A Letter of Introduction From The Portfolio Managers Brown Advisory is deeply committed to sustainable investing, with the goal of helping our clients generate attractive investment returns, align their investments with their values and make a positive impact on society with their capital. Our clients are interested in learning more about the impact component of their sustainable investing strategies. To address this growing interest, we are pleased to issue our first, formal annual Impact Report for the Brown Advisory Sustainable Growth Fund. The report includes a review of how we invest using innovative ESG and sustainability research, a discussion of the positive environmental and social outcomes being created by our portfolio companies, and a look at how we engage with portfolio companies and with the broader sustainable investing community. We want to express our gratitude to our research team of Emily Dwyer, Amy Hauter, Katherine Kroll and intern Lisa Fillingame, who work tirelessly to ensure that our investment decisions are informed by solid ESG data and clear viewpoints about how that data may affect a company’s prospects. Emily and Katherine were instrumental in the preparation of this report. We also wish to thank our firm’s Sustainable Investing Advisory Board; we greatly value the outside perspectives of Dan Esty, Kate Gordon, Marty Kaplan and Mamie Parker, and their insight and guidance is essential to our work. Finally, we are extremely grateful to CEO Mike Hankin, the senior leadership at our firm, our broader investment and strategic advisory teams, and in one way or another, every single one of our colleagues for their wholehearted support of sustainable investing principles and their eagerness to help build and advance our sustainable investing effort. On their behalf, we are proud to present this Impact Report to our shareholders. We hope you find it informative, and we welcome a continuing conversation with you about the work we are doing. Sincerely, Karin Funk, CFA Portfolio Manager and Head of Sustainable Investing David Powell, CFA Portfolio Manager *Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd. and Brown Advisory Trust Company of Delaware, LLC.