BIAZX Fees and Costs — Brown Advisory Mortgage Securities Fund, Investor Shares
Data updated: 2026-09-11
The net expense ratio is 0.51%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $8K in broker commissions, 0.0028% of average net assets, and portfolio turnover was 221%.
BIAZX Fees and Expenses
Annual operating expenses and sales charges of BIAZX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.51% |
| Fee waiver | — |
| Net expense ratio | 0.51% |
| 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 |
BIAZX Costs Over Time
On $10,000 invested in BIAZX, assuming 5% a year before costs, total costs come to $324 over 5 years, cutting the return by 0.54% 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 0.51%) | $54 | $168 | $293 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $8 | $30 |
| Total costs | $54 | $177 | $324 |
| Value after costs | $10,446 | $11,399 | $12,439 |
| Impact on return, per year | 0.54% | 0.54% | 0.54% |
BIAZX 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): 0.0028%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 221%
- Securities lending: none during the year
BIAZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS LLC | $8K | 100.00% |
BIAZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $1.4B | 87.66% |
| BMO NESBITT BURNS SECURITIES LTD. | $45.7M | 2.87% |
| WELLS FARGO SECURITIES LLC | $37.8M | 2.37% |
| MORGAN STANLEY & CO. LLC | $20.0M | 1.26% |
| BOFA SECURITIES INC. | $18.6M | 1.17% |
| BNY MELLON CAPITAL MARKETS LLC | $18.3M | 1.15% |
| PERSHING LLC | $17.8M | 1.12% |
| J.P. MORGAN SECURITIES LLC | $15.0M | 0.94% |
| CITADEL SECURITIES LLC | $12.0M | 0.75% |
| GOLDMAN SACHS & CO. LLC | $11.4M | 0.72% |
Brown Advisory Mortgage Securities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BAFZX | Institutional Shares | 0.46% | none |
| BIAZX | Investor Shares | 0.51% | 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.