Effective March 31, 2021, Mr. Paul D. Corbin will retire from Brown Advisory LLC, the investment adviser to the Fund, and will no longer serve as a portfolio manager of the Fund. As of that date, Jason Vlosich, who currently shares portfolio management duties with Mr. Corbin, will be primarily responsible for the day-to-day management of the Fund’s portfolio. Accordingly, as of March 31, 2021, all references to Mr. Corbin in the Prospectus, Summary Prospectus and SAI are hereby removed. For more information, view the full sticker here. The Fund seeks to provide a high level of current income consistent with preservation of principal within an intermediate-term maturity structure. Investment approach The fund seeks to maximize potential total return through a diversified selection of intermediate-term, high-quality fixed income securities concentrated on our best ideas. In pursuit of this, the fund invests at least 80% of its total net assets in fixed income securities such as U.S. Government securities, corporate fixed income securities, mortgage-backed securities, and asset-backed securities. The fund may also purchase municipal securities issued by states, U.S. territories, and possessions. Fund profile The fund will generally own securities that have a maturity between 1 and 10 years which are rated in the top four categories of a Nationally Recognized Statistical Rating Organization. Normally, the fund’s maturity, duration and sector allocations will be generally reflective of its benchmark, the Bloomberg Barclays Intermediate Aggregate Bond Index. The fund will typically have a dollar-weighted maturity between 3 and 10 years and an average duration of 2 to 5 years.