A Letter of Introduction From The Portfolio Managers Brown Advisory is deeply committed to sustainable investing. As of Sept. 30, 2018, our firm managed approximately $4.1 billion* in client assets under various sustainable investment mandates for individuals, families and institutions. Our goal with this work is to help our clients generate attractive investment returns driven by innovative ESG research, align their investments with their values and make a positive impact on society with their capital. Our clients are interested in learning more about the impact component of their sustainable investing strategies, and to address this growing interest, we are pleased to issue our first, formal annual Impact Report for the Brown Advisory Sustainable Core Fixed Income strategy. The report includes: The investment philosophy and process with which we pursue performance, values alignment and impact A portfolio-level view that breaks down our holdings in terms of impact themes, impact types and the diverse range of traditional fixed income sectors held in the portfolio (and a description of the sources of impact in each one) Impact case studies of individual bonds held in the portfolio Ways in which our fixed income team and our firm are contributing broadly to the advancement of sustainable investing principles On behalf of all Brown Advisory colleagues—each of whom plays an important role in delivering sustainable investment solutions to our clients—we are proud to present this Impact Report to our clients and the broader sustainable investing community. We hope you find it informative, and we welcome a continuing conversation with you about the work we are doing. Sincerely, Tom Graff, CFA Portfolio Manager Head of Fixed Income Amy Hauter, CFA Associate Portfolio Manager ESG Research Analyst *Brown Advisory entities included are: Brown Advisory LLC, Brown Investment Advisory & Trust Company, Brown Advisory Ltd. and Brown Advisory Trust Company of Delaware, LLC.