BTEIX

About BTEIX

Brown Advisory Tax-Exempt Bond Fund Institutional Shares is an open-end municipal bond fund designed to deliver a high level of current income that is exempt from federal income tax. The strategy invests at least 80% of net assets in tax-exempt securities that do not subject shareholders to the federal alternative minimum tax, focusing on intermediate maturities typically averaging five to ten years. The portfolio is built through bottom-up, fundamental credit research and is managed as a concentrated, non-diversified mix of the team’s highest-conviction ideas across revenue-backed and general obligation municipal issuers. Risk management emphasizes credit quality and controlled interest-rate sensitivity within the national intermediate muni category, using active maturity positioning to navigate changing market conditions. Benchmarked to a 1–10 year municipal bond blend index, the fund seeks tax-efficient total return while maintaining a core, investment-grade profile. This approach positions the fund as a tool for investors seeking federally tax-exempt income and municipal market exposure through an actively managed, research-driven process.