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
To learn more, read about the Municipal Bond Strategy by clicking here.
|(As of September 30, 2018 )||3-month||1-year||3-year||5-year||10-year||Since Inception|
|Tax Exempt Bond Fund||0.31%||1.99%||2.54%||2.67%||N/A||2.13%|
|Bloomberg Barclays 1-10 Year Municipal Bond (1-12)||-0.07%||-0.19%||1.39%||2.15%||N/A||1.89%|
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 August 31, 2018)||BIAEX||BTEIX|
|30-Day SEC Yield||2.81%||2.86%|
|12-Month Distribution Yield||3.18%||N/A|
Top 10 Holdings
|(As of June 30, 2018)|
|1.||Health & Educational Facilities Authority of the State of Missouri, 3.08% Due 06/01/2031||2.81%|
|2.||First American Treasury Obligations Fund, 1.73%||2.57%|
|3.||Pinellas County Health Facilities Authority, 2.97% Due 11/15/2023||2.27%|
|4.||New York State Energy Research & Development Authority, 0.94% Due 12/01/2023||2.27%|
|5.||Health & Educational Facilities Authority of the State of Missouri, 3.08% Due 06/01/2031||2.27%|
|6.||Massachusetts Port Authority, 4.19% Due 01/01/2031||2.16%|
|7.||County of Harris TX, 2.24% Due 08/15/2035||2.12%|
|8.||New York State Energy Research & Development Authority, 5.23% Due 07/01/2029||2.04%|
|9.||Orange County Health Facilities Authority, 5.00% Due 01/01/2039||1.96%|
|10.||City of Detroit MI Sewage Disposal System Revenue, 2.15% Due 07/01/2032||1.95%|
*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.