UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                                            811-21410

Weitz Funds

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices)                                                                (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end:      March 31

Date of reporting period:    March 31, 2026

Item 1. Reports to Stockholders.

Weitz Conservative Allocation Fund 

Institutional Class (WBAIX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Conservative Allocation Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Conservative Allocation Fund - Institutional	70	0.70

How did the Fund perform last year?

The Fund (Ticker: WBAIX) returned 1.10% for the year ended March 31, 2026.

Gains were driven by positive results from fixed income securities, while select equity holdings also contributed to performance. Top equity contributors included Analog Devices, Alphabet, Oracle, Martin Marietta Materials, and Vulcan Materials, supported by strong operating results and continued strength among AI-related and infrastructure-oriented businesses. Notable equity detractors included Accenture, Roper Technologies, Aon, Gartner, and Equifax, driven by ongoing investor reassessment of growth durability and competitive positioning in an evolving AI landscape. 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

Table Summary

	Weitz Conservative Allocation Fund - Institutional	Bloomberg U.S. Aggregate Bond Index	Morningstar Moderately Conservative Target Risk Index
Mar 16	10,000	10,000	10,000
Mar 17	10,632	10,043	10,735
Mar 18	11,383	10,165	11,437
Mar 19	12,087	10,620	11,965
Mar 20	12,142	11,569	11,868
Mar 21	14,805	11,652	14,503
Mar 22	15,568	11,168	14,551
Mar 23	14,943	10,634	13,760
Mar 24	16,783	10,814	15,057
Mar 25	17,190	11,342	15,933
Mar 26	17,379	11,835	17,510

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Conservative Allocation Fund - Institutional - WBAIX	1.10	3.26	5.68
Bloomberg U.S. Aggregate Bond Index	4.35	0.31	1.70
Morningstar Moderately Conservative Target Risk Index	9.90	3.84	5.76

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

Table Summary

Net Assets ($)	170,067,494
Number of Portfolio Holdings	175
Net Investment Advisory Fees Paid ($)	1,320,348
Portfolio Turnover Rate (%)	18

Table Summary

30-Day SEC Yield (Subsidized) (%)	2.01
30-Day SEC Yield (Unsubsidized) (%)	1.88
Average Effective Maturity (yrs)	2.30
Average Effective Duration (yrs)	1.90

What did the Fund invest in?

Top 10 Equity Holdings 

Table Summary

Security	% of Net Assets
Berkshire Hathaway, Inc.	3.4
Danaher Corp.	2.3
Vulcan Materials Co.	2.3
Thermo Fisher Scientific, Inc.	2.3
Aon plc	2.3
Martin Marietta Materials, Inc.	2.3
Visa, Inc.	2.2
Mastercard, Inc.	2.2
Microsoft Corp.	2.0
Labcorp Holdings, Inc.	2.0
	23.3

Credit Quality (% of Portfolio)

Table Summary

Value	Value
U.S Treasury	68.0
U.S. Government Agency Mortgage Related Securities	11.4
AAA	16.6
BBB	0.5
Cash Equivalents	3.5

Top Equity Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Analog Devices, Inc.	60.1	2.0	1.04
Alphabet, Inc. - Class C	84.5	1.4	0.79
Oracle Corp.	77.6	0.4	0.76
Martin Marietta Materials, Inc.	23.6	2.1	0.42
Vulcan Materials Co.	17.4	2.2	0.34

Sector Breakdown

Table Summary

	% of Net Assets
Financials	11.5
Industrials	8.8
Health Care	7.6
Information Technology	7.6
Materials	6.3
Communication Services	2.1
U.S. Treasuries	38.0
Mortgage-Backed Securities	10.4
Asset-Backed Securities	4.6
Commercial Mortgage-Backed Securities	0.7
Corporate Bonds	0.3
Cash Equivalents/Other	2.1
	100.0

Top Equity Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Accenture plc - Class A	(34.9)	2.0	(0.85)
Roper Technologies, Inc.	(40.7)	1.1	(0.59)
Aon plc - Class A	(18.4)	2.6	(0.54)
Gartner, Inc.	(35.9)	0.4	(0.41)
Equifax, Inc.	(25.3)	1.3	(0.39)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P815-033126

Weitz Conservative Allocation Fund 

Investor Class (WBALX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Conservative Allocation Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Conservative Allocation Fund - Investor	85	0.85

How did the Fund perform last year?

The Fund (Ticker: WBALX) returned 0.93% for the year ended March 31, 2026.

Gains were driven by positive results from fixed income securities, while select equity holdings also contributed to performance. Top equity contributors included Analog Devices, Alphabet, Oracle, Martin Marietta Materials, and Vulcan Materials, supported by strong operating results and continued strength among AI-related and infrastructure-oriented businesses. Notable equity detractors included Accenture, Roper Technologies, Aon, Gartner, and Equifax, driven by ongoing investor reassessment of growth durability and competitive positioning in an evolving AI landscape. 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

Table Summary

	Weitz Conservative Allocation Fund - Investor	Bloomberg U.S. Aggregate Bond Index	Morningstar Moderately Conservative Target Risk Index
Mar 16	10,000	10,000	10,000
Mar 17	10,632	10,043	10,735
Mar 18	11,383	10,165	11,437
Mar 19	12,087	10,620	11,965
Mar 20	12,129	11,569	11,868
Mar 21	14,765	11,652	14,503
Mar 22	15,500	11,168	14,551
Mar 23	14,862	10,634	13,760
Mar 24	16,659	10,814	15,057
Mar 25	17,046	11,342	15,933
Mar 26	17,205	11,835	17,510

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Conservative Allocation Fund - Investor - WBALX	0.93	3.11	5.58
Bloomberg U.S. Aggregate Bond Index	4.35	0.31	1.70
Morningstar Moderately Conservative Target Risk Index	9.90	3.84	5.76

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

Table Summary

Net Assets ($)	170,067,494
Number of Portfolio Holdings	175
Net Investment Advisory Fees Paid ($)	1,320,348
Portfolio Turnover Rate (%)	18

Table Summary

30-Day SEC Yield (Subsidized) (%)	1.87
30-Day SEC Yield (Unsubsidized) (%)	1.59
Average Effective Maturity (yrs)	2.30
Average Effective Duration (yrs)	1.90

What did the Fund invest in?

Top 10 Equity Holdings 

Table Summary

Security	% of Net Assets
Berkshire Hathaway, Inc.	3.4
Danaher Corp.	2.3
Vulcan Materials Co.	2.3
Thermo Fisher Scientific, Inc.	2.3
Aon plc	2.3
Martin Marietta Materials, Inc.	2.3
Visa, Inc.	2.2
Mastercard, Inc.	2.2
Microsoft Corp.	2.0
Labcorp Holdings, Inc.	2.0
	23.3

Credit Quality (% of Portfolio)

Table Summary

Value	Value
U.S Treasury	68.0
U.S. Government Agency Mortgage Related Securities	11.4
AAA	16.6
BBB	0.5
Cash Equivalents	3.5

Top Equity Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Analog Devices, Inc.	60.1	2.0	1.04
Alphabet, Inc. - Class C	84.5	1.4	0.79
Oracle Corp.	77.6	0.4	0.76
Martin Marietta Materials, Inc.	23.6	2.1	0.42
Vulcan Materials Co.	17.4	2.2	0.34

Sector Breakdown

Table Summary

	% of Net Assets
Financials	11.5
Industrials	8.8
Health Care	7.6
Information Technology	7.6
Materials	6.3
Communication Services	2.1
U.S. Treasuries	38.0
Mortgage-Backed Securities	10.4
Asset-Backed Securities	4.6
Commercial Mortgage-Backed Securities	0.7
Corporate Bonds	0.3
Cash Equivalents/Other	2.1
	100.0

Top Equity Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Accenture plc - Class A	(34.9)	2.0	(0.85)
Roper Technologies, Inc.	(40.7)	1.1	(0.59)
Aon plc - Class A	(18.4)	2.6	(0.54)
Gartner, Inc.	(35.9)	0.4	(0.41)
Equifax, Inc.	(25.3)	1.3	(0.39)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P104-033126

Weitz Core Plus Income Fund 

Institutional Class (WCPBX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Core Plus Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

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

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Core Plus Income Fund - Institutional	Bloomberg U.S. Aggregate Bond Index
Mar 16	10,000	10,000
Mar 17	10,461	10,043
Mar 18	10,608	10,165
Mar 19	11,146	10,620
Mar 20	11,320	11,569
Mar 21	12,778	11,652
Mar 22	12,565	11,168
Mar 23	12,189	10,634
Mar 24	12,670	10,814
Mar 25	13,421	11,342
Mar 26	14,062	11,835

How did the Fund perform last year?

The Fund (Ticker: WCPBX) returned 4.77% for the year ended March 31, 2026.

Agency mortgage-backed securities (MBS), corporate bonds, collateralized loan obligations (CLOs), asset-backed securities (ABS), and U.S. Treasuries were top contributors. MBS benefited from strong coupon income, while corporate bonds, led by high yield, contributed as credit markets remained resilient. CLOs and ABS added to performance through attractive income and modest price appreciation. U.S. Treasuries also contributed, reflecting income and supportive rate movements during the period. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Core Plus Income Fund - Institutional - WCPBX	4.77	1.93	3.47
Bloomberg U.S. Aggregate Bond Index	4.35	0.31	1.70

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

Table Summary

Net Assets ($)	4,249,767,247
Number of Portfolio Holdings	563
Net Investment Advisory Fees Paid ($)	14,953,377
Portfolio Turnover Rate (%)	16

Table Summary

30-Day SEC Yield (Subsidized) (%)	5.21
30-Day SEC Yield (Unsubsidized) (%)	5.17
Average Effective Maturity (yrs)	8.90
Average Effective Duration (yrs)	5.60

What did the Fund invest in?

Maturity Distribution

Table Summary

Maturity	% of Portfolio
Less than 1 Year	1.1
1-3 Years	8.5
3-5 Years	25.5
5-7 Years	16.5
7-10 Years	12.0
10 Years or more	36.4
	100.0

Credit Quality (% of Portfolio)

Table Summary

Value	Value
U.S Treasury	28.7
U.S. Government Agency Mortgage Related Securities	27.6
AAA	5.3
AA	1.6
A	8.9
BBB	15.8
BB	4.7
B	6.7
CCC	0.7

Duration Distribution

Table Summary

Maturity	% of Portfolio
Less than 1 Year	14.9
1-3 Years	12.2
3-5 Years	34.3
5-7 Years	10.5
7-10 Years	1.4
10 Years or more	26.7
	100.0

Sector Breakdown

Table Summary

	% of Net Assets
U.S. Treasuries	29.2
Mortgage-Backed Securities	29.0
Corporate Bonds	18.1
Asset-Backed Securities	15.2
Commercial Mortgage-Backed Securities	6.6
Term Loan	2.0
Municipal Bonds	0.0
Cash Equivalents/Other	(0.1)
	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)

Annual Shareholder Report — March 31, 2026

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. 

94904P831-033126

Weitz Core Plus Income Fund 

Investor Class (WCPNX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Core Plus Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Core Plus Income Fund - Investor	66	0.65

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Core Plus Income Fund - Investor	Bloomberg U.S. Aggregate Bond Index
Mar 16	10,000	10,000
Mar 17	10,441	10,043
Mar 18	10,567	10,165
Mar 19	11,071	10,620
Mar 20	11,224	11,569
Mar 21	12,659	11,652
Mar 22	12,448	11,168
Mar 23	12,065	10,634
Mar 24	12,529	10,814
Mar 25	13,250	11,342
Mar 26	13,840	11,835

How did the Fund perform last year?

The Fund (Ticker: WCPNX) returned 4.46% for the year ended March 31, 2026.

Agency mortgage-backed securities (MBS), corporate bonds, collateralized loan obligations (CLOs), asset-backed securities (ABS), and U.S. Treasuries were top contributors. MBS benefited from strong coupon income, while corporate bonds, led by high yield, contributed as credit markets remained resilient. CLOs and ABS added to performance through attractive income and modest price appreciation. U.S. Treasuries also contributed, reflecting income and supportive rate movements during the period. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Core Plus Income Fund - Investor - WCPNX	4.46	1.80	3.30
Bloomberg U.S. Aggregate Bond Index	4.35	0.31	1.70

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

Table Summary

Net Assets ($)	4,249,767,247
Number of Portfolio Holdings	563
Net Investment Advisory Fees Paid ($)	14,953,377
Portfolio Turnover Rate (%)	16

Table Summary

30-Day SEC Yield (Subsidized) (%)	5.02
30-Day SEC Yield (Unsubsidized) (%)	4.86
Average Effective Maturity (yrs)	8.90
Average Effective Duration (yrs)	5.60

What did the Fund invest in?

Maturity Distribution

Table Summary

Maturity	% of Portfolio
Less than 1 Year	1.1
1-3 Years	8.5
3-5 Years	25.5
5-7 Years	16.5
7-10 Years	12.0
10 Years or more	36.4
	100.0

Credit Quality (% of Portfolio)

Table Summary

Value	Value
U.S Treasury	28.7
U.S. Government Agency Mortgage Related Securities	27.6
AAA	5.3
AA	1.6
A	8.9
BBB	15.8
BB	4.7
B	6.7
CCC	0.7

Duration Distribution

Table Summary

Maturity	% of Portfolio
Less than 1 Year	14.9
1-3 Years	12.2
3-5 Years	34.3
5-7 Years	10.5
7-10 Years	1.4
10 Years or more	26.7
	100.0

Sector Breakdown

Table Summary

	% of Net Assets
U.S. Treasuries	29.2
Mortgage-Backed Securities	29.0
Corporate Bonds	18.1
Asset-Backed Securities	15.2
Commercial Mortgage-Backed Securities	6.6
Term Loan	2.0
Municipal Bonds	0.0
Cash Equivalents/Other	(0.1)
	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)

Annual Shareholder Report — March 31, 2026

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. 

94904P823-033126

Weitz Large Cap Equity Fund 

Institutional Class (WVAIX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Large Cap Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Large Cap Equity Fund - Institutional	82	0.86

How did the Fund perform last year?

The Fund (Ticker: WVAIX) returned -8.78% for the year ended March 31, 2026.

Top contributors included Alphabet, Analog Devices, IDEXX Laboratories, Oracle, and Vulcan Materials, supported by strong operating results and continued strength among AI-related and infrastructure-oriented businesses. Detractors included CoStar Group, Gartner, Constellation Software, Global Payments, and CarMax. While AI beneficiaries remained a source of strength, several holdings were pressured as investors continued to reassess growth durability and competitive positioning, particularly across software and services, while select companies faced idiosyncratic headwinds, including ongoing investment spending at CoStar and investor reaction to Global Payments’ acquisition activity.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Large Cap Equity Fund - Institutional	Bloomberg U.S. 1000 Total Return Index	Russell 1000 Index
Mar 16	10,000	10,000	10,000
Mar 17	11,006	11,751	11,736
Mar 18	12,048	13,412	13,376
Mar 19	13,171	14,642	14,620
Mar 20	12,440	13,484	13,447
Mar 21	19,565	21,670	21,600
Mar 22	21,287	24,465	24,460
Mar 23	18,970	22,358	22,407
Mar 24	25,030	29,071	29,100
Mar 25	25,209	31,225	31,376
Mar 26	22,997	36,845	36,942

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Large Cap Equity Fund - Institutional - WVAIX	(8.78)	3.29	8.68
Bloomberg U.S. 1000 Total Return Index	18.00	11.20	13.93
Russell 1000 Index	17.74	11.33	13.96

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

Table Summary

Net Assets ($)	624,327,606
Number of Portfolio Holdings	31
Net Investment Advisory Fees Paid ($)	5,938,274
Portfolio Turnover Rate (%)	10

Table Summary

What did the Fund invest in?

Top 10 Holdings 

Table Summary

Security	% of Net Assets
Danaher Corp.	8.2
Thermo Fisher Scientific, Inc.	6.0
Alphabet, Inc.	5.8
Microsoft Corp.	5.6
Visa, Inc.	5.6
Amazon.com, Inc.	5.1
Berkshire Hathaway, Inc.	5.0
Mastercard, Inc.	4.9
Vulcan Materials Co.	4.8
Analog Devices, Inc.	4.7
	55.7

Capitalization (% of Common Stock)

Table Summary

Value	Value
>$50B	74.0
$25-$50B	12.3
$10-$25B	11.6
$2.5-$10B	2.1

Top Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	84.0	4.8	2.32
Analog Devices, Inc.	60.0	3.7	1.65
IDEXX Laboratories, Inc.	33.7	2.6	1.11
Oracle Corp.	5.5	2.2	0.77
Vulcan Materials Co.	17.5	4.2	0.49

Sector Breakdown

Table Summary

	% of Net Assets
Financials	22.2
Information Technology	20.7
Health Care	18.0
Industrials	10.7
Communication Services	10.4
Consumer Discretionary	7.3
Materials	4.8
Real Estate	1.7
Cash Equivalents/Other	4.2
	100.0

Top Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
CoStar Group, Inc.	(49.1)	4.0	(1.82)
Gartner, Inc.	(40.3)	1.9	(1.26)
Global Payments, Inc.	(30.6)	3.5	(1.23)
Constellation Software, Inc. Canada	(44.7)	2.6	(1.23)
CarMax, Inc.	(55.6)	1.2	(1.13)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P856-033126

Weitz Large Cap Equity Fund 

Investor Class (WVALX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Large Cap Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Large Cap Equity Fund - Investor	98	1.03

How did the Fund perform last year?

The Fund (Ticker: WVALX) returned -8.94% for the year ended March 31, 2026.

Top contributors included Alphabet, Analog Devices, IDEXX Laboratories, Oracle, and Vulcan Materials, supported by strong operating results and continued strength among AI-related and infrastructure-oriented businesses. Detractors included CoStar Group, Gartner, Constellation Software, Global Payments, and CarMax. While AI beneficiaries remained a source of strength, several holdings were pressured as investors continued to reassess growth durability and competitive positioning, particularly across software and services, while select companies faced idiosyncratic headwinds, including ongoing investment spending at CoStar and investor reaction to Global Payments’ acquisition activity.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Large Cap Equity Fund - Investor	Bloomberg U.S. 1000 Total Return Index	Russell 1000 Index
Mar 16	10,000	10,000	10,000
Mar 17	10,981	11,751	11,736
Mar 18	11,994	13,412	13,376
Mar 19	13,078	14,642	14,620
Mar 20	12,324	13,484	13,447
Mar 21	19,344	21,670	21,600
Mar 22	21,014	24,465	24,460
Mar 23	18,701	22,358	22,407
Mar 24	24,637	29,071	29,100
Mar 25	24,772	31,225	31,376
Mar 26	22,558	36,845	36,942

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Large Cap Equity Fund - Investor - WVALX	(8.94)	3.12	8.48
Bloomberg U.S. 1000 Total Return Index	18.00	11.20	13.93
Russell 1000 Index	17.74	11.33	13.96

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

Table Summary

Net Assets ($)	624,327,606
Number of Portfolio Holdings	31
Net Investment Advisory Fees Paid ($)	5,938,274
Portfolio Turnover Rate (%)	10

Table Summary

What did the Fund invest in?

Top 10 Holdings 

Table Summary

Security	% of Net Assets
Danaher Corp.	8.2
Thermo Fisher Scientific, Inc.	6.0
Alphabet, Inc.	5.8
Microsoft Corp.	5.6
Visa, Inc.	5.6
Amazon.com, Inc.	5.1
Berkshire Hathaway, Inc.	5.0
Mastercard, Inc.	4.9
Vulcan Materials Co.	4.8
Analog Devices, Inc.	4.7
	55.7

Capitalization (% of Common Stock)

Table Summary

Value	Value
>$50B	74.0
$25-$50B	12.3
$10-$25B	11.6
$2.5-$10B	2.1

Top Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	84.0	4.8	2.32
Analog Devices, Inc.	60.0	3.7	1.65
IDEXX Laboratories, Inc.	33.7	2.6	1.11
Oracle Corp.	5.5	2.2	0.77
Vulcan Materials Co.	17.5	4.2	0.49

Sector Breakdown

Table Summary

	% of Net Assets
Financials	22.2
Information Technology	20.7
Health Care	18.0
Industrials	10.7
Communication Services	10.4
Consumer Discretionary	7.3
Materials	4.8
Real Estate	1.7
Cash Equivalents/Other	4.2
	100.0

Top Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
CoStar Group, Inc.	(49.1)	4.0	(1.82)
Gartner, Inc.	(40.3)	1.9	(1.26)
Global Payments, Inc.	(30.6)	3.5	(1.23)
Constellation Software, Inc. Canada	(44.7)	2.6	(1.23)
CarMax, Inc.	(55.6)	1.2	(1.13)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P203-033126

Weitz Multi Cap Equity Fund 

Institutional Class (WPVIX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Multi Cap Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Multi Cap Equity Fund - Institutional	83	0.86

How did the Fund perform last year?

The Fund (Ticker: WPVIX) returned -6.07% for the year ended March 31, 2026.

Top contributors included Alphabet, Perimeter Solutions, Martin Marietta Materials, Laboratory Corporation of America, and Vulcan Materials, supported by strong operating results and continued strength among AI-related and construction and building materials businesses. Detractors included CoStar Group, CarMax, Liberty Broadband, LKQ, and Berkshire Hathaway. Several holdings were pressured by disappointing earnings or slower-than-expected recovery trends, while CoStar declined amid investor debate around the scale of its ongoing investment initiatives.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Multi Cap Equity Fund - Institutional	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Mar 16	10,000	10,000	10,000
Mar 17	11,139	11,809	11,801
Mar 18	11,645	13,444	13,431
Mar 19	11,968	14,615	14,608
Mar 20	10,222	13,269	13,275
Mar 21	16,195	21,638	21,583
Mar 22	16,899	24,202	24,149
Mar 23	14,903	22,072	22,077
Mar 24	18,784	28,551	28,544
Mar 25	20,121	30,522	30,604
Mar 26	18,901	36,108	36,140

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Multi Cap Equity Fund - Institutional - WPVIX	(6.07)	3.14	6.57
Bloomberg U.S. 3000 Total Return Index	18.30	10.78	13.70
Russell 3000 Index	18.09	10.86	13.71

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

Table Summary

Net Assets ($)	476,163,728
Number of Portfolio Holdings	33
Net Investment Advisory Fees Paid ($)	4,136,855
Portfolio Turnover Rate (%)	11

Table Summary

What did the Fund invest in?

Top 10 Holdings 

Table Summary

Security	% of Net Assets
Berkshire Hathaway, Inc.	9.0
Alphabet, Inc.	7.4
HEICO Corp.	7.1
Visa, Inc.	5.0
Mastercard, Inc.	4.7
Labcorp Holdings, Inc.	4.6
Aon plc	4.6
Liberty Broadband Corp.	4.4
Meta Platforms, Inc.	4.2
Vulcan Materials Co.	4.0
	55.0

Capitalization (% of Common Stock)

Table Summary

Value	Value
>$50B	47.0
$25-$50B	20.1
$10-$25B	12.0
$2.5-$10B	18.9
	2.0

Top Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	84.0	6.1	3.21
Perimeter Solutions, Inc.	140.9	2.4	2.11
Martin Marietta Materials, Inc.	23.8	3.4	0.55
Laboratory Corp. of America Holdings	15.9	3.9	0.48
Vulcan Materials Co.	17.6	3.6	0.46

Sector Breakdown

Table Summary

	% of Net Assets
Financials	23.3
Communication Services	16.3
Industrials	13.9
Information Technology	13.7
Health Care	13.0
Materials	10.4
Real Estate	3.7
Consumer Discretionary	2.5
Cash Equivalents/Other	3.2
	100.0

Top Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
CoStar Group, Inc.	(49.1)	3.5	(1.65)
CarMax, Inc.	(47.9)	1.6	(1.42)
Liberty Broadband Corp. - Class C	(36.9)	4.0	(1.39)
LKQ Corp.	(28.1)	2.8	(0.94)
Berkshire Hathaway, Inc. - Class B	(10.8)	8.1	(0.91)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P849-033126

Weitz Multi Cap Equity Fund 

Investor Class (WPVLX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Multi Cap Equity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Multi Cap Equity Fund - Investor	103	1.06

How did the Fund perform last year?

The Fund (Ticker: WPVLX) returned -6.22% for the year ended March 31, 2026.

Top contributors included Alphabet, Perimeter Solutions, Martin Marietta Materials, Laboratory Corporation of America, and Vulcan Materials, supported by strong operating results and continued strength among AI-related and construction and building materials businesses. Detractors included CoStar Group, CarMax, Liberty Broadband, LKQ, and Berkshire Hathaway. Several holdings were pressured by disappointing earnings or slower-than-expected recovery trends, while CoStar declined amid investor debate around the scale of its ongoing investment initiatives.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Multi Cap Equity Fund - Investor	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Mar 16	10,000	10,000	10,000
Mar 17	11,106	11,809	11,801
Mar 18	11,582	13,444	13,431
Mar 19	11,872	14,615	14,608
Mar 20	10,113	13,269	13,275
Mar 21	15,995	21,638	21,583
Mar 22	16,655	24,202	24,149
Mar 23	14,662	22,072	22,077
Mar 24	18,451	28,551	28,544
Mar 25	19,718	30,522	30,604
Mar 26	18,491	36,108	36,140

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Multi Cap Equity Fund - Investor - WPVLX	(6.22)	2.94	6.34
Bloomberg U.S. 3000 Total Return Index	18.30	10.78	13.70
Russell 3000 Index	18.09	10.86	13.71

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

Table Summary

Net Assets ($)	476,163,728
Number of Portfolio Holdings	33
Net Investment Advisory Fees Paid ($)	4,136,855
Portfolio Turnover Rate (%)	11

Table Summary

What did the Fund invest in?

Top 10 Holdings 

Table Summary

Security	% of Net Assets
Berkshire Hathaway, Inc.	9.0
Alphabet, Inc.	7.4
HEICO Corp.	7.1
Visa, Inc.	5.0
Mastercard, Inc.	4.7
Labcorp Holdings, Inc.	4.6
Aon plc	4.6
Liberty Broadband Corp.	4.4
Meta Platforms, Inc.	4.2
Vulcan Materials Co.	4.0
	55.0

Capitalization (% of Common Stock)

Table Summary

Value	Value
>$50B	47.0
$25-$50B	20.1
$10-$25B	12.0
$2.5-$10B	18.9
	2.0

Top Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	84.0	6.1	3.21
Perimeter Solutions, Inc.	140.9	2.4	2.11
Martin Marietta Materials, Inc.	23.8	3.4	0.55
Laboratory Corp. of America Holdings	15.9	3.9	0.48
Vulcan Materials Co.	17.6	3.6	0.46

Sector Breakdown

Table Summary

	% of Net Assets
Financials	23.3
Communication Services	16.3
Industrials	13.9
Information Technology	13.7
Health Care	13.0
Materials	10.4
Real Estate	3.7
Consumer Discretionary	2.5
Cash Equivalents/Other	3.2
	100.0

Top Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
CoStar Group, Inc.	(49.1)	3.5	(1.65)
CarMax, Inc.	(47.9)	1.6	(1.42)
Liberty Broadband Corp. - Class C	(36.9)	4.0	(1.39)
LKQ Corp.	(28.1)	2.8	(0.94)
Berkshire Hathaway, Inc. - Class B	(10.8)	8.1	(0.91)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P609-033126

Weitz Partners III Opportunity Fund 

Institutional Class (WPOPX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Partners III Opportunity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Partners III Opportunity Fund - Institutional	109	1.12

How did the Fund perform last year?

The Fund (Ticker: WPOPX) returned -4.60% for the year ended March 31, 2026.

Top contributors included Alphabet, Perimeter Solutions, CoreCard, Texas Instruments, and IDEX, supported by strong operating results and continued strength among AI-related and select cyclical businesses. Primary detractors were Roper Technologies, Liberty Broadband, Berkshire Hathaway, Global Payments, and CarMax. Several holdings were pressured by investor concerns around the impact of artificial intelligence on software and services businesses, while others faced company-specific or cyclical headwinds, including ongoing weakness in Liberty Broadband and investor reaction to Global Payments’ acquisition activity.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Partners III Opportunity Fund - Institutional	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Mar 16	10,000	10,000	10,000
Mar 17	10,952	11,809	11,801
Mar 18	11,172	13,444	13,431
Mar 19	12,429	14,615	14,608
Mar 20	11,704	13,269	13,275
Mar 21	16,398	21,638	21,583
Mar 22	16,311	24,202	24,149
Mar 23	13,733	22,072	22,077
Mar 24	16,918	28,551	28,544
Mar 25	18,093	30,522	30,604
Mar 26	17,260	36,108	36,140

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Partners III Opportunity Fund - Institutional - WPOPX	(4.60)	1.03	5.61
Bloomberg U.S. 3000 Total Return Index	18.30	10.78	13.70
Russell 3000 Index	18.09	10.86	13.71

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

Table Summary

Net Assets ($)	313,742,335
Number of Portfolio Holdings	25
Net Investment Advisory Fees Paid ($)	3,854,504
Portfolio Turnover Rate (%)	18

Table Summary

What did the Fund invest in?

Top 10 Holdings 

Table Summary

Security	% of Net Assets
Berkshire Hathaway, Inc.	16.5
Alphabet, Inc.	5.9
Microsoft Corp.	5.9
Thermo Fisher Scientific, Inc.	5.5
Visa, Inc.	5.3
Danaher Corp.	4.8
Mastercard, Inc.	4.8
Amazon.com, Inc.	4.6
Sirius XM Holdings, Inc.	4.6
Aon plc	4.6
	62.5

Capitalization (% of Common Stock)

Table Summary

Value	Value
>$50B	73.4
$25-$50B	1.4
$10-$25B	7.3
$2.5-$10B	17.9

Top Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	84.2	5.3	2.92
Perimeter Solutions, Inc.	126.7	1.2	1.92
CoreCard Corp.	27.4	1.9	0.68
Texas Instruments, Inc.	11.4	3.4	0.43
IDEX Corp.	6.5	4.0	0.39

Sector Breakdown

Table Summary

	% of Net Assets
Financials	37.2
Information Technology	17.0
Communication Services	14.1
Health Care	13.5
Consumer Discretionary	4.6
Industrials	4.2
Materials	1.3
Distributors	1.0
Cash Equivalents/Other	7.1
	100.0

Top Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Liberty Broadband Corp. - Class C	(36.8)	5.6	(2.14)
Roper Technologies, Inc.	(44.0)	2.9	(1.80)
Berkshire Hathaway, Inc. - Class B	(10.0)	14.0	(1.46)
CarMax, Inc.	(49.5)	1.5	(1.41)
Global Payments, Inc.	(31.0)	3.6	(1.38)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P708-033126

Weitz Partners III Opportunity Fund 

Investor Class (WPOIX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Partners III Opportunity Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Partners III Opportunity Fund - Investor	179	1.84

How did the Fund perform last year?

The Fund (Ticker: WPOIX) returned -5.29% for the year ended March 31, 2026.

Top contributors included Alphabet, Perimeter Solutions, CoreCard, Texas Instruments, and IDEX, supported by strong operating results and continued strength among AI-related and select cyclical businesses. Primary detractors were Roper Technologies, Liberty Broadband, Berkshire Hathaway, Global Payments, and CarMax. Several holdings were pressured by investor concerns around the impact of artificial intelligence on software and services businesses, while others faced company-specific or cyclical headwinds, including ongoing weakness in Liberty Broadband and investor reaction to Global Payments’ acquisition activity.

For additional manager insights, visit weitzinvestments.com.

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Partners III Opportunity Fund - Investor	Bloomberg U.S. 3000 Total Return Index	Russell 3000 Index
Mar 16	10,000	10,000	10,000
Mar 17	10,894	11,809	11,801
Mar 18	11,057	13,444	13,431
Mar 19	12,233	14,615	14,608
Mar 20	11,450	13,269	13,275
Mar 21	15,943	21,638	21,583
Mar 22	15,781	24,202	24,149
Mar 23	13,206	22,072	22,077
Mar 24	16,150	28,551	28,544
Mar 25	17,163	30,522	30,604
Mar 26	16,255	36,108	36,140

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Partners III Opportunity Fund - Investor - WPOIX	(5.29)	0.39	4.98
Bloomberg U.S. 3000 Total Return Index	18.30	10.78	13.70
Russell 3000 Index	18.09	10.86	13.71

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

Table Summary

Net Assets ($)	313,742,335
Number of Portfolio Holdings	25
Net Investment Advisory Fees Paid ($)	3,854,504
Portfolio Turnover Rate (%)	18

Table Summary

What did the Fund invest in?

Top 10 Holdings 

Table Summary

Security	% of Net Assets
Berkshire Hathaway, Inc.	16.5
Alphabet, Inc.	5.9
Microsoft Corp.	5.9
Thermo Fisher Scientific, Inc.	5.5
Visa, Inc.	5.3
Danaher Corp.	4.8
Mastercard, Inc.	4.8
Amazon.com, Inc.	4.6
Sirius XM Holdings, Inc.	4.6
Aon plc	4.6
	62.5

Capitalization (% of Common Stock)

Table Summary

Value	Value
>$50B	73.4
$25-$50B	1.4
$10-$25B	7.3
$2.5-$10B	17.9

Top Contributors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Alphabet, Inc. - Class C	84.2	5.3	2.92
Perimeter Solutions, Inc.	126.7	1.2	1.92
CoreCard Corp.	27.4	1.9	0.68
Texas Instruments, Inc.	11.4	3.4	0.43
IDEX Corp.	6.5	4.0	0.39

Sector Breakdown

Table Summary

	% of Net Assets
Financials	37.2
Information Technology	17.0
Communication Services	14.1
Health Care	13.5
Consumer Discretionary	4.6
Industrials	4.2
Materials	1.3
Distributors	1.0
Cash Equivalents/Other	7.1
	100.0

Top Detractors

Table Summary

	Return (%)	Average Weight (%)	Contribution (%)
Liberty Broadband Corp. - Class C	(36.8)	5.6	(2.14)
Roper Technologies, Inc.	(44.0)	2.9	(1.80)
Berkshire Hathaway, Inc. - Class B	(10.0)	14.0	(1.46)
CarMax, Inc.	(49.5)	1.5	(1.41)
Global Payments, Inc.	(31.0)	3.6	(1.38)

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)

Annual Shareholder Report — March 31, 2026

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. 

94904P872-033126

Weitz Short Duration Income Fund 

Institutional Class (WEFIX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Short Duration Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

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

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Short Duration Income Fund - Institutional	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year U.S. Aggregate Index
Mar 16	10,000	10,000	10,000
Mar 17	10,238	10,043	10,074
Mar 18	10,303	10,165	10,099
Mar 19	10,631	10,620	10,407
Mar 20	10,678	11,569	10,889
Mar 21	11,353	11,652	11,018
Mar 22	11,193	11,168	10,697
Mar 23	11,305	10,634	10,723
Mar 24	11,921	10,814	11,105
Mar 25	12,659	11,342	11,728
Mar 26	13,241	11,835	12,201

How did the Fund perform last year?

The Fund (Ticker: WEFIX) returned 4.60% for the year ended March 31, 2026.

Collateralized mortgage obligations (CMOs), asset-backed securities (ABS), collateralized loan obligations (CLOs), U.S. Treasuries, and corporate bonds were top contributors. Securitized sectors, including CMOs, ABS, and CLOs, benefited from strong coupon income, with CLOs also contributing through attractive carry. U.S. Treasuries added to performance, while corporate bonds contributed modestly. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Short Duration Income Fund - Institutional - WEFIX	4.60	3.12	2.85
Bloomberg U.S. Aggregate Bond Index	4.35	0.31	1.70
Bloomberg 1-3 Year U.S. Aggregate Index	4.03	2.06	2.01

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

Table Summary

Net Assets ($)	1,509,801,749
Number of Portfolio Holdings	433
Net Investment Advisory Fees Paid ($)	5,129,813
Portfolio Turnover Rate (%)	41

Table Summary

30-Day SEC Yield (Subsidized) (%)	4.58
30-Day SEC Yield (Unsubsidized) (%)	4.53
Average Effective Maturity (yrs)	4.30
Average Effective Duration (yrs)	1.90

What did the Fund invest in?

Maturity Distribution

Table Summary

Maturity	% of Portfolio
Cash Equivalents	3.4
Less than 1 Year	19.7
1-3 Years	24.9
3-5 Years	28.4
5-7 Years	6.6
7-10 Years	3.5
10 Years or more	13.5
	100.0

Credit Quality (% of Portfolio)

Table Summary

Value	Value
U.S Treasury	15.1
U.S. Government Agency Mortgage Related Securities	15.6
AAA	44.4
AA	3.0
A	8.3
BBB	8.0
BB	0.4
B	1.8
Cash Equivalents	3.4

Duration Distribution

Table Summary

Maturity	% of Portfolio
Less than 1 Year	43.0
1-3 Years	30.0
3-5 Years	20.6
5-7 Years	5.3
7-10 Years	1.1
	100.0

Sector Breakdown

Table Summary

	% of Net Assets
Mortgage-Backed Securities	37.3
Asset-Backed Securities	23.3
U.S. Treasuries	15.0
Commercial Mortgage-Backed Securities	11.2
Corporate Bonds	9.1
Cash Equivalents/Other	4.1
	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)

Annual Shareholder Report — March 31, 2026

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. 

94904P302-033126

Weitz Short Duration Income Fund 

Investor Class (WSHNX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Short Duration Income Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

	Costs of a $10,000 investment ($)	Costs paid as a percentage of a $10,000 investment (%)
Weitz Short Duration Income Fund - Investor	66	0.65

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Short Duration Income Fund - Investor	Bloomberg U.S. Aggregate Bond Index	Bloomberg 1-3 Year U.S. Aggregate Index
Mar 16	10,000	10,000	10,000
Mar 17	10,215	10,043	10,074
Mar 18	10,260	10,165	10,099
Mar 19	10,563	10,620	10,407
Mar 20	10,590	11,569	10,889
Mar 21	11,256	11,652	11,018
Mar 22	11,093	11,168	10,697
Mar 23	11,187	10,634	10,723
Mar 24	11,786	10,814	11,105
Mar 25	12,496	11,342	11,728
Mar 26	13,044	11,835	12,201

How did the Fund perform last year?

The Fund (Ticker: WSHNX) returned 4.39% for the year ended March 31, 2026.

Collateralized mortgage obligations (CMOs), asset-backed securities (ABS), collateralized loan obligations (CLOs), U.S. Treasuries, and corporate bonds were top contributors. Securitized sectors, including CMOs, ABS, and CLOs, benefited from strong coupon income, with CLOs also contributing through attractive carry. U.S. Treasuries added to performance, while corporate bonds contributed modestly. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Short Duration Income Fund - Investor - WSHNX	4.39	2.99	2.69
Bloomberg U.S. Aggregate Bond Index	4.35	0.31	1.70
Bloomberg 1-3 Year U.S. Aggregate Index	4.03	2.06	2.01

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

Table Summary

Net Assets ($)	1,509,801,749
Number of Portfolio Holdings	433
Net Investment Advisory Fees Paid ($)	5,129,813
Portfolio Turnover Rate (%)	41

Table Summary

30-Day SEC Yield (Subsidized) (%)	4.38
30-Day SEC Yield (Unsubsidized) (%)	4.16
Average Effective Maturity (yrs)	4.30
Average Effective Duration (yrs)	1.90

What did the Fund invest in?

Maturity Distribution

Table Summary

Maturity	% of Portfolio
Cash Equivalents	3.4
Less than 1 Year	19.7
1-3 Years	24.9
3-5 Years	28.4
5-7 Years	6.6
7-10 Years	3.5
10 Years or more	13.5
	100.0

Credit Quality (% of Portfolio)

Table Summary

Value	Value
U.S Treasury	15.1
U.S. Government Agency Mortgage Related Securities	15.6
AAA	44.4
AA	3.0
A	8.3
BBB	8.0
BB	0.4
B	1.8
Cash Equivalents	3.4

Duration Distribution

Table Summary

Maturity	% of Portfolio
Less than 1 Year	43.0
1-3 Years	30.0
3-5 Years	20.6
5-7 Years	5.3
7-10 Years	1.1
	100.0

Sector Breakdown

Table Summary

	% of Net Assets
Mortgage-Backed Securities	37.3
Asset-Backed Securities	23.3
U.S. Treasuries	15.0
Commercial Mortgage-Backed Securities	11.2
Corporate Bonds	9.1
Cash Equivalents/Other	4.1
	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)

Annual Shareholder Report — March 31, 2026

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. 

94904P864-033126

Weitz Ultra Short Government Fund 

(SAFEX)

Annual Shareholder Report — March 31, 2026

Fund overview

This annual shareholder report contains important information about the Weitz Ultra Short Government Fund (the "Fund") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at weitz.investments/reports. You can also request information by contacting us at 888-859-0698.

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

(based on a hypothetical $10,000 investment)

Table Summary

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

How did the Fund perform during the past 10 years?

Growth of $10,000 investment

Table Summary

	Weitz Ultra Short Government Fund	Bloomberg U.S. Aggregate Bond Index	ICE BofA U.S. 6-Month Treasury Bill Index
Mar 16	10,000	10,000	10,000
Mar 17	10,025	10,043	10,058
Mar 18	10,120	10,165	10,174
Mar 19	10,339	10,620	10,404
Mar 20	10,591	11,569	10,701
Mar 21	10,622	11,652	10,720
Mar 22	10,623	11,168	10,712
Mar 23	10,882	10,634	10,992
Mar 24	11,416	10,814	11,565
Mar 25	11,962	11,342	12,158
Mar 26	12,405	11,835	12,652

How did the Fund perform last year?

The Fund (Ticker: SAFEX) returned 3.71% for the year ended March 31, 2026.

U.S. Treasuries were the primary contributor to performance, reflecting income generation from short-term securities and ongoing reinvestment at prevailing interest rates. A small allocation to asset-backed securities contributed modestly, while cash had a minimal impact. The portfolio maintained a low average effective duration to limit interest rate sensitivity and preserve liquidity. No segments had negative performance.

For additional manager insights, visit weitzinvestments.com.

Average Annual Total Returns

Table Summary

	1 Year (%)	5 Year (%)	10 Year (%)
Weitz Ultra Short Government Fund - Institutional - SAFEX	3.71	3.15	2.18
Bloomberg U.S. Aggregate Bond Index	4.35	0.31	1.70
ICE BofA U.S. 6-Month Treasury Bill Index	4.06	3.37	2.38

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

Table Summary

Net Assets ($)	116,731,738
Number of Portfolio Holdings	8
Net Investment Advisory Fees Paid ($)	364,092
Portfolio Turnover Rate (%)	111

Table Summary

30-Day SEC Yield (Subsidized) (%)	3.35
30-Day SEC Yield (Unsubsidized) (%)	3.11
Average Effective Maturity (yrs)	0.30
Average Effective Duration (yrs)	0.30

What did the Fund invest in?

Maturity Distribution

Table Summary

Maturity	% of Portfolio
Cash Equivalents	11.7
Less than 1 Year	88.3
	100.0

Credit Quality (% of Portfolio)

Table Summary

Value	Value
U.S Treasury	88.0
AAA	0.3
Cash Equivalents	11.7

Duration Distribution

Table Summary

Maturity	% of Portfolio
Less than 1 Year	100.0
	100.0

Sector Breakdown

Table Summary

	% of Net Assets
U.S.Treasury Notes	56.5
Asset-Backed Securities	0.3
Cash Equivalents/Other	43.2
	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)

Annual Shareholder Report — March 31, 2026

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. 

94904P401-033126

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

(a)           Audit Fees            

i)        2026                                                                                                                               $189,500                              

ii)      2025                                                                                                                               $208,000

(b)           Audit-Related Fees                                                                                                                                                             

i)        2026                                                                                                                               $0

ii)      2025                                                                                                                               $0

(c)           Tax Fees                                                                                                                                                                               

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

i)        2026                                                                                                                               $44,800

ii)      2025                                                                                                                               $44,800

(d)           All Other Fees                                                                                                                                                                     

i)        2026                                                                                                                               $0

ii)      2025                                                                                                                               $0

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

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

 (f)           All of the work in connection with the audit of the Registrant during the years ended March 31, 2026 and 2025 was performed by full-time employees of the Registrant’s principal accountant.

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

i)        2026                                                                                                                               $44,800

ii)      2025                                                                                                                               $44,800

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

 (i)           Not applicable.

 (j)           Not applicable.

Item 5.    Audit Committee of Listed Registrants.

Not applicable.

Item 6.   Investments.

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

(b)                Not applicable.

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

(a)      

ANNUAL

FINANCIAL

STATEMENTS

AND

OTHER

INFORMATION

March

31,

2026

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)

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

Schedules

of

Investments

3

Financial

Statements

28

Notes

to

Financial

Statements

36

Report

of

Independent

Registered

Public

Accounting

Firm

45

Other

Information

46

Portfolio

composition

is

subject

to

change

at

any

time

and

references

to

specific

securities,

industries,

and

sectors

referenced

in

this

report

are

not

recommendations

to

purchase

or

sell

any

particular

security.

Current

and

future

portfolio

holdings

are

subject

to

risk.

See

the

Schedules

of

Investments

included

in

this

report

for

the

percent

of

assets

in

each

of

the

Funds

invested

in

particular

industries

or

sectors.

3

Conservative

Allocation

Fund

Schedule

of

Investments

March

31,

2026

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

43.9%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

4.4

Visa,

Inc.

-

Class

A

12,500

3,778,000‌

Mastercard,

Inc.

-

Class

A

7,500

3,747,450‌

a

Multi-Sector

Holdings

3.4

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

12,000

5,750,400‌

a

Insurance

Brokers

2.3

Aon

plc

-

Class

A

(b)

12,000

3,873,360‌

a

Financial

Exchanges

&

Data

1.4

S&P

Global,

Inc.

5,750

2,445,705‌

a

11.5

19,594,915‌

Industrials

Industrial

Machinery

&

Supplies

&

Components

2.7

IDEX

Corp.

14,500

2,748,475‌

Fortive

Corp.

17,500

967,400‌

Ingersoll

Rand,

Inc.

11,000

881,320‌

a

Environmental

&

Facilities

Services

1.7

Veralto

Corp.

32,500

2,873,650‌

a

Cargo

Ground

Transportation

1.5

Old

Dominion

Freight

Line,

Inc.

13,000

2,540,200‌

a

Research

&

Consulting

Services

1.4

Equifax,

Inc.

13,500

2,430,945‌

a

Aerospace

&

Defense

0.9

HEICO

Corp.

-

Class

A

7,000

1,477,630‌

a

Trading

Companies

&

Distributors

0.6

Ferguson

Enterprises,

Inc.

4,000

933,040‌

a

8.8

14,852,660‌

Health

Care

Life

Sciences

Tools

&

Services

5.6

Danaher

Corp.

21,000

3,981,600‌

Thermo

Fisher

Scientific,

Inc.

8,000

3,932,240‌

Bio-Techne

Corp.

31,500

1,646,190‌

a

Health

Care

Services

2.0

Labcorp

Holdings,

Inc.

12,800

3,415,168‌

a

7.6

12,975,198‌

Information

Technology

Semiconductors

3.2

Analog

Devices,

Inc.

10,500

3,340,470‌

Texas

Instruments,

Inc.

11,000

2,135,540‌

a

Systems

Software

2.0

Microsoft

Corp.

9,250

3,424,072‌

a

IT

Consulting

&

Other

Services

1.9

Accenture

plc

-

Class

A

(b)

16,000

3,172,640‌

a

Information

Technology  

%

of

Net

Assets

Shares

$

Value

a

Electronic

Components

0.5

Amphenol

Corp.

-

Class

A

7,000

884,450‌

a

7.6

12,957,172‌

Materials

Construction

Materials

4.6

Vulcan

Materials

Co.

14,500

3,948,350‌

Martin

Marietta

Materials,

Inc.

6,500

3,826,420‌

a

Industrial

Gases

1.7

Linde

plc

6,000

2,974,560‌

a

6.3

10,749,330‌

Communication

Services

Interactive

Media

&

Services

1.5

Alphabet,

Inc.

-

Class

C

8,500

2,438,310‌

a

Integrated

Telecommunication

Services

0.6

Comcast

Corp.

-

Class

A

37,000

1,062,270‌

a

2.1

3,500,580‌

a

Total

Common

Stocks

(Cost

$36,772,864)

74,629,855‌

Corporate

Bonds

-

0.3%

a

a

$

Principal

Amount

$

Value

a

a

a

a

Gartner,

Inc.

4.5%

7/1/28

(Cost

$496,872)

(c)

500,000

491,736‌

Asset-Backed

Securities

-

4.6%

a

a

a

a

a

Automobile

ARI

Fleet

Lease

Trust

(ARIFL)

Series

2023-B

Class

A2

–6.05%

7/15/32

(c)

32,068

32,235‌

Series

2024-A

Class

A2

–5.3%

11/15/32

(c)

26,519

26,647‌

Series

2024-B

Class

A2

–5.54%

4/15/33

(c)

81,730

82,147‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(c)

16,819

16,940‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(c)

20,521

20,657‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(c)

28,769

28,704‌

Chesapeake

Funding

II

LLC

(CFII)

Series

2023-1A

Class

A1

–5.65%

5/15/35

(c)

94,367

94,506‌

Series

2023-2A

Class

A1

–6.16%

10/15/35

(c)

43,168

43,454‌

Series

2024-1A

Class

A1

–5.52%

5/15/36

(c)

51,646

52,177‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-2

Class

A2

–5.56%

4/22/30

(c)

66,681

66,941‌

Series

2023-3

Class

A2

–6.4%

3/20/30

(c)

207,405

209,301‌

Series

2024-1

Class

A2

–5.23%

3/20/30

(c)

75,544

75,927‌

Series

2024-2

Class

A3

–5.61%

4/20/28

(c)

300,000

303,497‌

Series

2024-3

Class

A3

–4.98%

8/21/28

(c)

130,000

131,123‌

Series

2024-4

Class

A3

–4.56%

11/20/28

(c)

100,000

100,605‌

Merchants

Fleet

Funding

LLC

(MFF)

Series

2023-1A

Class

A

–7.21%

5/20/36

(c)

103,860

104,082‌

4

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

$

Principal

Amount

$

Value

a

a

a

a

Wheels

Fleet

Lease

Funding

LLC

(WFLF)

Series

2023-2A

Class

A

–6.46%

8/18/38

(c)

224,289

226,205‌

Series

2024-2A

Class

A1

–4.87%

6/21/39

(c)

472,876

476,335‌

a

2,091,483‌

a

Collateralized

Loan

Obligations

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

AT

–5.48%

4/25/33

Floating

Rate

(TSFR3M

+

181)

(b)

(c)

(d)

327,406

327,726‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

A1

–5.44%

9/14/33

Floating

Rate

(TSFR3M

+

176)

(b)

(c)

(d)

350,370

350,670‌

a

678,396‌

a

Consumer

&

Specialty

Finance

Aqua

Finance

Issuer

Trust

(AQFIT)

Series

2025-A

Class

A

–5.25%

12/19/50

(c)

250,542

253,849‌

Series

2025-B

Class

A

–4.79%

5/17/51

(c)

116,392

117,002‌

Foundation

Finance

Trust

(FFIN)

Series

2021-2A

Class

A

–2.19%

1/15/42

(c)

60,560

57,750‌

Series

2023-2A

Class

A

–6.53%

6/15/49

(c)

108,885

113,012‌

Series

2024-1A

Class

A

–5.5%

12/15/49

(c)

92,835

94,716‌

Series

2025-2A

Class

A

–4.67%

4/15/52

(c)

114,048

113,446‌

Greensky

Home

Improvement

Issuer

Trust

(GSKY)

Series

2024-2

Class

A2

–5.25%

10/27/59

(c)

52,612

52,676‌

Series

2025-1A

Class

A4

–5.22%

3/25/60

(c)

82,444

82,976‌

Octane

Receivables

Trust

(OCTL)

Series

2024-2A

Class

A2

–5.8%

7/20/32

(c)

115,165

116,039‌

a

1,001,466‌

a

Equipment

Amur

Equipment

Finance

Receivables

XI

LLC

(AXIS)

Series

2022-2A

Class

A2

–5.3%

6/21/28

(c)

5,008

5,012‌

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(c)

46,111

46,386‌

Amur

Equipment

Finance

Receivables

XIII

LLC

(AXIS)

Series

2024-1A

Class

A2

–5.38%

1/21/31

(c)

68,577

69,127‌

Amur

Equipment

Finance

Receivables

XIV

LLC

(AXIS)

Series

2024-2A

Class

A2

–5.19%

7/21/31

(c)

168,053

169,712‌

Amur

Equipment

Finance

Receivables

XV

LLC

(AXIS)

Series

2025-1A

Class

A2

–4.7%

9/22/31

(c)

388,577

391,371‌

Dell

Equipment

Finance

Trust

(DEFT)

Series

2024-1

Class

A3

–5.39%

3/22/30

(c)

96,881

97,351‌

Series

2024-2

Class

A3

–4.59%

8/22/30

(c)

100,000

100,404‌

Dext

ABS

LLC

(DEXT)

Series

2023-2

Class

A2

–6.56%

5/15/34

(c)

43,380

43,485‌

DLLMT

LLC

(DLLMT)

Series

2024-1A

Class

A3

–4.84%

8/21/28

(c)

230,000

231,353‌

DLLST

LLC

(DLLST)

Series

2024-1A

Class

A3

–5.05%

8/20/27

(c)

53,635

53,805‌

GreatAmerica

Leasing

Receivables

Funding

LLC

(GALC)

Series

2024-2

Class

A3

–5%

9/15/28

(c)

240,000

242,446‌

HPEFS

Equipment

Trust

(HPEFS)

Series

2024-2A

Class

A3

–5.36%

10/20/31

(c)

85,995

86,318‌

Kubota

Credit

Owner

Trust

(KCOT)

Series

2024-2A

Class

A3

–5.26%

11/15/28

(c)

190,000

192,258‌

M&T

Equipment

Notes

(MTLRF)

Series

2024-1A

Class

A2

–4.99%

8/18/31

(c)

100,430

100,636‌

Series

2025-1A

Class

A2

–4.7%

12/16/27

(c)

899,433

902,631‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

NMEF

Funding  LLC

(NMEF)

Series

2025-B

Class

A2

–4.64%

1/18/33

(c)

690,181

692,597‌

NMEF

Funding

LLC

(NMEF)

Series

2025-A

Class

A2

–4.72%

7/15/32

(c)

127,576

127,973‌

a

3,552,865‌

a

Other

Verizon

Master

Trust

(VZMT)

Series

2023-7

Class

A1A

–5.67%

11/20/29

465,000

469,755‌

a

Total

Asset-Backed

Securities

(Cost

$7,745,601)

7,793,965‌

Commercial

Mortgage-Backed

Securities

-

0.7%

a

a

a

a

a

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

AS

–6.55%

8/17/41

Floating

Rate

(TSFR1M

+

287)

(b)

(c)

500,000

500,744‌

KREF

Ltd.

(KREF)

Series

2021-FL2

Class

A

–4.86%

2/15/39

Floating

Rate

(TSFR1M

+

118)

(b)

(c)

123,456

123,523‌

Series

2022-FL3

Class

A

–5.13%

2/17/39

Floating

Rate

(TSFR1M

+

145)

(b)

(c)

202,609

202,716‌

NRTH

Commercial

Mortgage

Trust

(NRTH)

Series

2025-PARK

Class

A

–5.07%

10/15/40

Floating

Rate

(TSFR1M

+

139)

(c)

300,000

300,146‌

PFP

Ltd.

(PFP)

Series

2024-11

Class

A

–5.5%

9/17/39

Floating

Rate

(TSFR1M

+

183)

(b)

(c)

87,114

87,284‌

STWD

Ltd.

(STWD)

Series

2022-FL3

Class

A

–5.02%

11/15/38

Floating

Rate

(SOFR30A

+

135)

(b)

(c)

65,224

65,143‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$1,277,544)

1,279,556‌

Mortgage-Backed

Securities

-

10.4%

a

a

a

a

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

5436

Class

AB

–5.5%

4/25/49

329,811

330,761‌

Series

5640

Class

A

–5%

7/25/50

496,241

496,063‌

Series

5613

Class

BE

–4.75%

8/25/50

727,066

722,015‌

Series

5301

Class

ED

–5%

4/25/53

546,533

546,254‌

a

Pass-Through

Securities

Pool#

E02948

–

3.5%

7/1/26

1,097

1,094‌

Pool#

J16663

–

3.5%

9/1/26

1,147

1,143‌

Pool#

ZS8692

–

2.5%

4/1/33

77,362

74,200‌

Pool#

SB8257

–

5.5%

9/1/38

705,128

719,855‌

Pool#

SB8287

–

5%

3/1/39

527,704

532,067‌

Pool#

SB8293

–

5%

4/1/39

426,334

430,071‌

Pool#

RB5389

–

5.5%

2/1/46

496,427

500,969‌

Series

5407

Class

DA

–5.5%

11/25/49

574,187

576,534‌

Series

5450

Class

KA

–4.5%

6/25/51

732,494

732,392‌

5,663,418‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2023-12

Class

GB

–6%

6/25/45

381,411

386,790‌

Series

2024-20

Class

HD

–5.5%

3/25/46

242,591

244,602‌

5

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2024-21

Class

DA

–5.5%

12/25/46

98,134

98,194‌

Series

2024-20

Class

CA

–5.5%

1/25/47

177,906

178,079‌

Series

2024-97

Class

BA

–5.5%

4/25/49

550,200

554,954‌

Series

2024-20

Class

EA

–5.5%

8/25/49

222,194

222,698‌

Series

2025-59

Class

MA

–5%

3/25/51

324,071

323,647‌

Series

2025-33

Class

AC

–5%

4/25/52

420,466

419,073‌

a

Pass-Through

Securities

Pool#

AB3902

–

3%

11/1/26

2,525

2,513‌

Pool#

AK3264

–

3%

2/1/27

3,166

3,147‌

Pool#

AB6291

–

3%

9/1/27

27,498

27,280‌

Pool#

MA3189

–

2.5%

11/1/27

24,136

23,848‌

Pool#

MA3791

–

2.5%

9/1/29

83,044

81,113‌

Pool#

BM5708

–

3%

12/1/29

30,342

30,031‌

Pool#

AS7701

–

2.5%

8/1/31

348,423

336,030‌

Pool#

MA3540

–

3.5%

12/1/33

44,060

43,288‌

Pool#

MA5311

–

5%

3/1/39

413,495

416,913‌

3,392,200‌

a

Government

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2024-23

Class

KA

–5.5%

4/20/48

362,961

365,448‌

Series

2025-2

Class

GNR

–3.5%

10/20/48

563,181

548,874‌

Series

2025-169

Class

JQ

–4.5%

11/20/50

729,267

724,521‌

a

Pass-Through

Securities

Pool#

5255

–

3%

12/20/26

2,514

2,502‌

Pool#

MB0528

–

5%

8/20/40

738,643

744,522‌

2,385,867‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A4A

–6%

1/25/55

(c)

(d)

445,994

448,224‌

Series

2024-2

Class

A4A

–6%

2/25/55

(c)

(d)

333,862

335,350‌

Series

2024-9

Class

A6

–5.5%

9/25/55

(c)

(d)

32,788

32,734‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2021-7

Class

A5

–2.5%

8/25/51

(c)

(d)

312,167

280,555‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2022-PJ1

Class

A8

–2.5%

5/28/52

(c)

(d)

348,826

311,332‌

Series

2024-PJ8

Class

A8

–5.5%

2/25/55

(c)

(d)

107,359

107,172‌

Series

2025-PJ3

Class

A8

–5.5%

7/25/55

(c)

(d)

457,545

458,182‌

Series

2025-PJ9

Class

A6

–5%

3/25/56

(c)

(d)

578,281

575,165‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2014-5

Class

A1

–2.53%

10/25/29

(c)

(d)

9,025

8,939‌

Series

2016-3

Class

2A1

–2.93%

10/25/46

(c)

(d)

65,060

61,436‌

Series

2017-3

Class

2A2

–2.5%

8/25/47

(c)

(d)

105,974

92,830‌

Series

2020-8

Class

A4

–3%

3/25/51

(c)

(d)

18,028

17,828‌

Series

2021-6

Class

A4

–2.5%

10/25/51

(c)

(d)

402,935

364,583‌

Series

2021-8

Class

A4

–2.5%

12/25/51

(c)

(d)

295,333

266,377‌

Series

2022-2

Class

A4A

–2.5%

8/25/52

(c)

(d)

233,865

209,257‌

Series

2023-6

Class

A4A

–5.5%

12/26/53

(c)

(d)

348,708

349,316‌

Series

2024-5

Class

A6

–6%

11/25/54

(c)

(d)

170,292

170,245‌

Series

2024-10

Class

A6

–5.5%

3/25/55

(c)

(d)

176,857

176,883‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(c)

(d)

281,913

254,621‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2020-3

Class

A4

–3%

4/25/50

(c)

(d)

10,810

10,687‌

Series

2023-3

Class

A4

–6%

9/25/53

(c)

(d)

237,287

238,495‌

Series

2024-3

Class

A4

–6%

4/25/54

(c)

(d)

173,807

174,556‌

Series

2024-5

Class

A5

–6%

6/25/54

(c)

(d)

112,794

113,155‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2024-10

Class

A5

–5.5%

11/25/54

(c)

(d)

163,693

163,963‌

Series

2025-6

Class

A11

–5.5%

7/25/55

(c)

(d)

461,560

462,235‌

Series

2025-10

Class

A11

–5%

11/25/55

(c)

(d)

563,989

561,643‌

6,245,763‌

a

Total

Mortgage-Backed

Securities

(Cost

$17,883,606)

17,687,248‌

U.S.

Treasuries

-

38.0%

a

a

a

a

a

U.S.

Treasury

Notes

4.63%

9/15/26

2,000,000

2,007,993‌

2%

11/15/26

3,000,000

2,967,734‌

4%

1/15/27

3,000,000

3,006,150‌

1.88%

2/28/27

2,000,000

1,966,582‌

4.5%

4/15/27

2,000,000

2,015,430‌

2.38%

5/15/27

2,000,000

1,968,906‌

4.63%

6/15/27

2,000,000

2,019,023‌

2.75%

7/31/27

2,000,000

1,972,227‌

0.5%

8/31/27

2,000,000

1,908,984‌

4.13%

9/30/27

2,000,000

2,008,477‌

4.13%

10/31/27

2,000,000

2,008,477‌

2.25%

11/15/27

2,000,000

1,950,547‌

3.5%

1/31/28

2,000,000

1,988,750‌

4%

2/29/28

3,000,000

3,010,254‌

3.5%

4/30/28

2,000,000

1,987,578‌

3.63%

5/31/28

2,000,000

1,992,422‌

4.13%

7/31/28

2,000,000

2,014,023‌

4.38%

8/31/28

2,000,000

2,025,312‌

4.63%

9/30/28

2,000,000

2,038,516‌

3.13%

11/15/28

2,000,000

1,965,547‌

3.75%

12/31/28

3,000,000

2,994,434‌

4%

1/31/29

2,000,000

2,009,336‌

2.63%

2/15/29

4,000,000

3,870,547‌

2.88%

4/30/29

1,000,000

972,363‌

2.75%

5/31/29

2,000,000

1,935,625‌

4%

7/31/29

2,000,000

2,009,219‌

4.13%

10/31/29

2,000,000

2,016,641‌

4%

10/31/29

1,000,000

1,004,121‌

4%

2/28/30

2,000,000

2,007,734‌

4.13%

3/31/31

2,000,000

2,014,453‌

4.13%

10/31/31

1,000,000

1,005,371‌

a

Total

U.S.

Treasuries

(Cost

$64,203,419)

64,662,776‌

Cash

Equivalents

-

2.2%

a

Shares

$

Value

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

2.7%

(Cost

$3,752,180)

(e)

3,752,180

3,752,180‌

Total

Investments

in

Securities

-

100.1%

(Cost

$132,132,086)

170,297,316‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(229,822‌)

Net

Assets

-

100%

170,067,494‌

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

6

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

This

security

may

be

resold

in

transactions

that

are

exempt

from

registration,

normally

to

qualified

institutional

buyers.

As

of

March

31,

2026,

the

total

value

of

such

securities

was

$15,341,265

or

9.02%

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)

Rate

presented

represents

the

7-day

average

yield

at

March

31,

2026.

7

Core

Plus

Income

Fund

Schedule

of

Investments

March

31,

2026

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Corporate

Bonds

-

18.1%

a

a

a

$

Principal

Amount

$

Value

Agree,

LP

5.63%

6/15/34

10,650,000

10,880,443‌

Allegion

U.S.

Holding

Co.,

Inc.

5.6%

5/29/34

3,000,000

3,063,095‌

Ally

Financial,

Inc.

8%

11/1/31

2,000,000

2,221,181‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.5%

4/20/26

(a)

(b)

275,000

275,379‌

Americold

Realty

Operating

Partnership,

LP

5.41%

9/12/34

5,000,000

4,764,443‌

Antares

Holdings,

LP

7.95%

8/11/28

(b)

3,000,000

3,111,622‌

Apollo

Debt

Solutions

BDC

6.9%

4/13/29

500,000

511,821‌

Arbor

Realty

Sr,

Inc.

7.88%

7/15/30

(b)

23,120,000

21,393,323‌

Ares

Capital

Corp.

2.88%

6/15/28

1,000,000

944,432‌

Ares

Strategic

Income

Fund

6.35%

8/15/29

5,000,000

5,018,401‌

6.2%

3/21/32

10,000,000

9,807,606‌

Ashtead

Capital,

Inc.

4.38%

8/15/27

(b)

1,000,000

994,828‌

4%

5/1/28

(b)

1,070,000

1,055,677‌

2.45%

8/12/31

(b)

500,000

439,645‌

5.55%

5/30/33

(b)

250,000

252,562‌

5.95%

10/15/33

(b)

1,000,000

1,031,038‌

AT&T,

Inc.

6.8%

5/15/36

713,000

775,871‌

Atlas

Warehouse

Lending

Co.,

LP

6.25%

1/15/30

(b)

1,900,000

1,954,855‌

Axalta

Coating

Systems

LLC

3.38%

2/15/29

(b)

624,000

590,863‌

Axon

Enterprise,

Inc.

6.13%

3/15/30

(b)

1,000,000

1,019,046‌

6.25%

3/15/33

(b)

2,000,000

2,043,182‌

Bain

Capital

Specialty

Finance,

Inc.

5.95%

3/1/31

4,000,000

3,820,641‌

Barings

BDC,

Inc.

7%

2/15/29

7,000,000

7,060,437‌

Barings

Private

Credit

Corp.

6.15%

6/11/30

(b)

10,000,000

9,688,115‌

Bath

&

Body

Works,

Inc.

6.95%

3/1/33

22,975,000

22,195,304‌

6.88%

11/1/35

301,000

296,431‌

6.75%

7/1/36

8,106,000

7,782,420‌

7.6%

7/15/37

10,000,000

9,745,492‌

Berkshire

Hathaway

Finance

Corp.

4.25%

1/15/49

500,000

410,633‌

Blue

Owl

Credit

Income

Corp.

7.75%

1/15/29

5,000,000

5,121,133‌

6.65%

3/15/31

13,000,000

12,831,024‌

Boeing

Co.

The

6.26%

5/1/27

2,500,000

2,543,867‌

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

6.47%

12/31/35

Floating

Rate

(TSFR3M

+

280)

(b)

23,000,000

23,496,800‌

Broadcom,

Inc.

3.42%

4/15/33

350,000

320,180‌

3.14%

11/15/35

(b)

1,014,000

861,920‌

Broadstone

Net

Lease

LLC

5%

11/1/32

800,000

787,262‌

a

a

a

$

Principal

Amount

$

Value

Burford

Capital

Global

Finance

LLC

6.25%

4/15/28

(b)

2,572,000

2,422,104‌

6.88%

4/15/30

(b)

3,000,000

2,651,505‌

9.25%

7/1/31

(b)

1,000,000

903,695‌

8.5%

1/15/34

(b)

1,000,000

860,000‌

CACI

International,

Inc.

6.38%

6/15/33

(b)

1,800,000

1,833,509‌

Cantor

Fitzgerald

LP

4.5%

4/14/27

(b)

1,500,000

1,495,819‌

7.2%

12/12/28

(b)

1,000,000

1,039,354‌

CDW

LLC

/

CDW

Finance

Corp.

4.25%

4/1/28

4,000,000

3,951,417‌

3.28%

12/1/28

1,000,000

961,212‌

5.55%

8/22/34

5,000,000

4,915,792‌

Charles

Schwab

Corp.

(The)

1.95%

12/1/31

5,000,000

4,354,880‌

Charter

Communications

Operating

LLC/Charter

Communicatiions

Operating

Capital

7%

2/1/33

(b)

15,000,000

15,056,239‌

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

4.2%

3/15/28

650,000

644,561‌

6.1%

6/1/29

5,000,000

5,180,291‌

Choice

Hotels

International,

Inc.

3.7%

1/15/31

250,000

234,719‌

5.85%

8/1/34

3,000,000

3,030,193‌

Cinemark

USA,

Inc.

5.25%

7/15/28

(b)

3,000,000

2,976,482‌

7%

8/1/32

(b)

3,000,000

3,085,221‌

Cleveland

Cliffs,

Inc.

7.63%

1/15/34

(b)

4,650,000

4,547,317‌

CNX

Resources

Corp.

7.25%

3/1/32

(b)

3,000,000

3,093,243‌

Cogent

Communications

6.5%

7/1/32

(b)

150,000

130,956‌

Compass

Group

Diversified

Holdings

LLC

5.25%

4/15/29

(b)

17,250,000

16,061,453‌

Concentrix

Corp.

6.6%

8/2/28

3,165,000

3,146,599‌

6.5%

3/1/29

17,040,000

16,579,872‌

CoStar

Group,

Inc.

2.8%

7/15/30

(b)

5,846,000

5,288,784‌

Cousins

Properties,

LP

5.88%

10/1/34

2,000,000

2,026,545‌

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.75%

10/20/28

(a)

(b)

1,008,333

1,007,238‌

Devon

Energy

Corp.

5.25%

10/15/27

325,000

325,129‌

4.5%

1/15/30

920,000

917,377‌

Diamondback

Energy,

Inc.

3.25%

12/1/26

75,000

74,529‌

3.5%

12/1/29

100,000

96,519‌

Dow

Chemical

Co.

(The)

4.25%

10/1/34

1,052,000

956,173‌

Energy

Transfer

LP

6%

2/1/29

(b)

1,000,000

1,007,994‌

7.38%

2/1/31

(b)

900,000

933,698‌

Enterprise

Products

Operating

LLC

4.45%

2/15/43

990,000

856,272‌

EPR

Properties

4.75%

12/15/26

1,250,000

1,249,526‌

8

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

a

$

Principal

Amount

$

Value

4.5%

6/1/27

3,330,000

3,316,822‌

4.95%

4/15/28

3,830,000

3,825,626‌

3.6%

11/15/31

5,350,000

4,858,878‌

EquipmentShare.com,

Inc.

8%

3/15/33

(b)

4,900,000

5,064,128‌

Essential

Properties

LP

2.95%

7/15/31

17,121,000

15,429,374‌

Expedia

Group,

Inc.

3.8%

2/15/28

484,000

477,618‌

3.25%

2/15/30

90,000

85,072‌

5.4%

2/15/35

5,000,000

4,962,508‌

Ferguson

Enterprises,

Inc.

5%

10/3/34

3,000,000

2,966,205‌

Forestar

Group,

Inc.

6.5%

3/15/33

(b)

6,000,000

5,937,151‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

7%

6/15/32

(b)

7,000,000

7,181,517‌

Franklin

BSP

Realty

Trust,

Inc.

8.25%

4/25/30

(b)

15,000,000

14,985,501‌

FS

KKR

Capital

Corp.

6.13%

1/15/31

8,000,000

7,511,216‌

Gap,

Inc.

(The)

3.88%

10/1/31

(b)

106,000

96,101‌

Gartner,

Inc.

3.75%

10/1/30

(b)

7,350,000

6,686,226‌

Golar

LNG,

Ltd.

7.5%

10/2/30

(a)

(b)

12,850,000

13,008,286‌

Golub

Capital

Private

Credit

Fund

5.8%

9/12/29

5,000,000

4,929,898‌

Harbour

Energy

PLC

6.33%

4/1/35

(a)

(b)

3,000,000

3,076,074‌

Hawaiian

Electric

Co.,

Inc.

6%

10/1/33

(b)

850,000

849,487‌

HEICO

Corp.

5.25%

8/1/28

3,000,000

3,058,331‌

5.35%

8/1/33

1,000,000

1,019,029‌

Hercules

Capital,

Inc.

2.63%

9/16/26

1,000,000

985,442‌

Highwoods

Realty

LP

3.88%

3/1/27

750,000

745,833‌

3.05%

2/15/30

1,600,000

1,476,632‌

2.6%

2/1/31

500,000

442,312‌

5.35%

1/15/33

750,000

732,713‌

Host

Hotels

&

Resorts

LP

Series

H

3.38%

12/15/29

612,000

581,804‌

5.7%

6/15/32

9,600,000

9,829,317‌

5.5%

4/15/35

5,000,000

4,963,217‌

IDEX

Corp.

4.95%

9/1/29

2,000,000

2,024,728‌

Indiana

Bell

Telephone

Co.,

Inc.

7.3%

8/15/26

535,000

539,058‌

Ingersoll

Rand,

Inc.

5.4%

8/14/28

1,000,000

1,023,269‌

International

Flavors

&

Fragrances,

Inc.

5%

9/26/48

914,000

794,963‌

ION

Platform

Finance

US,

Inc.

7.88%

9/30/32

(b)

26,500,000

20,544,808‌

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

9.5%

5/30/29

(b)

650,000

612,579‌

9%

8/1/29

(b)

575,000

533,696‌

a

a

a

$

Principal

Amount

$

Value

Kilroy

Realty,

LP

2.65%

11/15/33

280,000

222,810‌

5.88%

10/15/35

2,000,000

1,929,372‌

Kite

Realty

Group

Trust

4.75%

9/15/30

2,315,000

2,317,486‌

Lamar

Media

Corp.

5.38%

11/1/33

(b)

800,000

783,687‌

Latam

Airlines

Group

SA

7.63%

1/7/31

(a)

(b)

5,000,000

5,062,500‌

LFS

Topco

LLC

8.75%

7/15/30

(b)

23,173,000

22,164,293‌

LPL

Holdings,

Inc.

6.75%

11/17/28

3,000,000

3,144,892‌

LXP

Industrial

Trust

6.75%

11/15/28

741,000

777,342‌

2.7%

9/15/30

500,000

456,381‌

Manitowoc

Co.,

Inc.

The

9.25%

10/1/31

(b)

1,000,000

1,045,528‌

Markel

Group,

Inc.

3.5%

11/1/27

550,000

541,453‌

Marriott

International,

Inc.

Series

HH

2.85%

4/15/31

500,000

457,996‌

MasTec,

Inc.

4.5%

8/15/28

(b)

3,881,000

3,840,082‌

Masterbrand,

Inc.

7%

7/15/32

(b)

7,250,000

7,089,509‌

Men's

Wearhouse

LLC/The

9%

2/1/31

(b)

8,400,000

8,626,598‌

Morgan

Stanley

Direct

Lending

Fund

6%

5/19/30

5,000,000

4,917,808‌

MPLX

LP

4%

3/15/28

85,000

84,354‌

4.8%

2/15/29

250,000

252,129‌

5.5%

6/1/34

5,000,000

5,053,273‌

4.7%

4/15/48

551,000

448,235‌

Newell

Brands,

Inc.

6.63%

9/15/29

325,000

317,543‌

6.38%

5/15/30

15,250,000

14,650,821‌

6.63%

5/15/32

850,000

814,325‌

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp

8.38%

2/15/32

(b)

8,700,000

8,972,084‌

NNN

REIT,

Inc.

5.5%

6/15/34

5,000,000

5,086,624‌

OneMain

Finance

Corp.

3.88%

9/15/28

1,994,000

1,896,476‌

5.38%

11/15/29

3,303,000

3,187,587‌

6.75%

3/15/32

5,000,000

4,857,436‌

Oracle

Corp.

4.13%

5/15/45

1,000,000

689,219‌

3.6%

4/1/50

470,000

283,966‌

Owens

Corning

3.5%

2/15/30

200,000

192,033‌

Pagaya

US

Holdings

Co.

LLC

8.88%

8/1/30

(b)

1,800,000

1,290,771‌

Penske

Truck

Leasing

Co.

Lp

/

PTL

Finance

Corp.

5.35%

1/12/27

(b)

250,000

251,383‌

6.05%

8/1/28

(b)

2,000,000

2,058,576‌

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

2.63%

11/15/31

4,100,000

3,632,792‌

5.75%

7/15/34

8,000,000

8,222,422‌

9

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

a

$

Principal

Amount

$

Value

Physicians

Realty

LP

4.3%

3/15/27

1,271,000

1,270,068‌

2.63%

11/1/31

7,577,000

6,728,669‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3.55%

12/15/29

798,000

772,465‌

4.3%

1/31/43

75,000

61,018‌

Polaris,

Inc.

5.6%

3/1/31

4,650,000

4,610,871‌

Realty

Income

Corp.

4%

7/15/29

2,000,000

1,978,098‌

4.85%

3/15/30

1,000,000

1,012,268‌

RELX

Capital,

Inc.

4%

3/18/29

500,000

495,145‌

4.75%

5/20/32

250,000

249,490‌

Rithm

Capital

Corp.

8%

4/1/29

(b)

14,250,000

14,012,461‌

8%

7/15/30

(b)

12,650,000

12,219,278‌

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer,

Inc.

3.88%

3/1/31

(b)

200,000

184,653‌

4%

10/15/33

(b)

1,450,000

1,300,834‌

Rocket

Software,

Inc.

6.5%

2/15/29

(b)

925,000

833,626‌

Sirius

XM

Radio,

LLC

4.13%

7/1/30

(b)

10,000,000

9,369,822‌

Six

Flags

Entertainment

Corp.

6.5%

10/1/28

4,500,000

4,495,405‌

5.25%

7/15/29

6,200,000

5,933,919‌

7.25%

5/15/31

(b)

2,450,000

2,361,592‌

8.63%

1/15/32

(b)

850,000

851,954‌

Sixth

Street

Specialty

Lending,

Inc.

5.63%

8/15/30

3,000,000

2,958,979‌

Stagwell

Global

LLC

5.63%

8/15/29

(b)

35,367,000

33,701,476‌

Stonebriar

ABF

Issuer

LLC

8.13%

12/15/30

(b)

4,650,000

4,809,528‌

Store

Capital

LLC

4.5%

3/15/28

503,000

499,933‌

4.63%

3/15/29

14,538,000

14,395,708‌

5.4%

4/30/30

2,000,000

2,010,021‌

2.7%

12/1/31

1,250,000

1,088,504‌

SunCoke

Energy,

Inc.

4.88%

6/30/29

(b)

4,000,000

3,613,454‌

Tapestry,

Inc.

5.1%

3/11/30

3,000,000

3,032,152‌

5.5%

3/11/35

1,000,000

1,002,194‌

Tempur

Sealy

International,

Inc.

4%

4/15/29

(b)

400,000

384,943‌

3.88%

10/15/31

(b)

1,500,000

1,365,013‌

T-Mobile

USA,

Inc.

2.63%

4/15/26

250,000

249,819‌

3.38%

4/15/29

4,000,000

3,877,386‌

Twilio,

Inc.

3.88%

3/15/31

300,000

280,060‌

United

Rentals

North

America,

Inc.

6.13%

3/15/34

(b)

2,800,000

2,838,744‌

United

Wholesale

Mortgage

LLC

5.75%

6/15/27

(b)

200,000

197,032‌

5.5%

4/15/29

(b)

700,000

655,852‌

UWM

Holdings

LLC

6.63%

2/1/30

(b)

3,000,000

2,832,201‌

a

a

a

$

Principal

Amount

$

Value

VICI

Properties

LP

4.95%

2/15/30

500,000

499,392‌

5.75%

4/1/34

5,000,000

5,048,156‌

5.63%

4/1/35

2,000,000

1,991,591‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

4.13%

8/15/30

(b)

1,120,000

1,072,942‌

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

7.88%

5/1/27

(a)

(b)

4,462,000

4,408,328‌

Vontier

Corp.

2.95%

4/1/31

100,000

91,009‌

Walker

&

Dunlop,

Inc.

6.63%

4/1/33

(b)

3,000,000

2,935,472‌

Wayfair

LLC

7.75%

9/15/30

(b)

9,000,000

9,377,163‌

6.75%

11/15/32

(b)

9,700,000

9,781,401‌

WBI

Operating

LLC

6.25%

10/15/30

(b)

4,750,000

4,781,516‌

6.5%

10/15/33

(b)

1,750,000

1,737,846‌

Whirlpool

Corp.

6.13%

6/15/30

5,500,000

5,374,525‌

6.5%

6/15/33

520,000

493,290‌

a

Total

Corporate

Bonds

(Cost

$769,153,546)

769,909,660‌

Asset-Backed

Securities

-

15.2%

a

Automobile

ACM

Auto

Trust

(ACMAT)

Series

2023-2A

Class

B

–9.85%

6/20/30

(b)

2,587,140

2,607,733‌

Series

2025-4A

Class

A

–5.87%

5/20/30

(b)

10,954,490

10,980,929‌

AmeriCredit

Automobile

Receivables

Trust

(AMCAR)

Series

2022-1

Class

C

–2.98%

9/20/27

257,516

256,737‌

Arivo

Acceptance

Auto

Loan

Receivables

Trust

(ARIVO)

Series

2022-2A

Class

C

–9.84%

3/15/29

(b)

1,000,000

1,038,989‌

Bayview

Opportunity

Master

Fund

VII

LLC

(BVCLN)

Series

2024-CAR1

Class

C

–5.16%

12/26/31

Floating

Rate

(SOFR30A

+

150)

(b)

(c)

601,410

603,806‌

Bayview

Opportunity

Master

Fund

VII

Trust

(BVABS)

Series

2024-CAR1F

Class

A

–6.97%

7/29/32

(b)

681,382

683,516‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(b)

84,093

84,699‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(b)

102,606

103,284‌

BOF

VII

AL

Funding

Trust

I

(BVABS)

Series

2023-CAR3

Class

A2

–6.29%

7/26/32

(b)

1,144,557

1,161,984‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(b)

67,127

66,975‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-2

Class

A2

–5.56%

4/22/30

(b)

333,403

334,705‌

First

Help

Financial

Issuer

Trust

(FHF)

Series

2024-1A

Class

B

–6.26%

3/15/30

(b)

3,912,000

3,956,815‌

First

Help

Financial

Trust

(FHF)

Series

2023-1A

Class

A2

–6.57%

6/15/28

(b)

330,564

331,729‌

Series

2023-2A

Class

A2

–6.79%

10/15/29

(b)

368,805

371,894‌

First

Investors

Auto

Owner

Trust

(FIAOT)

Series

2022-2A

Class

D

–8.71%

10/16/28

(b)

1,000,000

1,022,243‌

Flagship

Credit

Auto

Trust

(FCAT)

Series

2021-1

Class

E

–2.72%

4/17/28

(b)

1,500,000

1,491,848‌

Series

2021-4

Class

D

–2.26%

12/15/27

(b)

350,000

337,091‌

10

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

a

$

Principal

Amount

$

Value

GLS

Auto

Receivables

Issuer

Trust

(GCAR)

Series

2021-4A

Class

D

–2.48%

10/15/27

(b)

138,659

138,087‌

LAD

Auto

Receivables

Trust

(LADAR)

Series

2022-1A

Class

C

–6.85%

4/15/30

(b)

1,775,623

1,786,706‌

Series

2023-1A

Class

D

–7.3%

6/17/30

(b)

3,000,000

3,025,760‌

Series

2023-4A

Class

C

–6.76%

3/15/29

(b)

1,510,000

1,544,108‌

Lendbuzz

Auto

Receivables

Trust

(LBZZ)

Series

2024-A

Class

A

–5.79%

5/15/31

(b)

8,346,809

8,402,340‌

Series

2025-A

Class

A

–5.49%

12/31/99

(b)

6,185,809

6,197,256‌

Lendbuzz

Securitization

Trust

(LBZZ)

Series

2023-1A

Class

A2

–6.92%

8/15/28

(b)

891,172

899,970‌

Series

2023-3A

Class

A2

–7.5%

12/15/28

(b)

2,239,768

2,276,734‌

Series

2024-1A

Class

A2

–6.19%

8/15/29

(b)

655,060

658,114‌

Series

2024-2A

Class

A2

–5.99%

5/15/29

(b)

2,114,753

2,127,504‌

Series

2024-2A

Class

C

–7.45%

5/15/31

(b)

1,500,000

1,547,261‌

Series

2024-3A

Class

A2

–4.97%

10/15/29

(b)

1,113,399

1,114,489‌

Series

2026-1A

Class

C

–5.74%

9/15/31

(b)

682,047

684,561‌

Series

2026-1A

Class

D

–6.86%

2/15/33

(b)

682,047

687,899‌

Prestige

Auto

Receivables

Trust

(PART)

Series

2022-1A

Class

C

–7.09%

8/15/28

(b)

3,414

3,417‌

Series

2025-1A

Class

C

–5.52%

2/15/30

(b)

1,000,000

1,005,515‌

Research-Driven

Pagaya

Motor

Asset

Trust

(RPM)

Series

2025-1A

Class

B

–5.49%

6/27/33

(b)

2,179,054

2,186,075‌

United

Auto

Credit

Securitization

Trust

(UACST)

Series

2024-1

Class

C

–7.06%

10/10/29

(b)

761,288

761,757‌

Series

2024-1

Class

D

–8.3%

11/12/29

(b)

8,660,000

8,780,396‌

Series

2025-1

Class

C

–5.15%

6/10/30

(b)

5,660,000

5,670,541‌

Series

2025-1

Class

D

–5.96%

7/10/30

(b)

12,000,000

12,021,528‌

Series

2025-1

Class

E

–7.71%

10/10/31

(b)

6,000,000

6,019,303‌

Series

2026-1

Class

C

–5.06%

6/10/31

(b)

3,750,000

3,742,252‌

Series

2026-1

Class

D

–5.65%

7/10/31

(b)

12,000,000

11,937,269‌

a

108,653,819‌

a

Cell

Tower

VB-S1

Issuer

LLC

(VBTEL)

Series

2024-1A

Class

C2

–5.59%

5/15/54

(b)

7,500,000

7,556,851‌

a

Collateralized

Loan

Obligations

ASP

PIF

CLO

I

LLC

(ASP)

Series

2025-1A

Class

A1

–5.14%

1/15/38

Floating

Rate

(TSFR3M

+

148)

(b)

(c)

4,750,000

4,760,361‌

Audax

Senior

Debt

CLO

9

LLC

(AUDAX)

Series

2024-9A

Class

A1

–5.77%

4/20/36

Floating

Rate

(TSFR3M

+

210)

(b)

(c)

4,000,000

4,009,565‌

BCRED

MML

CLO

LLC

(BXCMM)

Series

2022-1A

Class

A1

–5.32%

4/20/35

Floating

Rate

(TSFR3M

+

165)

(b)

(c)

1,000,000

1,000,340‌

BlackRock

Elbert

CLO

V

LLC

(ELB)

Series

5A

Class

AR

–5.52%

6/15/34

Floating

Rate

(TSFR3M

+

185)

(b)

(c)

1,006,991

1,007,543‌

Cerberus

Loan

Funding

LII

LLC

(CERB)

Series

2025-3A

Class

A

–5.19%

10/15/37

Floating

Rate

(TSFR3M

+

152)

(b)

(c)

2,500,000

2,504,476‌

Cerberus

Loan

Funding

XXXII,

LP

(CERB)

Series

2021-2A

Class

B

–5.83%

4/22/33

Floating

Rate

(TSFR3M

+

216)

(a)

(b)

(c)

1,500,000

1,503,056‌

Cerberus

Loan

Funding

XXXVII,

LP

(CERB)

Series

2022-1A

Class

A2

–4.02%

4/15/34

(b)

1,750,000

1,728,193‌

a

a

a

$

Principal

Amount

$

Value

CIFC

LBC

Middle

Market

CLO

LLC

(CLBC)

Series

2023-1A

Class

BR

–5.57%

10/20/37

Floating

Rate

(TSFR3M

+

190)

(b)

(c)

4,500,000

4,503,774‌

Series

2023-1A

Class

CR

–5.97%

10/20/37

Floating

Rate

(TSFR3M

+

230)

(b)

(c)

5,000,000

5,001,665‌

Series

2023-1A

Class

D1R

–7.07%

10/20/37

Floating

Rate

(TSFR3M

+

340)

(b)

(c)

10,500,000

10,370,145‌

Deerpath

Capital

CLO

Ltd.

(DPATH)

Series

2024-1A

Class

A1

–5.72%

7/15/36

Floating

Rate

(TSFR3M

+

205)

(a)

(b)

(c)

5,000,000

5,011,044‌

Fortress

Credit

Opportunities

IX

CLO

Ltd.

(FCO)

Series

2017-9A

Class

A1TR

–5.48%

10/15/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

1,314,492

1,315,874‌

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

B

–5.78%

4/25/33

Floating

Rate

(TSFR3M

+

211)

(a)

(b)

(c)

1,500,000

1,503,018‌

Fortress

Credit

Opportunities

XXXI

CLO,

Ltd.

(FCO)

Series

2025-31A

Class

D

–5.97%

7/20/33

Floating

Rate

(TSFR3M

+

230)

(a)

(b)

(c)

22,000,000

21,608,062‌

Fortress

Credit

Opportunities

XXXV

CLO,

Ltd.

(FCO)

Series

2025-35A

Class

D

–7.17%

7/20/33

Floating

Rate

(TSFR3M

+

350)

(a)

(b)

(c)

9,750,000

9,603,419‌

Fortress

Credit

Opportunities

XXXVII

CLO,

Ltd.

(FCO)

Series

2025-37A

Class

C

–7.17%

7/20/33

Floating

Rate

(TSFR3M

+

350)

(a)

(b)

(c)

16,000,000

15,758,455‌

Greensledge

Capital

Markets

(GCM)

Series

2025-1A

Class

A

–6.92%

6/20/36

(b)

10,000,000

9,673,927‌

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

(GCFRF)

Series

2025-1A

Class

A1

–6.84%

4/10/38

Floating

Rate

(TSFR3M

+

300)

(b)

(c)

(d)

13,867,930

13,867,930‌

Monroe

Capital

ABS

Funding

II

Ltd.

(MCAF)

Series

2023-1A

Class

A1R

–6.77%

7/22/34

(b)

5,250,000

5,261,132‌

Series

2023-1A

Class

B1R

–7.83%

7/22/34

(b)

2,500,000

2,533,019‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

C

–6.59%

9/14/33

Floating

Rate

(TSFR3M

+

291)

(a)

(b)

(c)

2,000,000

2,005,438‌

Monroe

Capital

MML

CLO

XVI

Ltd.

(MCMML)

Series

2024-1A

Class

D

–8.07%

7/23/36

Floating

Rate

(TSFR3M

+

440)

(a)

(b)

(c)

11,600,000

11,460,698‌

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.

(NMRF)

Series

2024-1A

Class

B

–7.85%

4/5/37

Floating

Rate

(TSFR3M

+

400)

(a)

(b)

(c)

4,765,000

4,714,644‌

Series

2024-1A

Class

C

–9.85%

4/5/37

Floating

Rate

(TSFR3M

+

600)

(a)

(b)

(c)

3,825,000

3,817,392‌

Series

2024-1A

Class

D

–12.25%

4/5/37

Floating

Rate

(TSFR3M

+

840)

(a)

(b)

(c)

3,000,000

2,969,013‌

NXT

Capital

CLO

LLC

(NXTC)

Series

2024-1A

Class

D

–7.92%

1/15/37

Floating

Rate

(TSFR3M

+

425)

(b)

(c)

8,600,000

8,443,444‌

Silver

Point

SCF

CLO

V,

Ltd.

(SPCSL)

Series

2025-1A

Class

A1

–5.17%

4/20/38

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

2,875,000

2,880,974‌

Silver

Point

SCF

CLO

VII,

Ltd.

(SPCSL)

Series

2025-2A

Class

A1

–5.37%

7/15/37

Floating

Rate

(TSFR3M

+

170)

(a)

(b)

(c)

5,000,000

5,012,563‌

Starwood

Commercial

Mortgage

Trust

(STWD)

Series

2024-SIF4A

Class

B

–5.77%

10/17/36

Floating

Rate

(TSFR3M

+

210)

(b)

(c)

5,000,000

4,975,385‌

Series

2024-SIF4A

Class

D

–7.67%

10/17/36

Floating

Rate

(TSFR3M

+

400)

(b)

(c)

13,200,000

13,257,491‌

Series

2025-SIF6A

Class

A1

–5.47%

10/17/37

Floating

Rate

(TSFR3M

+

155)

(b)

(c)

7,400,000

7,399,656‌

11

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

a

$

Principal

Amount

$

Value

Windhill

CLO

1,

Ltd.

(WNDHL)

Series

2023-1A

Class

C

–8.17%

10/22/35

Floating

Rate

(TSFR3M

+

450)

(a)

(b)

(c)

9,200,000

9,196,642‌

Windhill

CLO

2,

Ltd.

(WNDHL)

Series

2024-1A

Class

A

–5.37%

10/20/36

Floating

Rate

(TSFR3M

+

170)

(a)

(b)

(c)

4,000,000

4,003,527‌

Windhill

CLO

4,

Ltd.

(WINDHL)

Series

2025-1A

Class

A

–5.27%

10/22/37

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

5,000,000

5,010,237‌

a

207,672,102‌

a

Consumer

&

Specialty

Finance

Bankers

Healthcare

Group

Securitization

Trust

(BHG)

Series

2021-A

Class

A

–1.42%

11/17/33

(b)

19,638

19,548‌

Series

2023-B

Class

A

–6.92%

12/17/36

(b)

520,699

541,558‌

Foundation

Finance

Trust

(FFIN)

Series

2021-1A

Class

B

–1.87%

5/15/41

(b)

1,590,580

1,525,786‌

Hilton

Grand

Vacations

Trust

(HGVT)

Series

2020-AA

Class

B

–4.22%

2/25/39

(b)

69,997

69,599‌

LendingPoint

Asset

Securitization

Trust

(LDPT)

Series

2020-REV1

Class

C

–7.7%

10/15/28

(b)

1,015,915

1,015,916‌

Pagaya

AI

Debt

Trust

(PAID)

Series

2024-3

Class

B

–6.57%

10/15/31

(b)

3,427,096

3,429,073‌

Theorem

Funding

Trust

(THRM)

Series

2022-2A

Class

B

–9.27%

12/15/28

(b)

530,753

531,429‌

a

7,132,909‌

a

Data

Center

Compass

Datacenters

Issuer

II

LLC

(CMPDC)

Series

2024-1A

Class

A1

–5.25%

2/25/49

(b)

3,250,000

3,248,085‌

Series

2024-2A

Class

A1

–5.02%

8/25/49

(b)

7,750,000

7,694,230‌

Compass

Datacenters

Issuer

III

LLC

(CMDC)

Series

2025-1A

Class

A2

–5.66%

2/25/50

(b)

6,500,000

6,536,773‌

CyrusOne

Data

Centers

Issuer

I

LLC

(CYRUS)

Series

2025-1A

Class

A2

–5.91%

2/20/50

(b)

12,500,000

12,560,542‌

Databank

Issuer

LLC

(COLO)

Series

2024-1A

Class

A2

–5.3%

1/26/54

(b)

5,750,000

5,668,687‌

Retained

Vantage

Data

Centers

Issuer

LLC

(VDCR)

Series

2024-1A

Class

A2

–4.99%

9/15/49

(b)

3,500,000

3,408,473‌

Series

2024-1A

Class

B

–5.78%

9/15/49

(b)

2,000,000

1,943,416‌

Scalelogix

ABS

US

Issuer

LLC

(SCLGX)

Series

2025-1A

Class

A2

–5.67%

7/25/55

(b)

10,000,000

9,853,512‌

Stack

Infrastructure

Issuer

LLC

(SIDC)

Series

2023-3A

Class

A2

–5.9%

10/25/48

(b)

4,250,000

4,268,481‌

Series

2025-1A

Class

A2

–5%

5/25/50

(b)

3,000,000

2,960,094‌

Switch

ABS

Issuer,

LLC

(SWTCH)

Series

2024-1A

Class

A2

–6.28%

3/25/54

(b)

6,600,000

6,664,570‌

Series

2024-2A

Class

C

–10.03%

6/25/54

(b)

10,000,000

10,206,958‌

a

75,013,821‌

a

Equipment

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(b)

184,444

185,545‌

OWN

Equipment

Fund

I

LLC

(EQS)

Series

2024-2M

Class

A

–5.7%

12/20/32

(b)

13,153,120

13,251,637‌

OWN

Equipment

Fund

III

LLC

(EQS)

Series

2025-2M

Class

A

–5.42%

3/27/34

(b)

5,017,864

5,007,192‌

a

18,444,374‌

a

a

a

$

Principal

Amount

$

Value

a

Fiber

ALLO

Issuer

LLC

(ALLO)

Series

2024-1A

Class

A2

–5.94%

7/20/54

(b)

3,000,000

3,029,550‌

Series

2024-1A

Class

B

–7.15%

7/20/54

(b)

2,500,000

2,553,176‌

Series

2024-1A

Class

C

–11.19%

7/20/54

(b)

7,500,000

7,894,122‌

Series

2025-1A

Class

B

–6.16%

4/20/55

(b)

1,500,000

1,519,676‌

Series

2025-1A

Class

C

–8.1%

4/20/55

(b)

4,000,000

4,060,205‌

Hotwire

Funding

LLC

(HWIRE)

Series

2024-1A

Class

C

–9.19%

6/20/54

(b)

6,000,000

6,225,292‌

Lightpath

Fiber

Issuer

LLC

(LPATH)

Series

2026-1A

Class

A2

–5.6%

3/25/56

(b)

8,200,000

8,197,268‌

Metronet

Infrastructure

Issuer

LLC

(MNET)

Series

2025-2A

Class

A2

–5.4%

8/20/55

(b)

5,000,000

5,049,269‌

Series

2025-4A

Class

A2

–5.16%

12/20/55

(b)

5,100,000

5,088,323‌

Zayo

Issuer

LLC

(ZAYO)

Series

2025-1A

Class

A2

–5.65%

3/20/55

(b)

8,250,000

8,336,307‌

a

51,953,188‌

a

Financials

New

Mountain

Asset-Backed

Security

Issuer

I

LLC

(NMNL)

Series

2025-1A

Class

A

–5.14%

11/22/55

(b)

10,613,932

10,412,044‌

Series

2025-1A

Class

B

–5.33%

11/22/55

(b)

7,242,448

7,105,108‌

Series

2025-1A

Class

C

–6.07%

11/22/55

(b)

24,500,000

24,063,567‌

a

41,580,719‌

a

Other

Adams

Outdoor

Advertising,

LP

(ADMSO)

Series

2023-1

Class

A2

–6.97%

7/15/53

(b)

6,000,000

6,068,365‌

Bojangles

Issuer

LLC

(BOJA)

Series

2024-1A

Class

A2

–6.58%

11/20/54

(b)

19,402,500

19,535,733‌

Cogent

Ipv4

LLC

(CGNT)

Series

2024-1A

Class

A2

–7.92%

5/25/54

(b)

2,250,000

2,326,425‌

Series

2025-1A

Class

A2

–6.65%

4/25/55

(b)

19,000,000

19,470,375‌

ExteNet

Issuer

LLC

(EXTNT)

Series

2024-1A

Class

A2

–5.34%

7/25/54

(b)

2,000,000

2,007,088‌

Series

2024-1A

Class

C

–9.05%

7/25/54

(b)

5,000,000

5,151,911‌

Jersey

Mike's

Funding

LLC

(JMIKE)

Series

2024-1A

Class

A2

–5.64%

2/15/55

(b)

7,920,000

8,021,495‌

LMDV

Issuer

Co.

LLC

(LMDV)

Series

2025-1A

Class

A2

–5.31%

12/15/55

(b)

13,700,000

13,702,559‌

Oxford

Finance

Funding

Trust

(OXFIN)

Series

2023-1A

Class

A2

–6.72%

2/15/31

(b)

3,613,993

3,640,804‌

PSP

Master

Issuer

LLC

(PSP)

Series

2025-1A

Class

A2

–6.82%

1/30/56

(b)

31,850,000

31,417,305‌

TSC

SPV

Funding

LLC

(TROP)

Series

2024-1A

Class

A2

–6.29%

8/20/54

(b)

16,787,500

16,978,626‌

Zaxby's

Funding

LLC

(ZAXBY)

Series

2021-1A

Class

A2

–3.24%

7/30/51

(b)

1,193,750

1,133,873‌

129,454,559‌

a

Total

Asset-Backed

Securities

(Cost

$645,100,124)

647,462,342‌

12

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

Commercial

Mortgage-Backed

Securities

-

6.6%

a

a

a

$

Principal

Amount

$

Value

A10

Issuer

LLC

(A10)

Series

2025-FL6

Class

AS

–5.56%

5/15/42

Floating

Rate

(TSFR1M

+

189)

(b)

5,000,000

4,994,344‌

Series

2025-FL6

Class

B

–6.06%

5/15/42

Floating

Rate

(TSFR1M

+

239)

(b)

5,900,000

5,888,605‌

Series

2025-FL6

Class

C

–6.46%

5/15/42

Floating

Rate

(TSFR1M

+

279)

(b)

5,650,000

5,639,188‌

Series

2025-FL6

Class

D

–7.06%

5/15/42

Floating

Rate

(TSFR1M

+

339)

(b)

4,619,000

4,610,611‌

Acrec

LLC

(ACREC)

Series

2025-FL3

Class

C

–5.97%

8/18/42

Floating

Rate

(TSFR1M

+

229)

(b)

2,400,000

2,398,364‌

ACREC,

Ltd.

(ACREC)

Series

2021-FL1

Class

D

–6.44%

10/16/36

Floating

Rate

(TSFR1M

+

276)

(a)

(b)

4,800,000

4,818,463‌

Series

2021-FL1

Class

E

–6.79%

10/16/36

Floating

Rate

(TSFR1M

+

311)

(a)

(b)

16,482,000

16,576,241‌

Arbor

Realty

Collateralized

Loan

Obligation,

Ltd.

(ARCLO)

Series

2025-BTR1

Class

B

–6.86%

1/20/41

Floating

Rate

(TSFR1M

+

319)

(b)

7,000,000

7,003,599‌

Series

2025-BTR1

Class

C

–7.36%

1/20/41

Floating

Rate

(TSFR1M

+

369)

(b)

7,000,000

7,003,503‌

Series

2025-BTR1

Class

D

–8.12%

1/20/41

Floating

Rate

(TSFR1M

+

444)

(b)

10,000,000

10,013,354‌

Arbor

Realty

Commercial

Real

Estate

(ARCLO)

Series

2025-FL1

Class

C

–6.37%

1/20/43

Floating

Rate

(TSFR1M

+

269)

(b)

2,500,000

2,500,266‌

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

B

–7%

8/17/41

Floating

Rate

(TSFR1M

+

332)

(a)

(b)

5,000,000

5,009,385‌

Series

2023-CRE8

Class

C

–7.7%

8/17/41

Floating

Rate

(TSFR1M

+

402)

(a)

(b)

5,000,000

5,001,538‌

Series

2023-CRE8

Class

D

–9.05%

8/17/41

Floating

Rate

(TSFR1M

+

537)

(a)

(b)

3,000,000

3,004,454‌

AREIT,

Ltd.

(AREIT)

Series

2024-CRE9

Class

AS

–5.91%

5/17/41

Floating

Rate

(TSFR1M

+

224)

(a)

(b)

5,000,000

4,998,007‌

Series

2024-CRE9

Class

B

–6.21%

5/17/41

Floating

Rate

(TSFR1M

+

254)

(a)

(b)

3,000,000

2,995,097‌

Series

2025-CRE10

Class

A

–5.07%

12/17/29

Floating

Rate

(TSFR1M

+

139)

(a)

(b)

5,000,000

4,992,726‌

BDS

Ltd.

(BDS)

Series

2021-FL10

Class

C

–6.09%

12/16/36

Floating

Rate

(TSFR1M

+

241)

(a)

(b)

1,250,000

1,253,787‌

Brightspire

Capital,

Inc.

(BRSP)

Series

2024-FL2

Class

E

–10.22%

8/19/37

Floating

Rate

(TSFR1M

+

654)

(a)

(b)

8,000,000

8,162,907‌

BRSP

Ltd.

(BRSP)

Series

2024-FL2

Class

A

–5.62%

8/19/37

Floating

Rate

(TSFR1M

+

195)

(a)

(b)

5,000,000

4,999,342‌

Series

2024-FL2

Class

D

–8.52%

8/19/37

Floating

Rate

(TSFR1M

+

484)

(a)

(b)

13,000,000

12,880,257‌

BSPRT

Issuer,

Ltd.

(BSPRT)

Series

2022-FL8

Class

C

–5.97%

2/15/37

Floating

Rate

(SOFR30A

+

230)

(a)

(b)

200,000

200,999‌

Dwight

Issuer

LLC

(DWIGHT)

Series

2025-FL1

Class

A

–5.34%

6/18/42

Floating

Rate

(TSFR1M

+

166)

(b)

2,500,000

2,504,551‌

Series

2025-FL1

Class

AS

–5.97%

6/18/42

Floating

Rate

(TSFR1M

+

229)

(b)

10,000,000

10,012,198‌

FS

Rialto

Issuer

LLC

(FSRIA)

Series

2021-FL2

Class

D

–6.59%

5/16/38

Floating

Rate

(TSFR1M

+

291)

(b)

6,500,000

6,575,051‌

a

a

a

$

Principal

Amount

$

Value

Series

2021-FL2

Class

E

–7.24%

5/16/38

Floating

Rate

(TSFR1M

+

356)

(b)

1,000,000

952,937‌

Series

2021-FL3

Class

E

–6.64%

11/16/36

Floating

Rate

(TSFR1M

+

296)

(a)

(b)

8,165,500

8,231,751‌

Government

National

Mortgage

Association

(GNR)

Series

2018-52

Class

AE

–2.75%

5/16/51

72,768

67,384‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

AS

–5.64%

7/16/35

Floating

Rate

(TSFR1M

+

196)

(a)

(b)

6,341,850

6,341,782‌

Series

2021-FL4

Class

B

–5.74%

12/15/36

Floating

Rate

(TSFR1M

+

206)

(a)

(b)

1,000,000

994,983‌

Series

2021-FL4

Class

C

–6.14%

12/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

13,000,000

12,407,732‌

Hilton

USA

Trust

(HILT)

Series

2016-SFP

Class

E

–5.52%

11/5/35

(b)

(e)

840,000

2,087‌

LMNT

LLC

(LMNT)

Series

2025-FL3

Class

C

–6.42%

7/21/43

Floating

Rate

(TSFR1M

+

275)

(b)

8,800,000

8,788,122‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

AS

–5.54%

7/15/36

Floating

Rate

(TSFR1M

+

186)

(a)

(b)

38,409

38,436‌

Series

2021-CRE5

Class

B

–5.79%

7/15/36

Floating

Rate

(TSFR1M

+

211)

(a)

(b)

1,407,000

1,405,335‌

Series

2021-CRE5

Class

C

–6.14%

7/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

4,900,000

4,893,888‌

Series

2021-CRE5

Class

D

–6.79%

7/15/36

Floating

Rate

(TSFR1M

+

311)

(a)

(b)

1,300,000

1,307,319‌

Series

2021-CRE5

Class

E

–7.54%

7/15/36

Floating

Rate

(TSFR1M

+

386)

(a)

(b)

8,500,000

8,492,590‌

Series

2021-CRE6

Class

AS

–5.44%

11/15/38

Floating

Rate

(TSFR1M

+

176)

(a)

(b)

5,500,000

5,508,202‌

Series

2021-CRE6

Class

E

–7.24%

11/15/38

Floating

Rate

(TSFR1M

+

356)

(a)

(b)

3,000,000

2,994,505‌

Series

2022-CRE7

Class

E

–7.42%

1/17/37

Floating

Rate

(SOFR30A

+

375)

(a)

(b)

5,450,000

5,441,478‌

Series

2025-CRE8

Class

A

–5.06%

8/17/42

Floating

Rate

(TSFR1M

+

139)

(b)

2,500,000

2,496,887‌

MF1,

Ltd.

(MF1)

Series

2022-FL8

Class

E

–6.83%

2/19/37

Floating

Rate

(TSFR1M

+

315)

(a)

(b)

100,000

99,925‌

NRTH

Commercial

Mortgage

Trust

(NRTH)

Series

2025-PARK

Class

A

–5.07%

10/15/40

Floating

Rate

(TSFR1M

+

139)

(b)

9,500,000

9,504,617‌

PFP

Ltd.

(PFP)

Series

2024-11

Class

C

–6.66%

9/17/39

Floating

Rate

(TSFR1M

+

299)

(a)

(b)

3,902,498

3,913,749‌

Series

2024-11

Class

D

–7.76%

9/17/39

Floating

Rate

(TSFR1M

+

409)

(a)

(b)

5,000,000

5,013,822‌

SKY

Trust

(SKY)

Series

2025-LINE

Class

A

–6.26%

4/15/42

Floating

Rate

(TSFR1M

+

259)

(b)

9,034,807

9,086,415‌

Series

2025-LINE

Class

C

–8.11%

4/15/42

Floating

Rate

(TSFR1M

+

444)

(b)

5,467,084

5,505,507‌

STWD

Ltd.

(STWD)

Series

2021-FL2

Class

C

–5.89%

4/18/38

Floating

Rate

(TSFR1M

+

221)

(a)

(b)

2,109,000

2,129,937‌

Series

2022-FL3

Class

AS

–5.47%

11/15/38

Floating

Rate

(SOFR30A

+

180)

(a)

(b)

130,000

129,747‌

Series

2022-FL3

Class

E

–6.92%

11/15/38

Floating

Rate

(SOFR30A

+

325)

(a)

(b)

2,320,000

2,324,533‌

SWCH

Commercial

Mortgage

Trust

(SWCH)

Series

2025-DATA

Class

B

–5.51%

2/15/42

Floating

Rate

(TSFR1M

+

184)

(b)

15,000,000

14,817,513‌

13

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

a

$

Principal

Amount

$

Value

TPG

Real

Estate

Finance

(TRTX)

Series

2022-FL5

Class

AS

–5.83%

2/15/39

Floating

Rate

(TSFR1M

+

215)

(a)

(b)

6,585,000

6,601,961‌

TRTX

Issuer,

Ltd.

(TRTX)

Series

2022-FL5

Class

C

–6.43%

2/15/39

Floating

Rate

(TSFR1M

+

275)

(a)

(b)

5,000,000

5,030,443‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$278,677,037)

278,560,424‌

Mortgage-Backed

Securities

-

29.0%

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

5026

Class

DH

–1.75%

9/25/43

302,236

279,535‌

Series

4949

Class

BC

–2.25%

3/25/49

157,163

142,159‌

a

Pass-Through

Securities

Pool#

C91945

–

3%

8/1/37

170,366

161,191‌

Pool#

RA7183

–

4%

4/1/52

10,231,860

9,677,656‌

Pool#

RA7773

–

4%

8/1/52

10,260,626

9,702,249‌

Pool#

SD8245

–

4.5%

9/1/52

16,696,251

16,202,391‌

Pool#

SD8244

–

4%

9/1/52

6,790,110

6,439,221‌

Pool#

SD8257

–

4.5%

10/1/52

45,699,060

44,319,097‌

Pool#

SD8258

–

Series

8258

5%

10/1/52

7,508,523

7,449,221‌

Pool#

SD8266

–

4.5%

11/1/52

9,523,964

9,235,398‌

Pool#

SD8267

–

Series

8267

5%

11/1/52

3,071,575

3,053,146‌

Pool#

SD4712

–

4.5%

12/1/52

23,897,300

23,173,274‌

Pool#

SD8290

–

6%

1/1/53

2,867,692

2,945,283‌

Pool#

SD2473

–

5%

2/1/53

11,584,009

11,492,444‌

Pool#

SD8306

–

4.5%

3/1/53

17,770,195

17,204,293‌

Pool#

SD8323

–

Series

8323

5%

5/1/53

5,624,244

5,576,648‌

Pool#

SD8324

–

Series

8324

5.5%

5/1/53

6,524,725

6,582,471‌

Pool#

SD8329

–

5%

6/1/53

12,055,377

11,952,738‌

Pool#

SD3386

–

5.5%

7/1/53

4,072,582

4,110,496‌

Pool#

SD8341

–

Series

8341

5%

7/1/53

8,525,361

8,442,237‌

Pool#

SD8342

–

Series

8342

5.5%

7/1/53

10,571,608

10,664,313‌

Pool#

SD8350

–

6%

8/1/53

5,678,023

5,817,018‌

Pool#

SD5089

–

4.5%

8/1/53

44,517,271

43,114,751‌

Pool#

SD3857

–

6%

9/1/53

6,069,441

6,218,816‌

Pool#

SD8362

–

5.5%

9/1/53

15,214,896

15,343,261‌

Pool#

SD8361

–

5%

9/1/53

2,080,706

2,060,419‌

Pool#

SD8366

–

5%

10/1/53

21,665,055

21,453,817‌

Pool#

SD6291

–

4.5%

10/1/53

7,351,979

7,117,466‌

Pool#

SD8374

–

6.5%

11/1/53

2,308,140

2,390,371‌

Pool#

SD8372

–

5.5%

11/1/53

13,523,829

13,628,024‌

Pool#

SD4977

–

5%

11/1/53

20,356,008

20,156,678‌

Pool#

SD8383

–

5.5%

12/1/53

17,720,821

17,845,123‌

Pool#

SD8395

–

5.5%

1/1/54

20,031,873

20,177,028‌

Pool#

SD8400

–

5%

2/1/54

17,350,156

17,149,024‌

Pool#

SD8408

–

5.5%

3/1/54

19,227,207

19,344,500‌

Pool#

SD8417

–

4.5%

3/1/54

13,104,358

12,676,201‌

Pool#

SD8421

–

6%

4/1/54

3,196,235

3,262,996‌

Pool#

SD8420

–

5.5%

4/1/54

9,046,961

9,102,151‌

Pool#

SD8419

–

5%

4/1/54

30,612,572

30,238,840‌

Pool#

SD8430

–

5%

5/1/54

5,080,043

5,017,893‌

Pool#

SD8438

–

5.5%

6/1/54

14,390,412

14,477,467‌

Pool#

SD6265

–

5.5%

6/1/54

7,543,649

7,588,805‌

Pool#

SD8447

–

6%

7/1/54

3,085,100

3,148,155‌

Pool#

SD6319

–

5.5%

9/1/54

6,387,178

6,423,867‌

Pool#

SD8461

–

5%

9/1/54

7,143,529

7,052,217‌

a

a

a

$

Principal

Amount

$

Value

Pool#

SD8474

–

5%

11/1/54

71,393,395

70,507,099‌

Pool#

SD8493

–

5.5%

12/1/54

28,111,889

28,269,074‌

Pool#

SD8491

–

5%

12/1/54

18,935,225

18,699,184‌

Pool#

SD7379

–

5.5%

1/1/55

12,901,832

12,973,904‌

Pool#

SD8521

–

4%

4/1/55

7,524,244

7,107,163‌

Pool#

SD8533

–

5.5%

5/1/55

6,790,751

6,828,723‌

663,995,496‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2013-130

Class

CA

–2.5%

6/25/43

65,555

62,578‌

Series

2013-130

Class

CD

–3%

6/25/43

119,190

115,208‌

a

Pass-Through

Securities

Pool#

468516

–

5.17%

6/1/28

182,970

184,289‌

Pool#

MA3443

–

4%

8/1/48

76,045

72,804‌

Pool#

FM5733

–

2%

1/1/51

995,391

821,469‌

Pool#

BV2634

–

4%

7/1/52

7,762,170

7,332,011‌

Pool#

MA4733

–

4.5%

9/1/52

5,567,179

5,399,642‌

Pool#

CB5580

–

4.5%

10/1/52

4,789,384

4,644,277‌

Pool#

MA4785

–

Series

4785

5%

10/1/52

9,873,381

9,795,401‌

Pool#

MA4806

–

Series

4806

5%

11/1/52

3,006,878

2,983,131‌

Pool#

FS8486

–

4.5%

12/1/52

21,605,216

20,950,585‌

Pool#

MA4941

–

5.5%

3/1/53

5,582,002

5,633,110‌

Pool#

MA5009

–

5%

5/1/53

24,734,712

24,524,122‌

Pool#

MA5040

–

6%

6/1/53

1,212,631

1,243,312‌

Pool#

MA5039

–

5.5%

6/1/53

5,780,710

5,831,872‌

Pool#

MA5038

–

Series

5038

5%

6/1/53

2,740,349

2,717,018‌

Pool#

FS6837

–

5.5%

7/1/53

16,445,588

16,577,974‌

Pool#

MA5071

–

5%

7/1/53

19,123,500

18,954,797‌

Pool#

MA5167

–

6.5%

10/1/53

1,400,306

1,451,738‌

Pool#

MA5166

–

6%

10/1/53

4,235,713

4,333,599‌

Pool#

MA5164

–

5%

10/1/53

8,571,776

8,488,242‌

Pool#

MA5192

–

6.5%

11/1/53

3,102,259

3,212,780‌

Pool#

MA5191

–

6%

11/1/53

3,172,600

3,252,054‌

Pool#

MA5216

–

6%

12/1/53

5,839,860

5,966,251‌

Pool#

MA5215

–

5.5%

12/1/53

17,616,057

17,747,743‌

Pool#

MA5271

–

5.5%

2/1/54

13,204,573

13,291,178‌

Pool#

CB7972

–

5%

2/1/54

8,825,389

8,725,459‌

Pool#

MA5296

–

5.5%

3/1/54

29,078,451

29,262,505‌

Pool#

MA5294

–

5%

3/1/54

8,564,121

8,464,840‌

Pool#

MA5331

–

5.5%

4/1/54

16,708,068

16,809,994‌

Pool#

MA5327

–

5%

4/1/54

3,904,947

3,857,273‌

Pool#

MA5326

–

4.5%

4/1/54

5,863,602

5,664,778‌

Pool#

DB1847

–

5.5%

5/1/54

4,577,596

4,607,493‌

Pool#

MA5387

–

5%

6/1/54

27,414,503

27,077,702‌

Pool#

MA5386

–

4.5%

6/1/54

7,303,337

7,055,687‌

Pool#

MA5420

–

5.5%

7/1/54

7,640,555

7,686,777‌

Pool#

MA5419

–

5%

7/1/54

11,744,507

11,599,918‌

Pool#

MA5443

–

5%

8/1/54

31,686,033

31,280,496‌

Pool#

MA5470

–

5.5%

9/1/54

12,465,016

12,537,886‌

Pool#

MA5468

–

4.5%

9/1/54

16,434,913

15,877,600‌

Pool#

MA5496

–

5%

10/1/54

30,016,170

29,644,313‌

Pool#

MA5495

–

4.5%

10/1/54

1,652,116

1,596,092‌

Pool#

MA5530

–

5%

11/1/54

19,352,866

19,112,117‌

Pool#

MA5529

–

4.5%

11/1/54

7,374,963

7,124,869‌

Pool#

MA5586

–

5.5%

1/1/55

8,262,083

8,308,236‌

Pool#

MA5585

–

5%

1/1/55

17,810,793

17,582,827‌

Pool#

MA5613

–

5%

2/1/55

43,431,109

42,875,222‌

14

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

a

$

Principal

Amount

$

Value

Pool#

MA5759

–

5%

7/1/55

9,522,317

9,400,188‌

511,739,457‌

a

Government

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2021-29

Class

CY

–3%

9/20/50

997,083

795,635‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A3

–6%

1/25/55

(b)

(c)

4,091,472

4,125,124‌

Series

2024-2

Class

A3

–6%

2/25/55

(b)

(c)

5,771,193

5,815,198‌

Series

2024-5

Class

A2

–6%

4/25/55

(b)

(c)

5,847,385

5,891,971‌

Series

2024-8

Class

A3

–5.5%

8/25/55

(b)

(c)

1,974,783

1,966,468‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2017-1

Class

2A2

–3%

3/25/47

(b)

(c)

21,030

19,581‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2023-PJ3

Class

A3

–5%

10/27/53

(b)

(c)

3,630,409

3,558,115‌

Series

2024-PJ5

Class

A3

–6%

9/25/54

(b)

(c)

3,769,244

3,797,984‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2016-3

Class

2A1

–2.93%

10/25/46

(b)

(c)

26,024

24,575‌

Series

2017-3

Class

2A2

–2.5%

8/25/47

(b)

(c)

37,091

32,491‌

Series

2018-6

Class

2A2

–3%

12/25/48

(b)

(c)

8,146

7,818‌

Series

2023-3

Class

A3A

–5%

10/25/53

(b)

(c)

3,291,062

3,225,525‌

Series

2023-4

Class

1A2

–6%

11/25/53

(b)

(c)

1,839,391

1,853,416‌

Series

2023-9

Class

A2

–6%

4/25/54

(b)

(c)

1,927,841

1,942,540‌

Series

2023-10

Class

A2

–6%

5/25/54

(b)

(c)

1,218,644

1,227,936‌

Series

2024-2

Class

A3

–6%

8/25/54

(b)

(c)

1,266,929

1,275,798‌

Series

2024-4

Class

A3

–6%

10/25/54

(b)

(c)

2,378,493

2,396,629‌

Series

2024-6

Class

A3

–6%

12/25/54

(b)

(c)

2,415,386

2,433,803‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(MSRM)

Series

2023-1

Class

A1

–4%

2/25/53

(b)

(c)

4,764,999

4,426,313‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(b)

(c)

1,127,653

1,018,484‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2023-3

Class

A1

–6%

9/25/53

(b)

(c)

3,029,651

3,052,753‌

Series

2024-1

Class

A1

–5.57%

1/25/54

(b)

(c)

7,144,072

7,131,848‌

a

Pass-Through

Securities

Greenpoint

Mortgage

Pass-Through

Certificates

(GMSI)

Series

2003-1

Class

A1

–6.74%

10/25/33

(c)

15,765

15,571‌

55,239,941‌

a

Total

Mortgage-Backed

Securities

(Cost

$1,218,615,914)

1,231,770,529‌

Municipal

Bonds

-

0.0%

a

Detroit,

MI

City

School

District

General

Obligation

Series

QSCB

Q-SBLF,

6.65%

5/1/29

(Cost

$517,327)

460,000

487,070‌

Term

Loan

-

2.0%

a

a

a

$

Principal

Amount

$

Value

Communication

Services

Versant

Media

Group,

Inc.

(VSNT)

10/23/30

2,500,000

2,500,787‌

a

Consumer

Discretionary

Men's

Wearhouse

LLC/The

9.42%

1/28/31

15,000,000

15,014,100‌

a

Industrials

TransDigm,

Inc.

6.16%

2/28/31

7,405,779

7,415,110‌

a

Information

Technology

Project

Alpha

Intermediate

Holding,

Inc.

6.92%

10/28/30

1,000,000

762,275‌

Proofpoint,

Inc.

6.67%

8/31/28

29,936,387

29,025,872‌

Rocket

Software,

Inc.

7.42%

11/28/28

30,000,000

28,843,800‌

58,631,947‌

a

Total

Term

Loan

(Cost

$83,429,093)

83,561,944‌

U.S.

Treasuries

-

29.2%

a

U.S.

Treasury

Bonds

3.5%

2/15/39

2,100,000

1,895,578‌

4.5%

8/15/39

55,000,000

54,501,562‌

4.38%

11/15/39

101,500,000

99,041,797‌

4.63%

2/15/40

25,000,000

24,994,140‌

4.38%

5/15/40

90,000,000

87,454,688‌

4.25%

11/15/40

65,000,000

62,001,367‌

1.88%

2/15/41

11,500,000

7,971,162‌

4.38%

5/15/41

5,000,000

4,817,383‌

1.75%

8/15/41

4,000,000

2,675,547‌

2%

11/15/41

7,500,000

5,189,355‌

2.38%

2/15/42

28,000,000

20,414,844‌

3.25%

5/15/42

15,000,000

12,363,867‌

4%

11/15/42

107,500,000

97,306,396‌

3.88%

2/15/43

10,000,000

8,888,672‌

3.13%

2/15/43

25,000,000

20,025,391‌

3.88%

5/15/43

49,000,000

43,443,476‌

2.88%

5/15/43

2,000,000

1,536,719‌

4.38%

8/15/43

90,500,000

85,450,029‌

3.63%

8/15/43

17,000,000

14,523,711‌

4.75%

11/15/43

35,000,000

34,589,844‌

3.75%

11/15/43

6,000,000

5,200,781‌

4.5%

2/15/44

82,500,000

78,924,463‌

3.63%

2/15/44

15,500,000

13,171,367‌

4.63%

5/15/44

35,000,000

33,954,785‌

3.38%

5/15/44

15,500,000

12,673,066‌

4.13%

8/15/44

55,000,000

49,913,574‌

3.13%

8/15/44

27,500,000

21,567,090‌

4.63%

11/15/44

80,000,000

77,428,125‌

3%

11/15/44

24,000,000

18,384,375‌

4.75%

2/15/45

30,000,000

29,485,547‌

2.5%

2/15/45

21,000,000

14,733,633‌

5%

5/15/45

10,000,000

10,132,813‌

15

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Core

Plus

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

a

$

Principal

Amount

$

Value

3%

5/15/45

23,000,000

17,510,547‌

4.88%

8/15/45

5,000,000

4,984,766‌

3%

11/15/45

9,500,000

7,184,004‌

4.63%

2/15/46

20,000,000

19,282,812‌

2.5%

5/15/46

8,400,000

5,773,688‌

2.25%

8/15/46

2,500,000

1,630,176‌

3%

2/15/47

1,000,000

745,391‌

4.13%

8/15/53

13,000,000

11,404,453‌

U.S.

Treasury

Inflation

Indexed

Notes

2.38%

10/15/28

13,804,700

14,295,798‌

U.S.

Treasury

Notes

1.25%

9/30/28

5,000,000

4,696,387‌

1.88%

2/28/29

3,500,000

3,313,721‌

4%

10/31/29

10,000,000

10,041,211‌

1.75%

11/15/29

3,000,000

2,788,828‌

1.5%

2/15/30

5,250,000

4,805,083‌

4%

2/28/30

5,000,000

5,019,336‌

0.88%

11/15/30

8,000,000

6,974,375‌

1.13%

2/15/31

4,500,000

3,945,937‌

1.38%

11/15/31

5,500,000

4,770,713‌

1.88%

2/15/32

1,000,000

886,973‌

4.13%

11/15/32

7,000,000

7,003,828‌

4.5%

11/15/33

10,000,000

10,208,984‌

4.25%

11/15/34

21,000,000

20,997,949‌

4.25%

5/15/39

20,000,000

19,421,094‌

a

Total

U.S.

Treasuries

(Cost

$1,302,918,630)

1,242,341,201‌

Cash

Equivalents

-

1.1%

a

Shares

$

Value

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

2.7%

(Cost

$44,640,963)

(f)

44,640,963

44,640,963‌

a

Total

Investments

in

Securities

101.2%

(Cost

$4,343,052,634)

4,298,734,133‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (1.2%)

(48,966,886‌)

Net

Assets

-

100%

4,249,767,247‌

(a)

Foreign

domiciled

entity.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

This

security

may

be

resold

in

transactions

that

are

exempt

from

registration,

normally

to

qualified

institutional

buyers.

As

of

March

31,

2026,

the

total

value

of

such

securities

was

$1,378,914,177

or

32.45%

of

net

assets.

(c)

The

interest

rate

resets

periodically

based

on

the

weighted

average

coupons

of

the

underlying

mortgage-related

or

asset-backed

obligations.

(d)

This

security

is

classified

as

Level

3

security

within

the

fair

value

hierarchy.

Level

3

security

values

are

determined

using

significant

unobservable

inputs.

As

of

March

31,

2026,

the

total

value

of

such

securities

was

$13,867,930

or

0.33%

of

net

assets.

(e)

Defaulted

bond.

(f)

Rate

presented

represents

the

7-day

average

yield

at

March

31,

2026.

16

Large

Cap

Equity

Fund

Schedule

of

Investments

March

31,

2026

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

95.8%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

12.8

Visa,

Inc.

-

Class

A

115,000

34,757,600‌

Mastercard,

Inc.

-

Class

A

62,000

30,978,920‌

Global

Payments,

Inc.

215,000

14,469,500‌

a

Multi-Sector

Holdings

5.0

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

65,000

31,148,000‌

a

Insurance

Brokers

4.4

Aon

plc

-

Class

A

(b)

85,000

27,436,300‌

a

22.2

138,790,320‌

Information

Technology

Systems

Software

6.9

Microsoft

Corp.

95,000

35,166,150‌

Oracle

Corp.

55,000

8,091,050‌

a

Semiconductors

6.8

Analog

Devices,

Inc.

93,500

29,746,090‌

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

(b)

20,000

6,759,000‌

NVIDIA

Corp.

35,000

6,104,000‌

a

Application

Software

3.6

Salesforce,

Inc.

66,500

12,413,555‌

Constellation

Software,

Inc.

Canada

(b)

5,500

9,654,910‌

a

IT

Consulting

&

Other

Services

2.2

Accenture

plc

-

Class

A

(b)

70,000

13,880,300‌

a

Semiconductor

Materials

&

Equipment

1.2

ASML

Holding

NV

(b)

5,500

7,264,565‌

a

20.7

129,079,620‌

Health

Care

Life

Sciences

Tools

&

Services

16.2

Danaher

Corp.

270,000

51,192,000‌

Thermo

Fisher

Scientific,

Inc.

76,250

37,479,163‌

Bio-Techne

Corp.

240,000

12,542,400‌

a

Health

Care

Equipment

1.8

IDEXX

Laboratories,

Inc.

(a)

20,000

11,237,800‌

a

18.0

112,451,363‌

Industrials

Industrial

Machinery

&

Supplies

&

Components

4.6

IDEX

Corp.

120,000

22,746,000‌

Ingersoll

Rand,

Inc.

78,000

6,249,360‌

a

Research

&

Consulting

Services

3.5

Equifax,

Inc.

120,000

21,608,400‌

a

Cargo

Ground

Transportation

2.0

Old

Dominion

Freight

Line,

Inc.

65,000

12,701,000‌

a

Industrials  

%

of

Net

Assets

Shares

$

Value

a

Aerospace

&

Defense

0.6

HEICO

Corp.

-

Class

A

17,000

3,588,530‌

a

10.7

66,893,290‌

Communication

Services

Interactive

Media

&

Services

10.4

Alphabet,

Inc.

-

Class

C

126,500

36,287,790‌

Meta

Platforms,

Inc.

-

Class

A

50,000

28,606,500‌

a

10.4

64,894,290‌

Consumer

Discretionary

Broadline

Retail

7.3

Amazon.com,

Inc.

(a)

152,500

31,761,175‌

Mercadolibre,

Inc.

(a)

(b)

8,000

13,832,160‌

a

7.3

45,593,335‌

Materials

Construction

Materials

4.8

Vulcan

Materials

Co.

110,000

29,953,000‌

Real

Estate

Real

Estate

Services

1.7

CoStar

Group,

Inc.

(a)

265,000

10,690,100‌

a

Total

Common

Stocks

(Cost

$349,581,539)

598,345,318‌

Cash

Equivalents

-

4.3%

a

a

$

Principal

Amount

$

Value

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

2.7%

(c)

19,500,119

19,500,119‌

U.S.

Treasury

Bill

3.37%

4/14/26

(d)

7,000,000

6,990,837‌

a

Total

Cash

Equivalents

(Cost

$26,490,966)

26,490,956‌

Total

Investments

in

Securities

-

100.1%

(Cost

$376,072,505)

624,836,274‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(508,668‌)

Net

Assets

-

100%

624,327,606‌

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Rate

presented

represents

the

7-day

average

yield

at

March

31,

2026.

(d)

Interest

rate

presented

represents

the

effective

yield

at

March

31,

2026.

17

Multi

Cap

Equity

Fund

Schedule

of

Investments

March

31,

2026

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

96.8%

a

Financials

%

of

Net

Assets

Shares

$

Value

Transaction

&

Payment

Processing

Services

9.7

Visa,

Inc.

-

Class

A

78,500

23,725,840‌

Mastercard,

Inc.

-

Class

A

45,000

22,484,700‌

a

Multi-Sector

Holdings

9.0

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

90,000

43,128,000‌

a

Insurance

Brokers

4.6

Aon

plc

-

Class

A

(b)

67,500

21,787,649‌

a

23.3

111,126,189‌

Communication

Services

Interactive

Media

&

Services

11.6

Alphabet,

Inc.

-

Class

C

122,500

35,140,350‌

Meta

Platforms,

Inc.

-

Class

A

35,000

20,024,550‌

a

Cable

&

Satellite

4.4

Liberty

Broadband

Corp.

(a)

Class

C

330,000

16,599,000‌

Class

A

90,000

4,519,800‌

a

Integrated

Telecommunication

Services

0.3

LICT

Corp.

(a)

125

1,500,000‌

a

16.3

77,783,700‌

Industrials

Aerospace

&

Defense

7.1

HEICO

Corp.

-

Class

A

159,880

33,749,070‌

a

Industrial

Machinery

&

Supplies

&

Components

2.9

IDEX

Corp.

55,000

10,425,250‌

Ingersoll

Rand,

Inc.

40,000

3,204,800‌

a

Cargo

Ground

Transportation

2.0

Old

Dominion

Freight

Line,

Inc.

50,000

9,770,000‌

a

Research

&

Consulting

Services

1.9

Equifax,

Inc.

50,000

9,003,500‌

a

13.9

66,152,620‌

Information

Technology

Semiconductors

3.3

Texas

Instruments,

Inc.

80,000

15,531,200‌

a

Cable

&

Satellite

3.1

Sirius

XM

Holdings,

Inc.

650,000

15,002,000‌

a

Application

Software

3.1

ACI

Worldwide,

Inc.

(a)

360,000

14,763,600‌

a

IT

Consulting

&

Other

Services

2.3

Accenture

plc

-

Class

A

(b)

55,000

10,905,950‌

a

Systems

Software

1.0

Microsoft

Corp.

13,000

4,812,210‌

a

Information

Technology  

%

of

Net

Assets

Shares

$

Value

a

Technology

Distributors

0.9

CDW

Corp.

of

Delaware

35,000

4,235,700‌

a

13.7

65,250,660‌

Health

Care

Life

Sciences

Tools

&

Services

6.6

Danaher

Corp.

100,000

18,960,000‌

Bio-Techne

Corp.

180,000

9,406,800‌

Repligen

Corp.

(a)

25,000

2,945,500‌

a

Health

Care

Services

4.6

Labcorp

Holdings,

Inc.

82,000

21,878,420‌

a

Health

Care

Equipment

1.8

IDEXX

Laboratories,

Inc.

(a)

15,000

8,428,350‌

a

13.0

61,619,070‌

Materials

Construction

Materials

7.8

Vulcan

Materials

Co.

70,000

19,061,000‌

Martin

Marietta

Materials,

Inc.

31,200

18,366,816‌

a

Specialty

Chemicals

2.6

Perimeter

Solutions,

Inc.

(a)

500,000

12,210,000‌

a

10.4

49,637,816‌

Real

Estate

Real

Estate

Services

3.7

CoStar

Group,

Inc.

(a)

247,175

9,971,040‌

Altus

Group,

Ltd.

Canada

(b)

225,000

7,723,205‌

a

3.7

17,694,245‌

Consumer

Discretionary

Distributors

2.5

LKQ

Corp.

400,000

11,748,000‌

a

Total

Common

Stocks

(Cost

$212,207,599)

461,012,300‌

Cash

Equivalents

-

3.3%

a

a

$

Principal

Amount

$

Value

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

2.7%

(c)

10,478,793

10,478,793‌

U.S.

Treasury

Bill

3.37%

4/14/26

(d)

5,000,000

4,993,455‌

a

Total

Cash

Equivalents

(Cost

$15,472,256)

15,472,248‌

Total

Investments

in

Securities

-

100.1%

(Cost

$227,679,855)

476,484,548‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(320,820‌)

Net

Assets

-

100%

476,163,728‌

18

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Multi

Cap

Equity

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Rate

presented

represents

the

7-day

average

yield

at

March

31,

2026.

(d)

Interest

rate

presented

represents

the

effective

yield

at

March

31,

2026.

19

Partners

III

Opportunity

Fund

Schedule

of

Investments

March

31,

2026

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Common

Stocks

-

92.9%

a

Financials

%

of

Net

Assets

Shares

$

Value

Multi-Sector

Holdings

16.5

Berkshire

Hathaway,

Inc.

-

Class

B

(a)

108,000

51,753,600‌

a

Transaction

&

Payment

Processing

Services

16.1

Visa,

Inc.

-

Class

A

55,000

16,623,200‌

Mastercard,

Inc.

-

Class

A

30,000

14,989,800‌

Euronet

Worldwide,

Inc.

(a)

160,000

10,619,200‌

Global

Payments,

Inc.

120,000

8,076,000‌

a

Insurance

Brokers

4.6

Aon

plc

-

Class

A

(b)

45,000

14,525,100‌

a

37.2

116,586,900‌

Information

Technology

Systems

Software

5.9

Microsoft

Corp.

50,000

18,508,500‌

a

Cable

&

Satellite

4.6

Sirius

XM

Holdings,

Inc.

630,000

14,540,400‌

a

Semiconductors

4.0

Texas

Instruments,

Inc.

65,000

12,619,100‌

a

IT

Consulting

&

Other

Services

1.6

Accenture

plc

-

Class

A

(b)

25,000

4,957,250‌

a

Application

Software

0.9

Salesforce,

Inc.

15,000

2,800,050‌

a

17.0

53,425,300‌

Communication

Services

Interactive

Media

&

Services

9.6

Alphabet,

Inc.

-

Class

C

65,000

18,645,900‌

Meta

Platforms,

Inc.

-

Class

A

20,000

11,442,600‌

a

Cable

&

Satellite

4.5

Liberty

Broadband

Corp.

(a)

Class

C

240,000

12,072,000‌

Class

A

40,000

2,008,800‌

a

14.1

44,169,300‌

Health

Care

Life

Sciences

Tools

&

Services

13.5

Thermo

Fisher

Scientific,

Inc.

35,000

17,203,550‌

Danaher

Corp.

80,000

15,168,000‌

Bio-Techne

Corp.

190,000

9,929,400‌

a

13.5

42,300,950‌

Consumer

Discretionary

Broadline

Retail

4.6

Amazon.com,

Inc.

(a)

70,000

14,578,900‌

a

Industrials

%

of

Net

Assets

Shares

$

Value

Industrial

Machinery

&

Supplies

&

Components

4.2

IDEX

Corp.

70,000

13,268,500‌

Materials

Construction

Materials

1.3

Vulcan

Materials

Co.

15,000

4,084,500‌

Distributors

1.0

Pool

Corp.

15,000

3,034,950‌

a

Total

Common

Stocks

(Cost

$146,530,142)

291,449,300‌

Cash

Equivalents

-

7.2%

a

a

$

Principal

Amount

$

Value

a

a

a

U.S.

Treasury

Bills,

3.37%

to

3.57%,

4/14/26

to

6/18/26

(c)

13,000,000

12,931,207‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

2.7%

(d)

9,609,112

9,609,112‌

a

Total

Cash

Equivalents

(Cost

$22,539,958)

22,540,319‌

Total

Investments

in

Securities

-

100.1%

(Cost

$169,070,100)

313,989,619‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(247,284‌)

Net

Assets

-

100%

313,742,335‌

(a)

Non-income

producing.

(b)

Foreign

domiciled

entity.

(c)

Interest

rates

presented

represent

the

effective

yield

at

March

31,

2026.

(d)

Rate

presented

represents

the

7-day

average

yield

at

March

31,

2026.

20

Short

Duration

Income

Fund

Schedule

of

Investments

March

31,

2026

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Corporate

Bonds

-

9.1%

a

a

$

Principal

Amount

$

Value

a

a

a

a

Agree,

LP

2%

6/15/28

2,239,000

2,121,047‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.5%

4/20/26

(a)

(b)

172,917

173,155‌

Arbor

Realty

SR,

Inc.

8.5%

12/15/28

(b)

3,000,000

2,949,533‌

Ares

Capital

Corp.

7%

1/15/27

1,000,000

1,013,758‌

Ares

Strategic

Income

Fund

5.7%

3/15/28

3,000,000

2,996,600‌

5.6%

2/15/30

2,500,000

2,434,015‌

Ashtead

Capital,

Inc.

1.5%

8/12/26

(b)

4,800,000

4,746,181‌

4.38%

8/15/27

(b)

3,000,000

2,984,485‌

Axon

Enterprise,

Inc.

6.13%

3/15/30

(b)

1,000,000

1,019,046‌

Barings

BDC,

Inc.

5.2%

9/15/28

2,750,000

2,688,764‌

Bath

&

Body

Works,

Inc.

6.69%

1/15/27

945,000

964,492‌

Blackstone

Secured

Lending

Fund

5.88%

11/15/27

250,000

250,921‌

Boeing

Co.

The

6.26%

5/1/27

2,500,000

2,543,867‌

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

6.47%

12/31/35

Floating

Rate

(TSFR3M

+

280)

(b)

7,500,000

7,662,000‌

Cantor

Fitzgerald

LP

4.5%

4/14/27

(b)

1,500,000

1,495,819‌

Cinemark

USA,

Inc.

5.25%

7/15/28

(b)

2,000,000

1,984,321‌

Concentrix

Corp.

6.65%

8/2/26

728,000

731,266‌

6.5%

3/1/29

11,360,000

11,053,248‌

Devon

Energy

Corp.

5.25%

10/15/27

390,000

390,154‌

EPR

Properties

4.75%

12/15/26

6,569,000

6,566,506‌

4.5%

6/1/27

1,000,000

996,042‌

EquipmentShare.com,

Inc.

9%

5/15/28

(b)

5,000,000

5,170,905‌

Gartner,

Inc.

4.5%

7/1/28

(b)

1,229,000

1,208,687‌

3.75%

10/1/30

(b)

10,830,000

9,851,949‌

Golub

Capital

Private

Credit

Fund

5.45%

8/15/28

(b)

3,000,000

2,959,636‌

Hercules

Capital,

Inc.

2.63%

9/16/26

1,500,000

1,478,164‌

Highwoods

Realty

LP

3.88%

3/1/27

7,000,000

6,961,111‌

HNI

Corp.

5.13%

1/18/29

(b)

7,800,000

7,468,375‌

Host

Hotels

&

Resorts

LP

5.7%

6/15/32

2,400,000

2,457,329‌

HPS

Corporate

Lending

Fund

5.45%

1/14/28

5,000,000

4,964,751‌

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

9.5%

5/30/29

(b)

450,000

424,093‌

MasTec,

Inc.

4.5%

8/15/28

(b)

4,000,000

3,957,827‌

Newell

Brands,

Inc.

6.63%

9/15/29

1,025,000

1,001,480‌

6.38%

5/15/30

2,550,000

2,449,810‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

5.35%

3/30/29

(b)

6,000,000

6,104,107‌

Rithm

Capital

Corp.

8%

4/1/29

(b)

5,310,000

5,221,486‌

Sixth

Street

Lending

Partners

6.13%

7/15/30

5,000,000

4,973,962‌

Stagwell

Global

LLC

5.63%

8/15/29

(b)

10,420,000

9,929,295‌

VICI

Properties

LP

4.63%

12/1/29

(b)

1,445,000

1,421,067‌

Vontier

Corp.

1.8%

4/1/26

1,004,000

1,004,000‌

Whirlpool

Corp.

6.5%

6/15/33

400,000

379,453‌

a

Total

Corporate

Bonds

(Cost

$137,161,621)

137,152,707‌

Asset-Backed

Securities

-

23.3%

a

a

a

a

a

Automobile

ACM

Auto

Trust

(ACMAT)

Series

2023-2A

Class

B

–9.85%

6/20/30

(b)

1,108,774

1,117,600‌

Series

2024-2A

Class

A

–6.06%

2/20/29

(b)

28,376

28,384‌

Series

2025-4A

Class

A

–5.87%

5/20/30

(b)

4,157,909

4,167,944‌

ARI

Fleet

Lease

Trust

(ARIFL)

Series

2023-B

Class

A2

–6.05%

7/15/32

(b)

609,283

612,464‌

Series

2024-A

Class

A2

–5.3%

11/15/32

(b)

363,469

365,214‌

Series

2024-B

Class

A2

–5.54%

4/15/33

(b)

568,394

571,297‌

Bayview

Opportunity

Master

Fund

VII

Trust

(BVABS)

Series

2024-CAR1

Class

A

–4.76%

12/26/31

Floating

Rate

(SOFR30A

+

110)

(b)

(c)

988,620

991,558‌

Series

2024-CAR1

Class

B

–4.96%

12/26/31

Floating

Rate

(SOFR30A

+

130)

(b)

(c)

576,695

579,136‌

Series

2024-CAR1F

Class

A

–6.97%

7/29/32

(b)

681,382

683,516‌

BOF

URSA

VI

Funding

Trust

I

(BVABS)

Series

2023-CAR1

Class

A2

–5.54%

10/27/31

(b)

67,274

67,759‌

Series

2023-CAR2

Class

A2

–5.54%

10/27/31

(b)

82,085

82,627‌

BOF

VII

AL

Funding

Trust

I

(BVABS)

Series

2023-CAR3

Class

A2

–6.29%

7/26/32

(b)

1,144,557

1,161,984‌

CFMT

LLC

(CFMT)

Series

2021-AL1

Class

B

–1.39%

9/22/31

(b)

268,507

267,901‌

Chesapeake

Funding

II

LLC

(CFII)

Series

2023-1A

Class

A1

–5.65%

5/15/35

(b)

471,833

472,530‌

Series

2023-2A

Class

A1

–6.16%

10/15/35

(b)

388,515

391,087‌

Series

2024-1A

Class

A1

–5.52%

5/15/36

(b)

1,295,642

1,308,945‌

Enterprise

Fleet

Financing

LLC

(EFF)

Series

2023-2

Class

A2

–5.56%

4/22/30

(b)

725,152

727,983‌

Series

2023-3

Class

A2

–6.4%

3/20/30

(b)

1,071,592

1,081,387‌

Series

2024-1

Class

A2

–5.23%

3/20/30

(b)

763,835

767,711‌

Series

2024-2

Class

A3

–5.61%

4/20/28

(b)

2,700,000

2,731,469‌

Series

2024-3

Class

A3

–4.98%

8/21/28

(b)

1,870,000

1,886,153‌

Series

2024-4

Class

A3

–4.56%

11/20/28

(b)

1,400,000

1,408,473‌

First

Help

Financial

Trust

(FHF)

Series

2022-2A

Class

A

–6.14%

12/15/27

(b)

15,828

15,834‌

Series

2023-1A

Class

A2

–6.57%

6/15/28

(b)

188,894

189,560‌

Series

2023-2A

Class

A2

–6.79%

10/15/29

(b)

368,805

371,894‌

Series

2024-2A

Class

A2

–5.89%

6/15/30

(b)

1,180,425

1,188,700‌

Series

2024-3A

Class

A2

–4.94%

11/15/30

(b)

3,566,865

3,559,643‌

Series

2025-1A

Class

A2

–4.92%

2/15/31

(b)

8,034,135

8,033,692‌

Huntington

Bank

Auto

Credit-Linked

Notes

(HACLN)

Series

2024-2

Class

B1

–5.44%

10/20/32

(b)

968,008

975,929‌

21

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2025-1

Class

B

–4.96%

3/21/33

(b)

3,253,570

3,266,648‌

Series

2025-2

Class

B1

–4.84%

9/20/33

(b)

3,201,387

3,208,784‌

Series

2026-1

Class

B1

–4.5%

2/20/34

(b)

2,750,000

2,739,750‌

Lendbuzz

Auto

Receivables

Trust

(LBZZ)

Series

2024-A

Class

A

–5.79%

5/15/31

(b)

3,038,739

3,058,956‌

Series

2025-A

Class

A

–5.49%

12/31/99

(b)

3,093,215

3,098,939‌

Lendbuzz

Securitization

Trust

(LBZZ)

Series

2023-1A

Class

A2

–6.92%

8/15/28

(b)

1,247,640

1,259,958‌

Series

2023-3A

Class

A2

–7.5%

12/15/28

(b)

2,239,768

2,276,734‌

Series

2024-1A

Class

A2

–6.19%

8/15/29

(b)

655,060

658,114‌

Series

2024-2A

Class

A2

–5.99%

5/15/29

(b)

2,114,753

2,127,505‌

Series

2024-3A

Class

A2

–4.97%

10/15/29

(b)

1,113,399

1,114,489‌

Series

2026-1A

Class

A2

–4.68%

7/15/30

(b)

3,637,584

3,635,464‌

Merchants

Fleet

Funding

LLC

(MFF)

Series

2023-1A

Class

A

–7.21%

5/20/36

(b)

2,077,196

2,081,650‌

Research-Driven

Pagaya

Motor

Asset

Trust

(RPM)

Series

2025-6A

Class

A3

–5.01%

8/25/34

(b)

5,000,000

4,998,067‌

SAFCO

Auto

Receivables

Trust

(SAFCO)

Series

2025-1A

Class

A

–5.46%

9/10/29

(b)

4,849,060

4,843,353‌

United

Auto

Credit

Securitization

Trust

(UACST)

Series

2025-1

Class

B

–5.05%

2/10/28

(b)

7,700,000

7,709,734‌

Series

2026-1

Class

B

–4.63%

5/10/29

(b)

8,630,000

8,621,013‌

Wheels

Fleet

Lease

Funding

LLC

(WFLF)

Series

2023-2A

Class

A

–6.46%

8/18/38

(b)

2,114,729

2,132,790‌

Series

2024-1A

Class

A1

–5.49%

2/18/39

(b)

2,364,661

2,385,746‌

Series

2024-2A

Class

A1

–4.87%

6/21/39

(b)

4,255,886

4,287,010‌

a

99,313,078‌

a

Cell

Tower

VB-S1

Issuer

LLC

(VBTEL)

Series

2026-1A

Class

C2

–4.69%

3/15/56

(b)

5,000,000

4,919,099‌

a

Collateralized

Loan

Obligations

ASP

PIF

CLO

I

LLC

(ASP)

Series

2025-1A

Class

A1

–5.14%

1/15/38

Floating

Rate

(TSFR3M

+

148)

(b)

(c)

4,750,000

4,760,361‌

Audax

Senior

Debt

CLO

6

LLC

(AUDAX)

Series

2021-6A

Class

AR

–5.17%

10/20/37

Floating

Rate

(TSFR3M

+

150)

(b)

(c)

4,000,000

4,011,079‌

BlackRock

Elbert

CLO

V

LLC

(ELB)

Series

5A

Class

AR

–5.52%

6/15/34

Floating

Rate

(TSFR3M

+

185)

(b)

(c)

1,936,521

1,937,582‌

Cerberus

Loan

Funding

LII

LLC

(CERB)

Series

2025-3A

Class

A

–5.19%

10/15/37

Floating

Rate

(TSFR3M

+

152)

(b)

(c)

2,500,000

2,504,476‌

Cerberus

Loan

Funding

XLIII

LLC

(CERB)

Series

2023-4A

Class

A

–6.1%

10/15/35

Floating

Rate

(TSFR3M

+

243)

(b)

(c)

3,000,000

3,019,575‌

Cerberus

Loan

Funding

XXXII,

LP

(CERB)

Series

2021-2A

Class

A

–5.55%

4/22/33

Floating

Rate

(TSFR3M

+

188)

(a)

(b)

(c)

2,522,996

2,525,370‌

CIFC

LBC

Middle

Market

CLO

LLC

(CLBC)

Series

2023-1A

Class

AR

–5.22%

10/20/37

Floating

Rate

(TSFR3M

+

155)

(b)

(c)

5,000,000

4,978,410‌

Deerpath

Capital

CLO

Ltd.

(DPATH)

Series

2021-2A

Class

A1R

–5.22%

10/15/37

Floating

Rate

(TSFR3M

+

155)

(a)

(b)

(c)

5,000,000

5,009,046‌

Fortress

Credit

Opportunities

IX

CLO

Ltd.

(FCO)

Series

2017-9A

Class

A1TR

–5.48%

10/15/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

1,314,492

1,315,874‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Fortress

Credit

Opportunities

XV

CLO

Ltd.

(FCO)

Series

2021-15A

Class

AT

–5.48%

4/25/33

Floating

Rate

(TSFR3M

+

181)

(a)

(b)

(c)

2,291,840

2,294,084‌

Greensledge

Capital

Markets

(GCM)

Series

2025-1A

Class

A

–6.92%

6/20/36

(b)

3,500,000

3,385,874‌

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

(GCFRF)

Series

2025-1A

Class

A1

–6.84%

4/10/38

Floating

Rate

(TSFR3M

+

300)

(b)

(c)

(d)

2,785,698

2,785,698‌

Ivy

Hill

Middle

Market

Credit

Fund

IX

Ltd.

(IVYH)

Series

9A

Class

A1R3

–5.19%

7/23/37

Floating

Rate

(TSFR3M

+

152)

(b)

(c)

3,500,000

3,507,663‌

Maranon

Loan

Funding

Ltd.

(MRNON)

Series

2023-1A

Class

AR

–5.32%

7/15/37

Floating

Rate

(TSFR3M

+

165)

(a)

(b)

(c)

3,400,000

3,408,947‌

Monroe

Capital

Funding

CLO

X

Ltd.

(MCFCL)

Series

2023-1A

Class

A1R

–5.12%

4/15/37

Floating

Rate

(TSFR3M

+

145)

(a)

(b)

(c)

3,000,000

3,006,690‌

Monroe

Capital

MML

CLO

XII

Ltd.

(MCMML)

Series

2021-2A

Class

A1

–5.44%

9/14/33

Floating

Rate

(TSFR3M

+

176)

(a)

(b)

(c)

5,255,549

5,260,054‌

New

Mountain

Guardian

IV

Income

Rated

Feeder

II,

Ltd.

(NMRF)

Series

2024-1A

Class

A

–6.6%

4/5/37

Floating

Rate

(TSFR3M

+

275)

(a)

(b)

(c)

5,000,000

4,955,230‌

Silver

Point

SCF

CLO

V,

Ltd.

(SPCSL)

Series

2025-1A

Class

A1

–5.17%

4/20/38

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

2,875,000

2,880,974‌

Starwood

Commercial

Mortgage

Trust

(STWD)

Series

2025-SIF5A

Class

A

–5.22%

4/15/37

Floating

Rate

(TSFR3M

+

155)

(b)

(c)

5,000,000

5,001,272‌

Series

2025-SIF6A

Class

A1

–5.47%

10/17/37

Floating

Rate

(TSFR3M

+

155)

(b)

(c)

7,400,000

7,399,656‌

Windhill

CLO

4,

Ltd.

(WINDHL)

Series

2025-1A

Class

A

–5.27%

10/22/37

Floating

Rate

(TSFR3M

+

150)

(a)

(b)

(c)

5,000,000

5,010,237‌

a

78,958,152‌

a

Consumer

&

Specialty

Finance

ACHV

ABS

Trust

(ACHV)

Series

2025-1PL

Class

C

–5.31%

4/26/32

(b)

577,347

578,832‌

Aqua

Finance

Issuer

Trust

(AQFIT)

Series

2025-A

Class

A

–5.25%

12/19/50

(b)

5,073,484

5,140,439‌

Series

2025-B

Class

A

–4.79%

5/17/51

(b)

2,211,452

2,223,037‌

Bankers

Healthcare

Group

Securitization

Trust

(BHG)

Series

2021-A

Class

A

–1.42%

11/17/33

(b)

39,276

39,096‌

Series

2023-B

Class

A

–6.92%

12/17/36

(b)

520,699

541,557‌

Series

2024-1CON

Class

A

–5.81%

4/17/35

(b)

557,645

567,586‌

BHG

Owner

Loan

Trust

(BOLT)

Series

2025-1CON

Class

A

–5%

8/18/36

(b)

7,553,504

7,607,490‌

Foundation

Finance

Trust

(FFIN)

Series

2021-2A

Class

A

–2.19%

1/15/42

(b)

666,156

635,249‌

Series

2023-1A

Class

A

–5.67%

12/15/43

(b)

942,910

961,508‌

Series

2023-2A

Class

A

–6.53%

6/15/49

(b)

2,068,812

2,147,224‌

Series

2024-1A

Class

A

–5.5%

12/15/49

(b)

1,937,924

1,977,191‌

Series

2024-2A

Class

A

–4.6%

3/15/50

(b)

1,031,784

1,027,940‌

Series

2025-1A

Class

A

–4.95%

4/15/50

(b)

4,050,310

4,062,090‌

Series

2025-2A

Class

A

–4.67%

4/15/52

(b)

1,667,958

1,659,158‌

Goodleap

Home

Improvement

Solutions

Trust

(GDLP)

Series

2024-1A

Class

A

–5.35%

10/20/46

(b)

1,597,273

1,611,407‌

Greensky

Home

Improvement

Issuer

Trust

(GSKY)

Series

2024-2

Class

A2

–5.25%

10/27/59

(b)

368,285

368,730‌

22

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2024-2

Class

A4

–5.15%

10/27/59

(b)

1,210,554

1,216,831‌

Series

2025-1A

Class

A4

–5.22%

3/25/60

(b)

402,521

405,117‌

Series

2025-2A

Class

A3

–5.02%

6/25/60

(b)

2,000,000

2,023,952‌

GreenSky

Home

Improvement

Trust

(GSKY)

Series

2024-1

Class

A2

–5.88%

6/25/59

(b)

281,463

282,099‌

Hilton

Grand

Vacations

Trust

(HGVT)

Series

2020-AA

Class

A

–2.74%

2/25/39

(b)

69,997

69,035‌

Lafayette

Federal

Credit

Union

Asset

Trust

Series

2026-HI1A

Class

A2

–5.42%

1/25/46

(b)

6,864,151

6,827,211‌

Octane

Receivables

Trust

(OCTL)

Series

2024-2A

Class

A2

–5.8%

7/20/32

(b)

2,171,192

2,187,668‌

Pagaya

AI

Debt

Grantor

Trust

(PAID)

Series

2024-11

Class

B

–5.64%

7/15/32

(b)

1,715,568

1,726,179‌

Series

2025-2

Class

A2

–4.96%

10/15/32

(b)

2,413,689

2,416,205‌

Series

2025-R3

Class

A

–4.84%

1/18/33

(b)

3,273,952

3,272,324‌

Pagaya

AI

Debt

Selection

Trust

(PAID)

Series

2025-1

Class

B

–5.63%

7/15/32

(b)

2,779,563

2,785,339‌

Pagaya

AI

Debt

Trust

(PAID)

Series

2024-3

Class

B

–6.57%

10/15/31

(b)

2,056,258

2,057,444‌

Series

2024-8

Class

B

–5.46%

1/15/32

(b)

3,939,746

3,951,059‌

Series

2026-R1

Class

B

–5.28%

12/15/33

(b)

3,000,000

2,988,360‌

Pagaya

Point

of

Sale

Holdings

Grantor

Trust

(POSH)

Series

2025-1

Class

A

–5.72%

1/20/34

(b)

5,000,000

5,018,888‌

Reach

ABS

Trust

(REACH)

Series

2024-2A

Class

A

–5.88%

7/15/31

(b)

222,010

222,473‌

Series

2025-1A

Class

A

–4.96%

8/16/32

(b)

491,392

492,255‌

Series

2025-1A

Class

B

–5.34%

8/16/32

(b)

3,000,000

3,024,265‌

Upgrade

Master

Pass-Thru

Trust

(UMPT)

Series

2025-ST8

Class

B

–5.07%

12/15/33

(b)

5,000,000

4,992,700‌

a

77,107,938‌

a

Data

Center

Compass

Datacenters

Issuer

II

LLC

(CMPDC)

Series

2025-2A

Class

A1

–4.93%

11/25/50

(b)

2,250,000

2,217,668‌

Compass

Datacenters

Issuer

III

LLC

(CMDC)

Series

2025-1A

Class

A2

–5.66%

2/25/50

(b)

1,500,000

1,508,486‌

Switch

ABS

Issuer,

LLC

(SWTCH)

Series

2025-1A

Class

A2

–5.04%

3/25/55

(b)

5,000,000

4,826,721‌

a

8,552,875‌

a

Equipment

Amur

Equipment

Finance

Receivables

XI

LLC

(AXIS)

Series

2022-2A

Class

A2

–5.3%

6/21/28

(b)

70,117

70,167‌

Amur

Equipment

Finance

Receivables

XII

LLC

(AXIS)

Series

2023-1A

Class

A2

–6.09%

12/20/29

(b)

645,554

649,406‌

Amur

Equipment

Finance

Receivables

XIII

LLC

(AXIS)

Series

2024-1A

Class

A2

–5.38%

1/21/31

(b)

718,036

723,802‌

Amur

Equipment

Finance

Receivables

XIV

LLC

(AXIS)

Series

2024-2A

Class

A2

–5.19%

7/21/31

(b)

2,010,407

2,030,257‌

Amur

Equipment

Finance

Receivables

XV

LLC

(AXIS)

Series

2025-1A

Class

A2

–4.7%

9/22/31

(b)

2,720,036

2,739,595‌

Auxilior

Term

Funding

LLC

(XCAP)

Series

2023-1A

Class

A2

–6.18%

12/15/28

(b)

342,132

342,893‌

Series

2024-1A

Class

A3

–5.49%

7/15/31

(b)

3,429,006

3,473,824‌

Crossroads

Asset

Trust

(XROAD)

Series

2024-A

Class

A2

–5.9%

8/20/30

(b)

617,185

622,386‌

Dell

Equipment

Finance

Trust

(DEFT)

Series

2023-3

Class

A3

–5.93%

4/23/29

(b)

805,612

808,085‌

Series

2024-1

Class

A3

–5.39%

3/22/30

(b)

1,042,896

1,047,959‌

Series

2024-2

Class

A3

–4.59%

8/22/30

(b)

900,000

903,631‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Dext

ABS

LLC

(DEXT)

Series

2023-2

Class

A2

–6.56%

5/15/34

(b)

390,421

391,367‌

DLLMT

LLC

(DLLMT)

Series

2024-1A

Class

A3

–4.84%

8/21/28

(b)

3,520,000

3,540,704‌

DLLST

LLC

(DLLST)

Series

2024-1A

Class

A3

–5.05%

8/20/27

(b)

555,855

557,620‌

Granite

Park

Equipment

Leasing

LLC

(SCFGP)

Series

2023-1A

Class

A3

–6.46%

9/20/32

(b)

70,812

70,832‌

GreatAmerica

Leasing

Receivables

Funding

LLC

(GALC)

Series

2024-2

Class

A3

–5%

9/15/28

(b)

2,160,000

2,182,017‌

HPEFS

Equipment

Trust

(HPEFS)

Series

2024-2A

Class

A3

–5.36%

10/20/31

(b)

773,952

776,863‌

Kubota

Credit

Owner

Trust

(KCOT)

Series

2024-2A

Class

A3

–5.26%

11/15/28

(b)

2,060,000

2,084,484‌

M&T

Equipment

Notes

(MTLRF)

Series

2024-1A

Class

A2

–4.99%

8/18/31

(b)

903,873

905,721‌

NMEF

Funding  LLC

(NMEF)

Series

2025-B

Class

A2

–4.64%

1/18/33

(b)

1,840,483

1,846,925‌

NMEF

Funding

LLC

(NMEF)

Series

2025-A

Class

A2

–4.72%

7/15/32

(b)

3,699,691

3,711,217‌

OWN

Equipment

Fund

I

LLC

(EQS)

Series

2024-2M

Class

A

–5.7%

12/20/32

(b)

4,855,048

4,891,413‌

OWN

Equipment

Fund

II

LLC

(EQS)

Series

2025-1M

Class

A

–5.48%

9/26/33

(b)

1,521,056

1,521,331‌

OWN

Equipment

Fund

III

LLC

(EQS)

Series

2025-2M

Class

A

–5.42%

3/27/34

(b)

2,122,943

2,118,428‌

SCF

Equipment

Leasing

LLC

(SCFET)

Series

2023-1A

Class

A3

–6.17%

5/20/32

(b)

866,055

870,412‌

a

38,881,339‌

a

Fiber

ALLO

Issuer

LLC

(ALLO)

Series

2024-1A

Class

A2

–5.94%

7/20/54

(b)

3,000,000

3,029,550‌

Series

2025-1A

Class

A2

–5.53%

4/20/55

(b)

3,500,000

3,516,173‌

Series

2025-1A

Class

B

–6.16%

4/20/55

(b)

5,000,000

5,065,586‌

Lightpath

Fiber

Issuer

LLC

(LPATH)

Series

2026-1A

Class

A2

–5.6%

3/25/56

(b)

5,800,000

5,798,067‌

Metronet

Infrastructure

Issuer

LLC

(MNET)

Series

2025-4A

Class

A2

–5.16%

12/20/55

(b)

800,000

798,168‌

Series

2026-1A

Class

A2

–5.27%

4/20/56

(b)

2,500,000

2,502,470‌

Zayo

Issuer

LLC

(ZAYO)

Series

2025-1A

Class

A2

–5.65%

3/20/55

(b)

1,750,000

1,768,307‌

a

22,478,321‌

a

Financials

New

Mountain

Asset-Backed

Security

Issuer

I

LLC

(NMNL)

Series

2025-1A

Class

A

–5.14%

11/22/55

(b)

10,613,932

10,412,044‌

a

Other

LMDV

Issuer

Co.

LLC

(LMDV)

Series

2025-1A

Class

A2

–5.31%

12/15/55

(b)

1,700,000

1,700,318‌

PSP

Master

Issuer

LLC

(PSP)

Series

2025-1A

Class

A2

–6.82%

1/30/56

(b)

7,000,000

6,904,902‌

Verizon

Master

Trust

(VZMT)

Series

2023-7

Class

A1A

–5.67%

11/20/29

3,000,000

3,030,677‌

11,635,897‌

a

Total

Asset-Backed

Securities

(Cost

$351,384,632)

352,258,743‌

23

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

Commercial

Mortgage-Backed

Securities

-

11.2%

a

a

$

Principal

Amount

$

Value

a

a

a

a

A10

Issuer

LLC

(A10)

Series

2025-FL6

Class

A

–5.14%

5/15/42

Floating

Rate

(TSFR1M

+

147)

(b)

6,000,000

5,994,230‌

Acore

Issuer

LLC

(ACORE)

Series

2026-FL1

Class

A

–5.13%

8/20/43

Floating

Rate

(TSFR1M

+

145)

(a)

(b)

2,000,000

1,998,774‌

ACREC

LLC

(ACREC)

Series

2025-FL3

Class

A

–4.99%

8/18/42

Floating

Rate

(TSFR1M

+

131)

(b)

4,000,000

3,990,216‌

Series

2026-FL4

Class

A

–5.13%

1/18/43

Floating

Rate

(TSFR1M

+

145)

(a)

(b)

1,000,000

999,498‌

ACREC,

Ltd.

(ACREC)

Series

2021-FL1

Class

C

–5.94%

10/16/36

Floating

Rate

(TSFR1M

+

226)

(a)

(b)

2,250,000

2,261,446‌

Series

2021-FL1

Class

D

–6.44%

10/16/36

Floating

Rate

(TSFR1M

+

276)

(a)

(b)

7,873,000

7,903,284‌

Acres

PLC

(ACRES)

Series

2026-FL4

Class

A

–5.11%

8/18/44

Floating

Rate

(TSFR1M

+

145)

(b)

9,000,000

8,994,202‌

Arbor

Realty

Collateralized

Loan

Obligation,

Ltd.

(ARCLO)

Series

2025-BTR1

Class

AS

–6.31%

1/20/41

Floating

Rate

(TSFR1M

+

264)

(b)

7,000,000

7,008,286‌

Arbor

Realty

Commercial

Real

Estate

Notes

LLC

(ARCREN)

Series

2025-FL1

Class

AS

–5.51%

1/20/43

Floating

Rate

(TSFR1M

+

183)

(b)

5,200,000

5,196,436‌

AREIT

LLC

(AREIT)

Series

2023-CRE8

Class

AS

–6.55%

8/17/41

Floating

Rate

(TSFR1M

+

287)

(a)

(b)

5,000,000

5,007,441‌

AREIT,

Ltd.

(AREIT)

Series

2024-CRE9

Class

AS

–5.91%

5/17/41

Floating

Rate

(TSFR1M

+

224)

(a)

(b)

5,000,000

4,998,007‌

Series

2025-CRE10

Class

A

–5.07%

12/17/29

Floating

Rate

(TSFR1M

+

139)

(a)

(b)

5,000,000

4,992,726‌

BAR

Issuer

LLC

(BAR)

Series

2026-FL1

Class

A

–5.3%

8/20/43

Floating

Rate

(TSFR1M

+

160)

(a)

(b)

6,000,000

5,999,733‌

Brightspire

Capital,

Inc.

(BRSP)

Series

2024-FL2

Class

E

–10.22%

8/19/37

Floating

Rate

(TSFR1M

+

654)

(a)

(b)

499,000

509,161‌

BRSP

Ltd.

(BRSP)

Series

2024-FL2

Class

A

–5.62%

8/19/37

Floating

Rate

(TSFR1M

+

195)

(a)

(b)

5,000,000

4,999,342‌

BX

Trust

(BX)

Series

2025-ROIC

Class

A

–4.82%

3/15/30

Floating

Rate

(TSFR1M

+

114)

(b)

5,856,094

5,833,482‌

Dwight

Issuer

LLC

(DWIGHT)

Series

2025-FL1

Class

A

–5.34%

6/18/42

Floating

Rate

(TSFR1M

+

166)

(b)

7,500,000

7,513,654‌

GPMT

Ltd.

(GPMT)

Series

2021-FL3

Class

AS

–5.64%

7/16/35

Floating

Rate

(TSFR1M

+

196)

(a)

(b)

3,542,933

3,542,895‌

Series

2021-FL4

Class

A

–5.14%

12/15/36

Floating

Rate

(TSFR1M

+

146)

(a)

(b)

5,057,759

5,051,320‌

GS

REFT

Issuer,

Ltd.

(GSREFT)

Series

2026-FL1

Class

A

–5.17%

4/19/43

Floating

Rate

(TSFR1M

+

150)

(a)

(b)

5,000,000

5,001,948‌

Series

2026-FL1

Class

C

–5.82%

4/19/43

Floating

Rate

(TSFR1M

+

215)

(a)

(b)

10,000,000

9,998,200‌

Hilton

USA

Trust

(HILT)

Series

2016-SFP

Class

E

–5.52%

11/5/35

(b)

(e)

4,300,000

10,686‌

KREF

Ltd.

(KREF)

Series

2021-FL2

Class

A

–4.86%

2/15/39

Floating

Rate

(TSFR1M

+

118)

(a)

(b)

1,111,100

1,111,708‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

LMNT

LLC

(LMNT)

Series

2025-FL3

Class

AS

–5.57%

7/21/43

Floating

Rate

(TSFR1M

+

190)

(b)

5,000,000

5,003,036‌

LoanCore

Issuer

Ltd.

(LNCR)

Series

2021-CRE5

Class

C

–6.14%

7/15/36

Floating

Rate

(TSFR1M

+

246)

(a)

(b)

1,500,000

1,498,129‌

Series

2021-CRE5

Class

D

–6.79%

7/15/36

Floating

Rate

(TSFR1M

+

311)

(a)

(b)

7,423,000

7,464,792‌

Series

2025-CRE8

Class

A

–5.06%

8/17/42

Floating

Rate

(TSFR1M

+

139)

(b)

2,500,000

2,496,887‌

NRTH

Commercial

Mortgage

Trust

(NRTH)

Series

2025-PARK

Class

A

–5.07%

10/15/40

Floating

Rate

(TSFR1M

+

139)

(b)

5,000,000

5,002,430‌

PFP

Ltd.

(PFP)

Series

2024-11

Class

A

–5.5%

9/17/39

Floating

Rate

(TSFR1M

+

183)

(a)

(b)

1,960,072

1,963,882‌

Series

2024-11

Class

AS

–5.86%

9/17/39

Floating

Rate

(TSFR1M

+

219)

(a)

(b)

4,725,652

4,722,022‌

Series

2025-12

Class

A

–5.17%

12/18/42

Floating

Rate

(TSFR1M

+

149)

(a)

(b)

5,000,000

5,000,515‌

Series

2026-13

Class

A

–5.18%

8/18/43

Floating

Rate

(TSFR1M

+

150)

(a)

(b)

11,000,000

11,012,702‌

SKY

Trust

(SKY)

Series

2025-LINE

Class

A

–6.26%

4/15/42

Floating

Rate

(TSFR1M

+

259)

(b)

3,613,923

3,634,566‌

STWD

Ltd.

(STWD)

Series

2022-FL3

Class

A

–5.02%

11/15/38

Floating

Rate

(SOFR30A

+

135)

(a)

(b)

847,907

846,861‌

SWCH

Commercial

Mortgage

Trust

(SWCH)

Series

2025-DATA

Class

A

–5.12%

2/15/42

Floating

Rate

(TSFR1M

+

144)

(b)

7,500,000

7,417,856‌

TPG

Real

Estate

Finance

(TRTX)

Series

2025-FL6

Class

A

–5.22%

9/18/42

Floating

Rate

(TSFR1M

+

154)

(a)

(b)

4,000,000

4,000,041‌

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$173,176,484)

168,980,394‌

Mortgage-Backed

Securities

-

37.3%

a

a

a

a

a

Federal

Home

Loan

Mortgage

Corporation

Collateralized

Mortgage

Obligations

Series

4107

Class

LW

–1.75%

8/15/27

1,239,875

1,224,403‌

Series

3003

Class

LD

–5%

12/15/34

238,623

241,165‌

Series

2952

Class

PA

–5%

2/15/35

24,810

24,744‌

Series

5486

Class

VB

–5%

5/25/35

4,541,328

4,528,709‌

Series

3620

Class

PA

–4.5%

12/15/39

134,758

134,817‌

Series

3842

Class

PH

–4%

4/15/41

236,821

234,683‌

Series

5436

Class

AB

–5.5%

4/25/49

4,067,667

4,079,383‌

Series

5501

Class

MJ

–5.5%

5/25/49

5,610,184

5,634,997‌

Series

5444

Class

BC

–5.5%

7/25/49

2,966,152

2,975,151‌

Series

5501

Class

NA

–5.5%

7/25/49

5,881,158

5,900,191‌

Series

5501

Class

NE

–5.5%

7/25/49

2,940,579

2,950,095‌

Series

5440

Class

B

–5.5%

9/25/49

1,020,927

1,025,205‌

Series

5444

Class

AB

–5.5%

9/25/49

1,392,379

1,389,926‌

Series

5413

Class

JA

–5.5%

1/25/50

2,933,168

2,982,172‌

Series

5640

Class

A

–5%

7/25/50

14,390,991

14,385,835‌

Series

5490

Class

LC

–5.5%

8/25/50

2,602,032

2,610,125‌

Series

5613

Class

BE

–4.75%

8/25/50

2,288,804

2,272,905‌

Series

5407

Class

AB

–5.5%

11/25/50

2,159,863

2,177,843‌

Series

5301

Class

ED

–5%

4/25/53

5,601,968

5,599,102‌

24

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

$

Principal

Amount

$

Value

a

a

a

a

a

Pass-Through

Securities

Pool#

E02948

–

3.5%

7/1/26

42,788

42,685‌

Pool#

J16663

–

3.5%

9/1/26

68,842

68,658‌

Pool#

E03033

–

3%

2/1/27

70,399

70,094‌

Pool#

ZS8692

–

2.5%

4/1/33

386,808

370,999‌

Pool#

G01818

–

5%

5/1/35

298,863

301,835‌

Pool#

SB8257

–

5.5%

9/1/38

3,827,837

3,907,785‌

Pool#

SB8278

–

5.5%

1/1/39

2,238,732

2,283,933‌

Pool#

SB8287

–

5%

3/1/39

4,221,630

4,256,534‌

Pool#

SB8293

–

5%

4/1/39

3,921,921

3,956,295‌

Pool#

SC0596

–

5.5%

12/1/44

3,513,504

3,586,456‌

Pool#

RB5337

–

5.5%

3/1/45

15,602,134

15,821,004‌

Pool#

RB5379

–

5.5%

12/1/45

7,486,695

7,568,651‌

Pool#

RB5389

–

5.5%

2/1/46

8,362,538

8,439,048‌

Series

5440

Class

NG

–5.5%

9/25/49

1,505,071

1,504,566‌

Series

5407

Class

DA

–5.5%

11/25/49

2,870,936

2,882,668‌

Series

5450

Class

KA

–4.5%

6/25/51

13,070,118

13,068,292‌

Pool#

RE6137

–

5%

9/1/52

1,433,341

1,404,074‌

129,905,028‌

a

Federal

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2024-87

Class

VK

–5%

6/25/35

5,422,508

5,413,246‌

Series

2023-12

Class

GB

–6%

6/25/45

2,161,331

2,191,812‌

Series

2024-20

Class

HD

–5.5%

3/25/46

2,425,907

2,446,018‌

Series

2024-21

Class

DA

–5.5%

12/25/46

1,373,880

1,374,713‌

Series

2024-20

Class

CA

–5.5%

1/25/47

643,308

643,934‌

Series

2024-41

Class

GA

–5.5%

2/25/48

2,609,808

2,629,393‌

Series

2024-9

Class

CE

–5%

10/25/48

1,963,659

1,968,361‌

Series

2024-97

Class

BA

–5.5%

4/25/49

6,877,494

6,936,920‌

Series

2026-2027

Class

AB

–5.5%

7/25/49

7,500,000

7,631,588‌

Series

2024-20

Class

EA

–5.5%

8/25/49

1,110,969

1,113,490‌

Series

2024-65

Class

BA

–5%

8/25/49

11,354,716

11,348,833‌

Series

2024-61

Class

CA

–5%

11/25/49

7,836,928

7,838,937‌

Series

2025-9

Class

EA

–5.5%

4/25/50

6,805,161

6,875,476‌

Series

2025-59

Class

MA

–5%

3/25/51

4,354,933

4,349,223‌

Series

2025-33

Class

AC

–5%

4/25/52

2,626,387

2,617,691‌

a

Pass-Through

Securities

Pool#

AB3902

–

3%

11/1/26

25,794

25,667‌

Pool#

AB4482

–

3%

2/1/27

198,213

196,940‌

Pool#

AL1366

–

2.5%

2/1/27

68,953

68,419‌

Pool#

AB6291

–

3%

9/1/27

64,910

64,395‌

Pool#

MA3189

–

2.5%

11/1/27

113,784

112,427‌

Pool#

MA3791

–

2.5%

9/1/29

409,925

400,395‌

Pool#

BM5708

–

3%

12/1/29

212,392

210,216‌

Pool#

MA0587

–

4%

12/1/30

574,071

569,946‌

Pool#

BA4767

–

2.5%

1/1/31

307,093

296,702‌

Pool#

AS7701

–

2.5%

8/1/31

1,045,819

1,008,620‌

Pool#

555531

–

5.5%

6/1/33

570,072

586,152‌

Pool#

MA3540

–

3.5%

12/1/33

396,535

389,587‌

Pool#

725232

–

5%

3/1/34

53,705

54,141‌

Pool#

995112

–

5.5%

7/1/36

278,499

284,760‌

Pool#

MA5311

–

5%

3/1/39

3,445,788

3,474,277‌

73,122,279‌

a

Government

National

Mortgage

Association

Collateralized

Mortgage

Obligations

Series

2025-97

Class

MA

–5.5%

2/20/46

5,492,953

5,540,870‌

Series

2025-99

Class

GA

–5.5%

3/20/48

3,137,523

3,168,926‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2024-23

Class

KA

–5.5%

4/20/48

3,266,645

3,289,033‌

Series

2025-2

Class

GNR

–3.5%

10/20/48

4,885,845

4,761,727‌

Series

2025-169

Class

JQ

–4.5%

11/20/50

7,049,585

7,003,702‌

Series

2024-197

Class

PJ

–6.5%

2/20/53

336,714

336,648‌

a

Pass-Through

Securities

Pool#

5255

–

3%

12/20/26

113,856

113,314‌

Pool#

MB0528

–

5%

8/20/40

6,647,787

6,700,695‌

Pool#

MB0717

–

5%

11/20/40

4,781,091

4,813,172‌

35,728,087‌

a

Non-Government

Agency

Collateralized

Mortgage

Obligations

A&D

Mortgage

Trust

(ADMT)

Series

2025-NQM2

Class

A1

–5.79%

6/25/70

(b)

(c)

2,606,443

2,623,137‌

Series

NQM1

Class

A1A

–4.91%

2/25/71

(b)

(c)

888,845

881,551‌

Series

2026-NQM2

Class

A1

–4.81%

3/25/71

(b)

(c)

4,974,848

4,925,661‌

AD

Mortgage

Trust

(ADMT)

Series

2024-NQM3

Class

A1

–6.45%

7/25/69

(b)

(c)

2,861,489

2,890,559‌

Series

2025-NQM3

Class

A1

–5.37%

8/25/70

(b)

(c)

6,073,891

6,079,947‌

Series

2025-NQM4

Class

A1A

–5.23%

10/25/70

(b)

(c)

4,610,258

4,605,048‌

Angel

Oak

Mortgage

Trust

(AOMT)

Series

2025-1

Class

A1

–5.69%

1/25/70

(b)

(c)

3,143,288

3,162,606‌

Series

2025-2

Class

A1

–5.64%

2/25/70

(b)

(c)

2,467,311

2,480,882‌

Series

2025-3

Class

A1

–5.42%

3/25/70

(b)

(c)

4,016,291

4,026,842‌

Series

2025-5

Class

A1

–5.57%

4/25/70

(b)

(c)

2,971,237

2,985,983‌

Aspire

Mortgage

Trust

(SPIRE)

Series

2026-1

Class

A1

–4.86%

1/25/66

(b)

(c)

4,963,682

4,933,025‌

Barclays

Mortgage

Loan

Trust

(BARC)

Series

2026-NQM2

Class

A1

–4.7%

12/25/65

(b)

(c)

4,968,068

4,905,648‌

BRAVO

Residential

Funding

Trust

(BRAVO)

Series

2026-NQM3

Class

A1

–4.99%

11/25/65

(b)

(c)

3,561,425

3,544,866‌

Bunker

Hill

Loan

Depositary

Trust

(BHLD)

Series

2019-3

Class

A1

–2.72%

11/25/59

(b)

(c)

52,262

52,086‌

Chase

Home

Lending

Mortgage

Trust

(CHASE)

Series

2024-1

Class

A4A

–6%

1/25/55

(b)

(c)

2,229,970

2,241,120‌

Series

2024-2

Class

A4A

–6%

2/25/55

(b)

(c)

2,796,091

2,808,554‌

Series

2024-4

Class

A4

–6%

3/25/55

(b)

(c)

2,381,604

2,395,462‌

Series

2024-9

Class

A6

–5.5%

9/25/55

(b)

(c)

295,096

294,605‌

Citigroup

Mortgage

Loan

Trust

(CMLTI)

Series

2014-A

Class

A

–4%

1/25/35

(b)

(c)

213,039

208,304‌

Colt

Mortgage

Loan

Trust

(COLT)

Series

2026-1

Class

A1

–4.76%

2/25/71

(b)

(c)

2,490,309

2,473,582‌

Series

2026-2

Class

A1

–4.83%

3/25/71

(b)

(c)

3,144,000

3,118,718‌

COLT

Mortgage

Loan

Trust

(COLT)

Series

2025-11

Class

A1

–5.05%

11/25/70

(b)

(c)

4,779,558

4,767,488‌

Cross

Mortgage

Trust

(CROSS)

Series

2025-H1

Class

A1

–5.74%

2/25/70

(b)

(c)

5,043,429

5,075,005‌

Series

2025-H2

Class

A1

–5.36%

3/25/70

(b)

(c)

1,509,813

1,512,300‌

Series

2025-H4

Class

A1

–5.6%

6/25/70

(b)

(c)

1,720,770

1,729,490‌

Series

2025-H7

Class

A1A

–4.93%

9/25/70

(b)

(c)

4,639,395

4,616,972‌

Ellington

Financial

Mortgage

Trust

(EFMT)

Series

2025-NQM5

Class

A1A

–5.03%

11/25/70

(b)

(c)

3,750,289

3,734,732‌

Series

2026-NQM1

Class

A1A

–4.77%

2/25/71

(b)

(c)

7,897,536

7,828,801‌

Series

2026-NQM3

Class

A1

–5.03%

3/25/71

(b)

(c)

5,000,000

4,983,469‌

Finance

of

America

HECM

Buyout

(FAHB)

Series

2026-HB1

Class

A

–4.25%

3/25/29

(b)

(c)

4,000,000

3,946,250‌

Series

2025-HB1

Class

A

–4.5%

11/25/35

(b)

(c)

3,406,015

3,374,124‌

Finance

of

America

Structured

Securities

Trust

(FASST)

Series

2025-S3

Class

A1

–3.5%

9/25/55

(b)

(c)

3,901,658

3,801,431‌

Series

2026-S1

Class

A1

–3.5%

3/25/56

(b)

(c)

(d)

4,384,000

4,253,850‌

25

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2024-S1

Class

A1

–3.5%

2/25/74

(b)

(c)

4,264,191

4,200,231‌

Series

2025-S1

Class

A1

–3.5%

2/25/75

(b)

2,751,902

2,667,987‌

Series

2025-PC1

Class

A1

–4.5%

5/25/75

(b)

(c)

4,552,296

4,352,373‌

Flagstar

Mortgage

Trust

(FSMT)

Series

2017-1

Class

2A2

–3%

3/25/47

(b)

(c)

219,315

204,199‌

Series

2021-7

Class

A5

–2.5%

8/25/51

(b)

(c)

4,058,168

3,647,208‌

Series

2021-10IN

Class

A6

–2.5%

10/25/51

(b)

(c)

3,569,878

3,215,488‌

GCAT

Trust

(GCAT)

Series

2025-NQM1

Class

A1

–5.37%

11/25/69

(b)

(c)

3,740,363

3,747,637‌

Series

2025-NQM5

Class

A1

–4.98%

8/25/70

(b)

(c)

2,629,646

2,617,063‌

Series

2025-NQM6

Class

A1

–4.94%

10/25/70

(b)

(c)

3,534,421

3,514,009‌

GS

Mortgage-Backed

Securities

Trust

(GSMBS)

Series

2021-PJ9

Class

A8

–2.5%

2/26/52

(b)

(c)

2,550,112

2,288,179‌

Series

2022-PJ1

Class

A8

–2.5%

5/28/52

(b)

(c)

3,139,434

2,801,987‌

Series

2022-PJ2

Class

A24

–3%

6/25/52

(b)

(c)

1,966,356

1,791,293‌

Series

2024-PJ5

Class

A15

–6%

9/25/54

(b)

(c)

1,747,504

1,754,461‌

Series

2024-PJ8

Class

A8

–5.5%

2/25/55

(b)

(c)

858,871

857,377‌

Series

2025-PJ3

Class

A8

–5.5%

7/25/55

(b)

(c)

4,689,836

4,696,367‌

Series

2025-PJ9

Class

A6

–5%

3/25/56

(b)

(c)

3,276,927

3,259,269‌

Series

2026-CES1

Class

A1

–4.9%

5/25/56

(b)

(c)

955,417

947,778‌

Series

2020-NQM1

Class

A1

–1.38%

9/27/60

(b)

(c)

186,398

178,171‌

Series

2025-NQM2

Class

A1

–5.65%

6/25/65

(b)

(c)

5,345,508

5,379,127‌

Series

2025-NQM5

Class

A1

–5.01%

7/25/65

(b)

(c)

4,387,271

4,366,975‌

Series

2025-NQM3

Class

A1

–5.14%

11/25/65

(b)

(c)

2,386,192

2,386,332‌

HOMES

Trust

(HOMES)

Series

2025-NQM1

Class

A1

–5.55%

1/25/70

(b)

(c)

2,893,637

2,904,554‌

Series

2025-NQM2

Class

A1

–5.43%

2/25/70

(b)

(c)

2,519,518

2,526,028‌

Series

2025-NQM3

Class

A1

–5.63%

2/25/70

(b)

(c)

4,171,168

4,194,808‌

JPMorgan

Mortgage

Trust

(JPMMT)

Series

2014-2

Class

2A2

–3.5%

6/25/29

(b)

(c)

17,537

17,486‌

Series

2014-5

Class

A1

–2.53%

10/25/29

(b)

(c)

261,714

259,231‌

Series

2016-3

Class

2A1

–2.93%

10/25/46

(b)

(c)

510,460

482,027‌

Series

2017-3

Class

2A2

–2.5%

8/25/47

(b)

(c)

1,446,544

1,267,131‌

Series

2018-6

Class

2A2

–3%

12/25/48

(b)

(c)

127,622

122,480‌

Series

2020-8

Class

A4

–3%

3/25/51

(b)

(c)

54,084

53,484‌

Series

2021-4

Class

A4

–2.5%

8/25/51

(b)

(c)

1,595,178

1,449,510‌

Series

2021-6

Class

A4

–2.5%

10/25/51

(b)

(c)

3,626,414

3,281,242‌

Series

2021-8

Class

A4

–2.5%

12/25/51

(b)

(c)

1,181,330

1,065,507‌

Series

2022-2

Class

A4A

–2.5%

8/25/52

(b)

(c)

1,436,598

1,285,440‌

Series

2023-6

Class

A4A

–5.5%

12/26/53

(b)

(c)

1,511,068

1,513,702‌

Series

2024-4

Class

A4A

–6%

10/25/54

(b)

(c)

1,655,126

1,661,338‌

Series

2024-5

Class

A6

–6%

11/25/54

(b)

(c)

1,447,478

1,447,085‌

Series

2024-10

Class

A6

–5.5%

3/25/55

(b)

(c)

1,131,883

1,132,048‌

Series

2024-11

Class

A6A

–5.5%

4/25/55

(b)

(c)

2,000,518

2,001,925‌

Series

2025-3

Class

A1B

–5.56%

9/25/55

(b)

(c)

973,486

973,348‌

Series

2025-7MPR

Class

A1D

–5.32%

2/25/56

(b)

(c)

2,579,632

2,573,446‌

Series

2026-CES1

Class

A1A

–4.91%

6/25/56

(b)

(c)

5,822,238

5,780,012‌

Series

2025-NQM1

Class

A1

–5.59%

6/25/65

(b)

(c)

4,553,778

4,575,672‌

Series

2025-NQM2

Class

A1

–5.57%

9/25/65

(b)

(c)

838,391

842,329‌

MFA

Trust

(MFRA)

Series

2026-NQM1

Class

A1

–5.05%

2/25/71

(b)

(c)

6,586,813

6,551,600‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust

(MSRM)

Series

2025-NQM3

Class

A1

–5.53%

5/25/70

(b)

(c)

1,130,333

1,134,257‌

Series

2025-NQM4

Class

A1

–5.59%

6/25/70

(b)

(c)

2,527,075

2,538,513‌

Series

2025-DSC2

Class

A1

–5.44%

7/25/70

(b)

(c)

1,155,838

1,159,677‌

Series

2025-NQM6

Class

A1

–5.15%

7/25/70

(b)

(c)

3,416,928

3,411,831‌

Series

2025-DSC3

Class

A1A

–4.91%

9/25/70

(b)

(c)

5,383,919

5,370,696‌

Series

2025-NQM8

Class

A1

–4.96%

9/25/70

(b)

(c)

2,246,212

2,243,237‌

Series

2026-NQM3

Class

A1

–5.21%

3/25/71

(b)

(c)

4,250,000

4,248,374‌

New

Residential

Mortgage

Loan

Trust

(NRZT)

Series

2025-NQM2

Class

A1

–5.57%

4/25/65

(b)

(c)

1,213,534

1,220,381‌

Series

2025-NQM3

Class

A1

–5.53%

5/25/65

(b)

(c)

3,939,571

3,961,666‌

a

a

$

Principal

Amount

$

Value

a

a

a

a

Series

2025-NQM5

Class

A1

–5.11%

8/25/65

(b)

(c)

7,065,195

7,045,966‌

Onslow

Bay

Financial

LLC

(OBX)

Series

2025-NQM3

Class

A1

–5.65%

12/1/64

(b)

(c)

1,869,764

1,881,363‌

Series

2025-NQM1

Class

A1

–5.55%

12/25/64

(b)

(c)

2,281,584

2,292,212‌

Series

2025-NQM6

Class

A1

–5.6%

3/25/65

(b)

(c)

5,973,959

6,008,112‌

Series

2025-NQM6

Class

A2

–5.76%

3/25/65

(b)

(c)

2,986,980

3,000,635‌

Radian

Mortgage

Capital

Trust

(RMCT)

Series

2024-J2

Class

A8

–5.5%

3/25/55

(b)

(c)

547,839

546,956‌

Rate

Mortgage

Trust

(RATE)

Series

2021-J3

Class

A7

–2.5%

10/25/51

(b)

(c)

3,360,242

3,005,031‌

RCKT

Mortgage

Trust

(RCKT)

Series

2021-3

Class

A5

–2.5%

7/25/51

(b)

(c)

4,228,698

3,819,313‌

Series

2026-CES1

Class

A1A

–4.83%

1/25/56

(b)

(c)

4,875,377

4,842,022‌

Santander

Mortgage

Asset

Receivable

Trust

(SAN)

Series

2025-CES1

Class

A1A

–5.04%

9/25/55

(b)

(c)

5,660,320

5,638,771‌

Series

2026-CES1

Class

A1A

–4.88%

1/25/56

(b)

(c)

4,915,336

4,881,508‌

Series

2025-NQM5

Class

A1

–5.07%

8/25/65

(b)

(c)

6,374,524

6,357,649‌

Series

2026-NQM1

Class

A1

–4.95%

11/25/65

(b)

(c)

1,928,505

1,917,422‌

Series

2026-NQM3

Class

A1A

–5.18%

3/25/66

(b)

(c)

3,000,000

2,996,722‌

Sequoia

Mortgage

Trust

(SEMT)

Series

2020-3

Class

A4

–3%

4/25/50

(b)

(c)

97,290

96,185‌

Series

2023-3

Class

A4

–6%

9/25/53

(b)

(c)

1,661,010

1,669,467‌

Series

2024-3

Class

A4

–6%

4/25/54

(b)

(c)

1,738,069

1,745,556‌

Series

2024-4

Class

A4

–6%

5/25/54

(b)

(c)

1,343,898

1,349,595‌

Series

2024-5

Class

A5

–6%

6/25/54

(b)

(c)

1,015,146

1,018,393‌

Series

2024-10

Class

A5

–5.5%

11/25/54

(b)

(c)

1,359,030

1,361,278‌

Series

2025-6

Class

A11

–5.5%

7/25/55

(b)

(c)

5,114,083

5,121,559‌

Series

2025-10

Class

A11

–5%

11/25/55

(b)

(c)

3,947,921

3,931,498‌

Series

2026-MED1

Class

A1A

–5.12%

4/25/56

(b)

(c)

2,000,000

1,973,540‌

Verus

Securitization

Trust

(VERUS)

Series

2025-1

Class

A1

–5.62%

1/25/70

(b)

(c)

1,641,696

1,651,254‌

Series

2025-4

Class

A1

–5.45%

5/25/70

(b)

(c)

1,212,088

1,217,379‌

Series

2025-5

Class

A1

–5.43%

6/25/70

(b)

(c)

938,452

942,154‌

Series

2025-6

Class

A1

–5.42%

7/25/70

(b)

(c)

848,954

852,478‌

Series

2025-7

Class

A1

–5.13%

8/25/70

(b)

(c)

4,562,651

4,560,561‌

325,110,253‌

a

Total

Mortgage-Backed

Securities

(Cost

$567,250,176)

563,865,647‌

U.S.

Treasuries

-

15.0%

a

a

a

a

a

U.S.

Treasury

Notes

4.88%

4/30/26

20,000,000

20,017,685‌

4.5%

7/15/26

22,000,000

22,047,762‌

1.88%

7/31/26

15,000,000

14,908,891‌

4.63%

9/15/26

12,000,000

12,047,959‌

1.63%

10/31/26

17,000,000

16,789,093‌

2.25%

2/15/27

2,000,000

1,974,210‌

1.13%

2/28/27

10,000,000

9,767,182‌

1.13%

2/29/28

16,000,000

15,213,125‌

4.38%

8/31/28

15,000,000

15,189,844‌

4.63%

9/30/28

4,000,000

4,077,031‌

4%

1/31/29

8,000,000

8,037,344‌

4%

2/28/30

4,000,000

4,015,469‌

4.13%

8/31/30

8,000,000

8,062,812‌

4.63%

9/30/30

15,000,000

15,428,320‌

4.13%

7/31/31

11,000,000

11,072,617‌

4.13%

10/31/31

7,000,000

7,037,598‌

4%

6/30/32

17,000,000

16,925,625‌

4%

2/15/34

12,000,000

11,838,750‌

26

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Short

Duration

Income

Fund

(Continued)

Schedule

of

Investments

March

31,

2026

a

a

$

Principal

Amount

$

Value

a

a

a

a

3.88%

8/15/34

12,000,000

11,696,484‌

a

Total

U.S.

Treasuries

(Cost

$226,332,038)

226,147,801‌

Cash

Equivalents

-

4.2%

a

Shares

$

Value

a

a

a

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

2.7%

(Cost

$63,482,928)

(f)

63,482,928

63,482,928‌

Total

Investments

in

Securities

-

100.1%

(Cost

$1,518,787,879)

1,511,888,220‌

Other

Liabilities

in

Excess

of

Other

Assets

-  (0.1%)

(2,086,471‌)

Net

Assets

-

100%

1,509,801,749‌

(a)

Foreign

domiciled

entity.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

This

security

may

be

resold

in

transactions

that

are

exempt

from

registration,

normally

to

qualified

institutional

buyers.

As

of

March

31,

2026,

the

total

value

of

such

securities

was

$920,050,680

or

60.94%

of

net

assets.

(c)

The

interest

rate

resets

periodically

based

on

the

weighted

average

coupons

of

the

underlying

mortgage-related

or

asset-backed

obligations.

(d)

This

security

is

classified

as

Level

3

security

within

the

fair

value

hierarchy.

Level

3

security

values

are

determined

using

significant

unobservable

inputs.

As

of

March

31,

2026,

the

total

value

of

such

securities

was

$7,039,548

or

0.47%

of

net

assets.

(e)

Defaulted

bond.

(f)

Rate

presented

represents

the

7-day

average

yield

at

March

31,

2026.

27

Ultra

Short

Government

Fund

Schedule

of

Investments

March

31,

2026

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Asset-Backed

Securities

-

0.3%

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

19,136‌

a

Equipment

NMEF

Funding

LLC

(NMEF)

Series

2025-A

Class

A2

–4.72%

7/15/32

(a)

344,454

345,527‌

a

Total

Asset-Backed

Securities

(Cost

$363,984)

364,663‌

U.S.

Treasuries

-

56.5%

a

a

a

a

a

U.S.

Treasury

Notes

3.75%

8/31/26

32,000,000

31,998,214‌

3.5%

9/30/26

34,000,000

33,955,173‌

a

Total

U.S.

Treasuries

(Cost

$65,999,273)

65,953,387‌

Cash

Equivalents

-

43.1%

a

a

a

a

U.S.

Treasury

Bills,

3.37%

to

3.61%,

4/14/26

to

9/24/26

(b)

37,000,000

36,701,310‌

JPMorgan

U.S.

Government

Money

Market

Fund

-

Institutional

Class

2.7%

(c)

13,560,567

13,560,567‌

a

Total

Cash

Equivalents

(Cost

$50,264,447)

50,261,877‌

Total

Investments

in

Securities

-

99.9%

(Cost

$116,627,704)

116,579,927‌

Other

Assets

Less

Other

Liabilities

-  0.1%

151,811‌

Net

Assets

-

100%

116,731,738‌

(a)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

This

security

may

be

resold

in

transactions

that

are

exempt

from

registration,

normally

to

qualified

institutional

buyers.

As

of

March

31,

2026,

the

total

value

of

such

securities

was

$364,663

or

0.31%

of

net

assets.

(b)

Interest

rates

presented

represent

the

effective

yield

at

March

31,

2026.

(c)

Rate

presented

represents

the

7-day

average

yield

at

March

31,

2026.

28

STATEMENTS

OF

ASSETS

AND

LIABILITIES

March

31,

2026

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

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Assets:

Investments

in

securities

at

value*:

Unaffiliated

issuers

170,297,316

4,298,734,133

624,836,274

476,484,548

313,989,619

1,511,888,220

116,579,927

170,297,316

4,298,734,133

624,836,274

476,484,548

313,989,619

1,511,888,220

116,579,927

Accrued

interest

and

dividends

receivable

642,343

37,089,062

194,878

83,619

73,090

7,775,293

156,934

Receivable

for

securities

sold

81,104

3,724

263,903

—

—

41,960

—

Receivable

for

fund

shares

sold

310

4,987,488

815

5,014

2,755

1,961,618

41,756

Prepaid

expenses

13,077

97,988

26,483

17,067

13,642

71,277

10,529

Cash

3

105

—

—

4

63

—

Total

assets

171,034,153

4,340,912,500

625,322,353

476,590,248

314,079,110

1,521,738,431

116,789,146

Liabilities:

Distributions

payable

—

534,623

—

—

—

64,722

11,007

Due

to

adviser

81,902

1,530,030

502,689

365,695

290,761

498,265

9,902

Payable

for

securities

purchased

504,706

65,184,859

—

—

—

8,502,001

—

Payable

for

fund

shares

redeemed

346,487

23,732,398

441,845

18,835

9,552

2,793,098

7,623

Payable

for

custody

and

fund

accounting

expenses

13,550

63,603

21,266

17,115

15,476

29,671

11,067

Other

20,014

99,740

28,947

24,875

20,986

48,925

17,809

Total

liabilities

966,659

91,145,253

994,747

426,520

336,775

11,936,682

57,408

Net

assets

170,067,494

4,249,767,247

624,327,606

476,163,728

313,742,335

1,509,801,749

116,731,738

Composition

of

net

assets:

Paid-in

capital

128,444,564

4,293,057,761

355,983,223

216,712,723

150,625,815

1,518,317,943

116,780,244

Total

distributable

earnings

41,622,930

(43,290,514)

268,344,383

259,451,005

163,116,520

(8,516,194)

(48,506)

Net

assets

170,067,494

4,249,767,247

624,327,606

476,163,728

313,742,335

1,509,801,749

116,731,738

Net

assets

(a)

:

Investor

Class

29,870,216

445,142,527

367,383,231

181,785,966

7,234,885

30,776,783

Institutional

Class

140,197,278

3,804,624,720

256,944,375

294,377,762

306,507,450

1,479,024,966

116,731,738

Shares

outstanding

(a)(b)

:

Investor

Class

1,849,605

46,206,926

9,724,569

6,502,626

682,788

2,566,262

Institutional

Class

8,654,598

394,841,399

6,523,709

10,153,695

25,709,922

123,040,331

11,697,015

Net

asset

value,

offering

and

redemption

price

(a)

:

Investor

Class

16.15

9.63

37.78

27.96

10.60

11.99

Institutional

Class

16.20

9.64

39.39

28.99

11.92

12.02

9.98

*  

Cost

of

investments

in

securities:

Unaffiliated

Issuers

132,132,086

4,343,052,634

376,072,505

227,679,855

169,070,100

1,518,787,879

116,627,704

132,132,086

4,343,052,634

376,072,505

227,679,855

169,070,100

1,518,787,879

116,627,704

(a)

The

Ultra

Short

Government

Fund

has

a

single

share

class

which

has

been

designated

as

Institutional

Class

above.

(b)

Indefinite

number

of

no

par

value

shares

authorized.

29

Statements

of

Operations

Period

ended

March

31,

2026

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

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Investment

Income:

Dividends

1,134,175

2,780,976

5,396,400

4,800,054

3,067,518

1,684,859

271,739

Interest

4,962,110

207,257,308

288,601

431,813

769,870

63,346,162

4,682,

199

Income

from

securities

lending

1,366

106,539

2,322

3,542

2,864

2,733

—

Foreign

tax

withholding

(960)

—

(3,874)

(14,741)

—

—

—

Total

investment

income

6,096,691

210,144,823

5,683,449

5,220,668

3,840,252

65,033,754

4,953,9

38

Fees

and

expenses*:

Investment

advisory

services

1,320,348

14,953,377

5,938,274

4,136,855

3,854,504

5,129,813

364,092

Business

administration

services

(1)

110,029

1,869,172

395,885

275,790

192,725

641,227

60,682

Administrative

services:

(2)

Investor

Class

85,101

1,322,072

778,402

387,883

14,984

80,846

Transfer

agent

services:

Investor

Class

26,396

21,678

77,047

49,620

20,147

19,721

Institutional

Class

20,666

22,098

25,120

26,104

28,985

25,823

39,574

Registration:

Investor

Class

17,786

43,568

27,014

21,313

13,727

14,555

Institutional

Class

23,774

180,636

25,270

26,293

30,827

78,630

23,984

Custody

and

fund

accounting

88,920

443,894

136,022

111,666

99,361

201,423

69,398

Auditing

and

legal

42,355

227,427

68,494

57,481

49,854

101,927

32,170

Trustees

17,165

271,442

60,021

41,545

29,474

94,022

9,355

Printing

14,401

144,420

21,117

16,710

11,681

62,879

5,559

Other

13,878

198,423

53,176

32,368

18,911

69,987

9,213

1,780,819

19,698,207

7,605,842

5,183,628

4,365,180

6,520,853

614,027

Less

expenses

waived/reimbursed

by

investment

adviser

(176,196)

(1,948,000)

—

—

—

(687,097)

(225,899)

Net

expenses

1,604,623

17,750,207

7,605,842

5,183,628

4,365,180

5,833,756

388,128

Net

investment

income

(loss)

4,492,068

192,394,616

(1,922,393)

37,040

(524,928)

59,199,998

4,565,81

0

Realized

and

unrealized

gain

(loss)

on

investments:

Net

realized

gain

(loss):

Unaffiliated

issuers

and

foreign

currencies

7,986,764

3,078,812

34,887,906

11,397,203

25,810,805

(598,332)

4,04

3

Options

written

—

—

—

—

769,793

—

—

Net

realized

gain

(loss)

7,986,764

3,078,812

34,887,906

11,397,203

26,580,598

(598,332)

4,04

3

Change

in

net

unrealized

appreciation

(depreciation):

Unaffiliated

issuers

and

foreign

currencies

(8,490,773)

(30,037,949)

(91,998,393)

(42,185,496)

(31,295,948)

(2,015,297)

(45,048)

Non-controlled

affiliates

—

—

—

—

(9,001,116)

—

—

Unfunded

loan

commitments

—

(281,778)

—

—

—

(85,691)

—

Options

written

—

—

—

—

(87,389)

—

—

Change

in

net

unrealized

appreciation

(depreciation)

(8,490,773)

(30,319,727)

(91,998,393)

(42,185,496)

(40,384,453)

(2,100,988)

(45,048)

Net

realized

and

unrealized

gain

(loss)

on

investments

(504,009)

(27,240,915)

(57,110,487)

(30,788,293)

(13,803,855)

(2,699,320)

(41,00

5

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

3,988,059

165,153,701

(59,032,880)

(30,751,253)

(14,328,783)

56,500,678

4,524,805

*

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.

30

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

(In

U.S.

dollars)

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Increase

(decrease)

in

net

assets:

From

operations:

Net

investment

income

(loss)

4,492,068‌

5,011,883‌

192,394,616‌

132,211,001‌

(1,922,393‌)

(2,752,223‌)

37,040‌

(912,652‌)

Net

realized

gain

(loss)

7,986,764‌

3,951,264‌

3,078,812‌

(1,871,839‌)

34,887,906‌

161,238,244‌

11,397,203‌

67,703,028‌

Change

in

net

unrealized

appreciation

(depreciation)

(8,490,773‌)

(3,208,651‌)

(30,319,727‌)

15,048,916‌

(91,998,393‌)

(150,199,637‌)

(42,185,496‌)

(27,019,118‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

3,988,059‌

5,754,496‌

165,153,701‌

145,388,078‌

(59,032,880‌)

8,286,384‌

(30,751,253‌)

39,771,258‌

Distributions

to

shareholders

(a)

:

Investor

Class

(2,064,097‌)

(2,407,029‌)

(22,353,356‌)

(18,028,585‌)

(83,890,318‌)

(55,152,981‌)

(17,484,100‌)

(16,812,524‌)

Institutional

Class

(8,585,884‌)

(9,238,457‌)

(166,612,436‌)

(112,805,741‌)

(56,109,693‌)

(37,333,267‌)

(28,199,220‌)

(24,600,027‌)

Total

distributions

(10,649,981‌)

(11,645,486‌)

(188,965,792‌)

(130,834,326‌)

(140,000,011‌)

(92,486,248‌)

(45,683,320‌)

(41,412,551‌)

Fund

share

transactions

(a)

:

Investor

Class

(18,190,710‌)

(2,504,221‌)

2,450,092‌

171,992,262‌

(15,522,772‌)

(10,712,395‌)

(11,271,050‌)

(14,764,481‌)

Institutional

Class

(42,042,869‌)

10,113,344‌

1,055,660,401‌

1,318,330,150‌

(18,084,231‌)

12,470,066‌

(1,556,977‌)

7,149,443‌

Net

increase

(decrease)

from

fund

share

transactions

(60,233,579‌)

7,609,123‌

1,058,110,493‌

1,490,322,412‌

(33,607,003‌)

1,757,671‌

(12,828,027‌)

(7,615,038‌)

Total

increase

(decrease)

in

net

assets

(66,895,501‌)

1,718,133‌

1,034,298,402‌

1,504,876,164‌

(232,639,894‌)

(82,442,193‌)

(89,262,600‌)

(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

170,067,494‌

236,962,995‌

4,249,767,247‌

3,215,468,845‌

624,327,606‌

856,967,500‌

476,163,728‌

565,426,328‌

(a)

The

Ultra

Short

Government

Fund

has

a

single

share

class

which

has

been

designated

as

Institutional

Class

above.

31

The

accompanying

notes

form

an

integral

part

of

these

financial

statements.

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

(Continued)

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Year

ended

March

31,

2026

Year

ended

March

31,

2025

(524,928‌)

(272,644‌)

59,199,998‌

45,391,793‌

4,565,810‌

7,356,883‌

26,580,598‌

24,819,719‌

(598,332‌)

60,290‌

4,043‌

(5,040‌)

(40,384,453‌)

4,854,318‌

(2,100,988‌)

12,332,982‌

(45,048‌)

(8,178‌)

(14,328,783‌)

29,401,393‌

56,500,678‌

57,785,065‌

4,524,805‌

7,343,665‌

(355,819‌)

(463,849‌)

(1,283,003‌)

(1,337,385‌)

—‌

—‌

(18,894,706‌)

(28,332,298‌)

(57,324,653‌)

(43,769,412‌)

(4,566,139‌)

(7,356,263‌)

(19,250,525‌)

(28,796,147‌)

(58,607,656‌)

(45,106,797‌)

(4,566,139‌)

(7,356,263‌)

1,359,705‌

1,015,259‌

999,457‌

305,568‌

(69,989,667‌)

(9,465,837‌)

359,631,100‌

281,266,870‌

(24,971,837‌)

(41,189,264‌)

(68,629,962‌)

(8,450,578‌)

360,630,557‌

281,572,438‌

(24,971,837‌)

(41,189,264‌)

(102,209,270‌)

(7,845,332‌)

358,523,579‌

294,250,706‌

(25,013,171‌)

(41,201,862‌)

415,951,605‌

423,796,937‌

1,151,278,170‌

857,027,464‌

141,744,909‌

182,946,771‌

313,742,335‌

415,951,605‌

1,509,801,749‌

1,151,278,170‌

116,731,738‌

141,744,909‌

32

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)

(a)

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

2026

16.80‌

0.32‌

(0.15‌)

0.17‌

(0.35‌)

(0.47‌)

(0.82‌)

2025

17.23‌

0.34‌

0.07‌

0.41‌

(0.35‌)

(0.49‌)

(0.84‌)

2024

15.69‌

0.29‌

1.59‌

1.88‌

(0.27‌)

(0.07‌)

(0.34‌)

2023

16.68‌

0.17‌

(0.86‌)

(0.69‌)

(0.15‌)

(0.15‌)

(0.30‌)

2022

16.30‌

0.05‌

0.78‌

0.83‌

(0.04‌)

(0.41‌)

(0.45‌)

Conservative

Allocation

-

Institutional

Class

2026

16.84‌

0.35‌

(0.15‌)

0.20‌

(0.37‌)

(0.47‌)

(0.84‌)

2025

17.27‌

0.37‌

0.06‌

0.43‌

(0.37‌)

(0.49‌)

(0.86‌)

2024

15.71‌

0.31‌

1.60‌

1.91‌

(0.28‌)

(0.07‌)

(0.35‌)

2023

16.70‌

0.20‌

(0.88‌)

(0.68‌)

(0.16‌)

(0.15‌)

(0.31‌)

2022

16.31‌

0.08‌

0.77‌

0.85‌

(0.05‌)

(0.41‌)

(0.46‌)

Core

Plus

Income

-

Investor

Class

2026

9.68‌

0.48‌

(0.06‌)

0.42‌

(0.47‌)

—‌

(0.47‌)

2025

9.63‌

0.49‌

0.05‌

0.54‌

(0.49‌)

—‌

(0.49‌)

2024

9.76‌

0.49‌

(0.13‌)

0.36‌

(0.49‌)

—‌

(0.49‌)

2023

10.45‌

0.3

7‌

(0.70‌)

(0.33‌)

(0.35‌)

(0.01‌)

(0.36‌)

2022

10.86‌

0.23‌

(0.40‌)

(0.17‌)

(0.21‌)

(0.03‌)

(0.24‌)

Core

Plus

Income

-

Institutional

Class

2026

9.68‌

0.50‌

(0.05‌)

0.45‌

(0.49‌)

—‌

(0.49‌)

2025

9.63‌

0.51‌

0.05‌

0.56‌

(0.51‌)

—‌

(0.51‌)

2024

9.76‌

0.51‌

(0.14‌)

0.37‌

(0.50‌)

—‌

(0.50‌)

2023

10.45‌

0.37‌

(0.69‌)

(0.32‌)

(0.36‌)

(0.01‌)

(0.37‌)

2022

10.87‌

0.24‌

(0.41‌)

(0.17‌)

(0.22‌)

(0.03‌)

(0.25‌)

Large

Cap

Equity

-

Investor

Class

2026

50.56‌

(0.15‌)

(3.25‌)

(3.40‌)

—‌

(9.38‌)

(9.38‌)

2025

55.57‌

(0.20‌)

0.99‌

0.79‌

—‌

(5.80‌)

(5.80‌)

2024

44.48‌

(0.14‌)

14.00‌

13.86‌

—‌

(2.77‌)

(2.77‌)

2023

56.83‌

(0.18‌)

(6.23‌)

(6.41‌)

—‌

(5.94‌)

(5.94‌)

2022

54.30‌

(0.32‌)

5.18‌

4.86‌

—‌

(2.33‌)

(2.33‌)

Large

Cap

Equity

-

Institutional

Class

2026

52.24‌

(0.07‌)

(3.40‌)

(3.47‌)

—‌

(9.38‌)

(9.38‌)

2025

57.14‌

(0.11‌)

1.02‌

0.91‌

—‌

(5.80‌)

(5.80‌)

2024

45.61‌

(0.07‌)

14.37‌

14.30‌

—‌

(2.77‌)

(2.77‌)

2023

58.02‌

(0.11‌)

(6.36‌)

(6.47‌)

—‌

(5.94‌)

(5.94‌)

2022

55.31‌

(0.23‌)

5.27‌

5.04‌

—‌

(2.33‌)

(2.33‌)

Multi

Cap

Equity

-

Investor

Class

2026

32.51‌

(0.04‌)

(1.76‌)

(1.80‌)

—‌

#

(2.75‌)

(2.75‌)

2025

32.66‌

(0.09‌)

2.44‌

2.35‌

—‌

(2.50‌)

(2.50‌)

2024

26.44‌

(0.12‌)

6.88‌

6.76‌

—‌

(0.54‌)

(0.54‌)

2023

32.18‌

(0.16‌)

(3.68‌)

(3.84‌)

—‌

(1.90‌)

(1.90‌)

2022

33.01‌

(0.27‌)

1.81‌

1.54‌

—‌

(2.37‌)

(2.37‌)

Multi

Cap

Equity

-

Institutional

Class

2026

33.62‌

0.03‌

(1.84‌)

(1.81‌)

(0.07‌)

(2.75‌)

(2.82‌)

2025

33.63‌

(0.03‌)

2.52‌

2.49‌

—‌

(2.50‌)

(2.50‌)

2024

27.16‌

(0.07‌)

7.08‌

7.01‌

—‌

(0.54‌)

(0.54‌)

2023

32.94‌

(0.11‌)

(3.77‌)

(3.88‌)

—‌

(1.90‌)

(1.90‌)

2022

33.67‌

(0.21‌)

1.85‌

1.64‌

—‌

(2.37‌)

(2.37‌)

#

Amount

less

than

$0.01.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

33

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

(%)

Net

assets,

end

of

period

($000)

Prior

to

fee

waivers

(%)

Net

of

fee

waivers

(%)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(%)

Portfolio

turnover

rate

(%)

(b)

16.15‌

0.93

29,870‌

1.03

0.85

1.92

18

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

16.20‌

1.10

140,197‌

0.76

0.70

2.07

18

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

9.63‌

4.46

445,143‌

0.79

0.65

4.96

16

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

9.64‌

4.77

3,804,625‌

0.49

0.45

5.17

16

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

37.78‌

(8.94)

367,383‌

1.03

1.03

(0.31)

10

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

39.39‌

(8.78)

256,944‌

0.86

0.86

(0.14)

10

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

27.96‌

(6.22)

181,786‌

1.06

1.06

(0.12)

11

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

28.99‌

(6.07)

294,378‌

0.86

0.86

0.08

11

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

34

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)

(a)

Net

gain

(loss)

on

securities

(realized

and

unrealized)

Total

from

investment

operations

Dividends

from

net

investment

income

Distributions

from

realized

gains

Total

distributions

Partners

III

Opportunity

-

Investor

Class

2026

11.84‌

(0.10‌)

(0.47‌)

(0.57‌)

—‌

(0.67‌)

(0.67‌)

2025

11.98‌

(0.10‌)

0.89‌

0.79‌

—‌

(0.93‌)

(0.93‌)

2024

10.55‌

(0.06‌)

2.32‌

2.26‌

—‌

(0.83‌)

(0.83‌)

2023

13.74‌

(0.11‌)

(2.14‌)

(2.25‌)

—‌

(0.94‌)

(0.94‌)

2022

15.67‌

(0.20‌)

0.11‌

(0.09‌)

—‌

(1.84‌)

(1.84‌)

Partners

III

Opportunity

-

Institutional

Class

2026

13.20‌

(0.02‌)

(0.53‌)

(0.55‌)

(0.06‌)

(0.67‌)

(0.73‌)

2025

13.18‌

(0.01‌)

0.96‌

0.95‌

—‌

#

(0.93‌)

(0.93‌)

2024

11.46‌

0.02‌

2.54‌

2.56‌

(0.01‌)

(0.83‌)

(0.84‌)

2023

14.74‌

(0.04‌)

(2.30‌)

(2.34‌)

—‌

(0.94‌)

(0.94‌)

2022

16.60‌

(0.13‌)

0.11‌

(0.02‌)

—‌

(1.84‌)

(1.84‌)

Short

Duration

Income

-

Investor

Class

2026

12.00‌

0.53‌

(0.01‌)

0.52‌

(0.53‌)

—‌

(0.53‌)

2025

11.84‌

0.54‌

0.16‌

0.70‌

(0.54‌)

—‌

(0.54‌)

2024

11.73‌

0.50‌

0.12‌

0.62‌

(0.51‌)

—‌

(0.51‌)

2023

11.98‌

0.32‌

(0.22‌)

0.10‌

(0.34‌)

(0.01‌)

(0.35‌)

2022

12.37‌

0.19‌

(0.37‌)

(0.18‌)

(0.19‌)

(0.02‌)

(0.21‌)

Short

Duration

Income

-

Institutional

Class

2026

12.03‌

0.56‌

(0.02‌)

0.54‌

(0.55‌)

—‌

(0.55‌)

2025

11.87‌

0.56‌

0.16‌

0.72‌

(0.56‌)

—‌

(0.56‌)

2024

11.76‌

0.52‌

0.11‌

0.63‌

(0.52‌)

—‌

(0.52‌)

2023

12.00‌

0.33‌

(0.22‌)

0.11‌

(0.34‌)

(0.01‌)

(0.35‌)

2022

12.39‌

0.20‌

(0.37‌)

(0.17‌)

(0.20‌)

(0.02‌)

(0.22‌)

Ultra

Short

Government

2026

9.99‌

0.38‌

(0.02‌)

0.36‌

(0.37‌)

—‌

(0.37‌)

2025

9.99‌

0.47‌

—‌

#

0.47‌

(0.47‌)

—‌

(0.47‌)

2024

9.99‌

0.49‌

(0.01‌)

0.48‌

(0.48‌)

—‌

(0.48‌)

2023

9.99‌

0.25‌

(0.01‌)

0.24‌

(0.24‌)

—‌

(0.24‌)

2022

10.00‌

0.01‌

(0.01‌)

—‌

#

(0.01‌)

—‌

(0.01‌)

#

Amount

less

than

$0.01.

(a)

Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b)

Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

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

(%)

Net

assets,

end

of

period

($000)

Prior

to

fee

waivers

(%)

Net

of

fee

waivers

(%)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(%)

Portfolio

turnover

rate

(%)

(b)

10.60‌

(5.29)

7,235‌

1.84

1.84

(0.87)

18

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

11.92‌

(4.60)

306,507‌

1.12

1.12

(0.12)

18

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

11.99‌

4.39

30,777‌

0.88

0.65

4.42

41

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

12.02‌

4.60

1,479,025‌

0.50

0.45

4.62

41

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

9.98‌

3.71

116,732‌

0.51

0.32

3.76

111

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

36

NOTES

TO

FINANCIAL

STATEMENTS

March

31,

2026

(1)

Organization

The

Weitz

Funds

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940

(the

“’40

Act”)

as

an

open-end

management

investment

company

issuing

shares

in

series,

each

series

representing

a

distinct

portfolio

with

its

own

investment

objectives

and

policies.

At

March

31,

2026,

the

Trust

had

seven

series

in

operation:

Conservative

Allocation

Fund,

Core

Plus

Income

Fund,

Large

Cap

Equity

Fund,

Multi

Cap

Equity

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.

The

Ultra

Short

Government

Fund

offers

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

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.

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.

37

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

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)

Cash

and

Cash

Equivalents

The

Funds

consider

short-term

interest-bearing

investments

held

at

financial

institutions

with

initial

maturities

of

three

months

or

less

to

be

cash

equivalents.

At

times,

such

deposits

may

be

in

excess

of

federally

insured

amounts.

(d)

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.

(e)

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.

(f)

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

Funds

had

no

securities

on

loan

as

of

March

31,

2026.

(g)

Federal

Income

Taxes

It

is

the

policy

of

each

Fund

to

comply

with

all

sections

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies

and

to

distribute

all

of

its

taxable

income

to

shareholders;

therefore,

no

provision

for

income

or

excise

taxes

is

required.

Net

investment

income

and

net

realized

gains

may

differ

for

financial

statement

and

tax

purposes.

The

character

of

distributions

made

during

the

year

from

net

investment

income

or

net

realized

gains

may

differ

from

their

ultimate

characterization

for

federal

income

tax

purposes.

Also,

due

to

the

timing

of

dividend

distributions,

the

fiscal

year

in

which

amounts

are

distributed

may

differ

from

the

year

that

the

income

or

realized

gains

were

recorded

by

the

Funds.

The

Funds

have

reviewed

their

tax

positions

taken

on

federal

income

tax

returns,

for

each

of

the

three

open

tax

years

and

have

determined

that

no

provisions

for

income

taxes

are

required

in

the

Funds’

financial

statements.

The

following

permanent

differences

between

net

asset

components

for

financial

reporting

and

tax

purposes

were

reclassified

at

the

end

of

the

fiscal

year

(in

U.S.

dollars):

The

differences

are

primarily

due

to

net

operating

losses.

These

reclassifications

have

no

impact

on

the

net

asset

value

of

the

Funds.

(h)

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.

(i)

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.

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.

Large

Cap

Equity

Multi

Cap

Equity

Partners

III

Opportunity

Paid-in

capital

(2,012,681)

(20,680)

(632,887)

Total

distributable

earnings

2,012,681

20,680

632,887

38

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

(j)

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

related

specifically

to

that

class,

such

as

business

administration,

administrative

servicing

fees,

transfer

agent

fees

and

registration

fees.

(k)

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.

(l)

In-Kind

Redemptions

The

Funds

may

meet

redemption

requests

through

an

in-kind

distribution

of

portfolio

securities

and

cash.

For

financial

reporting

purposes,

in-kind

transactions

are

treated

as

a

sale

of

securities.

The

resulting

gains

and

losses

are

recognized

based

on

the

market

value

of

the

securities

on

the

date

of

the

redemption.

For

the

year

ended

March

31,

2026,

there

was

no

in-kind

redemption

activity.

The

net

realized

gain

(loss)

from

in-kind

transactions,

if

any,

can

be

found

on

the

Statements

of

Operations.

For

tax

purposes,

no

gains

or

losses

were

recognized.

(3)

Fund

Share

Transactions

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Shares

$

Amount

Shares

$

Amount

Conservative

Allocation

-

Investor

Class

Sales

398,073‌

6,707,7

59‌

604,815‌

10,465,036‌

Redemptions

(1,599,069‌)

(26,912,883‌)

(878,444‌)

(15,268,577‌)

Reinvestment

of

distributions

121,199‌

2,014,414‌

134,443‌

2,299,320‌

Net

increase

(decrease)

(1,079,797‌)

(18,190,710‌)

(139,186‌)

(2,504,221‌)

Conservative

Allocation

-

Institutional

Class

Sales

585,225‌

9,893,79

5‌

1,427,194‌

24,743,395‌

Redemptions

(3,590,820‌)

(60,511,667‌)

(1,379,264‌)

(23,832,798‌)

Reinvestment

of

distributions

514,438‌

8,575,003‌

536,853‌

9,202,747‌

Net

increase

(decrease)

(2,491,157‌)

(42,042,869‌)

584,783‌

10,113,344‌

Core

Plus

Income

-

Investor

Class

Sales

20,241,572‌

196,124,93

2‌

27,652,020‌

267,409,964‌

Redemptions

(22,253,892‌)

(216,010,744‌)

(11,739,697‌)

(113,424,618‌)

Reinvestment

of

distributions

2,301,911‌

22,335,904‌

1,86

6

,

927‌

18,006,916‌

Net

increase

(decrease)

289,591‌

2,450,09

2‌

17,7

79

,

250‌

171,992,262‌

Core

Plus

Income

-

Institutional

Class

Sales

169,940,137‌

1,648,463,47

1‌

181,505,69

9‌

1,749,790,032‌

Redemptions

(77,808,600‌)

(753,714,459‌)

(55,985,112‌)

(539,544,910‌)

Reinvestment

of

distributions

16,570,850‌

160,911,389‌

11,1

99

,

321‌

108,085,028‌

Net

increase

(decrease)

108,702,387‌

1,055,660,40

1‌

136,

719

,

908‌

1,318,330,150‌

Large

Cap

Equity

-

Investor

Class

Sales

78,780‌

3,709,505‌

101,227‌

5,587,464‌

Redemptions

(2,160,076‌)

(99,744,336‌)

(1,253,956‌)

(68,945,188‌)

Reinvestment

of

distributions

1,876,738‌

80,512,059‌

954,238‌

52,645,329‌

Net

increase

(decrease)

(204,558‌)

(15,522,772‌)

(198,491‌)

(10,712,395‌)

Large

Cap

Equity

-

Institutional

Class

Sales

241,235‌

11,579,736‌

554,645‌

31,541,015‌

Redemptions

(1,629,749‌)

(79,620,669‌)

(953,797‌)

(53,384,621‌)

Reinvestment

of

distributions

1,117,600‌

49,956,702‌

602,311‌

34,313,672‌

Net

increase

(decrease)

(270,914‌)

(18,084,231‌)

203,159‌

12,470,066‌

Multi

Cap

Equity

-

Investor

Class

Sales

79,358‌

2,508,337‌

89,407‌

2,930,265‌

Redemptions

(952,614‌)

(30,161,374‌)

(1,009,715‌)

(33,475,765‌)

Reinvestment

of

distributions

537,996‌

16,381,987‌

465,792‌

15,781,019‌

Net

increase

(decrease)

(335,260‌)

(11,271,050‌)

(454,516‌)

(14,764,481‌)

Multi

Cap

Equity

-

Institutional

Class

Sales

328,193‌

10,982,630‌

226,486‌

7,632,725‌

Redemptions

(1,001,996‌)

(32,185,297‌)

(541,328‌)

(18,516,966‌)

Reinvestment

of

distributions

622,487‌

19,645,690‌

515,101‌

18,033,684‌

Net

increase

(decrease)

(51,316‌)

(1,556,977‌)

200,259‌

7,149,443‌

39

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

(4)

Related

Party

Transactions

Each

Fund

has

retained

Weitz

Investment

Management,

Inc.

as

its

investment

adviser.

In

addition,

the

Trust

has

an

agreement

with

Weitz

Securities,

Inc.

(the

“Distributor”),

a

company

affiliated

with

the

Adviser,

to

act

as

distributor

for

shares

of

the

Trust.

Certain

officers

of

the

Trust

are

also

officers

and

directors

of

the

Adviser

and

the

Distributor.

Under

the

terms

of

management

and

investment

advisory

agreements,

the

Adviser

is

paid

a

monthly

fee

based

on

average

daily

net

assets.

The

annual

investment

advisory

fee

schedule

for

each

of

the

Funds

is

as

follows:

Business

administration

services

:

The

Trust

has

a

business

administration

agreement

with

the

Adviser

under

which

the

Trust

compensates

the

Adviser

for

providing

business

administration

services

for

all

share

classes

of

the

Funds.

The

Adviser

shall

be

entitled

to

receive

0.05%

of

the

average

daily

net

assets

of

each

Fund,

computed

daily

and

payable

monthly,

reflected

as

“Business

administration

services”

on

the

Statements

of

Operations.

Services

encompass

supervising

all

aspects

of

the

management

and

operations

of

the

Trust,

including

monitoring

the

Trust’s

relationships

with

third-party

service

providers

that

may

be

retained

from

time

to

time

by

the

Trust.

Administrative

services

:

The

Trust

has

administrative

services

plans

under

which

the

Trust

compensates

the

Adviser

for

administrative

services

provided

to

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.

Year

ended

March

31,

2026

Year

ended

March

31,

2025

Shares

$

Amount

Shares

$

Amount

Partners

III

Opportunity

-

Investor

Class

Sales

206,73

2‌

2,345,860‌

135,055‌

1,637,637‌

Redemptions

(114,325‌)

(1,340,380‌)

(89,318‌)

(1,083,703‌)

Reinvestment

of

distributions

30,802‌

354,225‌

37,354‌

461,325‌

Net

increase

(decrease)

123,2

09‌

1,359,705‌

83,091‌

1,015,259‌

Partners

III

Opportunity

-

Institutional

Class

Sales

302,400‌

3,919,992‌

789,353‌

10,437,766‌

Redemptions

(6,871,073‌)

(90,387,105‌)

(3,274,748‌)

(44,050,383‌)

Reinvestment

of

distributions

1,276,332‌

16,477,446‌

1,756,129‌

24,146,780‌

Net

increase

(decrease)

(5,292,341‌)

(69,989,667‌)

(729,266‌)

(9,465,837‌)

Short

Duration

Income

-

Investor

Class

Sales

688,902‌

8,295,497‌

764,403‌

9,111,727‌

Redemptions

(704,602‌)

(8,481,249‌)

(845,87

2‌

)

(10,080,364‌)

Reinvestment

of

distributions

98,460‌

1,185,209‌

106,812‌

1,274,20

5‌

Net

increase

(decrease)

82,760‌

999,457‌

25,34

3‌

305,56

8‌

Short

Duration

Income

-

Institutional

Class

Sales

53,141,988‌

641,175,96

3‌

41,562,484‌

497,283,645‌

Redemptions

(28,035,208‌)

(338,115,977‌)

(21,679,95

6‌

)

(259,036,862‌)

Reinvestment

of

distributions

4,689,222‌

56,571,114‌

3,596,305‌

43,020,087‌

Net

increase

(decrease)

29,796,002‌

359,631,

100‌

23,478,83

3‌

281,266,870‌

Ultra

Short

Government

Sales

8,751,686‌

87,396,219‌

4,535,169‌

45,314,487‌

Redemptions

(11,685,915‌)

(116,725,572‌)

(9,352,660‌)

(93,467,585‌)

Reinvestment

of

distributions

436,308‌

4,357,516‌

696,857‌

6,963,834‌

Net

increase

(decrease)

(2,497,921‌)

(24,971,837‌)

(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

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

40

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

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”

in

the

Statements

of

Assets

and

Liabilities

is

net

of

any

expenses

waived/reimbursed

by

the

Adviser.

The

current

expense

caps

and

dollar

amount

of

expenses

reimbursed

during

the

year

ended

March

31,

2026,

are

as

follows:

As

of

March

31,

2026,

the

controlling

shareholder

of

the

Adviser

held

shares

totaling

approximately

1%,

5%,

3%

and

5%

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):

As

of

the

tax

year

ended

March

31,

2026,

the

components

of

net

assets

on

a

tax

basis

were

as

follows

(in

U.S.

dollars):

Annual

Operating

Expense

Ratio

Cap*

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Short

Duration

Income

Ultra

Short

Government†

Annual

Operating

Expense

Cap

(%):

Investor

Class

0.85‌

0.65‌

1.09‌

1.09‌

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

76,998

626,496

—

—

68,293

Institutional

Class

99,198

1,321,504

—

—

618,804

225,899

*

The

Ultra

Short

Government

Fund

has

a

single

class

which

has

been

designated

as

Institutional

Class

above.

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:

2026

2025

2026

2025

2026

2025

2026

2025

Ordinary

income

4,805,650‌

4,941,433

188,965,792‌

130,834,326

—‌

—‌

—‌

—‌

Long-term

capital

gains

5,844,331‌

6,704,053

—‌

—‌

140,000,011‌

92,486,248

45,683,320‌

41,412,551

Total

distributions

+

10,649,981‌

11,645,486‌

188,965,792‌

130,834,326

140,000,011‌

92,486,248

45,683,320‌

41,412,551

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Year

Ended

March

31,

Year

Ended

March

31,

Year

Ended

March

31,

Distributions

paid

from:

2026

2025

2026

2025

2026

2025

Ordinary

income

—‌

91,741‌

58,607,656‌

45,106,797‌

4,

566

,

13

9‌

7,356,263‌

Long-term

capital

gains

19,250,525‌

28,704,406‌

—‌

—‌

—‌

—‌

Total

distributions

+

19,250,525‌

28,796,147‌

58,607,656‌

45,106,797‌

4,

566

,

139‌

7,356,263‌

+

Total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because

dividends

are

recognized

when

actually

paid

for

tax

purposes.

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Cost

of

investments

132,132,086‌

4,343,125,363‌

376,072,505‌

227,679,855‌

Gross

unrealized

appreciation

40,317,828‌

35,575,280‌

285,894,478‌

265,140,408‌

Gross

unrealized

depreciation

(2,152,598‌)

(79,966,510‌)

(37,130,709‌)

(16,335,715‌)

Net

unrealized

appreciation

(depreciation)

^

38,165,230‌

(44

,

391

,

230‌

)

248,763,769‌

248,804,693‌

Undistributed

ordinary

income

944,887‌

5,249,000‌

—‌

—‌

Undistributed

long-term

gains

2,512,813‌

—‌

19,920,707‌

10,646,312‌

Qualified

late

year

ordinary

loss

deferral

—‌

—‌

(340,093‌)

—‌

Capital

loss

carryforwards

—‌

(4,148,284‌)

—‌

—‌

Paid-in

capital

128,444,564‌

4,293,057,761‌

355,983,223‌

216,712,723‌

Net

assets

170,067,494‌

4,249,767,247‌

624,327,606‌

476,163,728‌

41

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

The

Large

Cap

Equity

Fund

elected

to

defer

ordinary

losses

arising

after

December

31,

2025,

and

the

Short

Duration

Income

Fund

elected

to

defer

post-October

capital

losses

incurred

after

October

31,

2025.

These

losses

are

treated

for

tax

purposes

as

arising

on

April

1,

2026.

Capital

loss

carryforwards

represent

tax

basis

capital

losses

that

may

be

carried

over

to

offset

future

realized

capital

gains,

if

any.

To

the

extent

that

carryforwards

are

used,

no

capital

gains

distributions

will

be

made.

The

character

and

utilization

of

the

carryforwards

are

as

follows

(in

U.S.

Dollars):

(6)

Securities

Transactions

Purchases

and

proceeds

from

maturities

or

sales

of

investment

securities

of

the

Funds

for

the

year

ended

March

31,

2026,

excluding

fund

merger

transactions,

in-kind

transactions,

short-term

securities

and

U.S.

government

obligations,

are

summarized

as

follows

(in

U.S.

dollars):

(a)

Options

Written

The

Funds

did

not

have

any

open

derivative

positions

as

of

March

31,

2026.

None

of

the

derivative

positions

held

throughout

the

year

ended

March

31,

2026

were

designated

as

hedging

instruments.

For

the

year

ended

March

31,

2026,

Partners

III

Opportunity

Fund

had

an

average

month-end

derivative

notional

amount

of

$3,966,667.

Transactions

in

derivative

instruments

during

the

year

ended

March

31,

2026,

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.

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Cost

of

investments

169,339,776‌

1,519,025,200‌

116,627,704‌

Gross

unrealized

appreciation

151,632,960‌

5,686,079‌

2,427‌

Gross

unrealized

depreciation

(6,983,117‌)

(12,823,059‌)

(50,204‌)

Net

unrealized

appreciation

(depreciation)

^

144,649,843‌

(7,136,980‌)

(47,777‌)

Undistributed

ordinary

income

—‌

1,842,915‌

298,393‌

Undistributed

long-term

gains

18,466,677‌

—‌

—‌

Capital

loss

carryforwards

—‌

(2,903,299‌)

(19,259‌)

Dividend

Payable

—‌

—‌

(279,863‌)

Post

October

capital

loss

deferral

—‌

(318,830‌)

—‌

Paid-in

capital

150,625,815‌

1,518,317,943‌

116,780,2

4

4‌

Net

assets

313,742,335‌

1,509,801,749‌

116,731,738‌

+

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

primarily

attributable

to

tax

deferral

of

losses

on

wash

sales

and

defaulted

bonds.

Core

Plus

Income

Short

Duration

Income

Ultra

Short

Government

Short

term

(no

expirations)

—

175,749

15,357

Long

term

(no

expirations)

4,148,284

2,727,550

3,902

Capital

loss

carryforwards

utilized

2,942,296

—

3,824

Conservative

Allocation

Core

Plus

Income

Large

Cap

Equity

Multi

Cap

Equity

Partners

III

Opportunity

Short

Duration

Income

Ultra

Short

Government

Purchases

16,880,464

1,042,176,504

74,981,053

56,119,860

62,464,026

682,207,382

472,625

Proceeds

46,293,218

392,402,006

263,687,279

110,031,091

156,019,549

347,034,720

205,271

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

769,793

Net

unrealized

appreciation

(depreciation)

-

options

written

(87,389)

42

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

The

illiquid

restricted

securities

held

as

of

March

31,

2026,

are

as

follows

(in

U.S.

dollars):

(8)

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.

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

March

31,

2026,

the

Funds

had

the

following

unfunded

loan

commitments

(in

U.S.

dollars):

(9)

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.

(10)

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

8.25%

at

March

31,

2026.

Interest

is

accrued

daily

and

paid

monthly.

The

Partners

III

Opportunity

Fund

did

not

hold

a

cash

balance

with

the

broker

at

March

31,

2026.

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.

(11)

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

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

23,000,000

23,000,000

23,496,800

0.6

Core

Plus

Income

Greensledge

Capital

Markets

6/6/25

10,000,000

10,000,000

9,673,927

0.2

Core

Plus

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

3/19/25

13,867,930

13,867,930

13,867,930

0.3

Short

Duration

Income

Brightwood

Capital

Offshore

Fund

V

U

Rn

LLC

1/24/25

7,500,000

7,500,000

7,662,000

0.5

Short

Duration

Income

Greensledge

Capital

Markets

6/6/25

3,500,000

3,500,000

3,385,874

0.2

Short

Duration

Income

Guggenheim

Investments

Private

Debt

fund

IV

Rated

Note

Feeder

LLC

3/19/25

2,785,698

2,785,698

2,785,698

0.2

(a)

Acquisition

date

represents

the

initial

purchase

date

of

the

security.

Fund

Borrower

Principal

Value

Commitment

Amount

Value

Unrealized

Appreciation/

Depreciation

Core

Plus

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

9,032,070

9,032,070

9,032,070

—

Short

Duration

Income

Guggenheim

Investments

Private

Debt

Fund

IV

Rated

Note

Feeder

LLC

1,814,302

1,814,302

1,814,302

—

Total

10,846,372

10,846,372

—

43

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

yield

based

on

the

unique

attributes

of

the

tranche.

Certain

securities

are

valued

principally

using

dealer

quotations.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

are

categorized

in

Level

2

of

the

fair

value

hierarchy;

otherwise

they

are

categorized

as

Level

3.

U.S.

Government

securities.

U.S.

Government

securities

are

normally

valued

using

a

model

that

incorporates

market

observable

data

such

as

reported

sales

of

similar

securities,

broker

quotes,

yields,

bids,

offers

and

reference

data.

Certain

securities

are

valued

principally

using

dealer

quotations.

U.S.

Government

securities

are

categorized

in

Level

1

or

Level

2

of

the

fair

value

hierarchy

depending

on

the

inputs

used

and

market

activity

levels

for

specific

securities.

U.S.

agency

securities.

U.S.

agency

securities

are

comprised

of

two

main

categories

consisting

of

agency

issued

debt

and

mortgage-backed

securities.

Agency

issued

debt

securities

are

generally

valued

in

a

manner

similar

to

U.S.

Government

securities.

Mortgage-backed

securities

include

collateralized

mortgage

obligations,

to-be-announced

(TBA)

securities

and

mortgage

pass-through

certificates.

Mortgage-backed

securities

are

generally

valued

using

dealer

quotations.

Depending

on

market

activity

levels

and

whether

quotations

or

other

data

are

used,

these

securities

are

typically

categorized

in

Level

2

of

the

fair

value

hierarchy.

Restricted

and/or

illiquid

securities.

Restricted

and/or

illiquid

securities

for

which

quotations

are

not

readily

available

are

valued

in

accordance

with

procedures

approved

by

the

Trust’s

Board

of

Trustees.

Restricted

securities

issued

by

publicly

traded

companies

are

generally

valued

at

a

discount

to

similar

publicly

traded

securities.

Restricted

or

illiquid

securities

issued

by

nonpublic

entities

are

valued

by

reference

to

comparable

public

entities

or

fundamental

data

relating

to

the

issuer

or

both.

Depending

on

the

relative

significance

of

valuation

inputs,

these

instruments

are

classified

in

either

Level

2

or

Level

3

of

the

fair

value

hierarchy.

Derivative

instruments.

Listed

derivatives,

such

as

the

Funds’

equity

option

contracts

and

warrants,

that

are

valued

based

on

closing

prices

from

the

exchange

or

the

mean

of

the

closing

bid

and

ask

prices

are

generally

categorized

in

Level

1

or

Level

2

of

the

fair

value

hierarchy

depending

on

the

market

activity

levels.

The

following

is

a

summary

of

inputs

used,

in

U.S.

dollars,

as

of

March

31,

2026,

in

valuing

the

Funds’

assets

and

liabilities

carried

at

fair

value.

The

Schedule

of

Investments

for

each

Fund

provides

a

detailed

breakdown

of

each

category.

For

the

year

ended

March

31,

2026,

there

were

no

significant

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

74,629,855

—

—

74,629,855

Corporate

Bonds

—

491,736

—

491,736

Asset-Backed

Securities

—

7,793,965

—

7,793,965

Commercial

Mortgage-Backed

Securities

—

1,279,556

—

1,279,556

Mortgage-Backed

Securities

—

17,687,248

—

17,687,248

U.S.

Treasuries

—

64,662,776

—

64,662,776

Cash

Equivalents

3,752,180

—

—

3,752,180

Total

Investments

in

Securities

78,382,035

91,915,281

—

170,297,316

Core

Plus

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Corporate

Bonds

—

769,909,660

—

769,909,660

Asset-Backed

Securities

—

633,594,412

13,867,930

647,462,342

Commercial

Mortgage-Backed

Securities

—

278,560,424

—

278,560,424

Mortgage-Backed

Securities

—

1,231,770,529

—

1,231,770,529

Municipal

Bonds

—

487,070

—

487,070

Term

Loan

—

83,561,944

—

83,561,944

U.S.

Treasuries

—

1,242,341,201

—

1,242,341,201

Cash

Equivalents

44,640,963

—

—

44,640,963

Total

Investments

in

Securities

44,640,963

4,240,225,240

13,867,930

4,298,734,133

Large

Cap

Equity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

598,345,318

—

—

598,345,318

Cash

Equivalents

19,500,119

6,990,837

—

26,490,956

Total

Investments

in

Securities

617,845,437

6,990,837

—

624,836,274

Multi

Cap

Equity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

459,512,300

1,500,000

—

461,012,300

Cash

Equivalents

10,478,793

4,993,455

—

15,472,248

Total

Investments

in

Securities

469,991,093

6,493,455

—

476,484,548

Partners

III

Opportunity

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Common

Stocks

291,449,300

—

—

291,449,300

Cash

Equivalents

9,609,112

12,931,207

—

22,540,319

Total

Investments

in

Securities

301,058,412

12,931,207

—

313,989,619

44

NOTES

TO

FINANCIAL

STATEMENTS

(Continued)

March

31,

2026

(12)

Segment

Reporting

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.

(13)

Recent

Accounting

Pronouncements

The

Funds

have

adopted

FASB

ASU

2023-09,

Income

Taxes

(Topic

740)

-

Improvements

to

Income

Tax

Disclosures

during

the

period.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disclosure

of

income

taxes

paid

by

jurisdiction

if

the

quantitative

threshold

is

met.

The

Funds

did

not

pay

a

significant

amount

of

foreign

or

U.S.

federal,

state

or

local

income

taxes

and

therefore

did

not

include

any

additional

disclosures

in

these

financial

statements.

(14)

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,

except

as

noted

below.

Effective

April

1,

2026,

under

the

terms

of

separate

services

agreements,

Ultimus

Fund

Solutions,

LLC

(“Ultimus”)

will

provide

certain

accounting

and

administrative

services

to

the

Funds,

replacing

CFSO,

and

Brown

Brothers

Harriman

&

Co.

(“BBH”)

will

replace

Citibank,

N.A.

as

the

Funds’

custodian.

Short

Duration

Income

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Corporate

Bonds

—

137,152,707

—

137,152,707

Asset-Backed

Securities

—

349,473,045

2,785,698

352,258,743

Commercial

Mortgage-Backed

Securities

—

168,980,394

—

168,980,394

Mortgage-Backed

Securities

—

559,611,797

4,253,850

563,865,647

U.S.

Treasuries

—

226,147,801

—

226,147,801

Cash

Equivalents

63,482,928

—

—

63,482,928

Total

Investments

in

Securities

63,482,928

1,441,365,744

7,039,548

1,511,888,220

Ultra

Short

Government

Level

1

Level

2

Level

3

Total

Assets:

Investments

in

Securities:

Asset-Backed

Securities

—

364,663

—

364,663

U.S.

Treasuries

—

65,953,387

—

65,953,387

Cash

Equivalents

13,560,567

36,701,310

—

50,261,877

Total

Investments

in

Securities

13,560,567

103,019,360

—

116,579,927

45

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

and

Board

of

Trustees

of

The

Weitz

Funds:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

The

Weitz

Funds

(the

"Trust")

comprising

the

Conservative

Allocation

Fund,

Core

Plus

Income

Fund,

Large

Cap

Equity

Fund,

Multi

Cap

Equity

Fund,

Partners

III

Opportunity

Fund,

Short

Duration

Income

Fund,

and

Ultra

Short

Government

Fund

(the

“Funds”),

including

the

schedules

of

investments,

as

of

March

31,

2026,

the

related

statements

of

operations

for

the

year

then

ended,

statements

of

changes

in

net

assets

and

financial

highlights

for

each

of

the

two

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements

and

financial

highlights”).

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

March

31,

2026,

the

results

of

their

operations

for

the

year

then

ended,

and

the

changes

in

their

net

assets

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

then

ended

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

highlights

for

each

of

the

three

years

in

the

period

ended

March

31,

2024,

were

audited

by

other

auditors

whose

report

dated

May

22,

2024,

expressed

an

unqualified

opinion

on

such

financial

highlights.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits,

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2026,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

Deloitte

&

Touche

LLP

Chicago,

Illinois

May

22,

2026

We

have

served

as

the

auditor

of

one

or

more

of

The

Weitz

Funds

investment

companies

since

2025.

46

OTHER

INFORMATION

Tax

Information

Of

the

distributions

paid

during

the

fiscal

year,

the

amounts

that

may

be

considered

qualified

dividend

income

and

for

corporate

shareholders,

the

amounts

that

may

qualify

for

the

corporate

dividends

received

deduction,

are

summarized

as

follows

(in

U.S.

dollars):

The

information

and

distributions

reported

herein

may

differ

from

the

information

and

distributions

reported

to

shareholders

for

the

calendar

year

ended

December

31,

2025,

which

was

reported

in

conjunction

with

your

2025

Form

1099-DIV.

Conservative

Allocation

Multi

Cap

Equity

Partners

III

Opportunity

Qualified

dividend

income

986,655

3,838,294

2,126,416

Corporate

dividends

received

deduction

706,467

3,395,949

1,977,341

47

Board

of

Trustees

Lorraine

Chang

Steven

M.

Hill

Alison

L.

Maloy

Elizabeth

L.

Sylvester

Dana

E.

Washington

Andrew

(Drew)

S.

Weitz

Wallace

R.

Weitz

Justin

B.

Wender

Officers

Andrew

S.

Weitz,

President

Shar

M.

Bennett,

Vice

President

&

Assistant

Treasurer

James

J.

Boyne,

Vice

President

&

Treasurer

Thomas

D.

Carney,

Vice

President

John

R.

Detisch,

Vice

President,

Secretary

&

Chief

Compliance

Officer

Bradley

P.

Hinton,

Vice

President

Wallace

R.

Weitz,

Vice

President

Investment

Adviser

Weitz

Investment

Management,

Inc.

Blackstone

Plaza

3555

Farnam

Street,

Suite

800

Omaha,

NE

68131

888-859-0698

Custodian

Citibank,

N.A.

Distributor

Weitz

Securities,

Inc.

Transfer

Agent

and

Dividend

Paying

Agent

Ultimus

Fund

Solutions,

LLC

Investors

should

consider

carefully

the

investment

objectives,

risks,

and

charges

and

expenses

of

a

fund

before

investing.

This

and

other

important

information

is

contained

in

the

prospectus

and

summary

prospectus,

which

may

be

obtained

at

weitzinvestments.com

or

from

a

financial

advisor.

Please

read

the

prospectus

carefully

before

investing.

05/22/2026

AR

03.31.26

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

                Not applicable. 

Item 19. Exhibits.

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

(a)(2)      Not applicable. 

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

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

SIGNATURES

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

(Registrant)   Weitz Funds                                                

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

                                                Andrew S. Weitz, Principal Executive Officer

Date    5/22/2026  

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

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

                                                Andrew S. Weitz, Principal Executive Officer

Date   5/22/2026   

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

                                                James J. Boyne, Principal Financial Officer

Date   5/22/2026