Fund Goal

The goal of our Ultra Short Tax Free Income Fund is to generate current income that is exempt from federal income taxes by investing primarily in a diversified portfolio of municipal securities. To pursue its objective, this strategy invests in securities exempt from federal taxes and consists of a mix of fixed rate paper with a weighted average maturity of one year or less as well as Variable Rate Demand Notes (VRDNs), which provide daily or weekly liquidity.

Process

Our Fixed Income management process is fundamentally driven, disciplined and value oriented. We construct portfolios using duration management, yield curve positioning, sector allocation, and security selection, and use these strategies as a blueprint to strive to earn results for you.

How We Strive To Make Fixed Income Funds Work For You:

Discover

We seek opportunities to generate returns for our investors.

Assess

We test our discoveries for relative value and associated risk. If it’s not worth it, we go back to the drawing board.

Invest

We invest in assets that have value within the current market and buy when we believe the price is right.

Monitor

We monitor our investments closely. We ensure our reasoning remains valid and, if it isn’t, we return to the discovery phase.

Market Concerns

Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. Short-term investment-grade bonds offer less risk and generally a lower rate of return than longer-term higher yielding bonds. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of changing interest rates. The Fund’s income may be subject to certain state and local taxes and, depending on one’s tax status, to the federal alternative minimum tax.

Morningstar Rankings

Category: US OE Fund Muni National Short (9/30/2021)

RankPercentile
1 Year205/22190
3 Year194/20395

Rankings are for Institutional Class and are based on total return excluding sales charges, independently calculated and not combined to create an overall ranking. For periods not shown, Morningstar does not provide rankings based on synthetic performance.

Morningstar rankings are based on a fund's average annual total return relative to all funds in the same Morningstar category. Fund performance used within the rankings, reflects certain fee waivers, without which, returns and Morningstar rankings would have been lower. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100.

2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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Lipper Leaders Designation

  • 5
    Preservation
    Lipper Leader
    Preservation
    (A, Investor and Institutional Shares)
  • 5
    Expense
    Lipper Leader
    Expense
    (Investor Shares)

Lipper Rankings

Category: Lipper Short Municipal Debt Funds (9/30/2021)

RankPercentile
1 Year129/14092
3 Year117/12494

Rankings are for Institutional Class and are based on average annual total returns, but do not consider sales charges.

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2021, All Rights Reserved.

Past performance is no guarantee of future results

The Lipper rating for Preservation reflects the funds' historical loss avoidance relative to other funds within the same asset class. Preservation ratings are relative measures, rather than absolute measures, and funds named Lipper Leaders for Preservation may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper ratings for Expense identify a fund that has successfully managed to keep its expenses low relative to its peers and within its load structure. The Lipper ratings are subject to change every month and are based on an equal weighted average of percentile ranks for the Preservation and Expense metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper leaders with a rating of 5, the next 20% receive a rating of 4, the middle 20% are rated 3, the next 20% are rated 2, and the lowest 20% are rated 1.

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Fund Information as of 11/30/21

InstitutionalInvestorClass A
Net Asset Value$10.00$9.96$9.97
SymbolAIUSXAPUSXAAUSX
CUSIP14956P11714956P12514956P133
Inception12/26/1712/26/1712/26/17
Gross Expense Ratio0.92%1.16%1.04%
Net Expense Ratio0.35%0.60%0.60%

Fund Statistics as of 9/30/21

Total Net Assets$31,699,161
Number of Holdings77
Turnover Ratio111.65%
Weighted Average Maturity (bonds)0.6 yrs.
Effective Duration (bonds)0.6 yrs.

Contractual fee waivers are in effect from December 28, 2020 through December 31, 2021.

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