LMMIX — 1919 Maryland Tax-Free Income Fund
Data updated: 2024-03-15
LMMIX — 1919 Maryland Tax-Free Income Fund. Long Municipal - National Bond · $59.42M AUM · 0.60% expense ratio. Holdings, fees, performance and SEC filings.
LMMIX Fund Overview
LMMIX — 1919 Maryland Tax-Free Income Fund is a US mutual fund managed by Trust for Advised Portfolios, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Trust for Advised Portfolios
- Category: Long Municipal - National Bond
- Assets under management: $59.42M
- 1-year return: 5.7%
- Ticker: LMMIX
- SEC CIK: 0001261788
- SEC series ID: S000046893
- Share class ID: C000146544
LMMIX Investment Objective and Strategy
1919 Maryland Tax-Free Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Trust for Advised Portfolios.
Investment objective
The 1919 Maryland Tax-Free Income Fund (the Maryland Fund or the Fund) seeks a high level of current income exempt from federal and Maryland state and local income taxes, consistent with prudent investment risk and preservation of capital.
Principal investment strategy
The Maryland Fund invests primarily in debt instruments issued by or on behalf of the State of Maryland, its political subdivisions, municipalities, agencies, instrumentalities or public authorities, the interest on which, in the opinion of counsel to the issuers of those instruments, is exempt from federal and Maryland state and local income taxes. Securities considered for investment must be investment grade (that is securities rated in the Baa/BBB categories or above, or if unrated, determined to be of comparable credit quality by the Adviser). The Maryland Fund may invest 25% or more of its total assets in a particular segment of the municipal securities market, such as hospital revenue bonds, housing agency bonds, private activity bonds or airport 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 tax. For tax years beginning after December 31, 2017, the federal alternative minimum tax 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. The tax consequences of trading activity are always considered.
The portfolio manager analyzes each sector and issuer under consideration for the portfolio to determine its credit fundamentals and outlook. Issuers are scrutinized not only for their ability to make timely interest and principal payments, but for the stability of their financial position and ratings. Securities may be sold because their credit fundamentals have changed or in order to buy a security that the portfolio manager believes 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 be pursuing its principal investment strategies and may not achieve its investment objective. The Maryland Fund is classified as non-diversified, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.
The Fund may also use other strategies and invest in other securities that 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.
LMMIX Holdings
Top 10 holdings of 1919 Maryland Tax-Free Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Maryland St Hlth & Hgr Eductnl | 5.79% |
| Montgomery Cnty Md | 4.68% |
| Maryland St Hlth & Hgr Eductnl | 4.53% |
| Prince Georges Cnty Md Cops | 4.20% |
| Baltimore Cnty Md | 3.82% |
| Maryland St Stadium Auth Reven | 3.55% |
| Maryland St Hlth & Hgr Eductnl | 3.47% |
| Howard Cnty Md | 3.44% |
| Maryland St Transprtn Auth Tra | 3.37% |
| Prince Georges Cnty Md | 3.18% |
LMMIX Portfolio Allocation
Asset-class allocation of 1919 Maryland Tax-Free Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 84.5% |
LMMIX Performance
Total returns for LMMIX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 5.7% |
| 3 years (annualised) | 0.1% |
LMMIX Risk Information
Risk metrics for LMMIX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.8%
LMMIX Costs and Fees
LMMIX costs about $60 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.60%
- Gross expense ratio: 0.97%
- Portfolio turnover: 33%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
LMMIX Cashflows
Over the 12 months to 2023-12, 1919 Maryland Tax-Free Income Fund had net inflows of $33.55M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-12 | $5.91M |
| 2023-11 | $1.76M |
| 2023-10 | $3.56M |
| 2023-09 | $3.10M |
| 2023-08 | $2.67M |
| 2023-07 | $1.84M |
LMMIX Debt Constituents
Largest debt holdings of 1919 Maryland Tax-Free Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Maryland St Hlth & Hgr Eductnl | 5.79% |
| Montgomery Cnty Md | 4.68% |
| Maryland St Hlth & Hgr Eductnl | 4.53% |
| Prince Georges Cnty Md Cops | 4.20% |
| Baltimore Cnty Md | 3.82% |
| Maryland St Stadium Auth Reven | 3.55% |
| Maryland St Hlth & Hgr Eductnl | 3.47% |
| Howard Cnty Md | 3.44% |
| Maryland St Transprtn Auth Tra | 3.37% |
| Prince Georges Cnty Md | 3.18% |
LMMIX Prospectus and SEC Filings
Official 1919 Maryland Tax-Free Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-04-28
- Prospectus (485BPOS) — filed 2022-04-28
- Prospectus supplement (497) — filed 2023-08-31
- Portfolio holdings (N-PORT) — filed 2024-02-29
- Portfolio holdings (N-PORT) — filed 2023-11-29
- Portfolio holdings (N-PORT) — filed 2023-08-29
- Annual census (N-CEN) — filed 2024-03-15
- Annual census (N-CEN) — filed 2023-03-15
Related Funds
Other Long Municipal - National Bond 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.