1919 Maryland Tax-Free Income Fund | |||||||||||||
SCHEDULE OF INVESTMENTS | |||||||||||||
September 30, 2021 (Unaudited) | |||||||||||||
Maturity | Face | ||||||||||||
Rate | Date | Amount | Value | ||||||||||
Municipal Bonds ― 99.5% | |||||||||||||
Education ― 13.5% | |||||||||||||
Maryland Stadium Authority | 5.000 | % | 5/1/2042 | $ | 2,000,000 | $ | 2,429,966 | ||||||
Maryland State EDC, Student Housing Revenue Bonds: | |||||||||||||
Maryland Economic Development Corp. | 5.000 | % | 7/1/2036 | 250,000 | 279,678 | ||||||||
Salisbury University Project | 5.000 | % | 6/1/2027 | 455,000 | 481,209 | ||||||||
Senior Morgan State University Project | 5.000 | % | 7/1/2027 | 1,870,000 | 1,930,212 | ||||||||
University of Maryland, College Park Projects | 5.000 | % | 7/1/2031 | 500,000 | 550,951 | ||||||||
Maryland State Health & Higher EFA Revenue Bonds: | |||||||||||||
College of Notre Dame of Maryland | 4.000 | % | 10/1/2025 | 1,645,000 | 1,645,346 | ||||||||
Good Samaritan Hospital of Maryland(a) | 0.040 | % | 4/1/2035 | 2,400,000 | 2,400,000 | ||||||||
Good Samaritan Hospital of Maryland(a) | 0.040 | % | 4/1/2035 | 1,600,000 | 1,600,000 | ||||||||
Maryland Institute College of Art | 4.000 | % | 6/1/2042 | 250,000 | 270,758 | ||||||||
Stevenson University | 4.000 | % | 6/1/2034 | 500,000 | 586,838 | ||||||||
Total Education | 12,174,958 | ||||||||||||
Health Care ― 30.3% | |||||||||||||
County of Baltimore, Maryland | |||||||||||||
Oak Crest Village Inc. | 5.000 | % | 1/1/2030 | 495,000 | 574,720 | ||||||||
Oak Crest Village Inc. | 4.000 | % | 1/1/2040 | 500,000 | 572,936 | ||||||||
Riderwood Village Obligated Group | 4.000 | % | 1/1/2045 | 1,000,000 | 1,143,915 | ||||||||
County of Prince George's, MD, COPS | 3.000 | % | 10/1/2031 | 2,500,000 | 2,736,074 | ||||||||
Maryland State EDC, Howard Hughes Medical Institute(a) | 0.060 | % | 2/15/2043 | 3,100,000 | 3,100,000 | ||||||||
Maryland State Health & Higher EFA Revenue Bonds: | |||||||||||||
Adventist Healthcare Obligated Group | 5.000 | % | 1/1/2033 | 2,500,000 | 3,249,459 | ||||||||
Adventist Rehabilitation Hospital | 5.500 | % | 1/1/2027 | 1,250,000 | 1,535,406 | ||||||||
Broadmead Inc. | 4.250 | % | 7/1/2040 | 1,150,000 | 1,279,723 | ||||||||
Greater Baltimore Medical Center Inc.(a) | 0.150 | % | 7/1/2025 | 500,000 | 500,000 | ||||||||
Helix Health Issue, AMBAC | 5.250 | % | 8/15/2038 | 3,000,000 | 4,009,619 | ||||||||
James Lawrence Kernan Hospital(a) | 0.060 | % | 7/1/2041 | 4,020,000 | 4,020,000 | ||||||||
Luminis Health Obligated Group(a) | 0.060 | % | 7/1/2043 | 1,000,000 | 1,000,000 | ||||||||
MedStar Health Obligated Group | 5.000 | % | 5/15/2042 | 2,000,000 | 2,407,981 | ||||||||
UPMC Obligated Group | 4.000 | % | 4/15/2045 | 1,000,000 | 1,150,155 | ||||||||
Total Health Care | 27,279,988 | ||||||||||||
Housing ― 13.8% | |||||||||||||
Maryland State Community Development Administration, Department of Housing and Community Development: | |||||||||||||
Bolton North LP | 3.350 | % | 9/15/2034 | 1,000,000 | 1,069,356 | ||||||||
Kirkwood House Preservation LP (a) | 0.050 | % | 12/1/2038 | 1,800,000 | 1,800,000 | ||||||||
Maryland Community Development Administration Local Government Infrastructure | 4.000 | % | 6/1/2047 | 1,000,000 | 1,111,549 | ||||||||
Maryland Community Development Administration Residential Revenue(a) | 0.080 | % | 9/1/2040 | 3,000,000 | 3,000,000 | ||||||||
Montgomery County Housing Opportunities Commission(a) | 0.050 | % | 1/1/2041 | 3,000,000 | 3,000,000 | ||||||||
Montgomery County Housing Opportunites Commission | 3.050 | % | 7/1/2044 | 1,000,000 | 1,056,141 | ||||||||
Montgomery County Housing Opportunities Commission(a) | 0.060 | % | 1/1/2049 | 1,385,000 | 1,385,000 | ||||||||
Total Housing | 12,422,046 | ||||||||||||
Industrial Revenue ― 0.5% | |||||||||||||
Maryland EDC, EDR, Lutheran World Relief Inc. and Immigration and Refugee Service | 5.250 | % | 4/1/2029 | 480,000 | 481,392 | ||||||||
Total Industrial Revenue | 481,392 | ||||||||||||
Leasing ― 1.1% | |||||||||||||
Montgomery County, MD, Lease Revenue, Metrorail Garage Project | 5.000 | % | 6/1/2024 | 1,000,000 | 1,002,124 | ||||||||
Total Leasing | 1,002,124 | ||||||||||||
Local General Obligation ― 14.1% | |||||||||||||
Anne Arundel County, Maryland, GO Bonds, Water & Sewer | 4.000 | % | 4/1/2027 | 1,150,000 | 1,210,607 | ||||||||
County of Baltimore, Maryland | 5.000 | % | 3/1/2030 | 1,000,000 | 1,215,920 | ||||||||
County of Howard, Maryland | 4.000 | % | 8/15/2045 | 2,000,000 | 2,346,333 | ||||||||
County of Montgomery, Maryland(a) | 0.060 | % | 11/1/2037 | 3,975,000 | 3,975,000 | ||||||||
County of Prince George's, Maryland | 5.000 | % | 7/15/2040 | 1,750,000 | 2,170,853 | ||||||||
State of Maryland | 4.000 | % | 8/1/2029 | 500,000 | 531,869 | ||||||||
State of Maryland | 5.000 | % | 3/15/2031 | 1,000,000 | 1,222,200 | ||||||||
Total Local General Obligation | 12,672,782 |
1919 Maryland Tax-Free Income Fund | |||||||||||||
SCHEDULE OF INVESTMENTS | |||||||||||||
September 30, 2021 (Unaudited)(Continued) | |||||||||||||
Maturity | Face | ||||||||||||
Rate | Date | Amount | Value | ||||||||||
Pre-Refunded/Escrowed to Maturity(b) ― 7.2% | |||||||||||||
City of Baltimore, Maryland, Mayor and City Council of Baltimore, Project and Refunding Revenue Bonds, Water Projects | 5.000 | % | 7/1/2024 | $ | 3,080,000 | $ | 3,348,088 | ||||||
Howard County, Maryland, GO Bonds, Consolidated Public Improvement Project and Refunding Bonds | 3.000 | % | 2/15/2029 | 3,000,000 | 3,113,091 | ||||||||
Total Pre-Refunded/Escrowed to Maturity | 6,461,179 | ||||||||||||
Public Services ― 3.9% | |||||||||||||
Maryland State Stadium Authority Sports Facilities Lease Revenue(a) | 0.040 | % | 3/1/2026 | 3,550,000 | 3,550,000 | ||||||||
Total Public Services | 3,550,000 | ||||||||||||
Transportation ― 8.6% | |||||||||||||
Maryland Economic Development Corp., Air Cargo Obligated Group | 4.000 | % | 7/1/2044 | 1,795,000 | 2,039,311 | ||||||||
Maryland State Department of Transportation, Consolidated Transportation Revenue Bonds | 4.000 | % | 5/1/2030 | 3,000,000 | 3,546,539 | ||||||||
Maryland State Transportation Authority Transportation Facilities Project Revenue | 3.000 | % | 7/1/2031 | 2,000,000 | 2,180,713 | ||||||||
Total Transportation | 7,766,563 | ||||||||||||
Water & Sewer ― 6.5% | |||||||||||||
City of Baltimore, Maryland, Mayor and City Council of Baltimore, Project and Refunding Revenue Bonds: | |||||||||||||
Wastewater Projects, FGIC | 5.000 | % | 7/1/2022 | 315,000 | 326,257 | ||||||||
Water Projects, FGIC | 5.000 | % | 7/1/2024 | 310,000 | 320,765 | ||||||||
Washington Suburban Sanitary District, Maryland, Montgomery and Prince George’s Counties, Water Supply Refunding Bonds(a) | 0.040 | % | 6/1/2023 | 3,950,000 | 3,950,000 | ||||||||
Washington Suburban Sanitary District, Maryland, Montgomery and Prince George’s Counties, Water Supply Refunding Bonds | 5.000 | % | 6/1/2037 | 1,000,000 | 1,191,740 | ||||||||
Total Water & Sewer | 5,788,762 | ||||||||||||
Total Municipal Bonds (Cost ― $84,985,276) | 89,599,794 | ||||||||||||
Investments in Securities at Value ― 93.0% (Cost ― $84,985,276) | 89,599,794 | ||||||||||||
Other Assets in Excess of Liabilities ― 0.5% | 483,173 | ||||||||||||
Total Net Assets ― 100.0% | $ | 90,082,967 |
(a) Variable rate security. Rate is determined on a periodic basis by Remarketing Agents to make a market for the bonds. Interest rate disclosed is rate at period end. | ||||||
(b) Pre-Refunded bonds are escrowed with U.S. government obligations and/or U.S. government agency securities and are considered by the manager to be | ||||||
triple-A rated even if issuer has not applied for new ratings. | ||||||
Abbreviations used in this schedule: | ||||||
AMBAC — American Municipal Bond Assurance Corporation — Insured Bonds | ||||||
COPS — Community Oriented Policing Services | ||||||
EDC — Economic Development Corporation | ||||||
EDR — Economic Development Revenue | ||||||
EFA — Educational Facilities Authority | ||||||
FGIC — Financial Guaranty Insurance Company — Insured Bonds | ||||||
GO — General Obligation | ||||||
LP — Limited Partnership | ||||||
Ratings table* | ||||||
Standard & Poor’s/Moody’s/Fitch** | ||||||
AAA/Aaa | 29.8% | |||||
AA/Aa | 42.6% | |||||
A | 11.6% | |||||
BBB/Baa | 15.1% | |||||
BB/Bb | 0.9% | |||||
100.0% | ||||||
* | As a percentage of total investments. | |||||
** | The ratings shown are based on each portfolio security’s rating as determined by Standard & Poor’s, Moody’s or Fitch, each a Nationally | |||||
Recognized Statistical Rating Organization (“NRSRO”). These ratings are the opinions of the NRSRO and are not measures of quality or guarantees | ||||||
of performance. Securities may be rated by other NRSROs, and these ratings may be higher or lower. In the event that a security is rated by multiple | ||||||
NRSROs and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from a NRSRO. |
1919 Maryland Tax-Free Income Fund
Schedule of Investments (Continued)
September 30, 2021 (Unaudited)
Valuation
Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price (“NOCP”). Exchange-traded securities for which no sale was reported NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices quoted. Unlisted securities held by the Funds are valued at the last sale price in the over-the-counter (“OTC”) market. If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.
Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by 1919 Investment Counsel, LLC (the "Adviser" or “1919”) under procedures established by and under the general supervision and responsibility of the Board.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized into three broad levels and described below:
Level 1 - | quoted prices in active markets for identical investments |
Level 2 - | other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). |
Level 3 - | significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments. |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:
1919 MARYLAND TAX-FREE FUND | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-term investments* | ||||||||||||||||
Municipal Bonds | $ | - | $ | 89,599,794 | $ | - | $ | 89,599,794 | ||||||||
Total long-term investments | - | 89,599,794 | - | 89,599,794 | ||||||||||||
Total investments | $ | - | $ | 89,599,794 | $ | - | $ | 89,599,794 |
* See Schedule of Investments for additional detailed categorizations.