BROWN ADVISORY SUSTAINABLE GROWTH FUND INVESTOR SHARES (BIAWX) Exchange: NMFQS

The Brown Advisory Sustainable Growth Fund seeks to achieve capital appreciation. To achieve its objective, the Fund invests at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of sustainable domestic companies. The Fund invests primarily in the securities of medium and large capitalization companies that Brown Advisory LLC (the “Adviser”) believes (1) have the fundamental strengths (strong financials and business models) to outperform their peers and deliver above-average earnings growth over a market cycle, (2) effectively implement Sustainable Business Advantages (described below), and (3) have attractive valuations.The investment process starts with fundamentals. The Adviser seeks companies with strong business models and prospects for growth, strong cash flow generation, and a solid track record of execution, among other qualities. As a value-add to its fundamental due diligence, the Adviser seeks Sustainable Business Advantages as further evidence of a company’s ability to deliver shareholder value in one of three ways: revenue growth, cost improvements, or enhanced franchise value.The Adviser defines sustainable companies as:(1)Companies whose internal sustainability strategies lead to one or more Sustainable Business Advantages (such as revenue growth, cost improvements, or enhanced franchise value), or that lead to reduced risk to a company’s prospects for growth; (2)Companies whose products have a competitive advantage as a result of sustainability drivers such as resource efficient design or manufacturing; or(3)Companies whose products or services offer solutions to long-term sustainability challenges.Sustainable companies, by their nature, seek to manage risks, not only related to negative social outcomes, but also ones that might harm their license to operate. The Fund expects to have low to no exposure to companies that have received international sanctions, derive significant revenue from gambling or the production of alcohol, tobacco, weapons, or fossil fuel extraction.Related to its Environmental, Social, and Governance (“ESG”) Policy, the Adviser leverages proprietary ESG research that seeks to identify sustainability opportunities and risks. The Adviser also pursues active company engagement, which enables ongoing monitoring of ESG risks and opportunities that might impact an investment or sustainability thesis.Additionally, while driving impact is not an input to the investment thesis, the Adviser often finds an overlap between Sustainable Business Advantage with positive ESG outcomes.Finally, the Adviser uses scenario analyses to assess the company’s valuation and potential for appreciation or downside risk. Due diligence on a company’s financial fundamentals and Sustainable Business Advantages is conducted collaboratively among the Fund’s portfolio managers, the Adviser’s ESG research team, and fundamental analysts.Medium and large capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $2 billion at time of purchase. The Fund may also invest a portion of the portfolio in equity securities of small market capitalization companies. The equity securities in which the Fund principally invests are common stocks. Furthermore, the Fund may invest up to 15% of assets in foreign securities (including American Depositary Receipts (“ADRs”)), which may include emerging markets securities. ADRs may be either sponsored or unsponsored. The Fund also may invest in real estate investment trusts (“REITs”). The Adviser assesses a company’s ESG profile through conducting ESG research and leveraging engagement when appropriate through dialogue with company management teams as part of its fundamental due diligence process. The Adviser views ESG characteristics as material to fundamentals and seeks to understand their impact on companies in which the Fund may invest.The Adviser may sell a security or reduce its position for a number of reasons, including:•The fundamental investment or sustainability thesis is violated;•A more attractively priced security is found; or•The security becomes overvalued relative to the Adviser’s long-term expectations.In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments.  A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.