The Board of Trustees of Brown Advisory Funds has approved certain changes relating to the Fund, as described below: 1. Change in Market Capitalization Range for the Fund Based on market conditions, Brown Advisory LLC, the investment adviser to the Fund, has modified the market capitalization range of portfolio companies in which the Fund may invest to those companies with a market capitalization at the upper limit of the greater of $6 billion or the maximum capitalization of companies in the Russell 2000 Growth Index (which was approximately $7.2 billion as of January 31, 2019), measured at the time of purchase. For more information, view the full sticker here. The Brown Advisory Small-Cap Growth Fund seeks to achieve capital appreciation by primarily investing in equity securities. Investment approach The fund invests primarily in the common stock of small domestic companies possessing what the portfolio managers see as above-average growth potential based on in-depth fundamental analysis. The managers define small-cap as those companies with a market capitalization less than $6 billion at the time of purchase. The fund may invest up to 20% of its net assets in non-U.S. and emerging market securities, typically through sponsored American Depository Receipts (ADRs). Risk mitigation is sought through diversification across sectors, business models and economic sensitivity. Fund profile The fund invests in a concentrated portfolio primarily of companies the portfolio managers believe possess "3G" criteria: durable growth, sound governance, and scalable go-to-market strategies. In considering durable growth, the managers assess: Whether there is a large and growing market; Whether the company is a market leader and/or is gaining market share; and Whether a company has a differentiated product offering. To assess governance, the managers examine the strength of a company’s management, whether there is a shareholder-friendly board, and the alignment of management incentives with shareholder interests. Finally, the managers evaluate whether a company’s go-to-market strategies will result in incremental revenue, high and/or rising margins, and the efficient use of capital.