The Brown Advisory Tax-Exempt Sustainable 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 while giving special consideration to certain environmental, social, and governance (ESG) criteria. Investment approach The portfolio managers believe that bottom-up credit research, in conjunction with integrated and proprietary ESG analysis, helps build a portfolio concentrated in their best ideas and which has the potential to provide attractive risk-adjusted total return over time. To achieve this, the Fund will invest at least 80% of the value of its net assets in fixed income securities which generate interest that is exempt from the interest of which is exempt from Federal income taxes, that do not subject shareholders to the federal alternative minimum tax (“AMT”), and that have either an obligor or a use of proceeds that satisfies the Fund’s ESG criteria. The Fund may invest up to 20% of its assets in securities that may fully subject shareholders to Federal income tax, including the AMT. The Fund may invest in fixed income securities that are referred to as Certain of the fixed income securities that the Fund may invest in are often referred to as “Green Bonds,”, “Social Bonds,”, or “Sustainability Bonds.”. In addition, all capital gains are subject to Federal and state taxes. 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 in a small number of issuers. Fund profile The Fund is a concentrated portfolio of the managers’ best ideas, identified through integrated fundamental and ESG research, and which the managers believe have the potential to deliver attractive and tax-efficient risk-adjusted returns over time.