LETAX — Lebenthal Ultra Short Tax-Free Income Fund
Data updated: 2024-07-01
LETAX — Lebenthal Ultra Short Tax-Free Income Fund. Leveraged · $11.15M AUM · 0.49% expense ratio. Holdings, fees, performance and SEC filings.
LETAX Fund Overview
LETAX — Lebenthal Ultra Short Tax-Free Income Fund is a US mutual fund managed by Centaur Mutual Funds Trust, categorised as Leveraged. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Centaur Mutual Funds Trust
- Category: Leveraged
- Assets under management: $11.15M
- 1-year return: 3.1%
- Ticker: LETAX
- SEC CIK: 0001295908
- SEC series ID: S000067447
- Share class ID: C000216829
LETAX Investment Objective and Strategy
Lebenthal Ultra Short Tax-Free Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Centaur Mutual Funds Trust.
Investment objective
Investment Objective. The Lebenthal Ultra Short Tax-Free Income Fund (the Lebenthal Fund) seeks a high level of current income exempt from federal income tax consistent with relative stability of principal.
Principal investment strategy
Principal Investment Strategies. The Lebenthal Fund invests primarily in municipal securities, the income from which is exempt from federal income tax. Under normal circumstances, at least 80% of the Lebenthal Funds net assets (including the amount of any borrowing for investment purposes) will be invested in municipal securities, the income from which is exempt from federal income tax. This is a fundamental policy that may be changed only by a shareholder vote. In addition to investing in municipal securities that are exempt from federal income tax, the Lebenthal Fund may invest up to 20% of the Funds assets in municipal securities, the interest of which may be subject to federal alternative minimum tax, or in cash or cash equivalent investments. Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax.
The securities are issued to raise funds for various public and private purposes. Municipal securities may include, but are not limited to, variable rate demand obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, and participations in pools of municipal securities. Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities.
The Lebenthal Fund may invest principally in any of the municipal securities described herein subject to overall availability, price, and the Advisors view of the needs and structure of the Lebenthal Funds portfolio at the time of purchase. In managing the Lebenthal Funds investments, the Advisor buys and sells securities and investments for the Lebenthal Fund based on its view of individual securities and market sectors. The Advisor looks for investments in individual municipal securities that it believes will perform well over market cycles. The Advisor considers a market cycle to generally be a period of rising interest rates followed by declining interest rates or declining interest rates followed by rising interest rates, as well as, a period of change in the general economic trends of the overall economy such as inflation, deflation, expansion or contraction.
The Advisor is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the legal and technical structure of the transaction. The securities in which the Lebenthal Fund invests may be of any maturity, but under normal market conditions, the Lebenthal Fund intends its portfolio of municipal securities to have an average weighted maturity of one year or less. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual securities in the Lebenthal Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of the Lebenthal Funds sensitivity to changes in interest rates.
Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect. The securities in which the Lebenthal Fund invests may have fixed rates of return or floating or variable rates. The Lebenthal Funds assets may at times be significantly or entirely invested in short-term municipal instruments such as variable rate demand notes, short-term notes and tax-exempt commercial paper. Their yields will vary as interest rates change. The Lebenthal Fund may also invest in municipal mortgage-backed and asset-backed securities, as well as restricted securities. The Lebenthal Fund may invest a portion of its assets in municipal mortgage- backed securities at the Advisors discretion. The Lebenthal Fund may also invest in zero-coupon securities. Zero-coupon securities do not pay interest or principal until maturity and are bought at a price below the amount payable at maturity.
The difference between the purchase price and the amount paid at maturity represents interest on the zero-coupon security. The securities in which the Lebenthal 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 Moodys Investors Service Inc. (Moodys), 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 securitys 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 securitys credit rating is downgraded after the Lebenthal Funds investment, the Advisor will monitor the situation to decide if the Lebenthal Fund needs to take any action. The Lebenthal Fund may choose to retain or sell securities that are downgraded or decline in credit quality to below investment grade. The Advisor closely monitors the Lebenthal Funds investments and makes adjustments as the Advisor deems necessary or appropriate. Because the Lebenthal Fund intends to purchase municipal securities with an average weighted maturity of one year or less, the Lebenthal Fund expects to engage in frequent portfolio transactions. Under normal circumstances, the anticipated portfolio turnover rate for the Lebenthal Fund is expected to be greater than 100%. The Lebenthal Fund is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price.
LETAX Holdings
Top 10 holdings of Lebenthal Ultra Short Tax-Free Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Money Market Obligations Trust | 19.52% |
| Fort Bend Tex Indpt Sch Dist | 8.95% |
| University N Mex | 5.38% |
| Los Angeles Calif | 4.49% |
| Fairfax Cnty Va Economic Dev Auth | 4.48% |
| Massachusetts St Dev Fin Agy | 4.04% |
| Port Tacoma Wash | 3.59% |
| Ohio St Wtr Dev Auth | 3.59% |
| Metropolitan Wash D C Arpts Auth | 3.59% |
| Southfield Mich Pub Schs | 3.59% |
LETAX Portfolio Allocation
Asset-class allocation of Lebenthal Ultra Short Tax-Free Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 95.8% |
| Cash & Equivalents | 19.5% |
LETAX Performance
Total returns for LETAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 3.1% |
| 3 years (annualised) | 1.6% |
LETAX Risk Information
Risk metrics for LETAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.1%
LETAX Costs and Fees
LETAX costs about $49 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.49%
- Gross expense ratio: 2.96%
- Portfolio turnover: 48%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
LETAX Cashflows
Over the 12 months to 2024-04, Lebenthal Ultra Short Tax-Free Income Fund had net outflows of $23.56M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-04 | $990.37K |
| 2024-03 | $317.66K |
| 2024-02 | −$289.46K |
| 2024-01 | −$11.30M |
| 2023-12 | −$24.10M |
| 2023-11 | $1.16M |
LETAX Debt Constituents
Largest debt holdings of Lebenthal Ultra Short Tax-Free Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Fort Bend Tex Indpt Sch Dist | 8.95% |
| University N Mex | 5.38% |
| Los Angeles Calif | 4.49% |
| Fairfax Cnty Va Economic Dev Auth | 4.48% |
| Massachusetts St Dev Fin Agy | 4.04% |
| Metropolitan Wash D C Arpts Auth | 3.59% |
| Port Tacoma Wash | 3.59% |
| Ohio St Wtr Dev Auth | 3.59% |
| Southfield Mich Pub Schs | 3.59% |
| Allen Cnty Ohio | 3.41% |
LETAX Prospectus and SEC Filings
Official Lebenthal Ultra Short Tax-Free Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-02-29
- Prospectus (485BPOS) — filed 2023-02-28
- Prospectus supplement (497) — filed 2023-07-14
- Portfolio holdings (N-PORT) — filed 2024-07-01
- Portfolio holdings (N-PORT) — filed 2024-04-01
- Portfolio holdings (N-PORT) — filed 2024-01-02
- Annual census (N-CEN) — filed 2024-01-11
- Annual census (N-CEN) — filed 2023-01-12
Related Funds
Other Leveraged funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.