BAWAX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of sustainable domestic companies. It invests primarily in the securities of medium and large capitalization companies that Brown Advisory LLC (the "Adviser") believes (1) have the fundamental strengths (strong financials and business models) to outperform their peers and deliver above-average earnings growth over a market cycle, (2) effectively implement Sustainable Business Advantages, and (3) have attractive valuations.