Brown Advisory Tax Exempt Bond Fund Institutional Shares

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The fund normally will invest at least 80% of the fund's net assets (plus borrowings for investment purposes) in securities the interest of which is exempt from Federal income taxes and that do not subject shareholders to the federal alternative minimum tax ("AMT"). It may invest up to 20% of its assets in securities that may fully subject shareholders to Federal income tax, including the AMT. The fund is non-diversified.