BTEIX – Brown Advisory Tax Exempt Bond Instl Investment Strategy | Morningstar

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Strategy

The investment seeks to provide a high level of current income exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds. 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.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
BIAEX	Brown Advisory Tax Exempt Bond Fund Investor Shares	No Load	Open			Jun 29, 2012	$31.27M	0.460%	Below Average	$100	$12.99M
BTEIX	Brown Advisory Tax Exempt Bond Fund Institutional Shares	Institutional	Open			Jul 2, 2018	$1.20B	0.410%	Below Average	$1M	$229.99M

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