Brown Advisory Tax Exempt Bond (BIAEX) Fund Profile
The Brown Advisory Tax Exempt Bond Fund (the "Fund") seeks to provide a high level of current income exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds.
Under normal circumstances, the Fund will invest at least 80% of the Fund's net assets (plus borrowings for investment purposes) in securities the interest of which is exempt from Federal income taxes and that do not subject shareholders to the federal alternative minimum tax ("AMT"). This 80% policy cannot be changed without shareholder approval. The Fund may invest up to 20% of its assets in securities that may subject shareholders to the AMT. In addition, all capital gains are subject to Federal and state taxes in addition to AMT. The Fund is non-diversified, which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers
|(As of June 30, 2017)||3-month||1-year||3-year||5-year||10-year||Since Inception|
|Tax Exempt Bond Fund||1.69%||-0.29%||2.11%||2.05%||N/A||2.05%|
|Bloomberg Barclays 1-10 Year Blended
Municipal Bond Index
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Click here for the monthly and quarterly performance information.
Performance data does not reflect the 1.00% fee on shares redeemed or exchanged within 14 days of purchase, and if it had, returns would be lower.
|(As of June 30, 2017)|
|30-Day SEC Yield||1.82%|
|12-Month Distribution Yield||2.89%|
Top 10 Holdings
|(As of March 31, 2017)|
|1.||State of Texas||2.41%|
|5.00% Due 08/01/2031|
|2.||University of Houston||2.37%|
|5.00% Due 02/15/2027|
|3.||City & County of Denver CO Airport System Revenue||2.02%|
|5.00% Due 11/15/2030|
|4.||South Miami Health Facilities Authority||2.00%|
|5.00% Due 08/15/2032|
|5.||City of Houston TX Airport System Revenue||2.00%|
|5.00% Due 07/01/2026|
|6.||Tobacco Settlement Authority||1.99%|
|5.00% Due 06/01/2017|
|7.||Washington Convention & Sports Authority||1.99%|
|5.00% Due 10/01/2025|
|8.||Norman Y Mineta San Jose International Airport SJC||1.98%|
|5.00% Due 03/01/2037|
|9.||Lees Summit Industrial Development Authority||1.89%|
|5.13% Due 08/15/2032|
|10.||New Jersey Educational Facilities Authority||1.82%|
|5.00% Due 07/01/2023|
*The minimum investment requirements are waived for qualified retirement plans under Section 401(a) of the Internal Revenue Code ("IRC"), and plans operating consistent with 403(a), 403(b), 408, 408(A), 457, 501(c) and 223(d) of the IRC.
Diversification does not assume a profit nor protect against loss in a declining market.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Click here for index and financial term definitions.