Lebenthal Ultra Short Tax-Free Income

Data as of TBD

Quick Facts

Portfolio Manager Robert Morgan, 20+ Years of Experience

Objective The Lebenthal Ultra Short Tax-Free Income Fund seeks a high level of current income exempt from federal income tax consistent with relative stability of principal.

Ticker LETAX

Inception* 12/30/2019

Institutional Ticker (Gross of Waivers with Deferred Taxes) 4.05%

Expense Ratio (Net of Waivers with Deferred Taxes) 4.03%

Expense Ratio (Net of Waivers) 0.72%

 

What Set's Us Apart

Appreciation and Resiliency Strategy, plus a Tax-Savvy Structure

  • For investors attracted to the less-volatile, conservative tone a portfolio of high-quality companies exhibiting dividend growth can provide—plus a beneficial structure for wealth preservation and wealth creation as it relates to tax control.
  • Because the Fund is structured as a C-Corp (versus the typical mutual fund RIC structure), the Fund may be subject to lower tax rates than an individual investor.
  • The Fund trades each day at Net Asset Value as it is continuously offering shares for purchase and redemption with a common Open-end mutual fund structure.
  • The Fund has wisely set aside a reserve fund to cover taxes on sales of appreciated securities, many with material imbedded capital gains due to the success of the Fund’s investment process for over three decades.

Performance

Historical Daily NAV - Institutional Shares

 

The Lebenthal Ultra Short Tax-Free Fund is a Slightly Longer Complement to Cash Investments

 

 

Credit Quality Breakdown

100% Investment Grade Purchase

FROM THE PROSPECTUS: "The securities in which the Fund invests must, at the time of investment, be rated as investment grade, as determined by the various rating agencies, or if unrated, of comparable quality as determined by the Advisor. Investment grade securities carry a minimum rating of Baa3,BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or are unrated but deemed by the Advisor to be of comparable quality. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade. If a security’s credit rating is downgraded after the Fund’s investment, the Advisor will monitor the situation to decide if the Fund needs to take any action. The Fund may choose to retain or sell securities that are downgraded or decline in credit quality to below investment grade."

General Tax-Free Yield

BASED ON FEDERAL TAX BRACKETS AS OF 9/30/21

As of June 30th, the 30-day SEC yield of the Fund’s Institutional shares was 0.14%, unsubsidized 30-day SEC yield was -2.85%

Disclosures

The BLOOMBERG PROFESSIONAL service, BLOOMBERG Data and BLOOMBERG Order Management Systems (the ‘Services’) are owned and distributed  locally by Bloomberg Finance L.P. (‘BFLP’) and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the  ‘BLP Countries’). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (‘BLP’). BLP provides BFLP with all global marketing and operational support and  service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. The Services include electronic  trading and order-routing services, which are available only to sophisticated institutional investors and only where necessary legal clearances have been  obtained. BFLP, BLP and their affiliates do not provide investment advice or guarantee the accuracy of prices or information in the Services. Nothing on  the Services shall constitute an offering of financial instruments by BFLP, BLP or their affiliates. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKET, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG BOND TRADER, BLOOMBERG TELEVISION, BLOOMBERG RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries.

The 30-Day Yield represents net investment income earned by the Fund over the 30-day period ending 6/30/2021, expressed as an annual percentage rate  based on the Fund’s share price at the end of the 30-day period

Fixed income investments are affected by a number of risks, including fluctuation in interest rates, credit risk, and prepayment risk. In general, as  prevailing interest rates rise, fixed income prices will fall. The fund may invest in municipal securities, the interest on which may be subject to the federal  alternative minimum tax. After the fund buys a security, the IRS may determine that a bond issued as tax-exempt should in fact be taxable. The risk of  municipal securities generally depends on the financial and credit status of the issuer.

IMPORTANT RISK INFORMATION

Before investing, you should carefully consider the Fund’s investment objectives, risks, charges, and expenses.  This and other information is in the prospectus, a copy of which may be obtained by calling (888) 484-5766. Please read the prospectus carefully before you invest.

Investing involves risk, including loss of principal. There is no guarantee that this, or any investing strategy will be  successful. An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully  before investing. The Fund is distributed by Ultimus Fund Distributors, LLC. (Member FINRA). There is no affiliation  between DCM  Advisors, LLC  and Ultimus Fund Distributors, LLC. 13282449-UFD-08032021