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 earn results for you.

How We 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

Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate flucuations in price, especially for longer-term issues and in environments of changing interest rates. 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. 

The Fund is not a money market fund and its shares will fluctuate in value.

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.


Fund Information as of 12/31/19

InstitutionalInvestorClass A
Net Asset Value$10.01$10.00$10.01
Gross Expense Ratio2.11%2.36%2.21%
Net Expense Ratio0.35%0.60%0.60%

Fund Statistics as of 12/31/19

Total Net Assets$20,975,647
Number of Holdings56
Turnover Ratio159.00%
Weighted Average Maturity (bonds)0.41 yrs.
Effective Duration (bonds)0.42 yrs.

Contractual fee waivers are in effect from December 26, 2018 through December 26, 2019.

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