Ambrus Tax-Conscious California Bond Fund

Overview Performance and Distribution Portfolio Composition Fees Fund Literature

Overview

4/30/2024

Objective

The Ambrus Tax-Conscious California Bond Fund seeks to maximize total return net of federal and California state taxes, consistent with preservation of capital and prudent investment management. Current income is a secondary objective.

Strategy Overview

The Fund seeks the most attractive risk-adjusted returns from all fixed income asset types on an after-tax basis.

While the Fund primarily invests in California tax-exempt municipal bonds, the Fund may also invest in non-California municipal bonds, government-related bonds, taxable municipal bonds, corporate bonds, preferred stocks, and other fixed income securities on an after-tax relative value basis.

The Fund will primarily invest in securities rated investment grade or higher. The Fund may invest up to 25% of its holdings in below investment grade or non rated securities. The Fund seeks to purchase investments that are undervalued or offer attractive after-tax yield relative to their credit characteristics.

Key Facts

Ticker TCCBX
CUSIP 36087T577
Management Style Active
Asset Class Short-Term Bond
Category Muni California Short
Inception Date 10/3/2022
NAV Price $10.10
Dividend Frequency Monthly with Daily Accrual
Fund Assets 233,929,007
30 Day SEC Yield (Subsidized)

The 30-Day SEC Yield represents net investment income earned by the Fund over the previous 30-Day period,expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. Theunsubsidized 30-Day SEC Yield does not reflect any fee waivers/reimbursements/limits in effect

 		3.92%
30 Day SEC Yield (Unsubsidized) 3.91%

Management Team

  • Travis Moore, CFA
    Travis Moore
    Portfolio Manager

    Travis Moore, CFA, is a Portfolio Manager at Whittier Advisors, the manager of Ambrus Funds. Prior to Whittier Advisors, Mr. Moore was a Portfolio Manager at Whittier Trust Company, where he was responsible for managing the portfolios of high net worth clients, foundations, and endowments. He was responsible for management of Whittier Trust’s tax-conscious and core fixed income strategies. He also has experience across private market and alternative investments, and has prior expertise in the technology and consumer sectors.

    Mr. Moore holds the Chartered Financial Analyst designation, and is a member of the CFA Societies of Los Angeles and Orange County. He received his MBA at the UCLA Anderson School of Management with an emphasis in Finance and Real Estate, and his Bachelor’s degree in Finance from the University of Nevada, Reno.
  • Mason Carpenter, CFA
    Mason Carpenter
    Portfolio Manager

    Mason Carpenter, CFA, is a Portfolio Manager at Whittier Advisors, the manager of Ambrus Funds. Prior to joining Whittier Advisors, Mr. Carpenter was a Portfolio Manager at Whittier Trust Company, where he was responsible for analyzing companies in the Energy and Materials sectors, as well as assisting in the management of the company’s fixed income strategies. He also managed portfolios for individual high-net-worthclients, foundations and endowments.

    Mr. Carpenter holds the Chartered Financial Analyst designation, and is a member of the CFA Society of Orange County. He received his MBA with distinction from the USC Marshall School of Business, as well as a graduate certificate in Financial Analysis and Valuation. He earned his Bachelor’s degree in Economics from the University of California San Diego, graduating Magna Cum Laude with Distinction in Economics.

Performance and Distribution

3/31/2024

Performance

YTD 1Y 3Y 5Y Inception
TCCBX 0.63% 4.16% 4.64%
Index

Bloomberg California Municipal Inter – Short (1 – 10 Year) Index

 		-0.41% 2.14% 4.41%
Performance date ranges are defined as total returns inclusive of dividend reinvestment as of the last business day of the month as calculated by Bloomberg L.P. “YTD” refers to year to date (12/29/23 – 3/28/24). “1Y” refers to trailing one year (3/29/23 – 3/28/24). “Inception” refers to since inception (10/3/22 – 3/28/24).

Important Fund Performance Information

The performance data quoted represents past performance and is no guarantee of future results. 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 their original cost. Current performance may be lower or higher than the performance data quoted. Performance would have been lower without fee (waivers/limits/reimbursements) in effect. For the most recent month-end performance, please call 833-996-2101.

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Important performance information for Ambrus mutual funds

Total Returns
Short-term total return information is provided only as a service. Historical performance — particularly short-term performance — is no guarantee of future returns. Share price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell your shares. Average annual returns include changes in share price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren’t annualized. Index performance is provided as a benchmark but isn’t illustrative of any particular investment. You can’t invest in an index.

Expense Ratios
Expense ratios are displayed on each fund’s prospectus. For funds that are less than 1 fiscal year old, expense ratios are estimated.

Prospectuses
For more information about Ambrus funds, visit ambrusfunds.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Portfolio Composition

4/30/2024

Asset Allocation

Asset Allocation Detail

  • Cash & Money Markets 8.0%
  • Government Bonds 9.2%
    • U.S. Treasuries 9.2%
  • Tax-Exempt Municipal Bonds 65.2%
    • Pre-Refunded 0.8%
    • General Obligation 24.1%
    • Education 3.6%
    • Hospital/Assisted Living 5.9%
    • Housing 1.7%
    • Gas Pre-Pay 3.3%
    • Community Development 3.5%
    • Industrial Development 0.1%
    • Tobacco 0.0%
    • Transportation 7.9%
    • Water/Sewer/Electric 7.1%
    • Other Tax/Lease/Revenue 7.3%
  • Taxable Municipal Bonds 2.2%
  • Corporate Bonds 8.5%
    • Investment Grade 8.5%
      • Communication Services 0.2%
      • Consumer Discretionary 1.8%
      • Consumer Staples 0.2%
      • Energy 0.2%
      • Financials 3.4%
      • Health Care 0.3%
      • Industrials 1.3%
      • Information Technology 0.0%
      • Materials 1.0%
      • Real Estate 0.2%
      • Utilities 0.0%
    • High Yield 0.0%
  • Preferreds 6.9%

Characteristics

  • Yield to Worst 4.52%
  • Yield to Maturity 4.90%
  • Average Duration 4.22
  • Average Coupon 4.26%
  • Current Yield 4.26%

Credit Rating

Effective Maturity

Fees

Net Expense Ratio 0.51%
Gross Expense Ratio 0.66%

Net expense ratio reflects the waiver of a portion of the Advisor’s fee and/or reimbursement of a portion of the Fund’s operating expenses. Absent waivers and/or reimbursements, performance would have been lower.

The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses do not exceed 0.50% (on an annual basis) of the Fund’s average daily net assets.  This waiver and/or reimbursement extends through January 31, 2025, as specified in the Fund’s current prospectus.

Fund Literature