Effective immediately, Institutional Shares, Investor Shares, and Advisor Shares of the Brown Advisory Small-Cap Fundamental Value Fund (the “Fund”) are available for purchase by new investors. Brown Advisory LLC, the Fund’s investment adviser, has discretion to limit the sale of the Fund to new investors in the future. Any reference to the Fund being closed to new investors is hereby deleted from the Prospectuses. For more information, view the full sticker here. The Brown Advisory Small-Cap Fundamental Value Fund seeks long-term capital appreciation. Investment approach The fund uses a research-driven approach to invest primarily in U.S. equity securities of small-cap companies that the portfolio manager believes are mispriced relative to a fundamental assessment of their underlying value. The manager defines small-cap as having a market capitalization of less than $6 billion at time of purchase. The fund may invest up to 15% of its net assets in non-U.S. and emerging market securities, typically through sponsored American Depository Receipts (ADRs). Fund profile The fund is a concentrated portfolio of primarily domestic equities that the manager believes have a market price that does not necessarily equate to company value, and thus the manager seeks to capitalize on market inefficiencies that arise in the small-cap universe. The manager incorporates fundamental analysis and valuation discipline into selecting undervalued investments for the portfolio that focuses on out-of-favor or under-followed, cash-generating companies with sustainable business models, strong finances, competent management, and a demonstrable record of profitability and self-funded growth. The fund may also invest in cyclical companies or companies experiencing a temporary setback when the current company valuation represents an attractive discount to the company’s long-term earnings potential.