BIAEX Fees and Costs — Brown Advisory Tax-Exempt Bond Fund, Investor Shares
Data updated: 2026-09-11
The net expense ratio is 0.46%. There are no sales loads or redemption fees. Portfolio turnover was 40%.
BIAEX Fees and Expenses
Annual operating expenses and sales charges of BIAEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.46% |
| Fee waiver | — |
| Net expense ratio | 0.46% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
BIAEX Costs Over Time
On $10,000 invested in BIAEX, assuming 5% a year before costs, total costs come to $291 over 5 years, cutting the return by 0.48% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.46%) | $48 | $152 | $264 |
| Lost growth on money paid in costs | $0 | $7 | $27 |
| Total costs | $48 | $159 | $291 |
| Value after costs | $10,452 | $11,417 | $12,472 |
| Impact on return, per year | 0.48% | 0.48% | 0.48% |
BIAEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $797.3M
- Portfolio turnover (prospectus): 40%
- Securities lending: none during the year
BIAEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $156.9M | 20.46% |
| WELLS FARGO SECURITIES LLC | $136.2M | 17.76% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $114.0M | 14.87% |
| BARCLAYS CAPITAL INC. | $103.3M | 13.48% |
| JEFFERIES LLC | $67.0M | 8.74% |
| MORGAN STANLEY & CO. LLC | $63.6M | 8.30% |
| GOLDMAN SACHS & CO. LLC | $63.3M | 8.26% |
| BOFA SECURITIES INC. | $24.0M | 3.13% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $23.2M | 3.02% |
| RBC CAPITAL MARKETS LLC | $15.3M | 2.00% |
Brown Advisory Tax-Exempt Bond Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BTEIX | Institutional Shares | 0.41% | none |
| BIAEX | Investor Shares | 0.46% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.