Brown Advisory Tax Exempt Bond (BIAEX) Fund Profile

Tax Exempt Bond Fund Fact Sheet

Objective

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.

Strategy

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

 

Performance

  Annualized
(As of December 31, 2016) 3-month 1-year 3-year 5-year 10-year Since Inception
Tax Exempt Bond Fund -3.16% 0.62% 2.50% NA NA 1.66%
Bloomberg Barclays 1-10 Year Blended
Municipal Bond Index
-2.62% -0.10% 2.32% NA NA 1.85%

 

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.

 

Yields

(As of February 28, 2017)  
30-Day SEC Yield 2.01%
12-Month Distribution Yield 2.83%

 

Top 10 Holdings

(As of December 31, 2016)
1. New York City Transitional Finance Authority Future Tax Secured Revenue 3.1%
   0.69% Due 11/01/2042  
2. State of Texas 2.5%
  5.00% Due 08/01/2031  
3. City & County of Denver CO Airport System Revenue 2.1%
  5.00% Due 11/15/2030  
4. City of Houston TX Airport System Revenue 2.1%
   5.00% Due 07/01/2026  
5. County of Clark Department of Aviation 2.1%
  5.00% Due 07/01/2025  
6. Tobacco Settlement Authority 2.1%
  5.00% Due 06/01/2017  
7. City of San Jose CA Airport Revenue  2.1%
  5.00% Due 03/01/2037  
8. Washington Convention & Sports Authority  2.1%
  5.00% Due 10/01/2025  
9. Lees Summit Industrial Development Authority  2.0%
  5.13% Due 08/15/2032  
10. New Jersey Educational Facilities Authority  1.9%
   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.

 

©2016 Brown Advisory Funds      All Rights Reserved.      Privacy Policy

You are now leaving the mutual fund site.

By selecting "accept" below, you confirm and accept that you are an institutional client and are acting on behalf of your client as their authorised adviser or are seeking information as a representative of an institution and that you have read and understood the terms on which the information is being provided.

The information in this section of the website is for information purposes only and does not constitute a recommendation or investment advice to buy or sell securities.

For some clients based outside the U.S., other Brown Advisory strategies may meet their needs and objectives more effectively than those referred to in this section of the website. For information on these strategies please see U.S. Investment Capabilities.

For information on separately managed accounts for institutions and individuals, please contact Polly Corry at pcorry@brownadvisory.com.

This section of the website contains information about the funds of Brown Advisory Funds plc (the “Company” or the “Funds”). The Company is authorised in Ireland as an undertaking for collective investment in transferable securities (“UCITS”). Information in relation to the Funds is provided in the United Kingdom by Brown Advisory Limited, which is authorised and regulated by the Financial Services Authority of the United Kingdom. The Funds are all recognised schemes under s.264 of the Financial Services and Markets Act 2000. In the United Kingdom, any information contained in this section of the website that relates to the Funds is communicated only to, and/or directed only at persons who fall within the definitions of “professional client” or “eligible counterparty” as set out in the FSA Handbook of Rules and Guidance. In the United Kingdom, the opportunity to invest in the Funds is only available to such persons and no other person should act or rely on the information contained in this section of the website that relates to the Funds.

The contents of this section of the website have not been prepared for the benefit of investors outside the United Kingdom. They are not directed at any person or entity in the United States, nor are they intended for distribution or to be used by any person or entity in the United States. In some countries, the distribution of information in this section of the website may be restricted: it is your responsibility to find out what those restrictions are and to observe them. Brown Advisory cannot be liable for a breach of such restrictions. Non-UK investors should consider their local regulations before considering investment.

Any subscription to shares in the Funds can only take place under the terms of the Company's Prospectus which may differ from the terms set out in this section of the website.

By clicking "Back" below I indicate that I have read the above terms and do not wish to continue into this section of the web site.

By clicking "Accept" below I indicate that I have read and accept the terms above and wish to continue into this section of the web site.