Investment approach The Fund’s investment approach seeks outperformance through a concentrated, low-turnover portfolio of companies with: Strong business fundamentals Attractive valuations Sustainable Drivers that stem from a company’s products, services, or operations. Sustainable Drivers are characteristics that we believe have potential to drive tangible positive outcomes, in terms of financial performance and environmental and social impact. We believe that our integration of fundamental and sustainable investment research adds an informational edge to our investment process that helps us identify quality, long-term investment opportunities. Fund profile The Brown Advisory Sustainable Small-Cap Core Fund (the “Fund”) seeks to balance growth-oriented and value-oriented holdings to achieve a core portfolio. Our portfolio managers and investment team have extensive small-cap and sustainable investing backgrounds that support our unique research-intensive approach that seeks to identify compelling long-term investment opportunities. Our Fund is based on a unique firm culture and philosophy, which underpin a shared belief that low-turnover, concentrated portfolios derived from sound investment research can generate attractive outperformance.