Investment approach The fund’s investing approach seeks outperformance through a concentrated, low-turnover portfolio of companies with: Best-in-breed business models Attractive valuations Strong or improving sustainable opportunities, stemming from underlying Sustainable Drivers 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 ESG research adds an informational edge to our investment process that helps us identify high quality investments. Fund profile The Brown Advisory Sustainable Small-Cap Core Fund (the “Fund”) seeks long-term capital appreciation by investing primarily in equity securities of small-cap companies. The Fund is a concentrated portfolio of the managers’ best ideas, identified through integrated fundamental and ESG research, which the managers believe help them identify high quality investments with Sustainable Drivers and deliver attractive risk-adjusted returns over time. The Fund will seek to balance growth-oriented and value-oriented holdings to achieve a core portfolio.