

+

280)

(b)

3,750,000

3,802,426‌

Cantor

Fitzgerald

LP

4.5%

4/14/27

(b)

1,500,000

1,488,787‌

Cinemark

USA,

Inc.

5.25%

7/15/28

(b)

2,000,000

1,990,703‌

Concentrix

Corp.

6.65%

8/2/26

2,910,000

2,953,863‌

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.5%

10/20/25

(a)

(b)

249,750

249,449‌

Devon

Energy

Corp.

5.25%

10/15/27

390,000

390,034‌

Energy

Transfer

LP

5.63%

5/1/27

(b)

610,000

610,279‌

EPR

Properties

4.75%

12/15/26

6,569,000

6,586,617‌

4.5%

6/1/27

1,000,000

1,001,014‌

EquipmentShare.com,

Inc.

9%

5/15/28

(b)

5,000,000

5,297,365‌

Gartner,

Inc.

4.5%

7/1/28

(b)

6,229,000

6,179,139‌

Golub

Capital

Private

Credit

Fund

5.45%

8/15/28

(b)

3,000,000

3,016,385‌

Hercules

Capital,

Inc.

2.63%

9/16/26

1,500,000

1,473,739‌

Highwoods

Realty

LP

3.88%

3/1/27

7,000,000

6,933,105‌

Host

Hotels

&

Resorts

LP

5.7%

6/15/32

2,400,000

2,474,126‌

HPS

Corporate

Lending

Fund

5.45%

1/14/28

5,000,000

5,046,482‌

MasTec,

Inc.

4.5%

8/15/28

(b)

4,000,000

3,992,469‌

Newell

Brands,

Inc.

6.38%

5/15/30

50,000

49,665‌

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

5.35%

3/30/29

(b)

6,000,000

6,173,908‌

Rithm

Capital

Corp.

8%

4/1/29

(b)

5,310,000

5,439,229‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Stagwell

Global

LLC

5.63%

8/15/29

(b)

1,945,000

1,891,034‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.63%

12/1/29

(b)

1,445,000

1,431,309‌

Vontier

Corp.

1.8%

4/1/26

1,004,000

990,290‌

Whirlpool

Corp.

6.5%

6/15/33

400,000

399,547‌

a

Total

Corporate

Bonds

(Cost

$90,077,734)

91,809,413‌

Corporate

Convertible

Bonds

-

0.2%

a

a

a

a

a

Redwood

Trust,

Inc.

5.75%

10/1/25

(Cost

$3,000,000)

3,000,000

3,006,000‌

Asset-Backed

Securities

-

28.1%

a

a

a

a

a

Automobile

ACM

Auto

Trust

(ACMAT)

Series

2023-2A

Class

B

–9.85%

6/20/30

(b)

2,082,227

2,097,561‌

Series

2024-2A

Class

A

–6.06%

2/20/29

(b)

990,096

989,566‌

ARI

Fleet

Lease

Trust

(ARIFL)

Series

2023-B

Class

A2

–6.05%

7/15/32

(b)

1,194,036

1,204,354‌

Series

2024-A

Class

A2

–5.3%

11/15/32

(b)

622,495

626,640‌

Series

2024-B

Class

A2

–5.54%

4/15/33

(b)

950,482

958,234‌

Arivo

Acceptance

Auto

Loan

Receivables

Trust

(ARIVO)

Series

2022-1A

Class

A

–3.93%

5/15/28

(b)

58,122

58,115‌

Bayview

Opportunity

Master

Fund

VII

LLC

(BVCLN)

Series

2024-CAR1

Class

A

–5.46%

12/26/31

Floating

Rate

(SOFR30A

+

110)

(b)

(c)

1,390,416

1,394,604‌

Series

2024-CAR1

Class

B

–5.66%

12/26/31

Floating

Rate

(SOFR30A

+

130)

(b)

(c)

811,076

814,327‌

Bayview

Opportunity

Master

Fund

VII

Trust

(BVABS)

Series

2024-CAR1F

Class

A

–6.97%

7/29/32

(b)

935,041

936,219‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(b)

135,860

136,676‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(b)

312,423

314,313‌

BOF

VII

AL

Funding

Trust

I

(BVABS)

Series

2023-CAR3

Class

A2

–6.29%

7/26/32

(b)

1,609,992

1,638,826‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(b)

268,507

267,036‌

Chesapeake

Funding

II

LLC

(CFII)

Series

2023-1A

Class

A1

–5.65%

5/15/35

(b)

818,038

823,224‌

Series

2023-2A

Class

A1

–6.16%

10/15/35

(b)

581,377

589,797‌

Series

2024-1A

Class

A1

–5.52%

5/15/36

(b)

1,693,040

1,714,901‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-1

Class

A2

–5.51%

1/22/29

(b)

159,497

159,954‌

Series

2023-2

Class

A2

–5.56%

4/22/30

(b)

1,644,350

1,655,385‌

Series

2023-3

Class

A2

–6.4%

3/20/30

(b)

1,650,803

1,675,951‌

Series

2024-1

Class

A2

–5.23%

3/20/30

(b)

1,125,681

1,135,565‌

Series

2024-2

Class

A3

–5.61%

4/20/28

(b)

2,700,000

2,753,808‌

Series

2024-3

Class

A3

–4.98%

8/21/28

(b)

1,870,000

1,899,493‌

Series

2024-4

Class

A3

–4.56%

11/20/28

(b)

1,400,000

1,412,854‌

First

Help

Financial

Trust

(FHF)

Series

2022-1A

Class

A

–4.43%

1/18/28

(b)

357,863

357,818‌

Series

2022-2A

Class

A

–6.14%

12/15/27

(b)

102,382

102,770‌

Series

2023-1A

Class

A2

–6.57%

6/15/28

(b)

445,867

449,258‌

Series

2023-2A

Class

A2

–6.79%

10/15/29

(b)

616,757

624,535‌

Series

2024-2A

Class

A2

–5.89%

6/15/30

(b)

1,795,153

1,812,485‌

23

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2024-3A

Class

A2

–4.94%

11/15/30

(b)

2,873,156

2,870,438‌

Series

2025-1A

Class

A2

–4.92%

2/15/31

(b)

4,656,937

4,650,286‌

Huntington

Bank

Auto

Credit-Linked

Notes

(HACLN)

Series

2024-2

Class

B1

–5.44%

10/20/32

(b)

1,280,028

1,293,096‌

Series

2025-1

Class

B

–4.96%

3/21/33

(b)

4,041,752

4,068,633‌

Series

2025-2

Class

B1

–4.84%

9/20/33

(b)

3,876,817

3,889,303‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2022-1A

Class

A

–5.21%

6/15/27

(b)

50,203

50,217‌

Series

2023-1A

Class

B

–5.59%

8/16/27

(b)

2,500,000

2,502,842‌

Series

2023-4A

Class

A3

–6.1%

12/15/27

(b)

1,264,320

1,268,342‌

Lendbuzz

Auto

Receivables

Trust

(LBZZ)

Series

2024-A

Class

A

–5.94%

5/15/31

(b)

3,968,385

4,004,240‌

Series

2025-A

Class

A

–5.5%

12/31/99

(b)

4,081,232

4,094,326‌

Lendbuzz

Securitization

Trust

(LBZZ)

Series

2023-1A

Class

A2

–6.92%

8/15/28

(b)

2,008,882

2,037,240‌

Series

2023-3A

Class

A2

–7.5%

12/15/28

(b)

3,352,278

3,414,316‌

Series

2024-1A

Class

A2

–6.19%

8/15/29

(b)

1,108,861

1,116,263‌

Series

2024-2A

Class

A2

–5.99%

5/15/29

(b)

3,279,633

3,301,307‌

Series

2024-3A

Class

A2

–4.97%

10/15/29

(b)

1,618,175

1,619,997‌

Merchants

Fleet

Funding

LLC

(MFF)

Series

2023-1A

Class

A

–7.21%

5/20/36

(b)

3,729,401

3,752,277‌

OneMain

Direct

Auto

Receivables

Trust

(ODART)

Series

2021-1A

Class

A

–0.87%

7/14/28

(b)

99,232

98,980‌

Series

2022-1A

Class

C

–1.42%

7/14/28

(b)

4,100,000

4,070,821‌

Research-Driven

Pagaya

Motor

Asset

Trust

(RPM)

Series

2023-3A

Class

A

–7.13%

1/26/32

(b)

1,945,944

1,949,039‌

Series

2023-4A

Class

A

–7.54%

3/25/32

(b)

2,252,876

2,262,621‌

SAFCO

Auto

Receivables

Trust

(SAFCO)

Series

2024-1A

Class

A

–6.51%

3/20/28

(b)

259,831

260,113‌

Series

2025-1A

Class

A

–5.46%

9/10/29

(b)

7,685,034

7,668,545‌

Tricolor

Auto

Securitization

Trust

(TAST)

Series

2024-3A

Class

A

–5.22%

6/15/28

(b)

677,793

618,506‌

United

Auto

Credit

Securitization

Trust

(UACST)

Series

2024-1

Class

B

–6.57%

6/10/27

(b)

1,021,050

1,021,529‌

Series

2025-1

Class

B

–5.05%

2/10/28

(b)

7,700,000

7,724,106‌

Wheels

Fleet

Lease

Funding

LLC

(WFLF)

Series

2023-2A

Class

A

–6.46%

8/18/38

(b)

3,297,020

3,343,962‌

Series

2024-1A

Class

A1

–5.49%

2/18/39

(b)

3,195,253

3,234,436‌

Series

2024-2A

Class

A1

–4.87%

6/21/39

(b)

5,429,740

5,487,360‌

a

110,277,410‌

a

Collateralized

Loan

Obligations

Audax

Senior

Debt

CLO

6

LLC

(AUDAX)

Series

2021-6A

Class

A

–6.09%

10/20/33

Floating

Rate

(TSFR3M

+

176)

(b)

(c)

6,000,000

6,000,000‌

Series

2021-6A

Class

AR

10/20/37

Floating

Rate

(TSFR3M

+

150)

(b)

(c)

4,000,000

4,004,752‌

BlackRock

Elbert

CLO

V

LLC

(ELB)

Series

5A

Class

AR

–5.89%

6/15/34

Floating

Rate

(TSFR3M

+

185)

(b)

(c)

1,980,837

1,985,334‌

Cerberus

Loan

Funding

LII

LLC

(CERB)

Series

2025-3A

Class

A

–5.49%

10/15/37

Floating

Rate

(TSFR3M

+

152)

(b)

(c)

2,500,000

2,506,794‌

Cerberus

Loan

Funding

XLIII

LLC

(CERB)

Series

2023-4A

Class

A

–6.74%

10/15/35

Floating

Rate

(TSFR3M

+

243)

(b)

(c)

3,000,000

3,025,077‌

Cerberus

Loan

Funding

XXXII,

LP

(CERB)

Series

2021-2A

Class

A

–6.2%

4/22/33

Floating

Rate

(TSFR3M

+

188)

(a)

(b)

(c)

2,928,929

2,932,679‌

CIFC-LBC

Middle

Market

CLO

LLC

(CLBC)

Series

2023-1A

Class

A1

–6.93%

10/20/35

Floating

Rate

(TSFR3M

+

260)

(b)

(c)

5,000,000

5,016,899‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Deerpath

Capital

CLO

Ltd.

(DPATH)

Series

2021-2A

Class

A1R

–5.84%

10/15/37

Floating

Rate

(TSFR3M

+

155)

(a)

(b)

(c)

5,000,000

5,013,462‌

Fortress

Credit

Opportunities

IX

CLO

Ltd.

(FCO)

Series

2017-9A

Class

A1TR

–6.13%

10/15/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

1,500,000

1,501,780‌

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

AT

–6.13%

4/25/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

3,038,860

3,042,365‌

Greensledge

Capital

Markets

(GCM)

Series

2025-1A

Class

A

–6.69%

6/20/36

(b)

(c)

2,195,062

2,188,466‌

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

(GCFRF)

Series

2025-1A

Class

A1

–7.05%

4/10/38

Floating

Rate

(TSFR3M

+

300)

(b)

(c)

2,785,698

2,791,940‌

Ivy

Hill

Middle

Market

Credit

Fund

IX

Ltd.

(IVYH)

Series

9A

Class

A1R3

–5.63%

7/23/37

Floating

Rate

(TSFR3M

+

152)

(b)

(c)

3,500,000

3,508,993‌

Maranon

Loan

Funding

Ltd.

(MRNON)

Series

2021-2RA

Class

A1R

–6.27%

7/15/33

Floating

Rate

(TSFR3M

+

195)

(a)

(b)

(c)

5,000,000

5,005,641‌

Series

2023-1A

Class

AR

–5.98%

7/15/37

Floating

Rate

(TSFR3M

+

165)

(a)

(b)

(c)

3,400,000

3,410,844‌

Monroe

Capital

Funding

CLO

X

Ltd.

(MCFCL)

Series

2023-1A

Class

A1R

–5.77%

4/15/37

Floating

Rate

(TSFR3M

+

145)

(a)

(b)

(c)

3,000,000

3,007,500‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

A1

–5.8%

9/14/33

Floating

Rate

(TSFR3M

+

176)

(a)

(b)

(c)

7,500,000

7,510,670‌

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.

(NMRF)

Series

2024-1A

Class

A

–7.07%

4/5/37

Floating

Rate

(TSFR3M

+

275)

(a)

(b)

(c)

4,150,000

4,114,132‌

Silver

Point

SCF

CLO

V,

Ltd.

(SPCSL)

Series

2025-1A

Class

A1

–5.83%

4/20/38

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

2,875,000

2,882,279‌

Starwood

Commercial

Mortgage

Trust

(STWD)

Series

2025-SIF5A

Class

A

–5.8%

4/15/37

Floating

Rate

(TSFR3M

+

155)

(b)

(c)

5,000,000

5,031,395‌

Series

2025-SIF6A

Class

A1

10/17/37

Floating

Rate

(TSFR3M

+

155)

(a)

(b)

(c)

7,400,000

7,408,769‌

Starwood

Property

Mortgage

Trust

(STWD)

Series

2024-SIF3A

Class

A1

–6.27%

4/17/36

Floating

Rate

(TSFR3M

+

195)

(b)

(c)

5,000,000

5,027,803‌

Windhill

CLO

4,

Ltd.

(WINDHL)

Series

2025-1A

Class

A

10/22/37

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

5,000,000

5,003,750‌

a

91,921,324‌

a

Consumer

&

Specialty

Finance

ACHV

ABS

Trust

(ACHV)

Series

2025-1PL

Class

C

–5.31%

4/26/32

(b)

1,362,000

1,365,312‌

Aqua

Finance

Issuer

Trust

(AQFIT)

Series

2025-A

Class

A

–5.25%

12/19/50

(b)

5,778,818

5,887,305‌

Series

2025-B

Class

A

–4.79%

5/17/51

(b)

2,674,151

2,693,000‌

Bankers

Healthcare

Group

Securitization

Trust

(BHG)

Series

2021-A

Class

A

–1.42%

11/17/33

(b)

95,843

94,831‌

Series

2022-B

Class

B

–4.84%

6/18/35

(b)

145,425

145,428‌

Series

2023-A

Class

A

–5.55%

4/17/36

(b)

578,440

579,387‌

Series

2023-B

Class

A

–6.92%

12/17/36

(b)

629,209

659,699‌

Series

2024-1CON

Class

A

–5.81%

4/17/35

(b)

689,407

708,561‌

BHG

Owner

Loan

Trust

(BOLT)

Series

2025-1CON

Class

A

–5%

8/18/36

(b)

9,570,549

9,684,810‌

24

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

$

Principal

Amount

$

Value

a

a

a

a

Finance

of

America

HECM

Buyout

(FAHB)

Series

2024-HB1

Class

A1A

–4%

10/1/34

(b)

(c)

2,857,736

2,850,200‌

Series

2024-HB1

Class

A1B

–4%

10/1/34

(b)

(c)

4,000,000

3,960,017‌

Foundation

Finance

Trust

(FFIN)

Series

2021-2A

Class

A

–2.19%

1/15/42

(b)

769,666

734,682‌

Series

2023-1A

Class

A

–5.67%

12/15/43

(b)

1,070,019

1,097,372‌

Series

2023-2A

Class

A

–6.53%

6/15/49

(b)

2,334,254

2,438,705‌

Series

2024-1A

Class

A

–5.5%

12/15/49

(b)

2,169,990

2,219,301‌

Series

2024-2A

Class

A

–4.6%

3/15/50

(b)

1,178,686

1,181,599‌

Series

2025-1A

Class

A

–4.95%

4/15/50

(b)

4,922,854

4,990,932‌

Series

2025-2A

Class

A

–4.67%

4/15/52

(b)

2,172,545

2,183,783‌

Goodleap

Home

Improvement

Solutions

Trust

(GDLP)

Series

2024-1A

Class

A

–5.35%

10/20/46

(b)

1,813,299

1,838,817‌

Greensky

Home

Improvement

Issuer

Trust

(GSKY)

Series

2024-2

Class

A2

–5.25%

10/27/59

(b)

1,699,999

1,705,292‌

Series

2024-2

Class

A4

–5.15%

10/27/59

(b)

1,624,511

1,644,691‌

Series

2025-1A

Class

A4

–5.22%

3/25/60

(b)

633,359

642,273‌

Series

2025-2A

Class

A3

–5.02%

6/25/60

(b)

2,000,000

2,029,697‌

GreenSky

Home

Improvement

Trust

(GSKY)

Series

2024-1

Class

A2

–5.88%

6/25/59

(b)

929,928

934,894‌

Hilton

Grand

Vacations

Trust

(HGVT)

Series

2020-AA

Class

A

–2.74%

2/25/39

(b)

85,850

84,491‌

Octane

Receivables

Trust

(OCTL)

Series

2023-1A

Class

A

–5.87%

5/21/29

(b)

87,403

87,548‌

Series

2023-2A

Class

A2

–5.88%

6/20/31

(b)

295,616

295,912‌

Series

2024-2A

Class

A2

–5.8%

7/20/32

(b)

3,502,032

3,534,674‌

Pagaya

AI

Debt

Grantor

Trust

(PAID)

Series

2024-11

Class

B

–5.64%

7/15/32

(b)

2,300,202

2,317,381‌

Series

2024-8

Class

B

–5.46%

1/15/32

(b)

5,610,198

5,634,155‌

Series

2025-1

Class

B

–5.63%

7/15/32

(b)

2,999,744

3,034,504‌

Series

2025-2

Class

A2

–4.96%

10/15/32

(b)

3,999,580

4,010,022‌

Pagaya

AI

Debt

Selection

Trust

(PAID)

Series

2021-HG1

Class

A

–1.22%

1/16/29

(b)

11,096

11,079‌

Pagaya

AI

Debt

Trust

(PAID)

Series

2022-5

Class

A

–8.1%

6/17/30

(b)

19,626

19,646‌

Series

2024-1

Class

A

–6.66%

7/15/31

(b)

196,812

198,125‌

Series

2024-3

Class

B

–6.57%

10/15/31

(b)

2,955,608

2,976,447‌

Pagaya

Point

of

Sale

Holdings

Grantor

Trust

(POSH)

Series

2025-1

Class

A

–5.72%

1/20/34

(b)

5,000,000

5,060,740‌

Reach

ABS

Trust

(REACH)

Series

2024-1A

Class

A

–6.3%

2/18/31

(b)

118,226

118,400‌

Series

2024-2A

Class

A

–5.88%

7/15/31

(b)

618,998

622,267‌

Series

2025-1A

Class

A

–4.96%

8/16/32

(b)

847,390

849,930‌

Series

2025-1A

Class

B

–5.34%

8/16/32

(b)

3,000,000

3,046,633‌

a

84,172,542‌

a

Data

Center

Compass

Datacenters

Issuer

III

LLC

(CMDC)

Series

2025-1A

Class

A2

–5.66%

2/25/50

(b)

1,500,000

1,532,854‌

Switch

ABS

Issuer,

LLC

(SWTCH)

Series

2025-1A

Class

A2

–5.04%

3/25/55

(b)

5,000,000

4,961,462‌

a

6,494,316‌

a

Equipment

Amur

Equipment

Finance

Receivables

XI

LLC

(AXIS)

Series

2022-2A

Class

A2

–5.3%

6/21/28

(b)

312,175

312,977‌

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(b)

1,248,993

1,261,635‌

Amur

Equipment

Finance

Receivables

XIII

LLC

(AXIS)

Series

2024-1A

Class

A2

–5.38%

1/21/31

(b)

1,046,229

1,058,310‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Amur

Equipment

Finance

Receivables

XIV

LLC

(AXIS)

Series

2024-2A

Class

A2

–5.19%

7/21/31

(b)

2,571,468

2,606,077‌

Amur

Equipment

Finance

Receivables

XV

LLC

(AXIS)

Series

2025-1A

Class

A2

–4.7%

9/22/31

(b)

3,062,500

3,092,949‌

Auxilior

Term

Funding

LLC

(XCAP)

Series

2023-1A

Class

A2

–6.18%

12/15/28

(b)

1,252,239

1,261,640‌

Series

2024-1A

Class

A3

–5.49%

7/15/31

(b)

3,500,000

3,571,686‌

Crossroads

Asset

Trust

(XROAD)

Series

2024-A

Class

A2

–5.9%

8/20/30

(b)

963,120

976,315‌

Dell

Equipment

Finance

Trust

(DEFT)

Series

2023-3

Class

A3

–5.93%

4/23/29

(b)

2,327,207

2,343,084‌

Series

2024-1

Class

A3

–5.39%

3/22/30

(b)

1,830,000

1,847,416‌

Series

2024-2

Class

A3

–4.59%

8/22/30

(b)

900,000

907,100‌

Dext

ABS

LLC

(DEXT)

Series

2023-2

Class

A2

–6.56%

5/15/34

(b)

1,478,988

1,490,469‌

DLLMT

LLC

(DLLMT)

Series

2024-1A

Class

A3

–4.84%

8/21/28

(b)

3,520,000

3,560,616‌

DLLST

LLC

(DLLST)

Series

2024-1A

Class

A3

–5.05%

8/20/27

(b)

1,078,438

1,083,452‌

Granite

Park

Equipment

Leasing

LLC

(SCFGP)

Series

2023-1A

Class

A3

–6.46%

9/20/32

(b)

615,903

626,037‌

GreatAmerica

Leasing

Receivables

Funding

LLC

(GALC)

Series

2024-2

Class

A3

–5%

9/15/28

(b)

2,160,000

2,195,293‌

HPEFS

Equipment

Trust

(HPEFS)

Series

2024-2A

Class

A3

–5.36%

10/20/31

(b)

1,125,000

1,133,780‌

Kubota

Credit

Owner

Trust

(KCOT)

Series

2024-2A

Class

A3

–5.26%

11/15/28

(b)

2,060,000

2,099,718‌

M&T

Equipment

Notes

(MTLRF)

Series

2024-1A

Class

A2

–4.99%

8/18/31

(b)

1,904,873

1,911,816‌

MMAF

Equipment

Finance

LLC

(MMAF)

Series

2023-A

Class

A2

–5.79%

11/13/26

(b)

315,406

316,114‌

NMEF

Funding  LLC

(NMEF)

Series

2025-B

Class

A2

–4.64%

1/18/33

(b)

2,000,000

2,009,006‌

NMEF

Funding

LLC

(NMEF)

Series

2025-A

Class

A2

–4.72%

7/15/32

(b)

3,531,611

3,549,268‌

OWN

Equipment

Fund

I

LLC

(EQS)

Series

2024-2M

Class

A

–5.7%

12/20/32

(b)

3,078,077

3,127,167‌

OWN

Equipment

Fund

II

LLC

(EQS)

Series

2025-1M

Class

A

–5.48%

9/26/33

(b)

1,641,350

1,658,875‌

SCF

Equipment

Leasing

LLC

(SCFET)

Series

2023-1A

Class

A3

–6.17%

5/20/32

(b)

2,115,168

2,147,968‌

a

46,148,768‌

a

Fiber

ALLO

Issuer

LLC

(ALLO)

Series

2024-1A

Class

A2

–5.94%

7/20/54

(b)

3,000,000

3,059,570‌

Series

2025-1A

Class

A2

–5.53%

4/20/55

(b)

3,500,000

3,556,134‌

Series

2025-1A

Class

B

–6.16%

4/20/55

(b)

5,000,000

5,108,822‌

Zayo

Issuer

LLC

(ZAYO)

Series

2025-1A

Class

A2

–5.65%

3/20/55

(b)

1,750,000

1,785,016‌

a

13,509,542‌

a

Other

Verizon

Master

Trust

(VZMT)

Series

2023-7

Class

A1A

–5.67%

11/20/29

3,000,000

3,059,626‌

a

Total

Asset-Backed

Securities

(Cost

$352,801,505)

355,583,528‌

25

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

Commercial

Mortgage-Backed

Securities

-

8.9%

a

a

$

Principal

Amount

$

Value

a

a

a

a

Acrec

LLC

(ACREC)

Series

2025-FL3

Class

A

–5.45%

8/18/42

Floating

Rate

(TSFR1M

+

131)

(b)

4,000,000

4,001,167‌

Arbor

Realty

Collateralized

Loan

Obligation,

Ltd.

(ARCLO)

Series

2025-BTR1

Class

AS

–6.77%

1/20/41

Floating

Rate

(TSFR1M

+

264)

(b)

7,000,000

6,985,633‌

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

(ARCREN)

Series

2025-FL1

Class

AS

–5.97%

1/20/43

Floating

Rate

(TSFR1M

+

183)

(b)

5,200,000

5,200,763‌

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

AS

–7.01%

8/17/41

Floating

Rate

(TSFR1M

+

287)

(a)

(b)

5,000,000

5,006,849‌

AREIT,

Ltd.

(AREIT)

Series

2024-CRE9

Class

AS

–6.39%

5/17/41

Floating

Rate

(TSFR1M

+

224)

(a)

(b)

5,000,000

5,001,195‌

Series

2025-CRE10

Class

A

–5.53%

12/17/29

Floating

Rate

(TSFR1M

+

139)

(a)

(b)

5,000,000

5,002,985‌

Brightspire

Capital,

Inc.

(BRSP)

Series

2024-FL2

Class

E

–10.67%

8/19/37

Floating

Rate

(TSFR1M

+

654)

(a)

(b)

499,000

509,400‌

BRSP

Ltd.

(BRSP)

Series

2021-FL1

Class

A

–5.4%

8/19/38

Floating

Rate

(TSFR1M

+

126)

(a)

(b)

915,667

913,428‌

Series

2024-FL2

Class

A

–6.08%

8/19/37

Floating

Rate

(TSFR1M

+

195)

(a)

(b)

5,000,000

5,002,224‌

BX

Trust

(BX)

Series

2025-ROIC

Class

A

–5.29%

3/15/30

Floating

Rate

(TSFR1M

+

114)

(b)

5,976,690

5,970,634‌

Dwight

Issuer

LLC

(DWIGHT)

Series

2025-FL1

Class

A

–5.8%

6/18/42

Floating

Rate

(TSFR1M

+

166)

(b)

7,500,000

7,513,812‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

A

–5.75%

7/16/35

Floating

Rate

(TSFR1M

+

161)

(a)

(b)

711,433

711,503‌

Series

2021-FL3

Class

AS

–6.1%

7/16/35

Floating

Rate

(TSFR1M

+

196)

(a)

(b)

7,500,000

7,501,723‌

HGI

CRE

CLO

Ltd.

(HGI)

Series

2021-FL2

Class

A

–5.26%

9/17/36

Floating

Rate

(TSFR1M

+

111)

(a)

(b)

133,951

134,136‌

Series

2021-FL2

Class

B

–5.76%

9/17/36

Floating

Rate

(TSFR1M

+

161)

(a)

(b)

4,000,000

3,987,642‌

Hilton

USA

Trust

(HILT)

Series

2016-SFP

Class

E

–5.52%

11/5/35

(b),(d)

4,300,000

176,943‌

KREF

Ltd.

(KREF)

Series

2021-FL2

Class

A

–5.33%

2/15/39

Floating

Rate

(TSFR1M

+

118)

(a)

(b)

2,194,643

2,189,211‌

LoanCore

Issuer

LLC

(LNCR)

Series

2025-CRE8

Class

A

–5.53%

8/17/42

Floating

Rate

(TSFR1M

+

139)

(b)

2,500,000

2,506,199‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

A

–5.56%

7/15/36

Floating

Rate

(TSFR1M

+

141)

(a)

(b)

363,997

364,256‌

Series

2021-CRE5

Class

C

–6.61%

7/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

1,500,000

1,496,156‌

NRTH

Commercial

Mortgage

Trust

(NRTH)

Series

2025-PARK

Class

A

–5.54%

10/15/40

Floating

Rate

(TSFR1M

+

139)

(b)

5,000,000

4,987,500‌

PFP

Ltd.

(PFP)

Series

2024-11

Class

A

–6.05%

9/17/39

Floating

Rate

(TSFR1M

+

183)

(a)

(b)

2,576,142

2,577,359‌

Series

2024-11

Class

AS

–6.41%

9/17/39

Floating

Rate

(TSFR1M

+

219)

(a)

(b)

4,725,652

4,728,295‌

Series

2025-12

Class

A

–5.63%

12/18/42

Floating

Rate

(TSFR1M

+

149)

(a)

(b)

5,000,000

5,003,347‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

SKY

Trust

(SKY)

Series

2025-LINE

Class

A

–6.74%

4/15/42

Floating

Rate

(TSFR1M

+

259)

(b)

4,956,140

4,955,869‌

STWD

Ltd.

(STWD)

Series

2022-FL3

Class

A

–5.72%

11/15/38

Floating

Rate

(SOFR30A

+

135)

(a)

(b)

3,455,393

3,446,966‌

SWCH

Commercial

Mortgage

Trust

(SWCH)

Series

2025-DATA

Class

A

–5.59%

2/15/42

Floating

Rate

(TSFR1M

+

144)

(b)

7,500,000

7,471,669‌

TPG

Real

Estate

Finance

(TRTX)

Series

2025-FL6

Class

A

–5.67%

9/18/42

Floating

Rate

(TSFR1M

+

154)

(a)

(b)

4,000,000

3,992,387‌

TRTX

Issuer,

Ltd.

(TRTX)

Series

2021-FL4

Class

C

–6.66%

3/15/38

Floating

Rate

(TSFR1M

+

251)

(a)

(b)

5,000,000

5,001,506‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$116,356,115)

112,340,757‌

Mortgage-Backed

Securities

-

35.5%

a

a

a

a

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

4107

Class

LW

–1.75%

8/15/27

2,046,234

2,010,066‌

Series

4281

Class

AG

–2.5%

12/15/28

1

1‌

Series

3003

Class

LD

–5%

12/15/34

260,307

266,787‌

Series

2952

Class

PA

–5%

2/15/35

63,869

63,624‌

Series

5486

Class

VB

–5%

5/25/35

4,729,628

4,724,505‌

Series

3620

Class

PA

–4.5%

12/15/39

157,654

158,059‌

Series

3842

Class

PH

–4%

4/15/41

263,198

261,186‌

Series

5436

Class

AB

–5.5%

4/25/49

6,342,454

6,392,185‌

Series

550

Class

MJ

–5.5%

5/25/49

8,489,375

8,553,494‌

Series

5444

Class

BC

–5.5%

7/25/49

4,703,263

4,742,036‌

Series

5501

Class

NA

–5.5%

7/25/49

8,334,914

8,396,047‌

Series

5501

Class

NE

–5.5%

7/25/49

4,167,457

4,198,024‌

Series

5440

Class

B

–5.5%

9/25/49

3,225,037

3,277,792‌

Series

5444

Class

AB

–5.5%

9/25/49

4,317,406

4,320,400‌

Series

5413

Class

JA

–5.5%

1/25/50

3,699,975

3,779,024‌

Series

5490

Class

LC

–5.5%

8/25/50

4,088,145

4,128,412‌

Series

5407

Class

AB

–5.5%

11/25/50

3,114,230

3,138,433‌

Series

5301

Class

ED

–5%

4/25/53

6,185,323

6,232,081‌

a

Pass-Through

Securities

Pool#

J13949

–

3.5%

12/1/25

9,864

9,830‌

Pool#

E02804

–

3%

12/1/25

16,227

16,178‌

Pool#

J14649

–

3.5%

4/1/26

21,535

21,447‌

Pool#

E02948

–

3.5%

7/1/26

167,317

166,551‌

Pool#

J16663

–

3.5%

9/1/26

209,885

208,863‌

Pool#

E03033

–

3%

2/1/27

142,324

141,279‌

Pool#

ZS8692

–

2.5%

4/1/33

427,898

411,372‌

Pool#

G01818

–

5%

5/1/35

329,970

338,071‌

Pool#

SB8257

–

5.5%

9/1/38

4,428,717

4,532,816‌

Pool#

SB8278

–

5.5%

1/1/39

2,943,724

3,012,945‌

Pool#

SB8287

–

5%

3/1/39

5,037,248

5,096,539‌

Pool#

SB8293

–

5%

4/1/39

4,774,108

4,830,307‌

Series

5440

Class

NG

–5.5%

9/25/49

2,792,592

2,796,144‌

Series

5407

Class

DA

–5.5%

11/25/49

3,528,589

3,557,257‌

Series

5450

Class

KA

–4.5%

6/25/51

14,978,867

14,994,223‌

104,775,978‌

26

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2024-87

Class

VK

–5%

6/25/35

5,644,485

5,661,637‌

Series

2023-12

Class

GB

–6%

6/25/45

2,690,955

2,745,069‌

Series

2024-20

Class

HD

–5.5%

3/25/46

3,379,128

3,414,572‌

Series

2024-21

Class

DA

–5.5%

12/25/46

3,921,082

3,936,133‌

Series

2024-20

Class

CA

–5.5%

1/25/47

1,746,645

1,753,596‌

Series

2024-41

Class

GA

–5.5%

2/25/48

3,933,451

3,982,461‌

Series

2024-9

Class

CE

–5%

10/25/48

2,657,811

2,666,326‌

Series

2024-97

Class

BA

–5.5%

4/25/49

8,891,711

8,979,418‌

Series

2024-20

Class

EA

–5.5%

8/25/49

2,482,179

2,496,567‌

Series

2024-65

Class

BA

–5%

8/25/49

13,744,716

13,777,775‌

Series

2024-61

Class

CA

–5%

11/25/49

10,612,864

10,621,351‌

Series

2025-9

Class

EA

–5.5%

4/25/50

8,034,223

8,114,628‌

Series

2025-59

Class

MA

–5%

3/25/51

6,452,050

6,463,737‌

a

Pass-Through

Securities

Pool#

310139

–

3.5%

11/1/25

7,398

7,375‌

Pool#

AB1769

–

3%

11/1/25

3,880

3,866‌

Pool#

AH3429

–

3.5%

1/1/26

57,005

56,773‌

Pool#

AB2251

–

3%

2/1/26

18,896

18,809‌

Pool#

AB3902

–

3%

11/1/26

57,729

57,264‌

Pool#

AB4482

–

3%

2/1/27

376,026

372,764‌

Pool#

AL1366

–

2.5%

2/1/27

135,348

133,864‌

Pool#

AB6291

–

3%

9/1/27

102,913

101,874‌

Pool#

MA3189

–

2.5%

11/1/27

167,883

165,360‌

Pool#

MA3791

–

2.5%

9/1/29

568,663

554,319‌

Pool#

BM5708

–

3%

12/1/29

309,575

306,017‌

Pool#

MA0587

–

4%

12/1/30

671,613

668,607‌

Pool#

BA4767

–

2.5%

1/1/31

345,593

334,016‌

Pool#

AS7701

–

2.5%

8/1/31

1,201,831

1,160,864‌

Pool#

555531

–

5.5%

6/1/33

636,060

652,485‌

Pool#

MA3540

–

3.5%

12/1/33

443,912

437,996‌

Pool#

725232

–

5%

3/1/34

59,734

60,583‌

Pool#

995112

–

5.5%

7/1/36

305,434

317,199‌

Pool#

MA5311

–

5%

3/1/39

4,009,791

4,056,993‌

84,080,298‌

a

Government

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2025-99

Class

GA

–5.5%

3/20/48

7,947,583

8,057,667‌

Series

2024-23

Class

KA

–5.5%

4/20/48

3,965,707

3,992,434‌

Series

2024-197

Class

PJ

–6.5%

2/20/53

2,428,861

2,454,848‌

a

Pass-Through

Securities

Pool#

5255

–

3%

12/20/26

249,621

247,869‌

14,752,818‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

A&D

Mortgage

Trust

(ADMT)

Series

2024-NQM3

Class

A1

–6.45%

7/25/69

(b)

(c)

3,161,379

3,209,574‌

Series

2025-NQM2

Class

A1

–5.79%

6/25/70

(b)

(c)

2,877,218

2,905,518‌

Series

2025-NQM3

Class

A1

–5.37%

8/25/70

(b)

(c)

6,419,057

6,445,609‌

Series

2025-NQM4

Class

A1A

–5.23%

10/25/70

(b)

(c)

4,854,254

4,866,756‌

Angel

Oak

Mortgage

Trust

(AOMT)

Series

2025-1

Class

A1

–5.69%

1/25/70

(b)

(c)

3,620,650

3,659,942‌

Series

2025-2

Class

A1

–5.64%

2/25/70

(b)

(c)

2,725,605

2,753,080‌

Series

2025-3

Class

A1

–5.42%

3/25/70

(b)

(c)

4,630,714

4,664,546‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2025-5

Class

A1

–5.57%

4/25/70

(b)

(c)

3,499,932

3,533,857‌

Bunker

Hill

Loan

Depositary

Trust

(BHLD)

Series

2019-3A

Class

A1

–2.72%

11/25/59

(b)

(c)

156,487

155,272‌

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A4A

–6%

1/25/55

(b)

(c)

3,155,062

3,195,079‌

Series

2024-2

Class

A4A

–6%

2/25/55

(b)

(c)

3,472,035

3,513,753‌

Series

2024-4

Class

A4

–6%

3/25/55

(b)

(c)

2,882,516

2,928,619‌

Series

2024-9

Class

A6

–5.5%

9/25/55

(b)

(c)

1,352,700

1,356,461‌

Citigroup

Mortgage

Loan

Trust

(CMLTI)

Series

2014-A

Class

A

–4%

1/25/35

(b)

(c)

232,957

227,892‌

Cross

Mortgage

Trust

(CROSS)

Series

2025-H1

Class

A1

–5.74%

2/25/70

(b)

(c)

6,247,832

6,316,241‌

Series

2025-H2

Class

A1

–5.36%

3/25/70

(b)

(c)

1,823,105

1,834,801‌

Series

2025-H4

Class

A1

–5.6%

6/25/70

(b)

(c)

1,981,702

2,001,215‌

Series

2025-H7

Class

A1A

–4.93%

9/25/70

(b)

(c)

5,000,000

4,997,304‌

Finance

of

America

Structured

Securities

Trust

(FASST)

Series

2025-S3

Class

A1

–3.5%

9/25/55

(b)

(c)

4,000,000

3,884,802‌

Series

2024-S1

Class

A1

–3.5%

2/25/74

(b)

(c)

4,441,848

4,351,210‌

Series

2025-S1

Class

A1

–3.5%

2/25/75

(b)

2,886,215

2,793,192‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2017-1

Class

2A2

–3%

3/25/47

(b)

(c)

248,677

231,733‌

Series

2021-7

Class

A5

–2.5%

8/25/51

(b)

(c)

4,238,810

3,799,668‌

Series

2021-10IN

Class

A6

–2.5%

10/25/51

(b)

(c)

3,770,898

3,397,340‌

GCAT

Trust

(GCAT)

Series

2025-NQM1

Class

A1

–5.37%

11/25/69

(b)

(c)

4,541,324

4,571,013‌

Series

2025-NQM5

Class

A1

–4.98%

8/25/70

(b)

(c)

3,000,000

2,999,976‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2021-PJ9

Class

A8

–2.5%

2/26/52

(b)

(c)

2,678,388

2,396,492‌

Series

2022-PJ1

Class

A8

–2.5%

5/28/52

(b)

(c)

3,309,302

2,938,606‌

Series

2022-PJ2

Class

A24

–3%

6/25/52

(b)

(c)

2,050,784

1,871,582‌

Series

2024-PJ5

Class

A15

–6%

9/25/54

(b)

(c)

2,723,062

2,754,571‌

Series

2024-PJ8

Class

A8

–5.5%

2/25/55

(b)

(c)

3,295,707

3,297,967‌

Series

2025-PJ3

Class

A8

–5.5%

7/25/55

(b)

(c)

4,320,569

4,348,028‌

Series

2020-NQM1

Class

A1

–1.38%

9/27/60

(b)

(c)

236,431

224,579‌

Series

2025-NQM2

Class

A1

–5.65%

6/25/65

(b)

(c)

6,494,869

6,551,554‌

Series

2025-NQM3

Class

A1

–5.14%

11/25/65

(b)

(c)

2,896,740

2,902,013‌

Homes

Trust

(HOMES)

Series

2025-NQM1

Class

A1

–5.55%

1/25/70

(b)

(c)

3,217,897

3,243,372‌

Series

2025-NQM2

Class

A1

–5.42%

2/25/70

(b)

(c)

2,811,759

2,829,539‌

Series

2025-NQM3

Class

A1

–5.63%

2/25/70

(b)

(c)

4,809,298

4,854,851‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2014-2

Class

2A2

–3.5%

6/25/29

(b)

(c)

75,334

74,853‌

Series

2014-5

Class

A1

–2.6%

10/25/29

(b)

(c)

431,204

424,619‌

Series

2016-3

Class

2A1

–2.94%

10/25/46

(b)

(c)

600,728

566,912‌

Series

2017-3

Class

2A2

–2.5%

8/25/47

(b)

(c)

1,552,340

1,364,090‌

Series

2018-6

Class

2A2

–3%

12/25/48

(b)

(c)

143,352

137,504‌

Series

2020-8

Class

A4

–3%

3/25/51

(b)

(c)

75,274

74,220‌

Series

2021-4

Class

A4

–2.5%

8/25/51

(b)

(c)

1,675,918

1,517,650‌

Series

2021-6

Class

A4

–2.5%

10/25/51

(b)

(c)

3,815,089

3,434,642‌

Series

2021-8

Class

A4

–2.5%

12/25/51

(b)

(c)

1,249,164

1,124,936‌

Series

2022-2

Class

A4A

–2.5%

8/25/52

(b)

(c)

1,507,568

1,345,876‌

Series

2023-6

Class

A4A

–5.5%

12/26/53

(b)

(c)

1,900,235

1,906,381‌

Series

2024-2

Class

A6A

–6%

8/25/54

(b)

(c)

717,233

716,735‌

Series

2024-4

Class

A4A

–6%

10/25/54

(b)

(c)

1,983,151

2,002,977‌

Series

2024-5

Class

A6

–6%

11/25/54

(b)

(c)

4,311,130

4,342,998‌

Series

2024-10

Class

A6

–5.5%

3/25/55

(b)

(c)

2,457,640

2,464,301‌

Series

2024-11

Class

A6A

–5.5%

4/25/55

(b)

(c)

3,992,184

4,003,099‌

Series

2025-3

Class

A1B

–5.56%

9/25/55

(b)

(c)

2,517,347

2,525,234‌

Series

2025-7MPR

Class

A1D

–5.32%

2/25/56

(b)

(c)

3,500,000

3,504,849‌

Series

2025-NQM1

Class

A1

–5.59%

6/25/65

(b)

(c)

5,540,103

5,591,067‌

Series

2025-NQM2

Class

A1

–5.57%

9/25/65

(b)

(c)

963,675

972,546‌

27

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

(Unaudited)

September

30,

2025

a

a

$

Principal

Amount

$

Value

a

a

a

a

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(MSRM)

Series

2025-NQM3

Class

A1

–5.53%

5/25/70

(b)

(c)

1,291,079

1,301,374‌

Series

2025-NQM4

Class

A1

–5.59%

6/25/70

(b)

(c)

2,897,794

2,924,123‌

Series

2025-DSC2

Class

A1

–5.44%

7/25/70

(b)

(c)

1,216,008

1,225,704‌

Series

2025-NQM6

Class

A1

–5.15%

7/25/70

(b)

(c)

4,000,000

4,009,463‌

Series

2025-DSC3

Class

A1A

–4.91%

9/25/70

(b)

(c)

5,619,204

5,592,316‌

New

Residential

Mortgage

Loan

Trust

(NRZT)

Series

2025-NQM2

Class

A1

–5.57%

4/25/65

(b)

(c)

1,354,019

1,368,804‌

Series

2025-NQM3

Class

A1

–5.53%

5/25/65

(b)

(c)

4,587,621

4,636,184‌

Onslow

Bay

Financial

LLC

(OBX)

Series

2025-NQM3

Class

A1

–5.65%

12/1/64

(b)

(c)

2,275,079

2,300,091‌

Series

2025-NQM1

Class

A1

–5.55%

12/25/64

(b)

(c)

2,652,658

2,676,925‌

Series

2025-NQM6

Class

A1

–5.6%

3/25/65

(b)

(c)

7,180,958

7,268,631‌

Series

2025-NQM6

Class

A2

–5.76%

3/25/65

(b)

(c)

3,590,479

3,623,081‌

Radian

Mortgage

Capital

Trust

(RMCT)

Series

2024-J2

Class

A8

–5.5%

3/25/55

(b)

(c)

2,259,497

2,262,423‌

Rate

Mortgage

Trust

(RATE)

Series

2021-J3

Class

A7

–2.5%

10/25/51

(b)

(c)

3,565,728

3,171,698‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(b)

(c)

4,412,864

3,972,886‌

Santander

Mortgage

Asset

Receivable

Trust

(SAN)

Series

2025-NQM5

Class

A1

–5.07%

8/25/65

(b)

(c)

7,000,000

7,010,430‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2019-CH2

Class

A1

–4.5%

8/25/49

(b)

(c)

1,975

1,969‌

Series

2020-3

Class

A4

–3%

4/25/50

(b)

(c)

118,935

117,378‌

Series

2023-3

Class

A4

–6%

9/25/53

(b)

(c)

2,257,722

2,285,132‌

Series

2024-3

Class

A4

–6%

4/25/54

(b)

(c)

2,694,120

2,722,044‌

Series

2024-4

Class

A4

–6%

5/25/54

(b)

(c)

2,281,940

2,309,778‌

Series

2024-5

Class

A5

–6%

6/25/54

(b)

(c)

1,790,929

1,811,528‌

Series

2024-10

Class

A5

–5.5%

11/25/54

(b)

(c)

2,393,224

2,404,476‌

Series

2025-6

Class

A11

–5.5%

7/25/55

(b)

(c)

8,228,564

8,277,286‌

Verus

Securitization

Trust

(VERUS)

Series

2025-1

Class

A1

–5.62%

1/25/70

(b)

(c)

1,908,096

1,927,033‌

Series

2025-4

Class

A1

–5.45%

5/25/70

(b)

(c)

1,425,591

1,437,981‌

Series

2025-5

Class

A1

–5.43%

6/25/70

(b)

(c)

1,112,345

1,121,567‌

Series

2025-6

Class

A1

–5.42%

7/25/70

(b)

(c)

989,836

998,228‌

Series

2025-7

Class

A1

–5.13%

8/25/70

(b)

(c)

5,000,000

5,019,866‌

244,681,495‌

a

Total

Mortgage-Backed

Securities

(Cost

$448,906,484)

448,290,589‌

U.S.

Treasuries

-

17.4%

a

a

a

a

a

U.S.

Treasury

Notes

4.25%

10/15/25

12,000,000

12,000,028‌

4%

2/15/26

12,000,000

12,002,982‌

4.63%

3/15/26

10,000,000

10,034,641‌

4.88%

4/30/26

20,000,000

20,118,335‌

4.5%

7/15/26

22,000,000

22,124,250‌

1.88%

7/31/26

15,000,000

14,770,490‌

4.63%

9/15/26

12,000,000

12,101,343‌

1.63%

10/31/26

17,000,000

16,629,453‌

2.25%

2/15/27

2,000,000

1,962,148‌

1.13%

2/28/27

10,000,000

9,652,344‌

1.13%

2/29/28

16,000,000

15,089,687‌

4.38%

8/31/28

15,000,000

15,307,617‌

4.63%

9/30/28

4,000,000

4,112,891‌

4%

1/31/29

8,000,000

8,088,125‌

4%

2/28/30

4,000,000

4,047,031‌

4.13%

8/31/30

8,000,000

8,135,469‌

4.63%

9/30/30

15,000,000

15,594,141‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

4.13%

7/31/31

11,000,000

11,169,297‌

4.13%

10/31/31

7,000,000

7,103,496‌

a

Total

U.S.

Treasuries

(Cost

$219,556,669)

220,043,768‌

Cash

Equivalents

-

4.7%

a

Shares

$

Value

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(Cost

$59,403,828)

(e)

59,403,828

59,403,828‌

Total

Investments

in

Securities

-

102.1%

(Cost

$1,290,102,335)

1,290,477,883‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (2.1%)

(26,027,830‌)

Net

Assets

-

100%

1,264,450,053‌

(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

September

30,

2025,

the

total

value

of

such

securities

was

$761,647,593

or

60.24%

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)

Defaulted

bond.

(e)

Rate

presented

represents

the

7-day

average

yield

at

September

30,

2025.

28

Ultra

Short

Government

Fund

Schedule

of

Investments

(Unaudited)

September

30,

2025

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Asset-Backed

Securities

-

0.0%

a

a

$

Principal

Amount

$

Value

a

a

a

a

Automobile

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(a)

19,179

19,074‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2022-1A

Class

A

–5.21%

6/15/27

(a)

2,510

2,511‌

21,585‌

a

Total

Asset-Backed

Securities

(Cost

$21,678)

21,585‌

U.S.

Treasuries

-

13.8%

a

a

a

a

a

U.S.

Treasury

Notes

4.25%

12/31/25

(Cost

$20,001,140)

20,000,000

20,015,145‌

Cash

Equivalents

-

86.2%

a

a

a

a

U.S.

Treasury

Bills,

3.79%

to

3.91%,

10/16/25

to

1/29/26

(b)

126,000,000

124,998,334‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

3.99%

(c)

559,992

559,992‌

a

Total

Cash

Equivalents

(Cost

$125,493,789)

125,558,326‌

Total

Investments

in

Securities

-

100.0%

(Cost

$145,516,607)

145,595,056‌

Other

Assets

Less

Other

Liabilities

-  0.0%

58,563‌

Net

Assets

-

100%

145,653,619‌

(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

September

30,

2025,

the

total

value

of

such

securities

was

$21,585

or

0.01%

of

net

assets.

(b)

Interest

rate

presented

represents

the

effective

yield

at

September

30,

2025.

(c)

Rate

presented

represents

the

7-day

average

yield

at

September

30,

2025.

30

STATEMENTS

OF

ASSETS

AND

LIABILITIES

September

30,

2025

(Unaudited)

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

231,895,577

3,735,204,934

821,521,466

576,556,033

20,481,219

386,166,051

1,290,477,883

145,595,056

Non-controlled

affiliates

—

—

—

—

—

13,863,800

—

—

231,895,577

3,735,204,934

821,521,466

576,556,033

20,481,219

400,029,851

1,290,477,883

145,595,056

Accrued

interest

and

dividends

receivable

719,572

29,481,747

184,037

186,840

213,249

87,044

6,397,090

236,796

Receivable

for

fund

shares

sold

5,414

12,222,992

1,959

2,117

—

—

4,944,392

12,256

Receivable

from

adviser

—

—

—

—

3,996

—

—

—

Prepaid

expenses

23,199

166,779

42,001

35,119

1,849

19,054

70,635

12,916

Cash

6

—

—

—

—

—

—

—

Unrealized

appreciation

on

unfunded

loan

commitments

—

150,698

—

—

—

—

45,223

—

Total

assets

232,643,768

3,777,227,150

821,749,463

576,780,109

20,700,313

400,135,949

1,301,935,223

145,857,024

Liabilities:

Distributions

payable

—

469,950

—

—

—

—

69,828

18,822

Due

to

adviser

119,622

1,285,261

642,433

420,272

—

352,789

423,023

22,564

Options

written,

at

value

†

—

—

—

—

—

1,013,000

—

—

Payable

for

collateral

received

on

loaned

securities

2,243,162

8,718,343

—

1,272,006

—

—

—

—

Payable

for

securities

purchased

327,772

47,095,385

—

—

160,566

—

26,793,954

—

Payable

for

fund

shares

redeemed

297,297

6,056,945

435,604

27,816

—

58

10,128,667

123,398

Payable

for

custody

and

fund

accounting

expenses

18,031

50,813

30,230

22,819

16,017

21,054

24,589

15,843

Other

29,480

124,284

85,252

54,686

15,764

34,780

45,109

22,778

Total

liabilities

3,035,364

63,800,981

1,193,519

1,797,599

192,347

1,421,681

37,485,170

203,405

Net

assets

229,608,404

3,713,426,169

820,555,944

574,982,510

20,507,966

398,714,268

1,264,450,053

145,653,619

Composition

of

net

assets:

Paid-in

capital

177,035,441

3,705,356,814

330,154,189

217,548,807

21,405,150

190,856,142

1,265,794,820

145,579,606

Total

distributable

earnings

52,572,963

8,069,355

490,401,755

357,433,703

(897,184)

207,858,126

(1,344,767)

74,013

Net

assets

229,608,404

3,713,426,169

820,555,944

574,982,510

20,507,966

398,714,268

1,264,450,053

145,653,619

Net

assets

(a)

:

Investor

Class

46,717,788

489,509,927

483,286,655

219,659,785

20,507,966

6,661,365

28,914,646

Institutional

Class

182,890,616

3,223,916,242

337,269,289

355,322,725

392,052,903

1,235,535,407

145,653,619

Shares

outstanding

(a)(b)

:

Investor

Class

2,730,953

50,220,550

9,275,761

6,507,359

2,097,392

548,594

2,399,650

Institutional

Class

10,659,242

330,677,836

6,259,325

10,169,750

28,845,385

102,299,695

14,577,695

Net

asset

value,

offering

and

redemption

price

(a)

:

Investor

Class

17.11

9.75

52.10

33.76

9.78

12.14

12.05

Institutional

Class

17.16

9.75

53.88

34.94

13.59

12.08

9.99

*  

Cost

of

investments

in

securities:

Unaffiliated

Issuers

185,697,315

3,724,823,254

484,962,012

280,245,497

20,958,595

212,607,009

1,290,102,335

145,516,607

Non-controlled

affiliates

—

—

—

—

—

634,534

—

—

185,697,315

3,724,823,254

484,962,012

280,245,497

20,958,595

213,241,543

1,290,102,335

145,516,607

†  

Premiums

from

options

written

—

—

—

—

—

669,199

—

—

#

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

September

30,

2025

(Unaudited)

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

577,787

1,731,011

2,788,845

2,348,576

20,972

1,568,840

664,194

167,852

Interest

2,656,622

95,845,168

237,159

321,631

243,821

487,349

30,382,980

2,753,765

Income

from

securities

lending

184

46,435

—

1,295

—

1,501

119

—

Foreign

tax

withholding

—

—

(2,232)

(7,355)

—

—

—

—

Total

investment

income

3,234,593

97,622,614

3,023,772

2,664,147

264,793

2,057,690

31,047,293

2,921,617

Fees

and

expenses*:

Investment

advisory

services

701,781

6,890,956

3,143,434

2,129,763

39,044

2,052,318

2,424,012

207,240

Business

administration

services

(1)

58,482

861,369

209,562

141,984

4,880

102,616

303,001

34,540

Administrative

services:

(2)

Investor

Class

46,106

605,886

427,546

204,728

7,275

7,481

41,364

Transfer

agent

services:

Investor

Class

14,435

11,126

51,178

30,724

17,823

10,467

10,021

Institutional

Class

11,246

11,037

16,591

15,561

16,537

14,206

21,210

Registration:

Investor

Class

7,915

21,141

12,923

9,422

2,838

4,987

5,063

Institutional

Class

11,800

103,967

10,643

10,073

13,878

39,485

11,094

Custody

and

fund

accounting

44,717

206,655

74,377

57,761

33,696

51,656

94,532

34,856

Auditing

and

legal

20,258

92,905

34,395

27,874

12,674

24,271

43,341

15,330

Trustees

8,463

122,018

30,896

20,750

700

14,819

42,269

4,982

Printing

5,806

64,429

12,150

8,631

1,906

5,424

27,654

3,375

Other

7,514

85,370

30,959

17,409

798

10,058

30,434

6,743

938,523

9,076,859

4,054,654

2,674,680

121,634

2,314,511

3,075,382

339,370

Less

expenses

waived/reimbursed

by

investment

adviser

(84,067)

(850,570)

—

—

(77,687)

—

(317,506)

(118,292)

Net

expenses

854,456

8,226,289

4,054,654

2,674,680

43,947

2,314,511

2,757,876

221,078

Net

investment

income

(loss)

2,380,137

89,396,325

(1,030,882)

(10,533)

220,846

(256,821)

28,289,417

2,700,539

Realized

and

unrealized

gain

(loss)

on

investments:

Net

realized

gain

(loss):

Unaffiliated

issuers

and

foreign

currencies

4,505,669

1,784,970

30,270,752

16,258,985

—

10,810,876

(506,304)

5

Options

written

—

—

—

—

—

100,595

—

—

Net

realized

gain

(loss)

4,505,669

1,784,970

30,270,752

16,258,985

—

10,911,471

(506,304)

5

Change

in

net

unrealized

appreciation

(depreciation):

Unaffiliated

issuers

and

foreign

currencies

(457,741)

24,662,232

(4,202,708)

5,320,353

380,437

(2,656,425)

5,259,910

81,178

Non-controlled

affiliates

—

—

—

—

—

4,228,150

—

—

Unfunded

loan

commitments

—

(131,080)

—

—

—

—

(40,468)

—

Options

written

—

—

—

—

—

(431,190)

—

—

Change

in

net

unrealized

appreciation

(depreciation)

(457,741)

24,531,152

(4,202,708)

5,320,353

380,437

1,140,535

5,219,442

81,178

Net

realized

and

unrealized

gain

(loss)

on

investments

4,047,928

26,316,122

26,068,044

21,579,338

380,437

12,052,006

4,713,138

81,183

Net

increase

(decrease)

in

net

assets

resulting

from

operations

6,428,065

115,712,447

25,037,162

21,568,805

601,283

11,795,185

33,002,555

2,781,722

*

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

Adviser

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

the

Investor

share

class

of

the

Funds.

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)

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

Increase

(decrease)

in

net

assets:

From

operations:

Net

investment

income

(loss)

2,380,137‌

5,011,883‌

89,396,325‌

132,211,001‌

(1,030,882‌)

(2,752,223‌)

(10,533‌)

(912,652‌)

Net

realized

gain

(loss)

4,505,669‌

3,951,264‌

1,784,970‌

(1,871,839‌)

30,270,752‌

161,238,244‌

16,258,985‌

67,703,028‌

Change

in

net

unrealized

appreciation

(depreciation)

(457,741‌)

(3,208,651‌)

24,531,152‌

15,048,916‌

(4,202,708‌)

(150,199,637‌)

5,320,353‌

(27,019,118‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

6,428,065‌

5,754,496‌

115,712,447‌

145,388,078‌

25,037,162‌

8,286,384‌

21,568,805‌

39,771,258‌

Distributions

to

shareholders

(a)

:

Investor

Class

(421,346‌)

(2,407,029‌)

(11,575,482‌)

(18,028,585‌)

—‌

(55,152,981‌)

—‌

(16,812,524‌)

Institutional

Class

(1,718,608‌)

(9,238,457‌)

(76,589,187‌)

(112,805,741‌)

—‌

(37,333,267‌)

—‌

(24,600,027‌)

Total

distributions

(2,139,954‌)

(11,645,486‌)

(88,164,669‌)

(130,834,326‌)

—‌

(92,486,248‌)

—‌

(41,412,551‌)

Fund

share

transactions

(a)

:

Investor

Class

(3,364,551‌)

(2,504,221‌)

41,403,879‌

171,992,262‌

(33,346,509‌)

(10,712,395‌)

(10,843,432‌)

(14,764,481‌)

Institutional

Class

(8,278,151‌)

10,113,344‌

429,005,667‌

1,318,330,150‌

(28,102,209‌)

12,470,066‌

(1,169,191‌)

7,149,443‌

Net

increase

(decrease)

from

fund

share

transactions

(11,642,702‌)

7,609,123‌

470,409,546‌

1,490,322,412‌

(61,448,718‌)

1,757,671‌

(12,012,623‌)

(7,615,038‌)

Total

decrease

(increase)

in

net

assets

(7,354,591‌)

1,718,133‌

497,957,324‌

1,504,876,164‌

(36,411,556‌)

(82,442,193‌)

9,556,182‌

(9,256,331‌)

Net

assets:

Beginning

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

End

of

period

229,608,404‌

236,962,995‌

3,713,426,169‌

3,215,468,845‌

820,555,944‌

856,967,500‌

574,982,510‌

565,426,328‌

(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.

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

(Continued)

Nebraska

Tax

Free

Income

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

Six

months

ended

Sept.

30,

2025

(Unaudited)

Year

ended

March

31,

2025

220,846‌

471,751‌

(256,821‌)

(272,644‌)

28,289,417‌

45,391,793‌

2,700,539‌

7,356,883‌

—‌

(31,809‌)

10,911,471‌

24,819,719‌

(506,304‌)

60,290‌

5‌

(5,040‌)

380,437‌

30,624‌

1,140,535‌

4,854,31

8‌

5,219,442‌

12,332,982‌

81,178‌

(8,178‌)

601,283‌

470,566‌

11,795,185‌

29,401,393‌

33,002,555‌

57,785,065‌

2,781,722‌

7,343,665‌

(221,464‌)

(467,332‌)

—‌

(463,849‌)

(652,792‌)

(1,337,385‌)

—‌

—‌

—‌

—‌

—‌

(28,332,298‌)

(27,285,314‌)

(43,769,412‌)

(2,700,537‌)

(7,356,263‌)

(221,464‌)

(467,332‌)

—‌

(28,796,147‌)

(27,938,106‌)

(45,106,797‌)

(2,700,537‌)

(7,356,263‌)

1,434,231‌

(4,343,418‌)

(141,963‌)

1,015,259‌

(1,010,427‌)

305,568‌

(28,890,559‌)

(9,465,837‌)

109,117,861‌

281,266,870‌

3,827,525‌

(41,189,264‌)

1,434,231‌

(4,343,418‌)

(29,032,522‌)

(8,450,578‌)

108,107,434‌

281,572,438‌

3,827,525‌

(41,189,264‌)

1,814,050‌

(4,340,184‌)

(17,237,337‌)

(7,845,33

2‌

)

113,171,883‌

294,250,706‌

3,908,710‌

(41,201,862‌)

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

20,507,966‌

18,693,916‌

398,714,268‌

415,951,60

5‌

1,264,450,053‌

1,151,278,170‌

145,653,619‌

141,744,909‌

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

Six

months

ended

9/30/2025

(Unaudited)

16

.80‌

0

.16‌

(d)

0

.30‌

0

.46‌

(

0

.15‌

)

—‌

(

0

.15‌

)

2025

17

.23‌

0

.34‌

(d)

0

.07‌

0

.41‌

(

0

.35‌

)

(

0

.49‌

)

(

0

.84‌

)

2024

15

.69‌

0

.29‌

(d)

1

.59‌

1

.88‌

(

0

.27‌

)

(

0

.07‌

)

(

0

.34‌

)

2023

16

.68‌

0

.17‌

(d)

(

0

.86‌

)

(

0

.69‌

)

(

0

.15‌

)

(

0

.15‌

)

(

0

.30‌

)

2022

16

.30‌

0

.05‌

(d)

0

.78‌

0

.83‌

(

0

.04‌

)

(

0

.41‌

)

(

0

.45‌

)

2021

13

.54‌

0

.07‌

(d)

2

.86‌

2

.93‌

(

0

.08‌

)

(

0

.09‌

)

(

0

.17‌

)

Conservative

Allocation

-

Institutional

Class

Six

months

ended

9/30/2025

(Unaudited)

16

.84‌

0

.18‌

(d)

0

.30‌

0

.48‌

(

0

.16‌

)

—‌

(

0

.16‌

)

2025

17

.27‌

0

.37‌

(d)

0

.06‌

0

.43‌

(

0

.37‌

)

(

0

.49‌

)

(

0

.86‌

)

2024

15

.71‌

0

.31‌

(d)

1

.60‌

1

.91‌

(

0

.28‌

)

(

0

.07‌

)

(

0

.35‌

)

2023

16

.70‌

0

.20‌

(d)

(

0

.88‌

)

(

0

.68‌

)

(

0

.16‌

)

(

0

.15‌

)

(

0

.31‌

)

2022

16

.31‌

0

.08‌

(d)

0

.77‌

0

.85‌

(

0

.05‌

)

(

0

.41‌

)

(

0

.46‌

)

2021

13

.55‌

0

.09‌

(d)

2

.87‌

2

.96‌

(

0

.11‌

)

(

0

.09‌

)

(

0

.20‌

)

Core

Plus

Income

-

Investor

Class

Six

months

ended

9/30/2025

(Unaudited)

9

.68‌

0

.24‌

(d)

0

.07‌

0

.31‌

(

0

.24‌

)

—‌

(

0

.24‌

)

2025

9

.63‌

0

.49‌

(d)

0

.05‌

0

.54‌

(

0

.49‌

)

—‌

(

0

.49‌

)

2024

9

.76‌

0

.49‌

(d)

(

0

.13‌

)

0

.36‌

(

0

.49‌

)

—‌

(

0

.49‌

)

2023

10

.45‌

0

.37‌

(d)

(

0

.70‌

)

(

0

.33‌

)

(

0

.35‌

)

(

0

.01‌

)

(

0

.36‌

)

2022

10

.86‌

0

.23‌

(d)

(

0

.40‌

)

(

0

.17‌

)

(

0

.21‌

)

(

0

.03‌

)

(

0

.24‌

)

2021

10

.14‌

0

.37‌

(d)

0

.91‌

1

.28‌

(

0

.37‌

)

(

0

.19‌

)

(

0

.56‌

)

Core

Plus

Income

-

Institutional

Class

Six

months

ended

9/30/2025

(Unaudited)

9

.68‌

0

.25‌

(d)

0

.07‌

0

.32‌

(

0

.25‌

)

—‌

(

0

.25‌

)

2025

9

.63‌

0

.51‌

(d)

0

.05‌

0

.56‌

(

0

.51‌

)

—‌

(

0

.51‌

)

2024

9

.76‌

0

.51‌

(d)

(

0

.14‌

)

0

.37‌

(

0

.50‌

)

—‌

(

0

.50‌

)

2023

10

.45‌

0

.37‌

(d)

(

0

.69‌

)

(

0

.32‌

)

(

0

.36‌

)

(

0

.01‌

)

(

0

.37‌

)

2022

10

.87‌

0

.24‌

(d)

(

0

.41‌

)

(

0

.17‌

)

(

0

.22‌

)

(

0

.03‌

)

(

0

.25‌

)

2021

10

.15‌

0

.38‌

(d)

0

.91‌

1

.29‌

(

0

.38‌

)

(

0

.19‌

)

(

0

.57‌

)

Large

Cap

Equity

-

Investor

Class

Six

months

ended

9/30/2025

(Unaudited)

50

.56‌

(

0

.08‌

)

(d)

1

.62‌

1

.54‌

—‌

—‌

—‌

2025

55

.57‌

(

0

.20‌

)

(d)

0

.99‌

0

.79‌

—‌

(

5

.80‌

)

(

5

.80‌

)

2024

44

.48‌

(

0

.14‌

)

(d)

14

.00‌

13

.86‌

—‌

(

2

.77‌

)

(

2

.77‌

)

2023

56

.83‌

(

0

.18‌

)

(d)

(

6

.23‌

)

(

6

.41‌

)

—‌

(

5

.94‌

)

(

5

.94‌

)

2022

54

.30‌

(

0

.32‌

)

(d)

5

.18‌

4

.86‌

—‌

(

2

.33‌

)

(

2

.33‌

)

2021

37

.98‌

(

0

.21‌

)

(d)

21

.14‌

20

.93‌

—‌

(

4

.61‌

)

(

4

.61‌

)

Large

Cap

Equity

-

Institutional

Class

Six

months

ended

9/30/2025

(Unaudited)

52

.24‌

(

0

.04‌

)

(d)

1

.68‌

1

.64‌

—‌

—‌

—‌

2025

57

.14‌

(

0

.11‌

)

(d)

1

.02‌

0

.91‌

—‌

(

5

.80‌

)

(

5

.80‌

)

2024

45

.61‌

(

0

.07‌

)

(d)

14

.37‌

14

.30‌

—‌

(

2

.77‌

)

(

2

.77‌

)

2023

58

.02‌

(

0

.11‌

)

(d)

(

6

.36‌

)

(

6

.47‌

)

—‌

(

5

.94‌

)

(

5

.94‌

)

2022

55

.31‌

(

0

.23‌

)

(d)

5

.27‌

5

.04‌

—‌

(

2

.33‌

)

(

2

.33‌

)

2021

38

.55‌

(

0

.11‌

)

(d)

21

.48‌

21

.37‌

—‌

(

4

.61‌

)

(

4

.61‌

)

Multi

Cap

Equity

-

Investor

Class

Six

months

ended

9/30/2025

(Unaudited)

32

.51‌

(

0

.02‌

)

(d)

1

.27‌

1

.25‌

—‌

—‌

—‌

2025

32

.66‌

(

0

.09‌

)

(d)

2

.44‌

2

.35‌

—‌

(

2

.50‌

)

(

2

.50‌

)

2024

26

.44‌

(

0

.12‌

)

(d)

6

.88‌

6

.76‌

—‌

(

0

.54‌

)

(

0

.54‌

)

2023

32

.18‌

(

0

.16‌

)

(d)

(

3

.68‌

)

(

3

.84‌

)

—‌

(

1

.90‌

)

(

1

.90‌

)

2022

33

.01‌

(

0

.27‌

)

(d)

1

.81‌

1

.54‌

—‌

(

2

.37‌

)

(

2

.37‌

)

2021

23

.32‌

(

0

.28‌

)

(d)

13

.30‌

13

.02‌

—‌

(

3

.33‌

)

(

3

.33‌

)

Multi

Cap

Equity

-

Institutional

Class

Six

months

ended

9/30/2025

(Unaudited)

33

.62‌

0

.01‌

(d)

1

.31‌

1

.32‌

—‌

—‌

—‌

2025

33

.63‌

(

0

.03‌

)

(d)

2

.52‌

2

.49‌

—‌

(

2

.50‌

)

(

2

.50‌

)

2024

27

.16‌

(

0

.07‌

)

(d)

7

.08‌

7

.01‌

—‌

(

0

.54‌

)

(

0

.54‌

)

2023

32

.94‌

(

0

.11‌

)

(d)

(

3

.77‌

)

(

3

.88‌

)

—‌

(

1

.90‌

)

(

1

.90‌

)

2022

33

.67‌

(

0

.21‌

)

(d)

1

.85‌

1

.64‌

—‌

(

2

.37‌

)

(

2

.37‌

)

2021

23

.70‌

(

0

.23‌

)

(d)

13

.53‌

13

.30‌

—‌

(

3

.33‌

)

(

3

.33‌

)

(a)

Not

annualized

for

periods

less

than

one

year.

(b)

Annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(d)

35

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

FINANCIAL

HIGHLIGHTS

(Continued)

The

following

financial

information

provides

selected

data,

in

U.S.

dollars,

for

a

share

outstanding

throughout

the

periods

indicated.

Ratios/Supplemental

Data

Ratio

of

expenses

to

average

net

assets

Net

asset

value,

end

of

period

Total

return

(%)

(a)

Net

assets,

end

of

period

($000)

Prior

to

fee

waivers

(%)

(b)

Net

of

fee

waivers

(%)

(b)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(%)

(b)

Portfolio

turnover

rate

(%)

(a)(c)

17

.11‌

2.76

46,718‌

1.01

0.85

1.92

9

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

17

.16‌

2.84

182,891‌

0.75

0.70

2.07

9

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

.75‌

3.24

489,510‌

0.76

0.65

5.01

6

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

.75‌

3.34

3,223,916‌

0.49

0.45

5.21

6

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

52

.10‌

3.05

483,287‌

1.04

1.04

(0.32)

4

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

53

.88‌

3.14

337,269‌

0.86

0.86

(0.14)

4

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

33

.76‌

3.85

219,660‌

1.07

1.07

(0.13)

6

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

34

.94‌

3.93

355,323‌

0.86

0.86

0.08

6

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

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

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

Six

months

ended

9/30/2025

(Unaudited)

9

.59‌

0

.11‌

(d)

0

.19‌

0

.30‌

(

0

.11‌

)

—‌

(

0

.11‌

)

2025

9

.59‌

0

.20‌

(d)

—‌

#

0

.20‌

(

0

.20‌

)

—‌

(

0

.20‌

)

2024

9

.65‌

0

.19‌

(d)

(

0

.05‌

)

0

.14‌

(

0

.20‌

)

—‌

(

0

.20‌

)

2023

9

.73‌

0

.17‌

(d)

(

0

.09‌

)

0

.08‌

(

0

.16‌

)

—‌

(

0

.16‌

)

2022

10

.18‌

0

.14‌

(d)

(

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

Six

months

ended

9/30/2025

(Unaudited)

11

.84‌

(

0

.05‌

)

(d)

0

.35‌

0

.30‌

—‌

—‌

—‌

2025

11

.98‌

(

0

.10‌

)

(d)

0

.89‌

0

.79‌

—‌

(

0

.93‌

)

(

0

.93‌

)

2024

10

.55‌

(

0

.06‌

)

(d)

2

.32‌

2

.26‌

—‌

(

0

.83‌

)

(

0

.83‌

)

2023

13

.74‌

(

0

.11‌

)

(d)

(

2

.14‌

)

(

2

.25‌

)

—‌

(

0

.94‌

)

(

0

.94‌

)

2022

15

.67‌

(

0

.20‌

)

(d)

0

.11‌

(

0

.09‌

)

—‌

(

1

.84‌

)

(

1

.84‌

)

2021

12

.84‌

(

0

.16‌

)

(d)

4

.92‌

4

.76‌

—‌

(

1

.93‌

)

(

1

.93‌

)

Partners

III

Opportunity

-

Institutional

Class

Six

months

ended

9/30/2025

(Unaudited)

13

.20‌

(

0

.01‌

)

(d)

0

.40‌

0

.39‌

—‌

—‌

—‌

2025

13

.18‌

(

0

.01‌

)

(d)

0

.96‌

0

.95‌

—‌

#

(

0

.93‌

)

(

0

.93‌

)

2024

11

.46‌

0

.02‌

(d)

2

.54‌

2

.56‌

(

0

.01‌

)

(

0

.83‌

)

(

0

.84‌

)

2023

14

.74‌

(

0

.04‌

)

(d)

(

2

.30‌

)

(

2

.34‌

)

—‌

(

0

.94‌

)

(

0

.94‌

)

2022

16

.60‌

(

0

.13‌

)

(d)

0

.11‌

(

0

.02‌

)

—‌

(

1

.84‌

)

(

1

.84‌

)

2021

13

.43‌

(

0

.07‌

)

(d)

5

.17‌

5

.10‌

—‌

(

1

.93‌

)

(

1

.93‌

)

Short

Duration

Income

-

Investor

Class

Six

months

ended

9/30/2025

(Unaudited)

12

.00‌

0

.27‌

(d)

0

.05‌

0

.32‌

(

0

.27‌

)

—‌

(

0

.27‌

)

2025

11

.84‌

0

.54‌

(d)

0

.16‌

0

.70‌

(

0

.54‌

)

—‌

(

0

.54‌

)

2024

11

.73‌

0

.50‌

(d)

0

.12‌

0

.62‌

(

0

.51‌

)

—‌

(

0

.51‌

)

2023

11

.98‌

0

.32‌

(d)

(

0

.22‌

)

0

.10‌

(

0

.34‌

)

(

0

.01‌

)

(

0

.35‌

)

2022

12

.37‌

0

.19‌

(d)

(

0

.37‌

)

(

0

.18‌

)

(

0

.19‌

)

(

0

.02‌

)

(

0

.21‌

)

2021

11

.93‌

0

.27‌

(d)

0

.48‌

0

.75‌

(

0

.29‌

)

(

0

.02‌

)

(

0

.31‌

)

Short

Duration

Income

-

Institutional

Class

Six

months

ended

9/30/2025

(Unaudited)

12

.03‌

0

.28‌

(d)

0

.05‌

0

.33‌

(

0

.28‌

)

—‌

(

0

.28‌

)

2025

11

.87‌

0

.56‌

(d)

0

.16‌

0

.72‌

(

0

.56‌

)

—‌

(

0

.56‌

)

2024

11

.76‌

0

.52‌

(d)

0

.11‌

0

.63‌

(

0

.52‌

)

—‌

(

0

.52‌

)

2023

12

.00‌

0

.33‌

(d)

(

0

.22‌

)

0

.11‌

(

0

.34‌

)

(

0

.01‌

)

(

0

.35‌

)

2022

12

.39‌

0

.20‌

(d)

(

0

.37‌

)

(

0

.17‌

)

(

0

.20‌

)

(

0

.02‌

)

(

0

.22‌

)

2021

11

.95‌

0

.28‌

(d)

0

.47‌

0

.75‌

(

0

.29‌

)

(

0

.02‌

)

(

0

.31‌

)

Ultra

Short

Government

Six

months

ended

9/30/2025

(Unaudited)

9

.99‌

0

.20‌

(d)

—‌

#

0

.20‌

(

0

.20‌

)

—‌

(

0

.20‌

)

2025

9

.99‌

0

.47‌

(d)

—‌

#

0

.47‌

(

0

.47‌

)

—‌

(

0

.47‌

)

2024

9

.99‌

0

.49‌

(d)

(

0

.01‌

)

0

.48‌

(

0

.48‌

)

—‌

(

0

.48‌

)

2023

9

.99‌

0

.25‌

(d)

(

0

.01‌

)

0

.24‌

(

0

.24‌

)

—‌

(

0

.24‌

)

2022

10

.00‌

0

.01‌

(d)

(

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)

Not

annualized

for

periods

less

than

one

year.

(b)

Annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(d)

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.

FINANCIAL

HIGHLIGHTS

(Continued)

The

following

financial

information

provides

selected

data,

in

U.S.

dollars,

for

a

share

outstanding

throughout

the

periods

indicated.

Ratios/Supplemental

Data

Ratio

of

expenses

to

average

net

assets

Net

asset

value,

end

of

period

Total

return

(%)

(a)

Net

assets,

end

of

period

($000)

Prior

to

fee

waivers

(%)

(b)

Net

of

fee

waivers

(%)

(b)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(%)

(b)

Portfolio

turnover

rate

(%)

(a)(c)

9

.78‌

3.14

20,508‌

1.25

0.45

2.26

–

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

12

.14‌

2.53

6,661‌

1.78

1.78

(0.77)

7

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

.59‌

2.95

392,053‌

1.12

1.12

(0.11)

7

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

.05‌

2.66

28,915‌

0.87

0.65

4.47

20

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

.08‌

2.76

1,235,535‌

0.50

0.45

4.67

20

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

1.98

145,654‌

0.49

0.32

3.91

–

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

September

30,

2025

(Unaudited)

(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

September

30,

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

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

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

Conservative

Allocation

Fund,

Core

Plus

Income

Fund

and

Multi

Cap

Equity

Fund

had

securities

on

loan

of

$1,870,872,

$8,530,297

and

$1,245,040,

respectively,

accounted

for

as

secured

borrowings

with

U.S.

Treasuries

and

cash

collateral

of

overnight

and

continuous

maturities

in

the

amounts

of

$2,243,162,

$8,718,343

and

$1,272,006,

respectively,

as

of

September

30,

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.

(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

assets,

except

that

each

class

separately

bears

expenses

40

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

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

period

ended

September

30,

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

Six

months

ended

September

30,

2025

Year

ended

March

31,

2025

Shares

$

Amount

Shares

$

Amount

Conservative

Allocation

-

Investor

Class

Sales

344,181‌

5,797,508‌

604,815‌

10,465,036‌

Redemptions

(566,432‌)

(9,564,550‌)

(878,444‌)

(15,268,577‌)

Reinvestment

of

distributions

23,802‌

402,491‌

134,443‌

2,299,320‌

Net

increase

(decrease)

(198,449‌)

(3,364,551‌)

(139,186‌)

(2,504,221‌)

Conservative

Allocation

-

Institutional

Class

Sales

332,515‌

5,622,574‌

1,427,194‌

24,743,395‌

Redemptions

(919,981‌)

(15,611,886‌)

(1,379,264‌)

(23,832,798‌)

Reinvestment

of

distributions

100,953‌

1,711,161‌

536,853‌

9,202,747‌

Net

increase

(decrease)

(486,513‌)

(8,278,151‌)

584,783‌

10,113,344‌

Core

Plus

Income

-

Investor

Class

Sales

11,210,306‌

107,935,156‌

27,652,020‌

267,409,964‌

Redemptions

(8,105,195‌)

(78,099,588‌)

(11,739,697‌)

(113,424,618‌)

Reinvestment

of

distributions

1,198,104‌

11,568,311‌

1,866,927‌

18,006,916‌

Net

increase

(decrease)

4,303,215‌

41,403,879‌

17,779,250‌

171,992,262‌

Core

Plus

Income

-

Institutional

Class

Sales

73,376,845‌

706,005,971‌

181,505,699‌

1,749,790,032‌

Redemptions

(36,489,045‌)

(350,893,700‌)

(55,985,112‌)

(539,544,910‌)

Reinvestment

of

distributions

7,651,024‌

73,893,396‌

11,199,321‌

108,085,028‌

Net

increase

(decrease)

44,538,824‌

429,005,667‌

136,719,908‌

1,318,330,150‌

Large

Cap

Equity

-

Investor

Class

Sales

29,063‌

1,464,946‌

101,227‌

5,587,464‌

Redemptions

(682,429‌)

(34,811,455‌)

(1,253,956‌)

(68,945,188‌)

Reinvestment

of

distributions

—‌

—‌

954,238‌

52,645,329‌

Net

increase

(decrease)

(653,366‌)

(33,346,509‌)

(198,491‌)

(10,712,395‌)

Large

Cap

Equity

-

Institutional

Class

Sales

94,548‌

4,877,312‌

554,645‌

31,541,015‌

Redemptions

(629,846‌)

(32,979,521‌)

(953,797‌)

(53,384,621‌)

Reinvestment

of

distributions

—‌

—‌

602,311‌

34,313,672‌

Net

increase

(decrease)

(535,298‌)

(28,102,209‌)

203,159‌

12,470,066‌

Multi

Cap

Equity

-

Investor

Class

Sales

41,968‌

1,375,890‌

89,407‌

2,930,265‌

Redemptions

(372,495‌)

(12,219,322‌)

(1,009,715‌)

(33,475,765‌)

Reinvestment

of

distributions

—‌

—‌

465,792‌

15,781,019‌

Net

increase

(decrease)

(330,527‌)

(10,843,432‌)

(454,516‌)

(14,764,481‌)

Multi

Cap

Equity

-

Institutional

Class

Sales

247,297‌

8,402,209‌

226,486‌

7,632,725‌

Redemptions

(282,558‌)

(9,571,400‌)

(541,328‌)

(18,516,966‌)

Reinvestment

of

distributions

—‌

—‌

515,101‌

18,033,684‌

Net

increase

(decrease)

(35,261‌)

(1,169,191‌)

200,259‌

7,149,443‌

41

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

(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:

Six

months

ended

September

30,

2025

Year

ended

March

31,

2025

Shares

$

Amount

Shares

$

Amount

Nebraska

Tax

Free

Income

-

Investor

Class

Sales

174,677‌

1,686,606‌

124,707‌

1,201,167‌

Redemptions

(48,549‌)

(468,096‌)

(623,642‌)

(5,997,526‌)

Reinvestment

of

distributions

22,260‌

215,721‌

47,057‌

452,941‌

Net

increase

(decrease)

148,388‌

1,434,231‌

(451,878‌)

(4,343,418‌)

Partners

III

Opportunity

-

Investor

Class

Sales

31,041‌

364,662‌

135,055‌

1,637,637‌

Redemptions

(42,026‌)

(506,625‌)

(89,318‌)

(1,083,703‌)

Reinvestment

of

distributions

—‌

—‌

37,354‌

461,325‌

Net

increase

(decrease)

(10,985‌)

(141,963‌)

83,091‌

1,015,259‌

Partners

III

Opportunity

-

Institutional

Class

Sales

142,840‌

1,852,329‌

789,353‌

10,437,766‌

Redemptions

(2,299,718‌)

(30,742,888‌)

(3,274,748‌)

(44,050,383‌)

Reinvestment

of

distributions

—‌

—‌

1,756,129‌

24,146,780‌

Net

increase

(decrease)

(2,156,878‌)

(28,890,559‌)

(729,266‌)

(9,465,837‌)

Short

Duration

Income

-

Investor

Class

Sales

239,292‌

2,874,498‌

764,403‌

9,111,727‌

Redemptions

(373,391‌)

(4,489,368‌)

(845,87

2‌

)

(10,080,364‌)

Reinvestment

of

distributions

50,247‌

604,443‌

106,812‌

1,274,205‌

Net

increase

(decrease)

(83,852‌)

(1,010,427‌)

25,34

3‌

305,568‌

Short

Duration

Income

-

Institutional

Class

Sales

18,637,362‌

224,446,197‌

41,562,484‌

497,283,645‌

Redemptions

(11,812,675‌)

(142,219,265‌)

(21,679,95

6‌

)

(259,036,862‌)

Reinvestment

of

distributions

2,230,679‌

26,890,929‌

3,596,305‌

43,020,087‌

Net

increase

(decrease)

9,055,366‌

109,117,861‌

23,478,83

3‌

281,266,870‌

Ultra

Short

Government

Sales

3,503,213‌

34,992,240‌

4,535,169‌

45,314,487‌

Redemptions

(3,379,261‌)

(33,749,761‌)

(9,352,660‌)

(93,467,585‌)

Reinvestment

of

distributions

258,807‌

2,585,046‌

696,857‌

6,963,834‌

Net

increase

(decrease)

382,759‌

3,827,525‌

(4,120,634‌)

(41,189,264‌)

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

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

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

Investor

Class

shareholders

of

the

Funds.

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.

Through

July

31,

2026,

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”

is

net

of

any

expenses

waived/reimbursed

by

the

Adviser.

The

current

expense

caps

and

dollar

amount

of

expenses

reimbursed

during

the

period

ended

September

30,

2025,

are

as

follows:

As

of

September

30,

2025,

the

controlling

shareholder

of

the

Adviser

held

shares

totaling

approximately

1%,

4%,

2%

and

6%

of

the

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):

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

0.65‌

1.09‌

1.09‌

0.45‌

0.65‌

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

38,404

246,540

—

—

77,687

32,486

Institutional

Class

45,663

604,030

—

—

285,020

118,292

*

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.

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.

43

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

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):

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

period

ended

September

30,

2025,

excluding

fund

merger

transactions,

in-kind

transactions,

short-term

securities

and

U.S.

government

obligations,

are

summarized

as

follows

(in

U.S.

dollars):

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

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

10,172,898

401,534,621

33,899,275

32,300,722

555,898

28,021,630

302,971,293

—

Proceeds

14,809,186

167,433,647

88,109,568

40,930,520

—

69,186,486

163,794,659

75,621

44

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

(a)

Options

Written

The

locations

in

the

Statements

of

Assets

and

Liabilities

as

of

September

30,

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

period

ended

September

30,

2025,

are

recorded

in

the

following

locations

in

the

Statements

of

Operations

(in

U.S.

dollars):

(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

September

30,

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

Risk

Option

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.

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

—

(1,013,000)

6,166,667

10,600,000

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

100,595

Net

unrealized

appreciation

(depreciation)

-

options

written

(431,190)

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

11,500,000

11,500,000

11,660,772

0.3

Core

Plus

Income

Greensledge

Capital

Markets

6/6/25

6,271,605

6,271,605

6,252,759

0.2

Core

Plus

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

3/19/25

13,867,930

13,867,930

13,899,008

0.4

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

B

3/28/24

3,954,950

3,954,950

3,914,227

0.1

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

C

3/28/24

3,174,750

3,174,750

3,134,792

0.1

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

D

3/28/24

2,490,000

2,490,000

2,477,371

0.1

Short

Duration

Income

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

1/24/25

3,750,000

3,750,000

3,802,426

0.3

Short

Duration

Income

Greensledge

Capital

Markets

6/6/25

2,195,062

2,195,062

2,188,466

0.2

Short

Duration

Income

Guggenheim

Investments

Private

Debt

fund

IV

Rated

Note

Feeder

LLC

3/19/25

2,785,698

2,785,698

2,791,940

0.2

Short

Duration

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

A

3/28/24

4,150,000

4,150,000

4,114,132

0.3

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

Value

3/31/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain(Loss)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Value

9/30/2025

Shares

as

of

9/30/2025

Dividend

Income

Partners

III

Opportunity

CoreCard

Corp.

$9,635,650

$

—

$

—

$

—

$4,228,150

$13,863,800

515,000

$

—

45

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

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.

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

September

30,

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

8.75%

at

September

30,

2025.

Interest

is

accrued

daily

and

paid

monthly.

The

Partners

III

Opportunity

Fund

did

not

hold

a

cash

balance

with

the

broker

at

September

30,

2025.

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

90.1%

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.

Fund

Borrower

Principal

Value

Commitment

Amount

Value

Unrealized

Appreciation/

Depreciation

Core

Plus

Income

Brightwood

Capital

Offshore

Fund

V

U

RN

LLC

11,500,000

11,500,000

11,660,773

160,773

Core

Plus

Income

Greensledge

Capital

Markets

3,728,395

3,728,395

3,717,191

(11,204)

Core

Plus

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

9,032,070

9,032,070

9,052,311

20,241

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

B

810,050

810,050

801,709

(8,341)

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

C

650,250

650,250

642,066

(8,184)

Core

Plus

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

D

510,000

510,000

507,413

(2,587)

Short

Duration

Income

Brightwood

Capital

Offshore

Fund

V

U

RN

LLC

3,750,000

3,750,000

3,802,425

52,425

Short

Duration

Income

Greensledge

Capital

Markets

1,304,938

1,304,938

1,301,017

(3,921)

Short

Duration

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

1,814,302

1,814,302

1,818,368

4,066

Short

Duration

Income

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.,

Series

2024-1A

Class

A

850,000

850,000

842,653

(7,347)

Total

33,950,005

34,145,926

195,921

46

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

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

September

30,

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

period

ended

September

30,

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

98,360,771

—

—

98,360,771

Corporate

Bonds

—

495,998

—

495,998

Asset-Backed

Securities

—

11,708,274

—

11,708,274

Commercial

Mortgage-Backed

Securities

—

1,836,232

—

1,836,232

Mortgage-Backed

Securities

—

17,210,208

—

17,210,208

U.S.

Treasuries

—

77,642,109

—

77,642,109

Cash

Equivalents

3,493,468

18,905,355

—

22,398,823

Securities

Held

as

Collateral

for

Securities

on

Loan

—

2,243,162

—

2,243,162

Total

Investments

in

Securities

101,854,239

130,041,338

—

231,895,577

Core

Plus

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Corporate

Bonds

—

520,592,725

—

520,592,725

Corporate

Convertible

Bonds

—

501,000

—

501,000

Asset-Backed

Securities

—

558,195,132

—

558,195,132

Commercial

Mortgage-Backed

Securities

—

334,556,671

—

334,556,671

Mortgage-Backed

Securities

—

1,258,580,020

—

1,258,580,020

Municipal

Bonds

—

493,176

—

493,176

Term

Loan

—

7,448,194

—

7,448,194

U.S.

Treasuries

—

1,014,358,365

—

1,014,358,365

Cash

Equivalents

31,761,308

—

—

31,761,308

Securities

Held

as

Collateral

for

Securities

on

Loan

8,718,343

—

—

8,718,343

Total

Investments

in

Securities

40,479,651

3,694,725,283

—

3,735,204,934

Large

Cap

Equity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

816,033,670

—

—

816,033,670

Cash

Equivalents

2,523,478

2,964,318

—

5,487,796

Total

Investments

in

Securities

818,557,148

2,964,318

—

821,521,466

Multi

Cap

Equity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

555,821,539

2,838,000

—

558,659,539

Cash

Equivalents

4,659,100

11,965,388

—

16,624,488

Securities

Held

as

Collateral

for

Securities

on

Loan

22,440

1,249,566

—

1,272,006

Total

Investments

in

Securities

560,503,079

16,052,954

—

576,556,033

Nebraska

Tax

Free

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Municipal

Bonds

—

19,031,588

—

19,031,588

Cash

Equivalents

1,449,631

—

—

1,449,631

Total

Investments

in

Securities

1,449,631

19,031,588

—

20,481,219

Partners

III

Opportunity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

370,708,301

—

—

370,708,301

Cash

Equivalents

6,396,922

22,924,628

—

29,321,550

Total

Investments

in

Securities

377,105,223

22,924,628

—

400,029,851

Liabilities:

Options

Written

(1,013,000)

—

—

(1,013,000)

47

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

September

30,

2025

(Unaudited)

(14)

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.

(15)

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

after

December

15,

2024.

This

ASU

impacts

financial

statement

disclosures

only

and

does

not

impact

the

Funds'

financial

positions

or

results

of

operations.

(16)

Subsequent

Events

Management

has

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.

Short

Duration

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Corporate

Bonds

—

91,809,413

—

91,809,413

Corporate

Convertible

Bonds

—

3,006,000

—

3,006,000

Asset-Backed

Securities

—

355,583,528

—

355,583,528

Commercial

Mortgage-Backed

Securities

—

112,340,757

—

112,340,757

Mortgage-Backed

Securities

—

448,290,589

—

448,290,589

U.S.

Treasuries

—

220,043,768

—

220,043,768

Cash

Equivalents

59,403,828

—

—

59,403,828

Total

Investments

in

Securities

59,403,828

1,231,074,055

—

1,290,477,883

Ultra

Short

Government

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Asset-Backed

Securities

—

21,585

—

21,585

U.S.

Treasuries

—

20,015,145

—

20,015,145

Cash

Equivalents

559,992

124,998,334

—

125,558,326

Total

Investments

in

Securities

559,992

145,035,064

—

145,595,056

48

OTHER

INFORMATION

(Unaudited)

Factors

Considered

by

the

Board

of

Trustees

in

Connection

with

the

Approval

of

the

Continuation

of

the

Management

and

Investment

Advisory

Agreements

with

Weitz

Investment

Management,

Inc.

for

each

of

the

Funds

In

accordance

with

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

Board

of

Trustees

(the

“Trustees”

or

“Board”)

of

the

Funds

is

required,

on

an

annual

basis,

to

consider

the

continuation

of

the

Management

and

Investment

Advisory

Agreements

(the

“Agreements”)

between

the

Funds

and

Weitz

Investment

Management,

Inc.

(“Weitz

Inc.”

or

the

“Adviser”),

and

this

must

take

place

at

an

in-person

meeting

of

the

Board.

The

relevant

provisions

of

the

1940

Act

specifically

provide

that

it

is

the

duty

of

the

Board

to

request

and

evaluate

such

information

as

the

Board

determines

is

necessary

to

allow

them

to

properly

consider

the

continuation

of

the

Agreements,

and

it

is

the

duty

of

Weitz

Inc.

to

furnish

the

Trustees

with

such

information

that

is

responsive

to

their

request.

Accordingly,

in

determining

whether

to

approve

the

continuation

of

the

Agreements

between

the

Funds

and

Weitz

Inc.,

the

Board

requested,

and

Weitz

Inc.

provided,

information

and

data

relevant

to

the

Board’s

consideration.

This

included

materials

prepared

by

Weitz

Inc.

and

materials

prepared

by

an

independent

informational

services

firm

that

produced

materials

specifically

for

the

Board

that

provided

the

Board

with

information

regarding

the

investment

performance

of

the

Funds

and

information

regarding

the

fees

and

expenses

of

the

Funds,

as

compared

to

other

similar

mutual

funds.

As

part

of

its

deliberations,

the

Board

also

considered

and

relied

upon

information

about

the

Funds

and

Weitz

Inc.

that

they

had

received

during

the

past

year

in

connection

with

their

regular

Board

meetings

at

which

they

engage

in

the

ongoing

oversight

of

the

Funds

and

their

operations.

The

Board

most

recently

considered

the

continuation

of

the

Agreements

for

each

of

the

Funds

at

an

in-person

meeting

held

on

May

29,

2025.

At

this

meeting

the

Board

engaged

in

a

thorough

review

process

in

connection

with

determining

whether

to

continue

the

Agreements.

During

the

meeting

the

Board

discussed

the

Agreements

with

representatives

of

Weitz

Inc.

and

they

reviewed

various

factors

with

them

concerning

the

proposed

continuation

of

the

Agreements.

As

discussed

more

fully

below,

among

the

factors

considered

by

the

Board

were:

(1)

the

nature,

extent

and

quality

of

the

advisory

services

provided,

including

the

investment

performance

of

the

Funds;

(2)

the

cost

of

advisory

services

provided

and

the

expected

level

of

profitability,

which

included

comparative

information

on

fees

and

expenses

borne

by

other

similar

mutual

funds;

(3)

the

extent

to

which

economies

of

scale

may

be

realized

as

the

Funds

grow

and

whether

the

advisory

fees

reflect

possible

economies

of

scale;

(4)

benefits

to

Weitz

Inc.

from

its

relationship

with

the

Funds

(and

any

corresponding

benefits

to

the

Funds);

and

(5)

such

other

considerations

deemed

appropriate

by

the

Board

in

making

an

informed

business

decision

regarding

the

continuation

of

the

Agreements.

With

respect

to

the

equity

funds

managed

by

Weitz

Inc.,

consisting

of

the

Large

Cap

Equity

Fund,

the

Multi

Cap

Equity

Fund

and

the

Partners

III

Opportunity

Fund

(the

“Equity

Funds”),

the

Board

noted

the

applicable

investment

objectives,

strategies

and

fee

arrangements

for

each

Equity

Fund

and

they

also

noted

Weitz

Inc.’s

investment

expertise

and

the

investment

strategies

utilized

by

the

firm

with

respect

to

each

Equity

Fund.

Among

the

factors

the

Board

considered

for

each

Equity

Fund

was

the

overall

performance

of

each

Fund

relative

to

its

peer

group

on

a

long-term

basis

and

over

shorter

time

periods.

The

Board

discussed

with

the

representatives

of

management

the

fact

that

the

Adviser

maintains

a

particular

focus

on

long-term

investment

performance

results

and

they

reviewed

the

reasons

why

this

may,

from

time

to

time,

cause

the

longer-term

performance

results

and

the

shorter-term

performance

results

to

compare

differently

when

compared

to

similar

funds

for

similar

time

periods.

In

connection

with

this,

the

Board

took

note

of

management’s

stated

position

that

achieving

favorable

long-term

investment

results

is

a

primary

objective

of

the

firm

and

that

as

a

result

of

this

emphasis

on

longer-term

results,

shorter-term

results

which

lag

their

peers

and

their

relative

indexes

are

likely

to

occur

from

time

to

time

over

various

investment

cycles.

With

respect

to

the

Trustees’

review

of

the

performance

results

of

the

Equity

Funds

over

various

time

periods,

it

was

noted

by

the

Adviser

representatives

that

the

Adviser

seeks

risk

adjusted

returns

and

that

depending

on

the

view

of

the

markets

at

any

particular

time,

the

Adviser

may

take

a

more

conservative

investment

approach.

It

was

also

noted

that

during

the

bull

market

in

the

equity

markets

that

had

been

ongoing

over

the

past

few

years,

the

value

style

of

investing

adhered

to

by

the

Adviser

was

generally

out

of

favor,

which

has

negatively

impacted

the

performance

of

the

Equity

Funds.

The

Trustees

took

into

consideration

that

the

Adviser

has

continued

to

invest

in

a

manner

that

is

fully

consistent

with

the

Prospectus

disclosure

for

the

Equity

Funds

and

the

Adviser’s

public

statements

referring

to

its

investment

strategies,

and

the

Trustees

acknowledged

that

the

Adviser

has,

in

fact,

consistently

maintained

its

adherence

to

value-oriented

investment

strategies

and

has

not

attempted

to

deviate

from

this

style

of

investing

in

response

to

developments

in

the

equity

markets.

The

Adviser

representatives

informed

the

Trustees

that

they

intend

to

continue

to

seek

investment

opportunities

that

are

intended

to

help

enhance

the

investment

performance

results

for

the

Equity

Funds.

The

Board

also

considered

the

Adviser’s

acknowledgment

of

each

Fund’s

relative

performance

against

its

peers

and

the

Adviser’s

commitment

to

improving

the

performance

of

the

Funds.

In

addition,

the

Board

compared

expenses

of

each

Equity

Fund

to

the

expenses

of

its

peer

group,

noting

that:

(i)

the

net

expenses

for

the

Institutional

Class

shares

of

the

Large

Cap

Equity

Fund

(after

fee

waivers)

are

above

industry

averages

for

operating

expenses

of

other

funds

of

similar

size

and

investment

objective,

(ii)

the

net

expenses

for

the

Institutional

Class

shares

of

the

Multi

Cap

Equity

Fund

(after

fee

waivers)

are

above

industry

averages

for

operating

expenses

of

other

funds

of

similar

size

and

investment

objective,

and

(iii)

the

total

expenses

for

Institutional

Class

of

the

Partners

III

Fund

shares

(exclusive

of

the

dividend

and

interest

expense

incurred

by

the

Fund)

are

below

industry

averages

for

total

operating

expenses

of

other

funds

of

similar

size

and

investment

objective.

In

considering

the

investment

advisory

fees

applicable

to

each

Equity

Fund,

the

Board

discussed

with

the

Adviser

representatives

their

reasons

for

assessing

the

applicable

fees

in

connection

with

each

Equity

Fund.

The

Board

then

considered

and

discussed

the

fees

charged

by

similar

funds

in

each

respective

investment

category.

The

Board

also

considered

the

fact

that

the

investment

advisory

fees

for

each

Equity

Fund

are

subject

to

breakpoints

which

result

in

reduced

investment

advisory

fees

as

assets

increase,

and

the

Board

agreed

that

this

type

of

fee

structure

is

reasonable

and

fair

to

shareholders.

The

members

of

the

Board

also

reviewed

matters

with

respect

to

the

terms

of

the

Expense

Limitation

Agreements

that

are

in

effect

between

the

Large

Cap

Equity

Fund

and

the

Multi

Cap

Equity

Fund

and

Weitz

Inc.,

and

it

was

noted

that

Weitz

Inc.

was

proposing

to

extend

the

terms

of

the

Expense

Limitation

Agreements

for

another

year.

The

Board

next

reviewed

matters

with

respect

to

the

proposed

continuation

of

the

Management

and

Investment

Advisory

Agreement

for

the

Conservative

Allocation

Fund.

Management

of

the

Adviser

reviewed

with

the

Board

the

fact

that

the

Conservative

Allocation

Fund

utilizes

an

investment

style

that

combines

equity

investments

and

fixed

income

investments.

The

Board

then

reviewed

the

investment

advisory

fee

for

the

Conservative

Allocation

Fund,

as

well

as

performance

information

49

OTHER

INFORMATION

(Continued)

(Unaudited)

for

the

Fund.

The

Board

discussed

with

the

representatives

of

Weitz

Inc.,

the

currently

effective

investment

advisory

fee

for

the

Conservative

Allocation

Fund,

including

the

terms

of

the

Expense

Limitation

Agreement

currently

in

effect,

and

it

was

noted

that

Weitz

Inc.

was

proposing

to

extend

the

term

of

the

Expense

Limitation

Agreement

for

another

year.

It

was

also

noted

that

the

Conservative

Allocation

Fund

is

not

currently

subject

to

breakpoints

on

its

advisory

fee.

Management

of

the

Adviser

indicated

that

they

would

be

willing

to

consider

the

introduction

of

breakpoints

for

the

Fund

in

the

event

that

assets

in

the

Fund

were

to

become

more

substantial

and

economies

of

scale

were

able

to

be

realized.

The

Board

next

compared

expenses

of

the

Conservative

Allocation

Fund

to

the

expenses

of

its

peer

group,

noting

that

the

net

expenses

for

the

Institutional

Class

shares

of

the

Conservative

Allocation

Fund

(after

fee

waivers)

are

below

industry

averages

for

total

operating

expenses

of

other

funds

of

similar

size

and

investment

objective.

The

Board

then

considered

various

matters

with

respect

to

each

of

the

income

funds

managed

by

Weitz

Inc.,

consisting

of

the

Core

Plus

Income

Fund,

the

Short

Duration

Income

Fund,

the

Ultra

Short

Government

Fund

and

the

Nebraska

Tax

Free

Income

Fund

(the

“Income

Funds”),

noting

the

applicable

investment

objectives,

strategies

and

fee

arrangements

for

each

Income

Fund,

and

noting

Weitz

Inc.’s

investment

expertise

and

the

investment

strategies

utilized

by

the

firm

with

respect

to

each

Income

Fund.

Among

the

factors

the

Board

considered

was

the

overall

performance

of

each

Income

Fund

relative

to

its

peer

group

on

a

long-term

basis

and

over

shorter

time

periods,

taking

into

consideration

the

fact

that

the

Ultra

Short

Government

Fund

had

operated

as

a

“government

money

market

fund”

until

December

16,

2016.

The

Board

also

took

into

consideration

the

strong

long-

and

short-term

performance

of

the

Core

Plus

Income

Fund

as

well

as

the

strong

long-

and

short-term

performance

of

the

Short

Duration

Income

Fund.

The

Board

also

took

into

consideration

the

fact

that

Ultra

Short

Government

Fund

is

offered

as

an

accommodation

for

investors

looking

to

invest

in

U.S.

Treasuries.

It

was

also

noted

that

investors

in

Ultra

Short

Government

Fund

are

prioritizing

safety

over

performance.

In

addition,

the

Board

compared

expenses

of

each

Income

Fund

to

the

expenses

of

its

peer

group,

noting

that

the

net

expenses

(after

fee

waivers)

of

the

Core

Plus

Income

Fund,

the

Ultra

Short

Government

Fund

and

the

Nebraska

Tax

Free

Income

Fund

each

are

below

industry

averages

for

other

funds

of

similar

size

and

investment

objective,

while

the

net

expenses

(after

fee

waivers)

of

the

Short

Duration

Income

Fund

is

above

industry

averages

for

other

funds

of

similar

size

and

investment

objective.

In

considering

the

investment

advisory

fees

applicable

to

each

Income

Fund,

the

Board

discussed

with

the

Adviser

representatives

their

reasons

for

assessing

the

applicable

fees

in

connection

with

each

Income

Fund,

and

the

Board

considered

and

discussed

the

fees

charged

by

similar

funds

in

each

respective

investment

category.

The

members

of

the

Board

also

reviewed

matters

with

respect

to

the

terms

of

the

Expense

Limitation

Agreements

that

are

in

effect

between

each

of

the

Income

Funds

and

Weitz

Inc.

and

it

was

noted

that

Weitz

Inc.

was

proposing

to

continue

through

July

31,

2026

the

Expense

Limitation

Agreement

that

is

currently

in

effect

for

the

Core

Plus

Income

Fund-Institutional

Class,

the

Nebraska

Tax

Free

Income

Fund,

the

Short

Duration

Income

Fund-Institutional

Class

and

the

Ultra

Short

Government

Fund,

so

that:

(i)

the

limit

on

the

Core

Plus

Income

Fund-Institutional

Class

total

annual

operating

expenses

would

continue

to

be

0.45%;

(ii)

the

limit

on

the

Nebraska

Tax

Free

Income

Fund’s

total

annual

operating

expenses

would

continue

to

be

0.45%;

(iii)

the

limit

on

the

Short

Duration

Fund-Institutional

Class

total

annual

operating

expenses

would

continue

to

be

0.45%;

(iv)

the

limit

on

the

Ultra

Short

Government

Fund’s

total

annual

operating

expenses

would

continue

to

be

0.32%;

(v)

the

limit

on

the

Core

Plus

Income

Fund-

Investor

Class

would

continue

to

be

0.65%

and

(vi)

the

limit

on

the

Short

Duration

Income

Fund-Investor

Class

would

continue

to

be

0.65%

(in

each

case,

of

average

daily

net

assets

and

excluding

brokerage

costs,

interest,

taxes

and

dividend

expenses,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

The

Board

also

reviewed

with

representatives

of

Weitz

Inc.

various

other

factors

relating

to

the

management

of

the

Funds.

The

Board

took

note

of

the

long-term

relationship

between

Weitz

Inc.

and

the

Funds

and

the

efforts

that

have

been

undertaken

by

the

Adviser

to

foster

the

growth

and

development

of

the

Funds

since

the

inception

of

each

Fund.

They

also

noted

the

range

of

investment

advisory,

shareholder

servicing

and

business

administrative

services

provided

by

Weitz

Inc.

to

the

Funds

and

the

level

and

quality

of

these

services,

and

in

particular,

they

noted

the

quality

of

the

personnel

providing

these

services

and

determined

that

the

quality

of

the

services

was

very

high.

They

also

took

note

of

the

fact

that:

(i)

Weitz

Inc.

pays

all

of

the

distribution

expenses

of

the

Funds

from

its

own

resources,

including

third-party

intermediary

expenses

that

are

deemed

to

be

distribution

related,

and

the

Funds

do

not

pay

for

any

such

expenses,

and

(ii)

the

Adviser

pays

for

all

marketing

efforts

for

the

Funds

from

its

own

resources

and

the

Funds

do

not

pay

for

any

such

efforts.

The

Board

also

noted

that

the

services

provided

to

the

Funds

under

the

Business

Administration

Agreement,

which

includes

oversight

of

the

Funds’

service

providers,

as

well

as

the

elimination

of

the

administrative

services

fees

for

Institutional

Class

shares.

The

Board

also

considered

the

Adviser’s

arrangements

to

establish

and

manage

two

new

exchange-traded

funds

(“ETFs”)

outside

of

the

Trust.

The

proposed

fees

for

the

new

ETFs

were

discussed

as

well

as

the

differences

in

the

service

providers

servicing

the

ETFs

and

the

key

differences

of

the

ETF

structure

as

compared

to

the

Funds.

The

Board

noted

that,

after

the

ETFs

commence

operations,

the

Board

would

consider

the

fees

and

expenses

of

the

ETFs

in

more

detail

as

part

of

future

annual

15(c)

contract

reviews.

The

Board

also

reviewed

financial

information

concerning

Weitz

Inc.

relating

to

its

operation

of

the

Funds,

noting

the

overall

profitability

of

the

relationship

with

the

Funds

to

Weitz

Inc.

and

the

financial

soundness

of

Weitz

Inc.

as

demonstrated

by

the

financial

information

provided,

and

reached

a

finding

that

the

level

of

profitability

was

consistent

with

relevant

industry

averages

and

not

excessive.

In

reviewing

the

profitability

of

Weitz

Inc.

relating

to

its

management

of

the

Funds,

the

Board

reviewed

the

level

of

profitability

including

the

various

marketing

and

distribution

expenses

that

are

incurred

by

Weitz

Inc.

from

its

own

resources

and

they

also

considered

the

level

of

profitability

without

taking

into

consideration

the

impact

of

these

marketing

and

distribution

costs.

The

Board

also

considered

that

Weitz

Inc.

had

agreed

to

fee

breakpoints

and

to

contractual

fee

waivers

with

respect

to

certain

of

the

Funds

in

order

to

limit

their

overall

operating

expenses.

The

Board

further

reviewed

Weitz

Inc.’s

brokerage

practices,

including

its

soft

dollar

practices

and

best-execution

procedures,

and

noted

that

these

were

reasonable

and

consistent

with

standard

industry

practice.

The

Board

took

note

of

the

current

portfolio

managers

for

each

of

the

Funds

and

their

overall

management

of

each

of

the

Funds,

as

well

as

considered

the

addition

of

a

new

Co-Portfolio

Manager

of

the

Large

Cap

Equity

Fund.

The

Board

also

considered

information

regarding

the

fees

that

Weitz

Inc.

charges

other

clients

for

investment

advisory

services

that

are

similar

to

the

advisory

services

provided

to

the

Funds,

including

certain

institutional

accounts,

and

it

was

noted

that

the

fees

were

comparable

based

on

the

relevant

circumstances

of

the

types

of

accounts

involved.

50

OTHER

INFORMATION

(Continued)

(Unaudited)

In

considering

information

regarding

the

investment

management

fees

payable

by

the

Funds

to

Weitz

Inc.

under

the

Agreements,

the

Board

also

took

note

of

the

business

administration

fees

that

are

payable

by

the

Funds

to

Weitz

Inc.

under

the

terms

of

the

Business

Administration

Agreement

that

is

applicable

to

the

Funds.

In

considering

the

approval

of

the

Business

Administration

Agreement

and

in

determining

the

reasonableness

of

the

total

fees

paid

by

the

Funds

to

Weitz

Inc.

for

the

overall

level

of

services

that

Weitz

Inc.

provides

to

the

Funds

and

their

shareholders,

the

Board

members

considered

and

discussed

various

factors

related

to

the

business

administration

services

that

are

provided

to

the

Funds

by

Weitz

Inc.,

including

the

nature

and

extent

of

these

fees

and

the

services

provided

by

Weitz

Inc.

In

connection

with

their

review

of

these

matters,

the

Trustees

took

into

consideration

the

third-party

service

provider

arrangements

in

place

on

behalf

of

the

Funds

to

provide

certain

of

the

administration

services

for

the

Funds,

and

the

Trustees

further

considered

the

nature

of

the

fee

arrangements

in

place

with

these

third-party

firms

to

provide

services

to

the

Funds,

as

well

as

the

supervision

that

is

required

of

these

third-party

service

providers.

In

considering

the

nature

and

extent

of

these

non-

advisory

administrative

services

provided

to

the

Funds

by

Weitz

Inc.,

the

Board

took

into

consideration:

(i)

whether

the

Business

Management

Agreement

is

in

the

best

interest

of

the

Funds

and

their

shareholders;

(ii)

whether

the

Business

Management

Agreement

fees

continue

to

be

fair

and

reasonable;

and

(iii)

whether

the

business

administration

services

to

be

provided

under

the

Business

Management

Agreement

are

necessary

for

the

operation

of

the

Funds.

The

Board

also

took

into

consideration

the

fact

that

an

affiliate

of

Weitz

Inc.,

Weitz

Securities,

Inc.,

provides

underwriting

and

distribution

services

to

the

Funds.

The

Board

took

into

consideration

that

Weitz

Securities,

Inc.

does

not

charge

the

Funds

any

fees

for

its

services

as

distributor

and

that

Weitz

Securities,

Inc.

incurs

various

costs

and

expenses

in

order

to

provide

for

the

distribution

and

sales

of

the

shares

of

the

Funds

which

in

turn

are

incurred

by

Weitz

Inc.

from

its

own

financial

resources.

The

Board

also

considered

and

discussed

the

level

and

quality

of

the

distribution

services

performed

by

Weitz

Securities,

Inc.

In

addition,

the

members

of

the

Board

considered

the

nature

and

extent

of

the

revenue

sharing

payments

that

Weitz

Inc.

makes

to

those

third-party

intermediaries

that

provide

various

types

of

distribution

related

services

to

the

Funds,

noting

these

payments

are

made

entirely

from

Weitz

Inc.’s

own

financial

resources

and

are

not

paid

by

the

Funds.

In

connection

with

these

matters,

the

Board

also

took

into

consideration

the

Adviser’s

proposal

to

continue

the

use

of

the

Administrative

Services

Plan

for

Investor

Class

shares.

The

Board

considered

the

amount

of

the

fees

that

are

payable

to

Weitz

Inc.

for

providing

the

types

of

non-distribution

shareholder

administrative

services

that

are

eligible

to

be

compensated

under

the

terms

of

the

Administrative

Services

Plan

for

Investor

Class

shares

and

the

nature

of

the

related

services.

The

Trustees

also

took

into

consideration

the

level

and

quality

of

shareholder

servicing

for

Institutional

Class

shares

as

provided

by

Weitz

Inc.

In

reaching

their

conclusion

with

respect

to

the

continuation

of

the

Agreements

for

each

Fund

and

the

level

of

investment

advisory

fees

payable

under

the

Management

and

Investment

Advisory

Agreement

for

each

Fund,

the

Trustees

did

not

identify

any

one

single

factor

as

being

controlling.

Rather,

the

Board

took

note

of

a

combination

of

factors

that

influenced

their

decision-

making

process.

The

Board

did,

however,

identify

the

overall

performance

results

of

the

Funds,

the

commitment

of

the

Adviser

and

its

affiliates

to

the

successful

operation

of

the

Funds,

and

the

level

of

expenses

of

the

Funds,

as

being

important

elements

of

their

consideration.

They

noted

that

the

Adviser

has

been

willing

to

maintain

breakpoints

for

the

Equity

Funds,

and

contractual

expense

limitation

agreements

for

seven

of

the

Funds

in

order

to

limit

the

overall

operating

expenses

of

the

Funds,

as

applicable.

They

also

noted

the

overall

level

and

quality

of

investment

advisory,

shareholder

servicing

and

business

administration

services

provided

by

the

Adviser

to

the

Funds,

as

well

as

the

distribution

services

provided

by

the

Distributor,

including

the

increased

marketing

efforts

on

behalf

of

the

Funds,

and

they

found

that

these

services

continued

to

benefit

the

shareholders

of

the

Funds

and

reflected

the

firm’s

overall

commitment

to

the

continued

successful

growth

and

development

of

the

Funds.

The

Trustees

also

noted

the

effectiveness

of

the

compliance

program

maintained

with

respect

to

the

Funds

and

the

Adviser

and

the

compliance

oversight

process.

The

Trustees

also

took

into

consideration

their

discussions

with

the

Adviser’s

representatives

regarding

the

factors

that

have

impacted

the

performance

of

the

Funds

on

a

short-term

basis

and

over

longer

time

periods

and

the

Adviser’s

commitment

to

improving

performance

for

certain

Funds.

Based

upon

their

review

and

consideration

of

these

factors

and

other

matters

deemed

relevant

by

the

Board

in

reaching

an

informed

business

judgment,

a

majority

of

the

Board

of

Trustees,

including

a

majority

of

the

Independent

Trustees,

concluded

that

the

terms

of

the

Management

and

Investment

Advisory

Agreements

are

fair

and

reasonable

and

the

Board

voted

to

renew

the

Agreements

for

an

additional

one-year

period.

In

reaching

these

conclusions

with

respect

to

each

of

the

Agreements,

the

members

of

the

Board,

including

all

of

the

Independent

Trustees,

took

into

consideration

the

following

factors:

The

nature,

extent

and

quality

of

the

advisory

services

provided.

The

Trustees

concluded

that

the

Adviser

is

capable

of

providing

high

quality

services

to

the

Funds,

as

indicated

by

the

nature,

extent

and

quality

of

the

services

provided

in

the

past

by

the

Adviser

to

each

of

the

Funds,

the

Adviser’s

management

capabilities

demonstrated

with

respect

to

the

Funds,

the

professional

qualifications

and

experience

of

each

of

the

portfolio

managers

of

the

Funds,

and

the

Adviser’s

investment

management

and

compliance

oversight

processes.

On

the

basis

of

the

Trustees’

assessment

of

the

nature,

extent

and

quality

of

the

advisory

services

provided

by

the

Adviser,

the

Trustees

concluded

that

the

Adviser

is

capable

of

generating

a

level

of

long-term

investment

performance

that

is

appropriate

in

light

of

the

Funds’

investment

objectives,

policies

and

strategies.

The

investment

performance

of

the

Funds.

The

Trustees

received

and

reviewed

performance

information

for

each

of

the

Funds

separately,

including

total

return

performance

information,

for

applicable

one-,

five-

and

ten-year

periods

ended

March

31,

2025,

and

for

shorter

periods

as

applicable,

with

respect

to

the

Funds’

shares.

The

Board

also

reviewed

with

the

representatives

of

the

Adviser

other

information

and

data,

including

each

Fund’s

performance

against

its

primary

comparative

index,

and

against

each

Fund’s

peer

group,

as

follows:

1.

Conservative

Allocation.

The

Board

noted

that

the

Investor

and

Institutional

Class

shares

of

the

Fund

had

underperformed

its

primary

comparative

index,

the

Bloomberg

US

Aggregate

Bond

Index,

for

the

one-year

period

ended

March

31,

2025,

but

had

outperformed

its

index

for

the

five-

and

ten-year

periods.

The

Board

also

noted

that

the

Institutional

Class

shares

of

the

Fund

had

underperformed

its

peer

group

median

for

the

one-

two-,

three-,

four-

and

five-year

periods

ended

March

31,

2025.

2.

Core

Plus

Income

.

The

Board

noted

that

the

Investor

and

Institutional

Class

shares

of

the

Fund

had

outperformed

its

primary

comparative

index,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

for

the

one-,

five-year

and

ten-year

periods

ended

March

31,

2025.

The

Board

also

noted

that

the

Institutional

Class

shares

of

the

Fund

had

outperformed

its

peer

group

median

for

the

one-,

two-,

three-,

four-,

five-

and

ten-year

periods

ended

March

31,

2025.

51

OTHER

INFORMATION

(Continued)

(Unaudited)

3.

Large

Cap

Equity

.

The

Board

noted

that

the

Investor

and

Institutional

Class

shares

of

the

Fund

had

underperformed

its

primary

comparative

index,

the

Russell

1000

Index,

for

the

one-,

five-

and

ten-year

periods

ended

March

31,

2025.

The

Board

also

noted

that

the

Institutional

Class

shares

of

the

Fund

had

underperformed

its

peer

group

median

for

the

one-,

two-,

three,

four,

five-

and

ten-year

periods

ended

March

31,

2025.

The

Trustees

also

took

into

consideration

their

discussions

with

the

Adviser’s

representatives

regarding

the

factors

that

have

impacted

the

performance

of

the

Fund

on

a

short-term

basis

and

over

longer

time

periods

and

the

steps

being

taken

to

improve

performance.

4.

Multi

Cap

Equity

.

The

Board

noted

that

the

Investor

and

Institutional

Class

shares

of

the

Fund

had

underperformed

its

primary

comparative

index,

the

Russell

3000

Index,

for

the

one-,

five-

and

ten-year

periods

ended

March

31,

2025.

The

Board

also

noted

that

the

Institutional

Class

shares

of

the

Fund

had

outperformed

its

peer

group

median

for

the

one-year

period

ended

March

31,

2025,

and

had

underperformed

its

peer

group

median

for

the

two-,

three-,

four-,

five-

and

ten--year

periods

ended

March

31,

2025.

The

Trustees

also

took

into

consideration

their

discussions

with

the

Adviser’s

representatives

regarding

the

factors

that

have

impacted

the

performance

of

the

Fund

on

a

short-term

basis

and

over

longer

time

periods,

as

well

as

the

recent

improved

performance.

5.

Nebraska

Tax

Free

Income

.

The

Board

noted

that

the

Fund

had

outperformed

its

primary

comparative

index,

the

Bloomberg

U.S.

Municipal

Bond

Index,

for

the

one-year

period

ended

March

31,

2025,

and

had

underperformed

the

index

for

the

five-

and

ten-year

periods

ended

March

31,

2025.

The

Board

also

noted

that

the

Fund

had

outperformed

its

peer

group

median

for

the

one-,

two-,

three-,

four-,

and

five-year

periods

ended

March

31,

2025,

and

had

underperformed

its

peer

group

median

for

ten-

year

period

ended

March

31,

2025.

The

Trustees

also

took

into

consideration

their

discussions

with

the

Adviser’s

representatives

regarding

the

factors

that

have

impacted

the

performance

of

the

Fund.

6.

Partners

III

Opportunity

.

The

Board

noted

that

the

Investor

and

Institutional

Class

shares

of

the

Fund

had

underperformed

its

primary

comparative

index,

the

Russell

3000

Index,

for

the

one-,

five-

and

ten-year

periods

ended

March

31,

2025.

The

Board

also

noted

that

the

Institutional

Class

shares

of

the

Fund

had

outperformed

its

peer

group

median

for

the

one-

and

two-year

periods

ended

March

31,

2025,

and

had

underperformed

the

peer

group

median

for

the

three-,

four-,

five-

and

ten-year

periods

ended

March

31,

2025.

The

Trustees

also

took

into

consideration

their

discussions

with

the

Adviser’s

representatives

regarding

the

factors

that

have

impacted

the

performance

of

the

Fund

on

a

short-term

basis

and

over

longer

time

periods.

7.

Short

Duration

Income

.

The

Board

noted

that

Investor

and

Institutional

Class

shares

of

the

Fund

had

outperformed

its

primary

comparative

index,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

for

the

one-,

five-

and

ten-year

periods

ended

March

31,

2025.

The

Board

noted

that

Institutional

Class

shares

of

the

Fund

had

outperformed

its

peer

group

median

for

the

two-,

three-,

four-,

five-

and

ten-year

periods

ended

March

31,

2025,

and

performed

equal

to

the

median

of

its

peer

group

for

the

one-year

period

ended

March

31,

2025.

8.

Ultra

Short

Government

.

The

Board

noted

that

the

Fund

had

underperformed

its

primary

comparative

index,

the

Bloomberg

US

Aggregate

Bond

Index,

for

the

one-year

period

ended

March

31,

2025,

and

had

outperformed

its

index

for

the

five-

and

ten-

year

periods

ended

March

31,

2025.

The

Board

also

noted

that

the

Fund

had

underperformed

its

peer

group

median

for

the

one-

,

two-,

three-,

five-

and

ten-year

periods

ended

March

31,

2025.

In

connection

with

the

Board’s

review

of

the

performance

results

presented

for

Ultra

Short,

the

Trustees

took

into

consideration

the

fact

that,

prior

to

December

16,

2016,

Ultra

Short

had

been

operated

as

a

government

money

market

fund

and,

as

a

result,

the

performance

returns

for

periods

prior

to

that

date

were

achieved

while

the

Fund

was

operated

as

a

government

money

market

fund

with

investment

objectives

and

strategies

different

from

the

investment

objectives

and

strategies

that

the

Fund

implemented

effective

December

16,

2016.

The

Trustees

also

took

into

consideration

their

discussions

with

the

Adviser’s

representatives

regarding

the

factors

that

have

impacted

the

performance

of

the

Fund

on

a

short-term

basis

and

over

longer

time

periods.

The

cost

of

advisory

services

provided

and

the

expected

level

of

profitability.

The

Board

considered

the

advisory

fees

and

overall

expenses

of

the

Funds

(including

Institutional

Class

shares

and

Investor

Class

shares

of

the

dual-class

Funds),

based

upon

the

relevant

information

presented,

as

compared

to

the

advisory

fees

and

overall

expenses

of

each

Fund’s

peer

group

as

follows:

1.

Conservative

Allocation

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

0.60%

on

the

Fund’s

assets,

and

this

rate

was

equal

to

the

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund’s

Institutional

Class

shares

was

0.70%,

which

was

lower

than

the

median

net

expense

ratio

of

its

peer

funds.

2.

Core

Plus

Income

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

0.40%

on

the

Fund’s

assets,

which

was

below

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund’s

Institutional

Class

shares

was

0.45%,

which

is

lower

than

the

median

net

expense

ratio

of

its

peer

funds.

3.

Large

Cap

Equity

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

0.75%

on

the

Fund’s

assets

that

are

less

than

or

equal

to

$5

billion,

with

a

breakpoint

in

the

investment

advisory

fee

on

assets

in

the

Fund

in

excess

of

$5

billion,

and

this

rate

of

0.70%

was

above

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund’s

Institutional

Class

shares

was

0.86%,

which

is

above

the

median

net

expense

ratio

of

its

peer

funds.

4.

Multi

Cap

Equity

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

0.75%

on

the

Fund’s

assets

that

are

less

than

or

equal

to

$5

billion,

with

a

breakpoint

in

the

investment

advisory

fee

on

assets

in

the

Fund

in

excess

of

$5

billion,

and

this

rate

of

0.70%

was

equal

to

the

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund’s

Institutional

Class

shares

was

0.87%,

which

is

above

the

median

net

expense

ratio

of

its

peer

funds.

5.

Nebraska

Tax

Free

Income

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

0.40%

on

the

Fund’s

assets,

which

was

below

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund

was

0.45%,

which

is

below

the

median

net

expense

ratio

of

its

peer

funds.

6.

Partners

III

Opportunity

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

1.00%

on

the

Fund’s

assets

that

are

less

than

or

equal

to

$1

billion,

with

breakpoints

in

the

investment

advisory

fee

on

differing

levels

of

assets

in

the

Fund

in

excess

of

$1

billion,

which

is

lower

than

the

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund’s

Institutional

Class

shares

(exclusive

of

the

dividend

and

interest

expense

incurred

by

the

Fund

during

the

fiscal

year)

was

1.12%,

which

is

lower

than

the

median

net

expense

ratio

of

its

peer

funds.

52

OTHER

INFORMATION

(Continued)

(Unaudited)

7.

Short

Duration

Income

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

0.40%

on

the

Fund’s

assets,

which

is

above

the

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund’s

Institutional

Class

shares

was

0.45%,

which

is

above

the

median

net

expense

ratio

of

its

peer

funds.

8.

Ultra

Short

Government

.

The

Board

noted

that

the

Advisory

Agreement

provided

for

an

investment

advisory

fee

for

the

Fund

at

a

rate

of

0.30%

on

the

Fund’s

assets,

which

is

below

the

median

compared

to

its

peer

funds.

The

Board

also

noted

that

the

net

expense

ratio

of

the

Fund’s

Institutional

Class

shares

was

0.32%,

which

is

lower

than

the

median

net

expense

ratio

of

its

peer

funds.

On

the

basis

of

the

fee

and

expense

information

provided,

the

Board

determined

that

the

investment

management

fees

payable

by

the

Funds

to

Weitz

Inc.

are

reasonable

and

that

Weitz Inc.’s

level

of

profitability

from

its

management

of

each

of

the

Funds

is

reasonable

and

not

excessive.

The

extent

to

which

economies

of

scale

may

be

realized

as

the

Funds

grow

and

whether

the

advisory

fees

reflect

possible

economies

of

scale.

The

Trustees

took

into

consideration

that

each

of

the

Equity

Funds

are

currently

operated

pursuant

to

investment

management

fees

that

are

subject

to

breakpoints

on

the

fees

as

assets

in

the

Equity

Funds

increase

over

various

established

levels

of

assets.

In

addition,

while

it

was

noted

that

the

investment

advisory

fees

for

the

Income

Funds

and

for

the

Conservative

Allocation

Fund

will

not

decrease

as

the

Funds’

assets

grow

because

they

are

not

subject

to

investment

advisory

fee

breakpoints,

the

Trustees

concluded

that

these

Funds’

investment

advisory

fees

are

appropriate

in

light

of

the

size

of

the

Funds,

and

appropriately

reflect

the

current

economic

environment

for

the

Adviser

and

the

competitive

nature

of

the

mutual

fund

marketplace.

The

Trustees

then

noted

that

they

will

have

the

opportunity

to

periodically

re-examine

whether

any

of

these

Funds

have

achieved

economies

of

scale,

and

the

appropriateness

of

the

investment

advisory

fees

payable

to

the

Adviser

with

respect

to

the

Income

Funds

and

the

Conservative

Allocation

Fund,

in

the

future

at

which

time

the

implementation

of

fee

breakpoints

on

these

particular

Funds

could

be

further

considered.

Benefits

to

Weitz

Inc.

from

its

relationship

with

the

Funds

(and

any

corresponding

benefits

to

the

Funds).

The

Trustees

concluded

that

other

benefits

that

may

be

derived

by

the

Adviser

from

its

relationship

with

the

Funds,

including

“soft

dollar”

benefits

in

connection

with

Fund

brokerage

transactions

and

use

of

the

Funds’

performance

track

record

in

advertising

materials,

are

reasonable

and

fair,

and

consistent

with

industry

practice

and

the

best

interests

of

the

Funds

and

their

shareholders.

In

addition,

the

Trustees

determined

that

the

Funds

benefit

from

their

relationship

with

the

Adviser

by

virtue

of

the

Adviser’s

provision

of

business

administration

and

shareholder

services,

in

addition

to

investment

advisory

services,

at

a

cost

to

the

Funds

that

is

generally

comparable

to

the

costs

of

an

outside

service

provider,

which

the

Trustees

have

previously

determined

to

be

reasonable,

fair

and

in

the

best

interests

of

the

shareholders

of

the

Funds

in

light

of

the

nature

and

quality

of

the

services

provided

and

the

necessity

of

the

services

for

the

Funds’

operations.

Other

Considerations.

In

approving

the

continuation

of

the

Advisory

Agreements,

the

Trustees

determined

that

the

Adviser

has

made

a

substantial

commitment

to

the

recruitment

and

retention

of

high

quality

personnel,

and

maintains

the

financial,

compliance

and

operational

resources

reasonably

necessary

to

manage

the

Funds

in

a

professional

manner

that

is

consistent

with

the

best

interests

of

the

Funds

and

their

shareholders.

The

Board

also

acknowledged

the

experience

and

expertise

of

members

of

the

Adviser’s

management

team

and

the

focus

these

individuals

have

on

ensuring

that

the

Funds

operate

successfully.

The

Board

noted

the

costs

incurred

by

the

Adviser

for

administrative

services

provided

to

the

Institutional

Class

shares

as

well

as

the

Adviser’s

expertise

as

it

relates

to

the

oversight

of

the

Funds’

service

providers.

The

Trustees

also

concluded

that

the

Adviser

has

made

a

significant

entrepreneurial

commitment

to

the

management

and

success

of

the

Funds,

which

entails

a

substantial

financial

and

professional

commitment,

including

the

efforts

to

market

and

distribute

the

Funds,

as

well

as

the

Expense

Limitation

Agreements

under

which

the

Adviser

has

undertaken

to

waive

a

portion

of

its

fees

and

to

reimburse

expenses

of

seven

of

the

Funds

to

the

benefit

of

Fund

shareholders

to

the

extent

necessary

in

accordance

with

the

terms

of

the

Expense

Limitation

Agreements.

The

Board

also

considered

matters

with

respect

to

the

brokerage

practices

of

the

Adviser,

including

its

soft

dollar

arrangements

and

its

best-execution

procedures,

and

noted

that

these

were

reasonable

and

consistent

with

standard

industry

practice.

The

Board

also

took

into

consideration

the

investments

made

by

the

Adviser

into

the

Funds

to

enhance

services

and

improve

efficiencies.

The

Board

also

considered

the

arrangements

of

Weitz

Inc.

to

expand

its

product

offerings

and

offer

two

new

ETF

products

under

a

separate

investment

company

trust.

The

Board

noted

that

with

respect

to

the

ETFs

Weitz

Inc.

is

organizing,

the

Board

indicated

its

intent

to

monitor

the

fees

of

the

ETFs,

as

well

as

any

impact

such

ETFs

will

have

on

the

competitive

nature

of

the

Funds.

53

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.

11/20/2025

SAR

09.30.25

(b)           The Financial Highlights are included as a 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.

Not applicable.

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

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

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 (17CFR 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)         Not applicable – only for annual reports.

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

(a)(3)          Not applicable.

(a)(4)         Not applicable.

(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  11/20/2025  

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  11/20/2025      

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

                                                James J. Boyne, Principal Financial Officer

Date  11/20/2025