Effective as of January 8, 2021, Thomas D.D. Graff, CFA, will take sole responsibility for the day-to-day portfolio management of the Fund. Prior to that date, Mr. Graff had shared portfolio management duties with John Henry Iucker, CFA. Accordingly, Mr. Iucker no longer serves as a portfolio manager to the Fund as of January 8, 2021. For more information, view the full sticker here. The Brown Advisory Mortgage Securities Fund seeks to maximize total return consistent with preservation of capital. Investment approach The Brown Advisory Mortgage Securities Fund employs a strategy centered on individual security analysis and prepayment analysis to identify securities with slower payback speeds. This helps maintain a yield stream. To achieve this objective, the fund will invest at least 80% of its total net assets in investment grade mortgage-related securities. The remaining portion (up to 20%) may be allocated to non-investment-grade or unrated securities. The managers may invest in derivatives instruments, such as options, futures contracts, and options on futures to manage and hedge risks. Fund profile The fund invests independently from the benchmark in a concentrated portfolio of high conviction names. The fund will generally invest in fixed income instruments which pay principal over time. Most of the securities will have an expected life in the range of 2-8 years.