What Set's Us Apart
Keeping up with an ever-changing Municipal landscape
Experience
We have over 57 years of combined industry experience. That means we've observed the muni and credit markets through several business cycles as well as myriad economic conditions (high and low periods of inflation, employment, GDP, personal income tax rates) and events (war, subprime mortgage crisis, pandemic, oil bust, S&L crisis, municipal insurer insolvency.) This experience puts us "on guard" to be mindful of potential risks.
Broad network and hard work ethic to seek out opportunities
The early bird gets the worm, especially when hunting on wider soil. We've cultivated many relationships throughout the street to show us opportunities. And knowing good values often don't present themselves for very long, we're up early and working hard to identify securities we consider to possess very favorable risk/return characteristics. (Rob hasn't seen the competition on the 6:20am train to our offices on his morning commute.)
We eat what we bake
We treat clients' muni money like our own money, and in the case of our commingled vehicle--the mutual fund-- Marc's capital is there right alongside that of fellow shareholders. (We don't see much in the way of many muni portfolio managers investing any or a material amount of their own capital in the funds they manage.)
Performance
as of December 31, 2022
DCM Advisors, LLC (the “Advisor”) has entered into an Expense Limitation Agreement with the Lebenthal Fundhas contractually agreed to reduce the amount of the investment advisory fees to be paid to the Advisor by the Lebenthal Fund and to assume other expenses of the Lebenthal Fund, to not more than 0.49% of the average daily net assets of each Class of Shares for the period ending December 31, 2022.
The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-484-5766.
Historical Daily NAV
as of December 31, 2022
Asset Type
as of December 31, 2022
Credit Quality Breakdown
as of December 31, 2022
Short term equivalent — Moody’s and S&P have short term ratings (VMIG1/A-1+) which correspond to AAA (a long term rating)
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). 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.”
Top 10 Holdings
as of December 31, 2022
Current and future portfolio holdings are subject to risk. Holdings are subject to change
Sector Allocation
as of December 31, 2022
Tax Brackets
Based on Federal Tax Brackets as of December 31, 2022
The above table illustrates the degree to which a yield that is subject to an investor's federal income tax bracket rate of taxation would have to be in orderto equate to a yield free of federal taxes. For example, an investor in the 37% tax bracket would have to find a taxable yield of 3.17%. to equate to a tax-freeyield of 2.00% since a 3.17% yield less 37% in taxes would result in an after tax yield of 2.00%.
Tax-Free Yield – the yield of the fund is generated by municipal investments. This income is exempt from Federal Income Taxes.
Disclosures
The 30-Day Yield represents net investment income earned by the Fund over the 30-day period ending 12/31/2022, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-day period
Bloomberg 1 Year Municipal Bond Index (1-2 ) is an unmanaged index of municipal bonds with a remaining maturity of one to two years and with a minimum rating of Baa.
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.
DCM Advisors, LLC is the Advisor to the DCM/INNOVA High Equity Income Innovation Fund, the Lebenthal Ultra Short Tax-Free Income Fund and the Copley Fund. There is no affiliation between Ultimus Fund Distributors, LLC and DCM Advisors, LLC.
Investments in the Fund are subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Generally, the Fund will be subject to the following additional risks: market risk, management style risk, sector focus risk, foreign securities risk, non-diversified fund risk, portfolio turnover risk, credit risk, interest rate risk, maturity risk, investment grade securities risk, junk bonds or lower-rated securities risk, derivative instruments risk, valuation risks for non-exchange traded options, and real estate securities risk. More information about these risks and other risks can be found in the Fund’s prospectus.
An investor should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at the link below or by calling Shareholder Services at 1-888-484-5766. The prospectus should be read carefully before investing.