# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-25-004908
**Filing Date:** 2025-8
**Character Count:** 29238
**Document Hash:** bdcaf888b98a324ad0cdef673ab0980e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004908.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001580642-25-004908

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-174926
- **FILM NUMBER:** 251188816

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### Weitz Core Plus Bond ETF (Series ID: S000094334)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000262836 | Weitz Core Plus Bond ETF |  |

&nbsp;&nbsp;**Weitz Core Plus Bond ETF**<br> **SUMMARY PROSPECTUS « AUGUST 6, 2025**<br> WCPB<br>

 

*Before you invest, you may want to review the Weitz Core Plus Bond ETF (the "Fund") prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund, including its statement of additional information ("SAI"), online www.weitzinvestments.com. You can also get this information at no cost by calling 1-800-304-9745. This Summary Prospectus incorporates by reference the Fund's entire prospectus and SAI, both dated August 6, 2025.*

**Investment Objective.** The primary investment objectives of the Weitz Core Plus Bond ETF (the "Core Plus Fund") are current income and capital preservation. A secondary investment objective is long-term capital appreciation.

**Fees and Expenses of the Fund.** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Core Plus Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* |  |
| Management Fees | &nbsp;&nbsp;0.40% |
| Other Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.38% |
| Acquired Fund Fees and Expenses<sup>(1), (2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | &nbsp;&nbsp;<u>0.78%</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee Waiver and Expense Reimbursements<sup>(3)</sup> | &nbsp;&nbsp;(0.33%) |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses after <br> Fee Waiver and Expense Reimbursements | &nbsp;&nbsp;<u>0.45%</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated
 for the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This
 number represents the combined total fees and operating expenses of the Acquired Funds owned
 by the Core Plus Fund and is not a direct expense incurred by the Core Plus Fund or deducted
 from the Core Plus Fund assets.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Pursuant
 to an operating expense limitation agreement between the Adviser and the Trust, on behalf
 of the Core Plus Fund, the Adviser has agreed to waive its fees and/or absorb expenses of
 the Core Plus Fund to ensure that Total Annual Fund Operating Expenses for the Core Plus
 Fund (excluding any brokerage fees and commissions, acquired fund fees and expenses, borrowing
 costs (such as interest and dividend expense on securities sold short) and extraordinary
 expenses do not exceed 0.45% of the Core Plus Fund's average net assets through September
 30, 2026. This operating expense limitation agreement can be terminated only by, or with
 the consent of, the Board of Trustees of the Trust. The Adviser is permitted to receive reimbursement
 from the Core Plus Fund for fees it waived and Fund expenses it paid, subject to the limitation
 that (1) the reimbursement for fees and expenses will be made only if payable within three
 years from the date the fees and expenses were initially waived or reimbursed and (2) the
 reimbursement may not be made if it would cause the expense limitation in effect at the time
 of the waiver or currently in effect, whichever is lower, to be exceeded.

**Example.** This Example is intended to help you compare the cost of investing in the Core Plus Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Core Plus Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Core Plus Fund's operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through September 30, 2026. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**One Year** | &nbsp;&nbsp;**Three Years** |
| &nbsp;&nbsp;$46 | &nbsp;&nbsp;$216 |

---

**Portfolio Turnover.** The Core Plus Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Core Plus Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Core Plus Fund's performance. No portfolio turnover rate is provided by the Core Plus Fund, because the Core Plus Fund had not commenced operations prior to the date of this Prospectus.

**Principal Investment Strategies.** 

The Core Plus Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective. Under normal circumstances, the Core Plus Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in debt securities and related derivative instruments that provide exposure to debt securities.

These debt securities may include: (1) U.S. Government securities (including securities issued by government-sponsored enterprises); (2) structured products, such as agency and non-agency residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities (such as automobile loans, credit card receivables, other consumer loans and other debt securitizations), and collateralized obligations (such as collateralized debt obligations, collateralized loan obligations and collateralized mortgage obligations) (collectively, "Structured Products"); (3) corporate debt securities; (4) loans and participation interests in loans or loan pools, such as bank loans, commercial loans, mortgage loans and consumer loans (collectively, "Loans") and (5) securities issued by foreign governments, which may include sovereign debt.

The Core Plus Fund may invest up to 25% of its total assets in debt securities that are rated non-investment grade (commonly referred to as "high yield" or "junk bonds"). We consider non-investment grade to mean rated less than BBB- by one or more nationally recognized credit ratings firms.

The Core Plus Fund may, but is not required to, use derivatives—including options, bond and interest rate futures. The Core Plus Fund may use derivatives for a variety of purposes, including to attempt to hedge against adverse changes in the market price of securities, interest rates; as a substitute for purchasing or selling securities; to attempt to increase the Core Plus Fund's return; to manage portfolio characteristics; and as a cash flow management technique. The Core Plus Fund may choose not to make use of derivatives for a variety of reasons, including, but not limited to, market conditions, our investment outlook, regulatory restrictions, liquidity concerns, or the determination that derivative strategies are not appropriate given the Core Plus Fund's current investment objectives or risk profile, and any use may be limited by applicable law and regulations. These derivative instruments will count toward the Core Plus Fund's 80% policy only if they have economic characteristics similar to the securities included within that policy.

The Core Plus Fund may invest in debt securities of all maturities, but anticipates maintaining a dollar-weighted average maturity of less than ten years. The Core Plus Fund may invest in debt securities across multiple sectors. We select debt securities whose yield is sufficiently attractive in view of the risks of ownership. In deciding whether the Core Plus Fund should invest in particular debt securities, we consider a number of factors such as the price, coupon and yield-to-maturity, as well as the credit quality of the issuer. We review the terms of the debt security, including subordination, default, sinking fund, and early redemption provisions.

The Core Plus Fund may also invest in common stocks, preferred stocks and securities convertible into stocks.

The Core Plus Fund may invest in securities issued by non-U.S. issuers, which securities may be denominated in U.S. dollars or foreign currencies, without limit.

The Core Plus Fund is classified as a "non-diversified" investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), which means that it may invest a high percentage of its assets in a limited number of issuers.

If we determine that circumstances warrant, a greater portion of the Core Plus Fund's portfolio may be retained in cash and cash equivalents such as U.S. Government securities or other high-quality debt securities. In the event that the Core Plus Fund takes such a temporary defensive position, it may not be able to achieve its investment objective during this temporary period.

**Principal Risks.** Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Core Plus Fund. The following summarizes the principal risks of investing in the Core Plus Fund.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Active Management Risk.*** The investment adviser's judgment about the attractiveness,
 value or potential appreciation of the Core Plus Fund's investments may prove to be
 incorrect. The Core Plus Fund could underperform other funds with similar objectives or investment
 strategies if the Core Plus Fund's overall investment selections or strategies fail
 to produce the intended results.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Call Risk.*** Certain debt securities may be called (redeemed) at the option of the issuer
 at a specified price before reaching their stated maturity date. Call risk is the risk, especially
 during periods of falling interest rates, that an issuer will call or repay a debt security
 before its maturity date, likely causing the Core Plus Fund to reinvest the proceeds at a
 lower interest rate, and thereby decreasing the Core Plus Fund's income.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Credit Risk.*** The risk that the issuer of a debt security will fail to pay interest or principal
 in a timely manner or that negative perceptions of the issuer's ability to make such
 payments will cause the price of that security to fall. In general, lower-rated debt securities
 may have greater credit risk than investment grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Debt Securities Liquidity Risk.*** Debt securities purchased by the Core Plus Fund may be
 illiquid at the time of purchase or may be liquid at the time of purchase but subsequently
 become illiquid due to, among other things, events relating to the issuer of the securities
 (e.g., changes to the market's perception of the credit quality of the issuer), market
 events, economic conditions, investor perceptions or lack of market participants. The Core
 Plus Fund may be unable to sell illiquid securities on short notice or only at a price below
 current value.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Derivatives Risk.*** Derivatives are instruments, such as futures, options and forward contracts,
 whose value is derived from that of other assets, rates or indices. The use of derivatives
 may carry more risk than other types of investments. Derivatives are subject to a number
 of risks including leverage, counterparty, liquidity, interest rate, market, credit, management
 and legal risks, and the risk of improper valuation. Changes in the value of a derivative
 may not correlate perfectly with the underlying asset, rate or index, and in some cases the
 Core Plus Fund could lose more than the principal amount invested. Derivative strategies
 may also involve leverage, which may further exaggerate a loss.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Early Close/Trading Halt Risk.*** An exchange or market may close or impose a market trading
 halt or issue trading halts on specific securities, or the ability to buy or sell certain
 securities or financial instruments may be restricted, which may prevent the Core Plus Fund
 from buying or selling certain securities or financial instruments. In these circumstances,
 the Core Plus Fund may be unable to rebalance its portfolio, may be unable to accurately
 price its investments and may incur substantial trading losses.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Equity Securities Risk***  *.*** Fluctuations
 in the value of equity securities held by the Core Plus Fund will cause the net asset value
 ("NAV") of the Core Plus Fund and the price of its shares ("Shares")
 to fluctuate. Common stock of an issuer in the Core Plus Fund's portfolio may decline
 in price if the issuer fails to make anticipated dividend payments. Common stock will be
 subject to greater dividend risk than preferred stocks or debt instruments of the same issuer.
 In addition, common stocks have experienced significantly more volatility in returns than
 other asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***ETF Structure Risk***  *.*** The
 Core Plus Fund is structured as an ETF and as a result is subject to the special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o  ***Authorized Participant Risk.*** Only an Authorized Participant may engage in creation or redemption
 transactions directly with the Core Plus Fund. The Core Plus Fund has a limited number of
 institutions that may act as Authorized Participants on an agency basis (i.e., on behalf
 of other market participants). To the extent that Authorized Participants exit the business
 or are unable to proceed with creation or redemption orders with respect to the Core Plus
 Fund and no other Authorized Participant is able to step forward to create or redeem Creation
 Units, the Core Plus Fund shares may be more likely to trade at a premium or discount to
 net asset value and possibly face trading halts or delisting. Authorized Participant concentration
 risk may be heightened for exchange traded funds ("ETFs") that invest in<br>
 non-U.S. securities or other securities or instruments that have lower trading volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o  ***Not Individually Redeemable.*** Shares are not individually redeemable to retail investors
 and may be redeemed only by the Core Plus Fund only to Authorized Participants at NAV in
 large blocks known as "Creation Units." An Authorized Participant may incur brokerage
 costs purchasing enough Shares to constitute a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o  ***Trading Issues.*** An active trading market for the Shares may not be developed or maintained.
 Trading in Shares on NYSE Arca (the "Exchange") may be halted due to market conditions
 or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such
 as extraordinary market volatility. There can be no assurance that Shares will continue to
 meet the listing requirements of the Exchange, which may result in the trading of the Shares
 being suspended or the Shares being delisted. An active trading market for the Shares may
 not be developed or maintained. If the Shares are traded outside a collateralized settlement
 system, the number of financial institutions that can act as Authorized Participants that
 can post collateral on an agency basis is limited, which may limit the market for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o  ***Market Price Variance Risk.*** The market prices of Shares will fluctuate in response to changes
 in NAV and supply and demand for Shares and will include a "bid-ask spread" charged
 by the exchange specialists, market makers or other participants that trade the particular
 security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In
 times of market stress, market makers may step away from their role market making in the
 Shares of ETFs and in executing trades, which can lead to differences between the market
 value of Shares and an ETF's NAV.

---

| | |
|:---|:---|
| § | The market price of the Shares may deviate from an ETF's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than an ETF's NAV, which is reflected in the bid and ask price for Shares or in the closing price. |

---

---

| | |
|:---|:---|
| § | When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Shares is open, there may be changes from the last quote of the closed market and the quote from an ETF's domestic trading day, which could lead to differences between the market value of the Shares and an ETF's NAV. |

---

---

| | |
|:---|:---|
| § | In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of an ETF's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and an ETF's NAV. |

---

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Failure to Meet Investment Objective Risk.*** There can be no assurance that the Core Plus Fund
 will meet its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Government-Sponsored Enterprises Risk.*** Obligations of U.S. Government agencies and authorities (such as
 Fannie Mae and Freddie Mac) are supported by varying degrees of credit but generally are
 not backed by the full faith and credit of the U.S. Government. The Core Plus Fund may purchase
 residential mortgage-backed securities or other Structured Products that are sponsored by
 U.S. Government agencies and authorities, and may purchase debt securities directly issued
 by U.S. Government agencies and authorities. No assurance can be given that the U.S. Government
 will provide financial support to its agencies and authorities if it is not obligated by
 law to do so. In addition, the value of obligations of U.S. Government agencies and authorities
 may be affected by changes in the credit rating of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Interest Rate Risk.*** Debt securities are subject to interest rate risk because the prices of
 debt securities tend to move in the opposite direction of interest rates. A wide variety
 of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, inflation
 rates, general economic conditions, etc.). When interest rates rise, debt securities prices
 fall. When interest rates fall, debt securities prices rise. Changing interest rates may
 have sudden and unpredictable effects in the markets and on the Core Plus Fund's investments.
 In general, debt securities with longer maturities are more sensitive to changes in interest
 rates.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Loan Investment Risk.*** Investments in Loans and participation interests in Loans are subject
 to credit risk, including the risk of non-payment of scheduled interest or principal. Such
 non-payment would result in a reduction of income to the Core Plus Fund, a reduction in the
 value of the investment and a potential decrease in the Core Plus Fund's net asset
 value per share. Also, increases in interest rates may lead to an increase in loan defaults.
 In the event of a loan borrower's non-payment of scheduled interest or principal, there
 can be no assurance that any collateral securing a Loan could be readily liquidated, or that
 liquidation proceeds would satisfy the Loan borrower's obligations. In the event of
 bankruptcy of a Loan borrower, the Core Plus Fund could experience delays or limitations
 with respect to its ability to realize the benefits of the collateral securing the Loan.
 Loans in which the Core Plus Fund may invest may be not rated by a rating agency, may be
 not registered with the SEC or any state securities commission, and will not be listed on
 any national securities exchange. The amount of public information available with respect
 to Loans will generally be less extensive than that available for registered or exchange-listed
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Market Risk.*** As with any mutual fund, investment return and principal value will fluctuate,
 depending on general market conditions and other factors. Market risk includes political,
 regulatory, economic, social and health risks (including the risks presented by market conditions,
 interest rate levels, political events, terrorism, war, natural disasters, disease/virus
 epidemics, tariffs, trade disputes and other events) which can lead to increased market volatility
 and negative impacts on local and global financial markets, and the duration and severity
 of the impact of these risks on markets cannot be reasonably estimated. **You may lose money if you invest in the Core Plus Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;·  ***New Fund Risk.*** The Core Plus Fund is a recently organized management investment company
 with no operating history. As a result, prospective investors do not have a track record
 or history on which to base their investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Non-Diversified Risk *.*** The Core Plus Fund is classified as a "non-diversified" investment
 company under the 1940 Act. Therefore, the Core Plus Fund may invest a relatively higher
 percentage of its assets in a relatively smaller number of issuers or may invest a larger
 proportion of its assets in a single issuer. As a result, the gains and losses on a single
 investment may have a greater impact on the Core Plus Fund's NAV and may make the Fund
 more volatile than more diversified funds.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Non-Investment Grade Debt (Junk Bond) Securities Risk.*** Non-investment grade debt securities (commonly
 referred to as "high yield" or "junk bonds") are more speculative
 and involve a greater risk of default and price change than investment grade debt securities
 due to the issuer's creditworthiness. The market prices of these securities may fluctuate
 more than the market prices of investment grade debt securities and may decline significantly
 in response to adverse economic changes, issuer developments or rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Non-U.S. Securities Risk.*** The Core Plus Fund may invest in securities issued by non-U.S. issuers,
 which securities may be denominated in U.S. dollars or foreign currencies. Investments in
 non-U.S. securities may involve additional risks including exchange rate fluctuation, political
 or economic instability, the imposition of exchange controls, sanctions, expropriation, limited
 disclosure and illiquid markets.

&nbsp;&nbsp;&nbsp;&nbsp;·  ***Structured Products Risk.*** The term Structured Products includes a wide variety of investment
 products. Risks from Structured Products include (i) underlying collateral may not be
 adequate to make payments to investors, (ii) underlying collateral may default, decline
 in value or quality or be downgraded by a rating agency; (iii) the structure and complexity
 of the transaction and the legal documents could lead to disputes among investors and (iv) the
 Structured Product's manager may perform poorly. Non-payment on a Structured Product
 would result in a reduction of income to the Core Plus Fund, a reduction in the value of
 the investment and a potential decrease in the Core Plus Fund's net asset value per
 share. In most cases, structured products are issued in several classes (sometimes called
 tranches), with different payment priorities. Generally, the lower classes are subordinated
 in priority of payments, and will be impacted first in case of an issuer's non-payment
 of scheduled interest or principal. In some cases, the securities holders of one class must
 receive payment in full before the securities holders of a lower class

receive any payments. The Core Plus Fund may invest in any class of a Structured Product offering. Some Structured Products have credit ratings (or in some cases only certain classes of a Structured Product have credit ratings), but in many cases Structured Products do not have credit ratings. Normally, Structured Products are privately offered and sold (that is, they are not registered under the securities laws), which means (A) the security will not be traded on an exchange, (B) less information about the security may be available as compared to publicly offered securities, (C) only certain institutions may buy and sell the security, and (D) the security may have greater liquidity risk. There can be no assurance that a market will exist or will be active enough for the Core Plus Fund to sell any Structured Product.

**Your investment in the Core Plus Fund is not a bank deposit and is not insured nor guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency.**

**Performance.** Since the Core Plus Fund had not commenced operations prior to the date of this Prospectus, no calendar year performance information is available. Once the Core Plus Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Core Plus Fund by showing the variability of the Core Plus Fund's return as compared to the Bloomberg U.S. Aggregate Index, which is an unmanaged index that is generally representative of the market for investment grade U.S. dollar-denominated, fixed-rate taxable bonds. Performance information for the Core Plus Fund will be available online at <u>www.</u>weitzinvestments.com or by calling us toll-free at 1-800-304-9745.

**Investment Adviser.** Weitz Investment Management, Inc. serves as the Core Plus Fund's investment adviser.

**Portfolio Managers.** Thomas D. Carney, CFA and Nolan P. Anderson are jointly and primarily responsible for the day-to-day management of the Core Plus Fund. Both Mr. Carney and Mr. Anderson have been portfolio managers of the Core Plus Fund since its inception.

**Purchase and Sale of Fund Shares.** The Core Plus Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares called "Creation Units." Individual Shares of the Core Plus Fund may only be purchased and sold in secondary market transactions through a broker dealer. Because Shares are listed for trading on the Exchange and trade at market prices rather than NAV, Shares may trade at a price that is greater than, at, or less than, NAV. Investors may incur costs attributable to the differences between the highest price a buyer is willing to pay to purchase shares of the Core Plus Fund ("bid") and the lowest price a seller is willing to accept for shares of the Fund ("ask") when buying or selling shares in the secondary market (the "bid-ask spread"). Recent information, including the Core Plus Fund's net asset value, premiums and discounts, and bid-ask spreads, is available online at www.weitzinvestments.com.

**Tax Information.** The Core Plus Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. A sale of Shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase Core Plus Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Core Plus Fund and its related companies may pay the intermediary for the sale of Core Plus Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Core Plus Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.