NOTICE: 2019 Capital Gains Available. View PDF here.

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.


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:


We seek opportunities to generate returns for our investors.


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


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


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 (3/31/2020)

1 Year104/20952

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.

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Lipper Rankings

Category: Lipper Short Municipal Debt Funds (3/31/2020)

1 Year56/13741

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 Thomson Reuters Copyright 2020, All Rights Reserved.

Past performance is no guarantee of future restults

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Fund Information as of 6/30/20

InstitutionalInvestorClass A
Net Asset Value$10.02$10.01$10.01
Gross Expense Ratio1.34%1.59%1.44%
Net Expense Ratio0.35%0.60%0.60%

Fund Statistics as of 6/30/20

Total Net Assets$26,058,967
Number of Holdings62
Turnover Ratio178.48%
Weighted Average Maturity (bonds)0.26 yrs.
Effective Duration (bonds)0.27 yrs.

Contractual fee waivers are in effect from December 26, 2019 through December 26, 2020.

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