Strategy. Under normal conditions, Brown Advisory LLC (the Adviser) seeks to achieve the Funds investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of small domestic companies. Small companies, according to the Adviser, are companies whose market capitalizations are generally less than $6 billion or the maximum capitalization of companies in the Russell 2000 Growth Index (which was approximately $25.0 billion as of September 30, 2025), whichever is greater, at the time of purchase. The Fund invests primarily in companies the Adviser believes have above average growth prospects. The Adviser conducts an in-depth analysis of a companys fundamentals to identify those companies it believes have the potential … Show more… Under normal conditions, Brown Advisory LLC (the Adviser) seeks to achieve the Funds investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of small domestic companies. Small companies, according to the Adviser, are companies whose market capitalizations are generally less than $6 billion or the maximum capitalization of companies in the Russell 2000 Growth Index (which was approximately $25.0 billion as of September 30, 2025), whichever is greater, at the time of purchase. The Fund invests primarily in companies the Adviser believes have above average growth prospects. The Adviser conducts an in-depth analysis of a companys fundamentals to identify those companies it believes have the potential for long-term earnings growth that is not fully reflected in the securitys price. Equity securities include domestic common and preferred stock, convertible debt securities, American Depositary Receipts (ADRs), real estate investment trusts (REITs) and exchange traded funds (ETFs). The Fund may also invest in private placements in these types of securities. The Fund invests primarily in ETFs that have an investment objective similar to the Funds or that otherwise are permitted investments with the Funds investment policies described herein. ADRs are equity securities traded on U.S. securities exchanges, which are generally issued by banks or trust companies to evidence ownership of foreign equity securities. The Fund may invest up to 20% of its net assets in foreign securities, including in emerging markets. The Adviser may sell a security or reduce its position if it believes: The security subsequently fails to meet initial investment criteria; A more attractively priced security is found; or The security becomes overvalued relative to the long-term expectation. In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Funds performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure. Show less