LETAX

Ultra Short Tax-Free Income Fund

LEAAX

LEBENTHAL

Ultra Short Tax-Free Income Fund Overview

Performance & Fees

LETAX

LEAAX

Portfolio

What Sets Us Apart

Obsession with Low NAV Variance and Liquidity instead of Total Return 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. 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 treat clients' muni money like our own money, and Co-Portfolio Manager Marc Rappaport’s capital is there right alongside that of fellow shareholders.

Portfolio Managers Robert Morgan DIrector, Fixed Income Strategies 25+ Years of Experience, 2 Years on the Fund Marc Rappaport Chief Executive Officer 30+ Years of Experience, 2 Years on the Fund

Morningstar Rating Overall Rating in the US Muni National Short Category, which contains 224 Funds As of 9/30/2023

Fund Facts Institutional Ticker

LETAX

Institutional CUSIP

15136Y209

Class A Ticker

LEAAX

Class A CUSIP

15136Y308

Asset Class

Municipal Fixed Income.

Inception Date

12/30/2019

Fund Stats Fund Assets

$40.7M

Number of Holdings

54

Avg. Weighted Maturity

0.05 Years

Avg. Total Duration

0.04 Years

30-Day SEC Yield

3.20%

30-Day SEC Yield Unsubsidized

2.52%

As of

9/30/2023

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. 30-Day SEC Yield (Subsidized/Unsubsidized) represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Lebenthal Ultra Short Tax-Free Income Fund • 3Q23

LEBENTHAL

Ultra Short Tax-Free Income Fund Overview

Performance & Fees

LETAX

LEAAX

Portfolio

Historical Daily NAV - Institutional Shares

A slightly longer complement to cash investments

Yield Potential

Effective Duration of LETAX: 0.08

Lebenthal Ultra Short Tax-Free Income Fund

Money Market Funds 0

0.16

0.25

0.50

1

Average Weighted Maturity (Years) Source: Bloomberg, US Money Market Funds, 149 funds as of the period ending 1/27/23. Duration is a measure of the sensitivity of the price of a bond to a change in interest rates. While Money Market funds have an average duration range of 60 days (0.16 Years) or less, the range for the Fund is wider; 1 Year or less. You could lose money investing in the fund. Investing involves risk, including loss of principal.

Lebenthal Ultra Short Tax-Free Income Fund • 3Q23

LEBENTHAL

Ultra Short Tax-Free Income Fund

LETAX

LEAAX

welcome to

lets go Sideways

92

0.002 Peak to Trough

Times at Bat # of days

3rd QUARTER SCOREBOARD 7/1/2023 - 9/30/2023

0.045 %

92 Times on Base days nav movement ≤ 0.05%

100 % % of days ≤ 0.05% NAV movement

At Bat

Balls

Batting Avg

Inning

LETAX 0 1.000

3

Strikes

0

NAV Change

Out

0

Largest 1 Day NAV Increase

-0.029 % Largest 1 Day NAV Decrease

“It’s not what you make, it’s what you keep” I think they mean keep it from the IRS

“

I think they mean keep it from the BEARS

I don’t think so, the Bears are a football team and this is a baseball scoreboard, like the one in Queens

When managing Municipal Bonds, we strive for one thing — to be the most boring thing that you own..”

Lebenthal Ultra Short Tax-Free Income Fund • 3Q23

LEBENTHAL

LETAX

Ultra Short Tax-Free Income Fund Overview

Performance & Fees

LEAAX

Portfolio

Quarterly (%)

Annualized 1-Month

3-Months

YTD

1-Year

3-Years

LETAX

0.29

0.83

2.29

2.88

1.05

Since Inception 0.99

LEAAX (with 0.5% sales charge)

0.27

0.77

2.09

2.68

0.82

0.75

LEAAX (without sales charge)

-0.23

0.27

1.58

2.17

0.65

0.61

Bloomberg 1-Year Municipal Bond Index (1-2)

-0.41

-0.09

1.04

2.29

0.11

0.52

As of 9/30/2023

Cumulative (%)

1-Year

3-Year

LETAX

2.88

3.18

Since Inception (12/30/2019) 3.77

LEAAX (without sales charge)

2.68

2.48

2.83

LEAAX (with 0.5% sales charge)

2.17

1.97

2.32

Bloomberg 1-Year Municipal Bond Index (1-2)

2.29

0.34

1.96

As of 9/30/2023

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.

Fees (%) LETAX Gross Expense Ratio

2.96

LETAX Net Expense Ratio

0.49

LEAAX Gross Expense Ratio

3.22

LEAAX Net Expense Ratio

0.74

*Source: April 2023 Semi-Annual Report. DCM ADVISORS, LLC (THE “ADVISOR”) HAS ENTERED INTO AN EXPENSE LIMITATION AGREEMENT WITH THE LEBENTHAL FUND HAS 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, 2023.

Lebenthal Ultra Short Tax-Free Income Fund • 3Q23

LEBENTHAL

LETAX

Ultra Short Tax-Free Income Fund Overview

Portfolio

Performance & Fees

Sector Allocation

Portfolio Stats

Weight (%)

As of 9/30/2023

Number of Holdings Fund Assets

54 $40,712,480

Avg Weighted Maturity

5.00%

Average Total Duration (yrs) As of

0.04 9/30/2023

16

Water and Sewer

13

Misc Revenue

11

Education

10 9

Economic Development

7

General Obligation

7

Port/Airport

5

Transporation

4

Energy

3

87.5

Healthcare

3

4.0

Lease Revs

3

Weight (%)

Municipal Bonds Municipal Variable Rate Demand Notes

Housing

Electric

Asset Type As of 9/30/2023

LEAAX

8.5

Cash

Top 10 Holdings As of 9/30/2023

Weight (%)

Rate

Nassau Cnty NY Indl Dev Agy Var Ref; 01/01/2034

4.9

Variable

Delaware Vly PA Regl Fin Auth Var Ref; 06/01/2042

4.9

Variable

Iowa St Fin Auth Sf Mtge Rev Var; 07/01/2047

4.9

Variable

Colorado Springs CO Utilities Var Ref; 11/01/2028

4.3

Variable

Federated Institutional

4.0

Cash

New York City NY Muni Wtr Fin Var Rev Bds; 06/15/2051

3.4

Variable

Illinois St Eductnl Facs Auth Var Rev Bds; 07/01/2033

3.2

Variable

Dist Of Columbia Wtr & Swr Aut Var Rev Bds; 10/01/2050

3.1

Variable

North Dakota St Hsg Fin Agy Var Rev Bds; 07/01/2039

2.8

Variable

Fairfax Cnty VA Econ Dev Auth Var Rev Bds; 12/01/2033

2.8

Variable

Total of Top 10

38.3

Lebenthal Ultra Short Tax-Free Income Fund • 3Q23

LEBENTHAL

Ultra Short Tax-Free Income Fund Overview

Performance & Fees

LEAAX

Portfolio

Credit Quality Breakdown As of 9/30/2023

LETAX

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.”

Weight (%)

AAA (or Short-Term Equivalent)

17.2

AA+

26.0

AA

48.5

AA-

5.2

A+

2.2

A

0.0

A-

0.9

BBB or Below

0.0

General Hypothetical Tax-Free Yield Examples Tax-free Yield

37% Tax Bracket

35% Tax Bracket

32% Tax Bracket

24% Tax Bracket

3.00%

4.76%

4.62%

4.41%

3.95%

3.25%

5.16%

5.00%

4.78%

4.28%

3.50%

5.56%

5.38%

5.15%

4.61%

3.75%

5.95%

5.77%

5.51%

4.93%

4.00%

6.35%

6.15%

5.88%

5.26%

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 order to 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-free yield of 2.00% since a 3.17% yield less 37% in taxes would result in an after tax yield of 2.00%.

DCM Advisors does not provide tax advice. Please consult your tax advisor before making any decisions or taking any action based on this information.

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. 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. 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.

Lebenthal Ultra Short Tax-Free Income Fund • 3Q23

LEBENTHAL

Ultra Short Tax-Free Income Fund

LETAX

LEAAX

Disclosures Morningstar: Fund Category – Muni National Short. Morningstar Rating™ for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. 1 While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. A 4- or 5-star rating does not necessarily imply that a fund has achieved positive results for the period. The Morningstar information contained herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2023 Morningstar, Inc. All Rights Reserved.

17479105-UFD-10/16/2023