Yield to Worst

Weitz Ultra Short Government Fund Q3 2022 Commentary

This material must be preceded or accompanied by a prospectus or simplified prospectus.

Data is for the quarter ending 09/30/2022. The opinions expressed are those of Weitz Investment Management and are not intended to be used as investment advice or to predict or project the future performance of any investment product. Opinions are current through 10/20/2022, are subject to change at any time based on market and other current conditions, and no forecast can be guaranteed. This commentary is provided as a general source of information and is not intended to be a recommendation to buy, sell or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon.

Data quoted is past performance and current performance may be lower or higher. Past performance is not indicative of future results. Investment returns and the principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Please visit weitzinvestments.com for the most recent month-end performance.

Investment results reflect applicable fees and expenses and assume that all distributions are reinvested, but do not reflect the deduction of taxes an investor would pay on distributions or share redemptions. The net and gross expense ratios are those of the Fund’s most recent prospectus. Certain Sub-Funds have entered into fee waiver and/or fee reimbursement agreements with the Investment Adviser. In these cases, the advisor has contractually agreed to waive a portion of his fees and reimburse certain expenses (excluding taxes, interest, brokerage fees, fees and expenses related to acquired funds and extraordinary expenses) in order to to limit the total annual operating expenses of the funds of the Class. average daily net assets through 07/31/2023.

The gross expense ratio reflects the total annual operating expenses of the fund before any fee waivers or refunds. The net expense ratio reflects the total annual operating expenses of the Fund after taking into account any fee waivers and/or expense reimbursements. The net expense ratio represents what investors are ultimately charged for investing in a mutual fund. The Fund’s investment advisor may also voluntarily waive fees from time to time. For example, the advisor can voluntarily agree to waive fees if fund returns fall below a certain level. Once started, there is no guarantee that the advisor will continue to voluntarily waive any portion of their fees. Such voluntary waiver is not reflected in the net expense ratio of the Fund, but may impact the performance of the Fund.

As of 16/12/2016, the Ultra Short Government Fund has revised its main investment strategies. Prior to this date, the Fund operated as a “government money market fund” and maintained a

stable net asset value of $1.00 per share. Performance prior to 16/12/2016 reflects the Fund’s prior principal investment strategies and may not be indicative of future performance. The performance of the index is hypothetical and is presented for information purposes only. You cannot invest directly in an index. The ICE BofA 6-Month Treasury Bill Index is generally representative of the US Treasury Bill market.

The holdings are subject to change and may not be representative of the current or future investments of the Fund.

Credit ratings are assigned to the underlying securities using ratings from a Nationally Recognized Statistical Rating Organization (NRSRO) such as Moody’s and Fitch, or other rating agencies and applying the following hierarchy: a a security is considered investment grade if it has been rated at least BBB – by a credit rating agency; once it has been determined to be investment grade (BBB- and above) or non-investment grade (BB+ and below) where multiple ratings are available, the lowest rating is assigned. Mortgage-backed securities issued and guaranteed by government-sponsored agencies such as Fannie Mae and Freddie Mac are generally not rated by rating agencies. Titles that are not rated do not necessarily indicate poor quality. Ratings are given on the Fitch scale (eg AAA). Portfolio ratings and credit quality may change over time. The Fund itself has not been rated by any rating agency.

Definitions: The 30-day SEC return represents the net investment income earned by a fund over a 30-day period, expressed as an annual percentage based on the fund’s share price at the end of the period 30 days. Subsidized return reflects fee waivers and/or expense reimbursements during the period. Without these fee waivers and/or expense reimbursements, if any; yields would have been lower. Unsubsidized performance does not take into account applicable fee waivers and/or expense reimbursement. The average effective duration provides a measure of a fund’s sensitivity to interest rates. The longer a fund’s duration, the more sensitive the fund is to changes in interest rates. Investment Grade bonds are securities rated at least BBB- by one or more rating agencies. Non-investment grade bonds are securities (commonly referred to as “high yield” bonds or “junk bonds”) rated BB+ and lower by one or more credit rating agencies.

Consider these risks before investing: All investments involve risk, including possible loss of capital. Market risk includes political, regulatory, economic, social and health risks (including risks presented by the spread of infectious diseases). Changes in interest rates can have sudden and unpredictable effects on the markets and on the Fund’s investments. See the Fund’s prospectus for a more detailed analysis of the risks.

Investors should carefully consider a fund’s investment objectives, risks and charges and expenses before investing. This and other important information is contained in the prospectus and the simplified prospectus, which can be obtained at weitzinvestments.com or a financial adviser. Please read the prospectus carefully before investing. Weitz Securities, Inc. is the distributor of Weitz funds.