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Ultra Short Bond Fund

Mutual Funds

Ultra Short Bond Fund

Overall Morningstar Rating™
Morningstar Category: Ultrashort Bond

4 Star Overall Rating

Based on risk-adjusted BUSIX returns among 208 funds as of 05.31.2023.








Investment Min.1


Max. Up Front
Sales Charge


Max. Deferred
Sales Charge


1If subsequent investments are made as part of an AIP, the minimum is $25.

Philosophy & Process

To pursue its investment objective, the Fund invests, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in fixed income securities (bonds). The Fund will maintain an average duration of 18 months or less and the average maturity is expected to be between zero and 24 months.

In managing the portfolio, the portfolio manager uses a "top down" investment management approach focusing on allocation among sectors, credit risk, and individual securities selection. The portfolio manager focuses on macro trends in the economy to establish a duration target that reflects the outlook for the future direction of interest rates. For yield curve management, in addition to the trend in interest rates, other factors such as future inflation expectations, supply factors, and future interest rate expectations are considered. Sector weightings are driven by a combination of the portfolio manager's macro view on interest rates and volatility as well as relative spread analysis. Utilizing fundamental analysis the portfolio manager then selects individual securities consistent with the target by looking for the best relative values within particular sectors. The analysis includes an attempt to understand the structure and embedded features of potential securities. Features that are analyzed include puts, calls, sinking fund requirements, prepayment and extension risk, and individual company financial data for potential corporate holdings. Scenario analysis is the primary tool employed for these assessments.

Investment Considerations

The fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, call and interest rate risk. As interest rates rise the value of bond prices will decline. The fund may invest in more aggressive investments such as foreign securities which may expose the fund to currency and exchange rate fluctuations; mortgage-backed and asset-backed securities sensitive to interest rates and high yield debt (also known as junk bonds) all of which may cause greater volatility and less liquidity. The fund invests in securities issued or guaranteed by the U.S. government or its agencies. These guarantees do not apply to the fund. Investments in municipal obligations may be subject to more risk depending on economic, political and other conditions within the state and municipality. The fund may trade securities actively, which could increase its transaction costs thereby lowering its performance.

Fund Facts

Term Class A Shares Class I Shares
Inception Date 11.30.201211.30.2012
Investment Min. $1,000$1,000,000
Subsequent Investment Min.2 N/AN/A
Max. Up Front Sales Charge N/AN/A
Max. Deferred Sales Charge N/AN/A

2If subsequent investments are made as part of an AIP, the minimum is $25.

Ultra Short Bond Fund


View professional designations disclosures

Photo of Mark  Montgomery

Mark Montgomery, CFA®

Co-Portfolio Manager

Photo of Byron  Mims

Byron Mims, CFA®

Co-Portfolio Manager

Photo of Jeffrey  Ormsby

Jeffrey Ormsby, CFA®

Co-Portfolio Manager


Fund Performance as of 03.31.2023

Term QTR YTD 1 Year 3 Years 5 Years 10 Years Since Inception
A Shares with 0.50% Sales Charge 1.23% 1.23% 2.22% 1.59% 1.54% 1.03% 1.01%
A Shares without Sales Charge 1.23% 1.23% 2.22% 1.59% 1.54% 1.03% 1.01%
Institutional Shares 1.40% 1.40% 2.47% 1.84% 1.82% 1.29% 1.27%
Lipper Ultra-Short Obligations Median 1.25% 1.25% 2.12% 1.52% 1.51% 1.13% N/A

The gross expense ratios for Class A and I Shares are 0.81% and 0.53%, respectively. The net expense ratios for Class A and I Shares are 0.56% and 0.28%, respectively.

The Advisor has contractually agreed to limit certain fees paid by the Fund from February 1, 2021 through January 31, 2022. Performance would have been lower without limitations in effect.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.

The performance of the Ultra Short Bond Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 11.30.2012. The inception date for Class Inst'l Shares is 11.30.2012. The performance shown reflects the reinvestment of all dividend and capital gains distributions.


Quality Breakdown as of 03.31.2023

Credit quality ratings using Moody's rating symbols reflect the credit quality of the underlying bonds in the fund portfolio and not of the Fund itself. Moody's assigns a range of ratings from AAA being the highest quality to C being the lowest rated class of bonds. Securities not rated by Moody's may be rated by S&P, Fitch or if no agency rating is available, the Fund will assign a rating of not rated. Bond quality ratings are subject to change.

Effective Duration Breakdown as of 03.31.2023

Name Value
0-1 Yr. 87.0
1-2 Yr. 12.0
2-3 Yr. 0.0

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Summary Statistics as of 03.31.2023

Name Value
Number of Holdings 129
Average Life 0.62 Years
Effective Duration 0.49 Years
Annual Turnover 66%

Portfolio Composition as of 03.31.2023

Composition Fund Index
Commercial Paper 9.6% 0.0%
Corporate 44.9% 0.0%
    Financial Institutions 16.9% 0.0%
    Industrial 19.8% 0.0%
    Utility 8.2% 0.0%
Government Related 2.0% 0.0%
    Agency 2.0% 0.0%
Securitized 25.8% 0.0%
    ABS 15.1% 0.0%
    CMBS 9.1% 0.0%
    CMO 1.6% 0.0%
Treasury 11.7% 100.0%
    Treasury 11.7% 100.0%
[Cash] 6.1% 0.0%
    [Cash] 6.1% 0.0%

Top Ten Holdings as of 03.31.2023

# Company Name Value
1 U.S. Treasury 0.0% 11-Apr-2023 11.66%
2 Dollar Gen Corp New 0 Cp 03/04/2023 2.59%
3 UDR Inc Disc Coml Paper 4/2 Yr 0 Cp 03/0 2.59%
4 Federal Home Loan Bank System 0.44% 23-Sep-2024 1.98%
5 Dnb Norbank Asa 0 Cp 10/10/2023 1.51%
6 Avis Budget Rental Car Funding Series 2018-1 3.7% 20-Sep-2024 1.36%
7 Bristol-Myers Squibb Company 3.25% 01-Nov-2023 1.30%
8 Wheels Spv 2 Llc Series 2020-1 0.62% 20-Aug-2029 1.13%
9 Southern Company Frn 10-May-2023 1.04%
10 Us Bank Trust 3.4% 24-Jul-2023 1.04%

Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.

Growth of $10,000 as of 03.31.2023

The Growth of $10,000 is hypothetical based upon the performance of net A Shares at NAV for the period ended 03.31.2023. It includes the reinvestment of dividends and capital gains.


Monthly Dividend Distribution as of 05.31.2023

Month Class A Shares Class Inst'l Shares
May 2023 $0.0315 $0.0335
April 2023 $0.0312 $0.0334
March 2023 $0.0296 $0.0314
February 2023 $0.0239 $0.0257
January 2023 $0.0247 $0.0267
December 2022 $0.0231 $0.0252
November 2022 $0.0211 $0.0230
October 2022 $0.0180 $0.0200
September 2022 $0.0159 $0.0179
August 2022 $0.0138 $0.0158
July 2022 $0.0122 $0.0142
June 2022 $0.0106 $0.0126

30-Day SEC Yield as of 05.31.2023

Share Class Without Waivers With Waivers
Class A 3.26% 3.59%
Class I 3.49% 3.82%

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