The Brown Advisory Tax-Exempt Bond 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. Investment approach The portfolio managers for the fund believe that bottom-up credit research helps build a portfolio that reflects their best ideas and which may offer attractive risk-adjusted total return over time. In pursuit of this goal, the fund will invest at least 80% of its net assets in securities with interest that is exempt from Federal income taxes and that do not subject shareholders to the federal alternative minimum tax (AMT). 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. Fund profile The fund is a concentrated portfolio of the portfolio managers’ best ideas that have been identified through fundamental analysis and which the managers believe have the potential to deliver both attractive and tax-efficient risk-adjusted returns over time.