Brown Advisory Beutelgoodmanlg-Cpvalinst

Under normal conditions, the fund seeks to achieve its investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of large-cap companies. It seeks to invest in companies at discounts to their business value, which the advisor considers to be the present value of sustainable free cash flow. The fund may invest up to 20% of its net assets in foreign securities. It is non-diversified.