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 investment grade mortgage-related securities. Mortgage-related securities consist of mortgage-backed securities (MBS) such as residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), stripped mortgage-backed securities (SMBS), collateralized mortgage obligations (CMOs), inverse floating rate obligations and other similar types of securities representing an interest in or that are secured by mortgages. The Fund may also engage in To Be Announced transactions and it may invest in municipal housing bonds and other investment companies. The Fund invests in securities of various maturities and durations. The Fund will hold at … 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 investment grade mortgage-related securities. Mortgage-related securities consist of mortgage-backed securities (MBS) such as residential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), stripped mortgage-backed securities (SMBS), collateralized mortgage obligations (CMOs), inverse floating rate obligations and other similar types of securities representing an interest in or that are secured by mortgages. The Fund may also engage in To Be Announced transactions and it may invest in municipal housing bonds and other investment companies. The Fund invests in securities of various maturities and durations. The Fund will hold at least 80% of its net assets in investment grade mortgage-related securities, that is, securities rated in the top four ratings categories as rated at the time of purchase by a Nationally Recognized Statistical Rating Organization (an NRSRO), or if unrated, as determined by the Adviser to be of comparable quality. The Fund may also hold up to 20% of its total assets in securities that are rated below investment grade by an NRSRO or, if not rated, determined to be of equivalent quality by the Adviser. Securities that are rated below investment grade by independent rating agencies are commonly referred to as junk bonds. If independent rating agencies assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the securitys credit quality. The Fund may invest in derivatives instruments, such as options, futures contracts, including interest rate futures, and options on futures. These investments will typically be made for investment purposes consistent with the Funds investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. These derivative instruments will be counted toward the Funds 80% policy to the extent they have economic characteristics similar to the securities included within that policy. The Fund intends to use the mark-to-market value of such derivatives for purposes of complying with the Funds 80% investment policy. As part of the Funds research approach, the Adviser has a process to integrate, identify and consider the sustainable investment related risks and opportunities using a sustainable investment research assessment. The Funds sustainable investment criteria considers many factors including, but not limited to, any one or more of the following: affordable housing, climate change, resource efficiency (energy and water), lending practices, and community development. The Adviser may sell a security or reduce its position if: Revised economic outlook requires a repositioning of the portfolio or alters the risk/reward of a given security Changes in a securitys composition, such as faster or slower prepayments than expected, alter its risk/reward balance to an unfavorable position A more attractive security is found or The Adviser believes the security has reached its appreciation potential. 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