Address And Details

640 Fifth Avenue, 9th Floor , New York, NY 10019
Fund Manager R. Scott Pierce
Manager Tenure 14 Years 5 Months

Strategy And Objective

The 1919 Maryland Tax-Free Income Fund (the Maryland Fund or the Fund) seeks a high level of current income exemptfrom federal and Maryland state and local income taxes, consistent with prudent investment risk and preservation of capital.The Maryland Fund invests primarily in debt instruments issued by or on behalf of the State of Maryland, its politicalsubdivisions, municipalities, agencies, instrumentalities or public authorities, the interest on which, in the opinion of counsel tothe issuers of those instruments, is exempt from federal and Maryland state and local income taxes. Securities considered forinvestment must be investment grade (that is securities rated in the Baa/BBB categories or above, or if unrated, determined tobe of comparable credit quality by the Adviser). The Maryland Fund may invest 25% or more of its total assets in a particularsegment of the municipal securities market, such as hospital revenue bonds, housing agency bonds, private activity bonds orairport bonds, or in securities the interest on which is paid from revenues of a similar type of project. Under normal circumstances, the Fund will invest at least 80% of its net assets in municipal obligations, the interest of which is exempt from Maryland state and local taxes and is not considered a tax preference item for the purpose of the federal alternative minimum taxwhich is only applicable to non-corporate taxpayers. The Maryland Fund may invest in securities of any maturity. The portfolio manager anticipates that the dollar weighted average maturity for the Fund will be in the long-intermediate-term to long-term range (generally from 7 to 20 years) although, at times,depending on the portfolio managers market outlook, the average maturity may be somewhat longer or shorter than this. Thetax consequences of trading activity are always considered.The portfolio manager analyzes each sector and issuer under consideration for the portfolio to determine its credit fundamentalsand outlook. Issuers are scrutinized not only for their ability to make timely interest and principal payments, but for the stability oftheir financial position and ratings.Securities may be sold because their credit fundamentals have changed or in order to buy a security that the portfolio managerbelieves will produce greater risk-adjusted returns. The Maryland Fund may take temporary defensive and cash management positions; in such a case, the Fund will not bepursuing its principal investment strategies and may not achieve its investment objective.The Maryland Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act), which means itmay invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company under Subchapter M of theInternal Revenue Code of 1986, as amended (the Code). The Fund may also use other strategies and invest in other securitiesthat are described, along with their risks, in the SAI. However, the Fund might not make use of all of the strategies and techniques or invest in all of the types of securities described in this Prospectus or in the SAI.

Net Asset Value

as of 4:54 PM ET 09/16/2021

Performance

  • 1 Week
  • n/a
  • 1 Month
  • -0.25%
  • 3 Months
  • -0.31%
  • 1 Yr Return
  • +0.64%
  • 5 Yr Return
  • -2.64%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 95.78%
Other 4.22%
Stocks 0.00%
Cash 0.00%
Preferred 0.00%
Convertible 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 57.18 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -0.29 -0.52 -0.36
Beta 0.64 0.56 0.66
R Squared 0.94 0.90 0.81
Std Deviation 2.63 2.32 2.63
Sharpe Ratio 0.86 0.32 n/a

Purchase Information

as of 5:04 PM ET 09/01/2021
Minimum Initial $1000
Minimum Additional $50
Minimum Initial IRA $0

Performance

Timeframe Average Annual Current Performance Monthly As Of 08/31/2021 Average Annual Current Performance Quarterly As Of 05/31/2021 Avg Annual Current Performance Monthly As Of 08/31/2021 Avg Annual Current Performance Quarterly As Of 05/31/2021
1 Year
  • +2.45%
  • +3.16%
+2.45% +3.16%
3 Year
  • +3.38%
  • +3.40%
+3.38% +3.40%
10 Year
  • +2.63%
  • +2.93%
+2.63% +2.93%
Life Of Fund
  • +4.57%
  • +4.60%
+4.57% +4.60%

Top 10 Holdings

Symbol Company Name % Of Assets
n/a

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