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Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0000 0.0000 0.0025 0.0000 0.0015 0.0015 0.0012 0.0012 0.0012 0.0001 0.0001 0.0001 0.0073 0.0088 0.0113 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 75 233 406 906 90 281 488 1084 115 359 622 1375 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 48% of the average value of its portfolio.</span></div> 0.48 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies that have growth characteristics (“80% Policy”). A company is considered to have growth characteristics if it (i) is included in a Russell growth index, (ii) is classified as a growth company by an independent third-party source, or (iii) is determined by the Adviser to have growth characteristics based on one or more qualitative or quantitative factors, including projected earnings growth, sales growth or free cash flow growth, trailing earnings growth, research and development intensity, capital-raising activity intended to grow, fund or expand the business, or other characteristics the Adviser believes are indicative of above-average growth potential.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may also invest in companies that do not exhibit particularly strong earnings histories but have other attributes that may contribute to accelerated growth in the foreseeable future. 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 Fund’s or that otherwise are permitted investments with the Fund’s 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 15% of its net assets in foreign securities, including in emerging markets.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Fund invests primarily in securities of medium and large market capitalization companies that the Adviser believes have exhibited an above average rate of earnings growth and that have prospects for above average, sustainable growth in the future. Medium and large market capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $2 billion at the time of purchase.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a security or reduce its position if:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The investment thesis is violated; </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A more attractively priced security is found; or </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security becomes overvalued relative to the long-term expectation.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies that have growth characteristics (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of growth companies can be more sensitive to the company’s earnings because growth companies usually invest a high portion of their earnings in their businesses and can be more volatile than the market in general because growth may lack the dividends of value securities that can cushion stock prices in a falling market. Growth </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">securities may also be priced higher relative to their earnings or assets as compared with value or other stocks. Growth-oriented investing may produce a portfolio more concentrated in a small number of larger companies than other investment styles, which can heighten sensitivity to adverse developments affecting those companies.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Medium Capitalization Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of medium sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of medium-sized companies may decline more in response to selling pressures.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of the Investor Shares, Advisor Shares and Institutional Shares for 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index. In accordance with regulatory requirements, the Fund has selected the Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index as the Fund’s primary benchmark. The Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Growth Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/growth-equity-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Russell 1000® Index as the Fund’s primary benchmark. The Russell 1000® Growth Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/growth-equity-fund 800‑540‑6807 Brown Advisory Growth Equity Fund – Investor Shares Annual Total Returns <div style="margin-bottom:3pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 13.00%. During the periods shown in the chart, the highest quarterly return was 26.56% (for the quarter ended June 30, 2020) and the lowest quarterly return was -19.73% (for the quarter ended June 30, 2022).</span></div> year-to-date total return 2026-09-30 0.1300 highest quarterly return 0.2656 2020-06-30 lowest quarterly return -0.1973 2022-06-30 Brown Advisory Growth Equity Fund Average Annual Total Returns –Return Before Taxes 0.0166 0.0465 0.1198 –Return After Taxes on Distributions -0.0973 -0.0152 0.0767 –Return After Taxes on Distributions and Sale of Fund Shares 0.0883 0.0334 0.0940 –Return Before Taxes 0.0141 0.0438 0.1170 –Return Before Taxes 0.0182 0.0481 0.1214 Russell 1000® Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1737 0.1359 0.1459 Russell 1000® Growth Index (reflects no deduction for fees, expenses and taxes) 0.1870 0.1535 0.1814 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Brown Advisory Flexible Equity Fund Investment Objective The Brown Advisory Flexible Equity Fund (the “Fund”) seeks to achieve long-term growth of capital. Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0042 0.0042 0.0042 0 0 0.0025 0 0.0015 0.0015 0.0010 0.0010 0.0010 0.0052 0.0067 0.0092 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 53 167 291 653 68 214 373 835 94 293 509 1131 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 17% of the average value of its portfolio.</span></div> 0.17 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund invests primarily in a portfolio of equity securities issued by large, middle and small capitalization companies that the Adviser believes have strong, or improving, long-term business characteristics and share prices that do not reflect certain favorable fundamental attributes. Such attributes include what the Adviser believes are favorable business economics supported by enduring competitive advantages, capable and trustworthy management, positive industry dynamics and sensible capital allocation.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser does not limit its investments to securities of a particular market cap range but the focus is generally on companies with market capitalizations greater than $2 billion at time of purchase. Equity securities include domestic and foreign common and preferred stock, convertible debt securities, American Depositary Receipts (“ADRs”), real estate investment trusts (“REITs”), exchange traded funds (“ETFs”), and business development companies (“BDCs”). The Fund may also invest in private placements in these types of securities. The Fund may invest in ETFs and BDCs that have an investment objective similar to the Fund’s or that otherwise are permitted investments with the Fund’s 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 15% of its net assets in foreign securities, including emerging markets.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser follows an investment philosophy referred to as “flexible equity.” Flexibility allows the Adviser to implement both growth and value styles and look across market cap ranges, expanding the bargain hunting concepts of value investing to a broader range of opportunities. The Adviser emphasizes individual security selection based on identifying long-term attractive businesses, i.e., those with significant desirable traits and few or no undesirable traits, when they are available at what the Adviser considers to be bargain prices. Desirable traits include favorable business economics supported by enduring competitive advantages, capable and trustworthy management, positive industry dynamics and sensible capital allocation. The Adviser believes that bargain prices most often aris</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">e in the stock market due to short-term investor perceptions or temporary business challenges creating undue price declines and price recovery potential, or unrecognized favorable prospects within a business or changes for the better in company management or industry conditions. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">With respect to 20% of its assets, the Fund may invest in investment grade securities or unrated securities determined by the Adviser to be of comparable quality.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The sale of a company’s equity securities may arise if the securities’ market price exceeds the Adviser’s estimate of intrinsic value, if the ratio of risk and rewards of continuing to own the company’s equity is no longer attractive (i.e., the Adviser believes the downside return potential exceeds the upside return potential when considering the range of estimated future security prices), or if the Adviser needs to raise cash to purchase a more attractive investment opportunity, satisfy net redemptions, or other purposes. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Medium Capitalization Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of medium sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of medium-sized companies may decline more in response to selling pressures.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Capitalization Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of smaller sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of smaller companies may decline more in response to selling pressures.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Company Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The stock of value companies can continue to be undervalued for long periods of time and not realize its expected value. The value of the Fund may decrease in response to the activities and financial prospects of an individual company.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of the Investor Shares, Advisor Shares and Institutional Shares for 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index. </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/flexible-equity-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/flexible-equity-fund 800‑540‑6807 Brown Advisory Flexible Equity Fund – Investor Shares Annual Total Returns <div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 8.15%. During the periods shown in the chart, the highest quarterly return was 23.97% (for the quarter ended June 30, 2020) and the lowest quarterly return was -21.28% (for the quarter ended March 31, 2020).</span></div> year-to-date total return 2026-09-30 0.0815 highest quarterly return 0.2397 2020-06-30 lowest quarterly return -0.2128 2020-03-31 Brown Advisory Flexible Equity Fund Average Annual Total Returns – Return Before Taxes 0.0975 0.1249 0.1438 – Return After Taxes on Distributions 0.0830 0.1142 0.1350 – Return After Taxes on Distributions and Sale of Fund Shares 0.0679 0.0982 0.1192 – Return Before Taxes 0.0946 0.1220 0.1409 – Return Before Taxes 0.0990 0.1265 0.1455 S&P 500® Index    (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1788 0.1442 0.1482 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Brown Advisory Sustainable Growth Fund Investment Objective The Brown Advisory Sustainable Growth Fund (the “Fund”) seeks to achieve capital appreciation. Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0053 0.0053 0.0053 0 0 0.0025 0 0.0015 0.0015 0.0009 0.0009 0.0009 0.0062 0.0077 0.0102 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 63 199 346 774 79 246 428 954 104 325 563 1248 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 45% of the average value of its portfolio.</span></div> 0.45 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Sustainable Growth Fund seeks to achieve capital appreciation. Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve its objective, the Fund invests at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies that have growth characteristics and meet the </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sustainable investment criteria of the Fund, collectively the “Investment Criteria” (“80% Policy”). For purposes of this 80% Policy, a company will meet the Fund’s sustainable investment criteria if the Adviser believes it effectively implements a Sustainable Business Advantage (as defined below). A company is considered to have growth characteristics if it (i) is included in a Russell growth index, (ii) is classified as a growth company by an independent third-party source, or (iii) is determined by the Adviser to have growth characteristics based on one or more qualitative or quantitative factors, including projected earnings growth, sales growth or free cash flow growth, trailing earnings growth, research and development intensity, capital-raising activity intended to grow, fund or expand the business, or other characteristics the Adviser believes are indicative of above-average growth potential.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in the securities of medium and large capitalization companies that the Adviser believes (1) have the fundamental strengths (strong financials and business models) to outperform their peers and deliver strong earnings growth over a market cycle, (2) effectively implement Sustainable Business Advantages (described below), and (3) have attractive valuations.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser seeks companies with strong business models and prospects for growth, cost improvements, enhanced franchise value, strong cash flow generation, and a solid track record of execution, among other qualities. Through </span><span style="color:#003867;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">investment analysis the Adviser also seeks companies with Sustainable Business Advantages, defined as companies that use internal sustainability strategies to improve their financial position, including but not limited to, those strategies that lead to revenue growth, cost improvements, or enhanced franchise value. The Adviser also seeks companies that have strong risk management practices in place where sustainability-related risks may be present.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser pursues strategic engagement with companies and other stakeholders in an effort to enhance due diligence and monitor the investment thesis.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser considers each proxy voting proposal related to holdings in the Fund on its own merits and an independent determination is made based on the relevant facts and circumstances, in accordance with the Adviser’s current Proxy Voting Policy.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Medium and large capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $2 billion at time of purchase. The Fund may also invest a portion of the portfolio in equity securities of small market capitalization companies. The equity securities in which the Fund principally invests are common stocks. Furthermore, the Fund may invest up to 15% of assets in foreign securities (including American Depositary Receipts (“ADRs”)), which may include emerging markets securities. Emerging market countries for these purposes consists of countries in Latin America, Asia, Eastern Europe, Africa and the Middle East, and include, among other countries, Brazil, China, Hong Kong, India, Indonesia and Taiwan. ADRs may be either sponsored or unsponsored. The Fund also may invest in real estate investment trusts (“REITs”). </span></div><div><span><br/></span></div><div><span style="color:#003867;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:103%">The Adviser uses scenario analyses to assess the company’s valuation and potential for appreciation or downside risk.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a security or reduce its position for a number of reasons, including:</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#003867;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">The investment thesis is violated;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#003867;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">A more attractively priced security is found; or</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">•</span><span style="color:#003867;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:14.5pt">The security becomes overvalued relative to the Adviser’s long-term expectations.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve its objective, the Fund invests at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of domestic companies that have growth characteristics and meet the sustainable investment criteria of the Fund, collectively the “Investment Criteria” (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span></div> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Securities of growth companies can be more sensitive to the company’s earnings because growth companies usually invest a high portion of their earnings in their businesses and can be more volatile than the market in general because growth may lack the dividends of value securities that can cushion stock prices in a falling market. Growth securities may also be priced higher relative to their earnings or assets as compared with value or other stocks. Growth-oriented investing may produce a portfolio more concentrated in a small number of larger companies than other investment styles, which can heighten sensitivity to adverse developments affecting those companies.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller and Medium Capitalization Company Risk</span>. Securities of smaller and medium sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of smaller companies may decline more in response to selling pressures. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sustainable Investing Policy Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of the Investor Shares, Advisor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index as the Fund’s primary benchmark. The Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Growth Index is also included for comparison.</span></div>Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/sustainable-growth-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064. The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Russell 1000® Index as the Fund’s primary benchmark. The Russell 1000® Growth Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/sustainable-growth-fund 800‑540‑6807 Brown Advisory Sustainable Growth Fund – Investor Shares Annual Total Returns <div><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 10.26%. During the period shown in the chart, the highest quarterly return was 28.71% (for the quarter ended June 30, 2020) and the lowest quarterly return was -18.85% (for the quarter ended June 30, 2022).</span></div> year-to-date total return 2026-09-30 0.1026 highest quarterly return 0.2871 2020-06-30 lowest quarterly return -0.1885 2022-06-30 Brown Advisory Sustainable Growth Fund Average Annual Total Returns –Return Before Taxes 0.0346 0.0913 0.1512 –Return After Taxes on Distributions -0.0142 0.0773 0.1419 –Return After Taxes on Distributions and Sale of Fund Shares 0.0548 0.0720 0.1273 –Return Before Taxes 0.0320 0.0885 0.1483 –Return Before Taxes 0.0363 0.0929 0.1529 Russell 1000® Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1737 0.1359 0.1459 Russell 1000® Growth Index (reflects no deduction for fees, expenses and taxes) 0.1870 0.1535 0.1814 <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary.</span> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Brown Advisory Small‑Cap Growth Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Small-Cap Growth Fund (the “Fund”) seeks to achieve long-term capital appreciation by primarily investing in equity securities.</span></div> Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0 0 0.0025 0 0.0015 0.0015 0.0011 0.0011 0.0011 0.0001 0.0001 0.0001 0.0097 0.0112 0.0137 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 99 309 536 1190 114 356 617 1363 139 434 750 1646 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 30% of the average value of its portfolio.</span></div> 0.30 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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-capitalization domestic companies that have growth characteristics (“80% Policy”). For purposes of this 80% Policy, small-capitalization companies are companies within the market capitalization range of issuers included in the Russell 2000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Growth Index during the trailing 13 months, which as of September 30, 2026 was between $28 million and $12.4 billion; however, this market capitalization range will change over time and with market conditions. A company is considered to have growth characteristics if it (i) is included in a Russell growth index, (ii) is classified as a growth company by an independent third-party source, or (iii) is determined by the Adviser to have growth characteristics based on one or more qualitative or quantitative factors, including projected earnings growth, sales growth or free cash flow growth, trailing earnings growth, research and development intensity, capital-raising activity intended to grow, fund or expand the business, or other characteristics the Adviser believes are indicative of above-average growth potential.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in companies the Adviser believes have above average growth prospects. The Adviser conducts an in-depth analysis of a company’s fundamentals to identify those companies it believes have the potential for long-term earnings growth that is not fully reflected in the security’s price. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s or that otherwise are permitted investments with the Fund’s 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a security or reduce its position if it believes:</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security subsequently fails to meet initial investment criteria;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A more attractively priced security is found; or</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security becomes overvalued relative to the long-term expectation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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-capitalization domestic companies that have growth characteristics (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity Securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of growth companies can be more sensitive to the company’s earnings because growth companies usually invest a high portion of their earnings in their businesses and can be more volatile than the market in general because growth may lack the dividends of value securities that can cushion stock prices in a falling market. Growth securities may also be priced higher relative to their earnings or assets as compared with value or other stocks. Growth-</span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">oriented investing may produce a portfolio more concentrated in a small number of larger companies than other investment styles, which can heighten sensitivity to adverse developments affecting those companies.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Securities of companies smaller than larger companies may be more volatile and as a result, the price of smaller companies may decline more in response to selling pressure.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares, Advisor Shares and Institutional Shares for 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index as the Fund’s primary benchmark. The Russell 2000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Growth Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/small-cap-growth-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Russell 1000® Index as the Fund’s primary benchmark. The Russell 2000® Growth Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/small-cap-growth-fund 800‑540‑6807 Brown Advisory Small-Cap Growth Fund – Investor Shares Annual Total Returns <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 12.22%. During the periods shown in the chart, the highest quarterly return was 30.56% (for the quarter ended June 30, 2020) and the lowest quarterly return was -23.30% (for the quarter ended March 31, 2020).</span></div> year-to-date total return 2026-09-30 0.1222 highest quarterly return 0.3056 2020-06-30 lowest quarterly return -0.2330 2020-03-31 Brown Advisory Small-Cap Growth Fund Average Annual Total Returns –Return Before Taxes 0.0238 0.0055 0.0827 –Return After Taxes on Distributions -0.0161 -0.0144 0.0685 –Return After Taxes on Distributions and Sale of Fund Shares 0.0427 0.0038 0.0660 –Return Before Taxes 0.0213 0.0031 0.0800 –Return Before Taxes 0.0254 0.0071 0.0844 Russell 1000® Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1737 0.1359 0.1459 Russell 2000® Growth Index (reflects no deduction for fees, expenses and taxes) 0.1301 0.0318 0.0957 <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Brown Advisory Small‑Cap Fundamental Value Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Small-Cap Fundamental Value Fund (the “Fund”) seeks to achieve long-term capital appreciation.</span></div> Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0 0 0.0025 0 0.0015 0.0015 0.0010 0.0010 0.0010 0.0001 0.0001 0.0001 0.0096 0.0111 0.0136 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 98 306 531 1178 113 353 612 1352 138 431 745 1635 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 51% of the average value of its portfolio.</span></div> 0.51 Principal Investment Strategies <div style="text-align:justify"><span style="color:#32476e;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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 capitalization companies that have value characteristics (“80% Policy”). For purposes of this 80% Policy, small-capitalization companies are companies within the market capitalization range of issuers included in the Russell 2000</span><span style="color:#32476e;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#32476e;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> Value Index during the trailing 13 months, which as of September 30, 2026 was between $6 million and $10.6 billion; however, this market capitalization range will change over time and with market conditions. A company is considered to have value characteristics if it (i) is included in a Russell value index, (ii) is classified as a value company by an independent third-party source, or (iii) is determined by the Adviser to have value characteristics based on one or more qualitative or quantitative factors, including consideration of past, current or future earnings, cash flows, book value and sales or growth rates relative to a company’s history, industry or the broader market.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Equity securities include common stock, preferred stock, equity-equivalent securities such as convertible securities, stock futures contracts, equity options, other investment companies, American Depositary Receipts (“ADRs”), real estate investment trusts (“REITs”) and exchange traded funds (“ETFs”), and the Fund may also invest in private placements in these types of securities. The Fund invests primarily in equity securities that trade in the U.S. securities markets and that the Adviser believes are undervalued, broadly defined as trading at a discount to the estimated economic value of a company’s underlying business. The Adviser uses a research-driven analysis that results in the Fund’s portfolio having an emphasis on out-of-favor or under-followed, cash-generating companies with sustainable business models, strong finances, competent management and a demonstrable record of profitability and self-funded growth. The Fund may also invest in cyclical companies or companies that have experienced a temporary setback if the valuation of the company is at an appropriate discount to the long-term earnings potential of the company. To a more limited extent, the Fund may invest up to 15% of its assets in foreign equity securities, including equity securities from emerging markets. Wi</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">th respect to 20% of its assets, the Fund may also invest in foreign or domestic debt securities, including up to 5% of its assets in distressed debt securities. The Fund may utilize options, futures contracts and options on futures. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Investments in derivatives may be counted towards the Fund’s 80% Policy if they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests primarily in ETFs that have an investment objective similar to the Fund’s or that otherwise are permitted investments with the Fund’s 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. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a security or reduce its position if: </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">It has reached its target price; </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Its present reward to risk ratio is unattractive; </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">It is overvalued; or </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The company’s fundamentals have deteriorated in a material, long-term manner. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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 capitalization companies that have value characteristics (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Non-Investment Grade ("Junk Bond") Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Below investment grade debt securities (also known as “junk bonds”) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. Junk bonds generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately or sell at an advantageous price or time and present more credit risk than investment grade securities. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Securities of companies smaller than larger companies may be more volatile and as a result, the price of smaller companies may decline more in response to selling pressure.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Company Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The stock of value companies can continue to be undervalued for long periods of time and not realize its expected value. The value of the Fund may decrease in response to the activities and financial prospects of an individual company.</span></div> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares, Advisor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index as the Fund’s primary benchmark. The Russell 2000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/small-cap-fundamental-value-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Russell 1000® Index as the Fund’s primary benchmark. The Russell 2000® Value Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/small-cap-fundamental-value-fund 800‑540‑6807 Brown Advisory Small-Cap Fundamental Value Fund – Investor Shares Annual Total Returns <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 12.82%. During the periods shown in the chart, the highest quarterly return was 20.73% (for the quarter ended December 31, 2020) and the lowest quarterly return was -36.84% (for the quarter ended March 31, 2020).</span></div> year-to-date total return 2026-09-30 0.1282 highest quarterly return 0.2073 2020-12-31 lowest quarterly return -0.3684 2020-03-31 Brown Advisory Small-Cap Fundamental Value Fund Average Annual Total Returns –Return Before Taxes 0.0573 0.1042 0.0857 –Return After Taxes on Distributions 0.0277 0.0840 0.0699 –Return After Taxes on Distributions and Sale of Fund Shares 0.0557 0.0813 0.0672 –Return Before Taxes 0.0545 0.1014 0.0829 –Return Before Taxes 0.0587 0.1059 0.0873 Russell 1000® Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1737 0.1359 0.1459 Russell 2000® Value Index (reflects no deduction for fees, expenses and taxes) 0.1259 0.0888 0.0927 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Brown Advisory Sustainable Small-Cap Core Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Sustainable Small-Cap Core Fund (the “Fund”) seeks long-term capital appreciation by investing primarily in equity securities of small-cap companies.</span></div> Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0.0085 0 0 0.0025 0 0.0015 0.0015 0.0019 0.0019 0.0019 0.0104 0.0119 0.0144 -0.0011 -0.0011 -0.0011 0.0093 0.0108 0.0133 October 31, 2027 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same (taking into account the contractual expense limitation being in effect for the period through October 31, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 95 320 563 1261 110 367 644 1433 135 445 776 1715 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. </span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">During the most recent fiscal year, the portfolio turnover rate for the Fund was </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">77% of the average value of its portfolio.</span></div> 0.77 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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-capitalization domestic companies that satisfy the Fund’s sustainable investment criteria, together the “Investment Criteria” of the Fund (“80% Policy”). The Adviser will seek to balance growth oriented and value oriented holdings to achieve a core portfolio. Small capitalization companies are companies within the market capitalization range of issuers included in the Russell 2000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> Index during the trailing 13 months, which as of September 30, 2026 was between $6 million and $12.4 billion; however, this market capitalization range will change over time and with market conditions. For purposes of the 80% Policy, a company will meet the Fund’s sustainable investment criteria if the Adviser believes it uses internal sustainability strategies to improve its financial position. These strategies include, but are not limited to, effective human capital management, operational efficiencies that reduce resource consumption, or products and services that deliver meaningful customer value through improvements in resource efficiency, safety, health, or other identifiable benefits. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Equity securities include domestic common and preferred stock, equity-equivalent securities such as convertible securities, stock futures contracts, equity options, other investment companies, 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 may invest in ETFs that have an investment objective similar to the Fund’s or that otherwise are permitted investments with the Fund’s 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund will invest primarily in securities the Adviser believes have strong business fundamentals and attractive valuations. The Adviser seeks securities with established or improving sustainability characteristics, defined as companies that use internal sustainability strategies to improve their financial position. The Adviser seeks companies with low exposure to sustainability risks, or that have strong risk management practices in place where these risks may by present. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser pursues strategic engagement with companies and other stakeholders in an effort to enhance due diligence and monitor the investment thesis.</span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"><br/></span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser considers each proxy voting proposal related to holdings in the Fund on its own merits and an independent determination is made based on the relevant facts and circumstances, in consideration of the Adviser’s current Proxy Voting Policy.</span></div><div><span><br/></span></div><div><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a security or reduce its position if it believes:</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security subsequently fails to meet initial Investment Criteria;</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A more attractively priced security is found; or</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security becomes overvalued relative to the long-term expectation.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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-capitalization domestic companies that satisfy the Fund’s sustainable investment criteria, together the “Investment Criteria” of the Fund (“80% Policy”) As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk. </span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of companies smaller than larger companies may be more volatile and as a result, the price of smaller companies may decline more in response to selling pressure.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sustainable Investing Policy Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The chart shows the changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares and Institutional Shares for the 1 year and since inception periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index as the Fund’s primary benchmark. The Russell 2000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index is also included for comparison.</span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/sustainable-small-cap-core-fund or by calling 800-540-6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Russell 1000® Index as the Fund’s primary benchmark. The Russell 2000® Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/sustainable-small-cap-core-fund 800-540-6807 Brown Advisory Sustainable Small-Cap Core Fund– Investor Shares Annual Total Returns <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 8.90%. During the period shown in the chart, the highest quarterly return was 13.91% (for the quarter ended December 31, 2023) and the lowest quarterly return was -15.96% (for the quarter ended June 30, 2022).</span></div> year-to-date 2026-09-30 0.0890 highest quarterly return 0.1391 2023-12-31 lowest quarterly return -0.1596 2022-06-30 Brown Advisory Sustainable Small-Cap Core FundAverage Annual Total Returns 2021-09-30 2021-09-30 –Return Before Taxes 0.0945 0.0273 –Return After Taxes on Distributions 0.0823 0.0240 –Return After Taxes on Distributions and Sale of Fund Shares 0.0624 0.0206 –Return Before Taxes 0.0959 0.0290 Russell 1000® Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1737 0.1236 Russell 2000® Index (reflects no deduction for fees, expenses and taxes) 0.1281 0.0429 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Brown Advisory Sustainable Value Fund Investment Objective The Brown Advisory Sustainable Value Fund (the “Fund”) seeks to achieve long-term capital appreciation. Fees and Expenses <div style="margin-bottom:5pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0 0 0.0025 0 0.0015 0.0015 0.0014 0.0014 0.0014 0.0001 0.0001 0.0001 0.0075 0.0090 0.0115 -0.0004 -0.0004 -0.0004 0.0071 0.0086 0.0111 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. October 31, 2027 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same (taking into account the contractual expense limitation being in effect for the period through October 31, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 73 236 413 927 88 283 495 1104 113 361 629 1394 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. </span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">During the most recent fiscal year, the portfolio turnover rate for the Fund was </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">41% of the average value of its portfolio.</span></div> 0.41 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities that have value characteristics and meet the Fund’s sustainable investment criteria (“80% Policy”). For purposes of this 80% Policy, a company will meet the Fund’s sustainable investment criteria if the Adviser believes it has sustainability characteristics that may improve its financial position and strong management of sustainability-related risks, including companies with Sustainable Cash Flow Advantage (as defined below) over time. A company is considered to have value characteristics if it (i) is included in a Russell value index, (ii) is classified as a value company by an independent third-party source, or (iii) is determined by the Adviser to have value characteristics based on one or more qualitative or quantitative factors, including consideration of past, current or future earnings, cash flows, book value and sales or growth rates relative to a company’s history, industry or the broader market.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Fund invests primarily in securities of large market capitalization companies that the Adviser deems to meet its “value” and “sustainable investment” criteria, collectively the “Investment Criteria” for the Fund. Large market capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $3 billion at the time of purchase. The market capitalizations of the companies in the Fund’s portfolio changes over time; the Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization falls outside this range.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Equity securities include common stock, preferred stock, equity-equivalent securities such as convertible securities, stock futures contracts, equity options, American Depositary Receipts (“ADRs”), real estate investment trusts (“REITs”) exchange traded funds (“ETFs”) and business development companies (“BDCs”). The Fund may also invest in private placements in these types of securities. The Fund may invest in ETFs and BDCs that have an investment objective similar to the Fund’s or that otherwise are permitted investments with the Fund’s 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 assets in foreign securities, including in emerging markets. Emerging market countries for these purposes consists of countries in Latin America, Asia, Eastern Europe, Africa and the Middle East, and include, among other countries, Brazil, China, Hong Kong, India, Indonesia and Taiwan.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Adviser defines “value” as businesses that exhibit stable and consistent free cash flow generation, that display capital discipline by demonstrating both prudent balance sheet management and capital expenditures, and that trade at attractive valuations because they provide a favorable reward versus risk outlook. The Fund invests primarily in equity securities that trade in the U.S. securities markets and that the Adviser believes are undervalued, broadly defined as trading at a discount to the estimated economic value of a company’s underlying business. The Adviser uses a research-driven analysis that results in the Fund’s portfolio having an emphasis on out-of-favor, cash-generating companies with durable business models, strong finances, competent management and a demonstrable record of prudent capital allocation. The Adviser’s valuation discipline attempts to estimate the range of a company’s business value by considering past, current or future earnings, cash flows, book value, sales or growth rates relative to the company’s history, industry, or the broader market. The Fund may also invest in cyclical companies or companies that have experienced a temporary setback if the valuation of the company is at an appropriate discount to the long-term earnings potential of the company. </span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Adviser defines its sustainable investment criteria as companies that have sustainability characteristics that may improve their financial position and have strong management of sustainability-related risks. The Adviser looks for companies with Sustainable Cash Flow Advantage (“SCFA”) over time. SCFA is part of the broader research process. A majority of the Fund will consist of securities with established or emerging SCFA. SCFA’s have one or more of the following drivers:</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">People: For example:</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Attraction, retention and internal promotion of employees drives cost savings while also creating a cultural advantage.</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Leadership on health and safety has the potential to serve as both a mechanism for improved employee retention and generation of revenue tied to greater productivity.</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Process: For example:</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Sound operations that promote a safe and healthy community can bolster franchise value, while also avoiding regulatory and reputational risk.</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Margin improvement through operations that save costs and resources, enabling meaningful reduction in carbon emissions and natural capital.</span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Product: For example:</span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Products or services that provide superior customer outcomes resulting in recurring revenue while also providing environmental and/or social solutions. </span></div><div style="padding-left:18pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">Additionally, the Adviser pursues strategic engagement with companies and other stakeholders in an effort to enhance due diligence and monitor the investment thesis, including emerging SCFA. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The Adviser considers each proxy voting proposal related to holdings in the Fund on its own merits and an independent determination is made based on the relevant facts and circumstances, in consideration of the Adviser’s current Proxy Voting Policy.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities that have value characteristics and meet the Fund’s sustainable investment criteria (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts and Global Depository Receipts Risk.</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate </span><div style="padding-left:36pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors.  In addition, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of foreign common and preferred stock, convertible debt securities, ADRs, REITs and ETFs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sustainable Investing Policy Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span> <div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Company Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The stock of value companies can continue to be undervalued for long periods of time and not realize its expected value. The value of investing primarily in value-oriented securities may decrease in response to the activities and financial prospects of an individual company.</span></div> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares for the 1 year and since inception periods compare to the Fund's primary broad-based market index. In accordance with regulatory requirements, the Fund has selected the Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> Index as the Fund’s primary benchmark. The Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> Value Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at </span><span style="background-color:#ffffff;color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">www.brownadvisory.com/mf/sustainable-value-fund </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or by calling 800-540-6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Russell 1000® Index as the Fund’s primary benchmark. The Russell 1000® Value Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/sustainable-value-fund 800-540-6807 Brown Advisory Sustainable Value Fund– Investor Shares Annual Total Returns <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 7.78%. During the period shown in the chart, the highest quarterly return was 12.66% (for the quarter ended March 31, 2024) and the lowest quarterly return was -1.93% (for the quarter ended December 31, 2024).</span></div> year-to-date total return 2026-09-30 0.0778 highest quarterly return 0.1266 2024-03-31 lowest quarterly return -0.0193 2024-12-31 Brown Advisory Sustainable Value FundAverage Annual Total Returns 2023-02-28 2023-02-28 –Return Before Taxes 0.1569 0.1572 –Return After Taxes on Distributions 0.1512 0.1520 –Return After Taxes on Distributions and Sale of Fund Shares 0.0966 0.1226 –Return Before Taxes 0.1581 0.1593 Russell 1000® Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1737 0.2241 Russell 1000® Value Index (reflects no deduction for fees, expenses and taxes) 0.1591 0.1415 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Brown Advisory Global Leaders Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Global Leaders Fund (the “Fund”) seeks to achieve long-term capital appreciation by investing primarily in global equities.</span></div> Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0065 0.0065 0 0 0.0025 0 0.0015 0.0015 0.0011 0.0011 0.0011 0.0076 0.0091 0.0116 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 78 243 422 942 93 290 504 1120 118 368 638 1409 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 42% of the average value of its portfolio.</span></div> 0.42 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, 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 companies that Brown Advisory Limited (the “Sub-Adviser”) believes are leaders within their industry or country as demonstrated by an ability to deliver high relative return on invested capital over time (“80% Policy”). The Fund also will, under normal market conditions: (1) invest at least 40% of its assets outside the United States, or if market conditions are not favorable, at least 30% of its assets outside the United States, and (2) hold securities of issuers located in at least three countries. The Fund determines where a company is located, and thus, whether a company is considered to be located outside the United States by considering whether: (i) it is organized under the laws of or maintains its principal office in a country located outside the United States; (ii) its securities are principally traded on trading markets in countries located outside the United States; (iii) it derives at least 50% of its total revenue or profits from either goods produced or services performed or sales made in countries located outside the United States; or (iv) it has at least 50% of its assets in countries located outside the United States. The Fund’s non-U.S. investments may include equity securities issued by companies that are established or operating in emerging market countries.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The equity securities in which the Fund may invest will include the equity securities of companies that the Sub-Adviser believes are leaders within their industry or country as demonstrated by an ability to deliver high relative return on invested capital over time. This typically can be attributable to, among other things, a strong competitive position and a defendable barrier to entry. These securities also typically use sustainability to compound a competitive advantage and have strong sustainability risk management practices. The equity securities in which the Fund may invest include common stock, preferred stock, equity-equivalent securities, such as stock futures contracts, equity options, other investment companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and exchange traded funds (“ETFs”). The equity securities in which the Fund may invest will generally be issued by mid- and large capitalization companies. Medium and large market capitalization companies are, according to the Sub-Adviser, those companies with market capitalizations generally greater than $2 billion at the time of purchase. In addition to those securities, the Fund may also invest in convertible bonds, Rule 144A securities, U.S. Treasury bills, fixed and/or floating rate U.S. Government securities, real estate investment trusts (“REITs”) and unlisted securities. 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 Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Sub-Adviser seeks companies with emerging or mature Sustainable Business Advantages, defined as companies that use internal sustainability strategies to improve their financial position, including, but not limited to, those strategies that lead to revenue growth, cost improvements, or enhanced franchise value. The Sub-Adviser also seeks companies that have strong risk management practices in place where sustainability risks may be present. These considerations are included as part of the broader Investment Criteria for the Fund.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Sub-Adviser considers each proxy voting proposal related to holdings in the Fund on its own merits and an independent determination is made based on the relevant facts and circumstances, in consideration of the Adviser’s current Proxy Voting Policy.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may sell its portfolio securities for a variety of reasons, such as to secure gains, limit losses, redeploy assets into more promising opportunities, or, in the Sub-Adviser's view, the investment is no longer attractive.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal circumstances, 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 companies that Brown Advisory Limited (the “Sub-Adviser”) believes are leaders within their industry or country as demonstrated by an ability to deliver high relative return on invested capital over time (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency and Exchange Rate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ETFs may trade at a discount to the aggregate value of the underlying securities and frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of growth companies can be more sensitive to the company’s earnings because growth companies usually invest a high portion of their earnings in their businesses and can be more volatile than the market in general because growth may lack the dividends of value securities that can cushion stock prices in a falling market. Growth securities may also be priced higher relative to their earnings or assets as compared with value or other stocks. Growth-oriented investing may produce a portfolio more concentrated in a small number of larger companies than other investment styles, which can heighten sensitivity to adverse developments affecting those companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Medium Capitalization Company Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Securities of medium capitalization companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of medium-sized companies may decline more in response to selling pressures.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of foreign common and preferred stock, convertible debt securities, ADRs, real estate investment trusts (“REITs”) and ETFs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sustainable Investing Policy Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">U.S. Government Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Although the Fund’s U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. Government provides financial support to such U.S. Government-sponsored federal agencies, no assurance can be given that the U.S. Government will always do so, since the U.S. Government is not so obligated by law. U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Company Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The stock of value companies can continue to be undervalued for long periods of time and not realize its expected value. The value of investing primarily in value-oriented securities may decrease in response to the activities and financial prospects of an individual company.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/global-leaders-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/global-leaders-fund 800‑540‑6807 Brown Advisory Global Leaders Fund – Investor Shares Annual Total Returns <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -2.68%. During the period shown in the chart, the highest quarterly return was 18.98% (for the quarter ended June 30, 2020) and the lowest quarterly return was -18.78% (for the quarter ended March 31, 2020).</span></div> year-to-date total return 2026-09-30 -0.0268 highest quarterly return 0.1898 2020-06-30 lowest quarterly return -0.1878 2020-03-31 Brown Advisory Global Leaders Fund Average Annual Total Returns –Return Before Taxes 0.1495 0.0913 0.1237 –Return After Taxes on Distributions 0.1348 0.0872 0.1214 –Return After Taxes on Distributions and Sale of Fund Shares 0.0988 0.0719 0.1035 –Return Before Taxes 0.1518 0.0930 0.1255 MSCI All Country World Index (ACWI) (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.2234 0.1119 0.1172 <div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NOTE:  The Global Leaders Fund offers two classes of shares.  Investor Shares commenced operations on July 1, 2015, and Institutional Shares commenced operations on October 31, 2018.  Performance shown prior to inception of the Institutional Shares is based on the performance of Investor Shares, adjusted for the lower expenses applicable to Institutional Shares. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.</span></div> 2015-07-01 2018-10-31 Performance shown prior to inception of the Institutional Shares is based on the performance of Investor Shares, adjusted for the lower expenses applicable to Institutional Shares. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Brown Advisory Sustainable International Leaders Fund Investment Objective The Brown Advisory Sustainable International Leaders Fund (the “Fund”) seeks to achieve long-term capital appreciation by investing primarily in international equities. Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0 0 0.0025 0 0.0015 0.0015 0.0047 0.0047 0.0047 0.0122 0.0137 0.0162 -0.0037 -0.0037 -0.0037 0.0085 0.0100 0.0125 October 31, 2027 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same (taking into account the contractual expense limitation being in effect for the period through October 31, 2027). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 87 351 635 1445 102 397 715 1614 127 475 846 1891 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. </span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">During the most recent fiscal year, the portfolio turnover rate for the Fund was</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> 61% of the average value of its portfolio.</span></div> 0.61 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund aims 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 that satisfy the Fund’s sustainable investment criteria and that Brown Advisory Limited (the “Sub-Adviser”) believes are leaders within their industry or country as demonstrated by an ability to deliver high rel</span><span style="color:#32476e;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ative return on invested capital over time, collectively the “Investment Criteria” for the Fund (“80% Policy”). This typically can be attributable to, among other things, a strong competitive position and a defendable barrier to entry. For purposes of the 80% Policy, a company will meet the Fund’s sustainable investment criteria if the Sub-Adviser believes it has strong management of sustainability-related risks, including risks relating to governance, social, economic, climate conditions and resource access factors. A significant majority of such companies will have an emerging or mature Sustainable Business Advantage (as defined below). The Fund also will, under normal market conditions: (1) invest at least 80% of its assets outside the United States, or if market conditions are not favorable, at least 70% of its assets outside the United States, and (2) hold securities of issuers located in at least three countries (not including the United States). The Fund determines where a company is located, and thus, whether a co</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">mpany is considered to be located outside the United States by considering whether: (i) it is organized under the laws of or maintains its principal office in a country located outside the United States; (ii) its securities are principally traded on trading markets in countries located outside the United States; (iii) it derives at least 50% of its total revenue or profits from either goods produced or services performed or sales made in countries located outside the United States; or (iv) it has at least 50% of its assets in countries located outside the United States. The Fund’s non-U.S. investments may include equity securities issued by companies that are established or operating in emerging market countries. Emerging market companies for these purposes consist of companies in emerging market countries in Latin America, Asia, Eastern Europe, Africa, and the Middle East, and include, among other countries, Brazil, China, Hong Kong, India, Indonesia and Taiwan.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The equity securities in which the Fund may invest include common stock, preferred stock, equity-equivalent securities, such as stock futures contracts, equity options, other investment companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and exchange traded funds (“ETFs”). The equity securities in which the Fund may invest will generally be issued by mid- and large capitalization companies. Medium and large market capitalization companies are, according to the Sub-Adviser, those companies with market capitalizations generally greater than $2 billion at the time of purchase. In addition to those s</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">ecurities, the Fund may also invest in convertible bonds, Rule 144A securities, U.S. Treasury bills, fixed and/or floating rate U.S. Government securities, real estate investment trusts (“REITs”) and unlisted securities. 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 Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Sub-Adviser undertakes sustainable investment due diligence, with the goal of uncovering any sustainable opportunities or risks associated with the company. The Sub-Adviser considers a variety of factors in its due diligence, including but not limited to:</span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Environmental factors such as climate change, natural resource stewardship, pollution, and waste management</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Social factors such as human capital management and labor practices, customer well-being, supply chain management, and community relations </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Governance factors such as board and committee composition and structure, shareholder rights, management incentives, and business ethics. </span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Sub-Adviser seeks companies with emerging or mature Sustainable Business Advantages, defined as companies that use internal sustainability strategies to improve their financial position, including, but not limited to, those strategies that lead to revenue growth, cost improvements, or enhanced franchise value. The Sub-Adviser also seeks companies that have strong risk management practices in place where sustainability risks may be present.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Sub-Adviser leverages research that seeks to understand fundamental and sustainability characteristics for every security added to the portfolio. However, at the Sub-Adviser’s discretion, the Fund is permitted to make an investment without a written sustainable investment research assessment on file at the time of purchase, as long as the Sub-Adviser documents how the security meets the Fund’s sustainable investment criteria. The Sub-Adviser also leverages the resources of Brown Advisory LLC (the “Adviser”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Sub-Adviser pursues engagement with certain companies and other stakeholders in an effort to enhance due diligence and monitor the investment thesis.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Sub-Adviser considers each proxy voting proposal related to holdings in the Fund on its own merits and an independent determination is made based on the relevant facts and circumstances, in consideration of the Adviser’s current Proxy Voting Policy.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund aims 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 that satisfy the Fund’s sustainable investment criteria and that Brown Advisory Limited (the “Sub-Adviser”) believes are leaders within their industry or country as demonstrated by an ability to deliver high rel</span>ative return on invested capital over time, collectively the “Investment Criteria” for the Fund (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts and Global Depository Receipts Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency and Exchange Rate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets </span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Sub-Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Growth Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of growth companies can be more sensitive to the company’s earnings because growth companies usually invest a high portion of their earnings in their businesses and can be more volatile than the market in general because growth may lack the dividends of value securities that can cushion stock prices in a falling market. Growth securities may also be priced higher relative to their earnings or assets as compared with value or other stocks. Growth-oriented investing may produce a portfolio more concentrated in a small number of larger companies than other investment styles, which can heighten sensitivity to adverse developments affecting those companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span></div> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Medium Capitalization Company Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Securities of medium-sized companies held by the Fund may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of medium-sized companies may decline more in response to selling pressures.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of foreign common and preferred stock, convertible debt securities, ADRs, REITs and ETFs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sustainable Investing Policy Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">U.S. Government Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Although the Fund’s U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. Government provides financial support to such U.S. Government-sponsored federal agencies, no assurance can be </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">given that the U.S. Government will always do so, since the U.S. Government is not so obligated by law. U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The prices provided by pricing services or independent dealers or the fair value determinations made by the Sub-Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Company Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The stock of value companies can continue to be undervalued for long periods of time and not realize its expected value. The value of investing primarily in value-oriented securities may decrease in response to the activities and financial prospects of an individual company.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares and Institutional Shares for the 1 year and since inception periods compare to the Fund's primary broad-based market index.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/sustainable-international-leaders-fund or by calling 800-540-6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/sustainable-international-leaders-fund 800-540-6807 Brown Advisory Sustainable International Leaders Fund– Investor Shares Annual Total Returns <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -3.77%. During the period shown in the chart, the highest quarterly return was 12.17% (for the quarter ended December 31, 2023) and the lowest quarterly return was -10.87% (for the quarter ended September 30, 2023).</span></div> year-to-date total return 2026-09-30 -0.0377 highest quarterly return 0.1217 2023-12-31 lowest quarterly return -0.1087 2023-09-30 Brown Advisory Sustainable International Leaders FundAverage Annual Total Returns 2022-02-28 2022-02-28 –Return Before Taxes 0.1528 0.0554 –Return After Taxes on Distributions 0.1436 0.0531 –Return After Taxes on Distributions and Sale of Fund Shares 0.0977 0.0439 –Return Before Taxes 0.1541 0.0571 MSCI ACWI ex USA Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.3239 0.0991 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Brown Advisory Intermediate Income Fund Investment Objective The Brown Advisory Intermediate Income Fund (the “Fund”) seeks to provide a high level of current income consistent with preservation of principal within an intermediate-term maturity structure. Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0 0 0.0025 0 0.0005 0.0005 0.0018 0.0018 0.0018 0.0001 0.0001 0.0001 0.0049 0.0054 0.0079 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 157 274 616 55 173 302 677 81 252 439 978 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 72% of the average value of its portfolio.</span></div> 0.72 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, the Adviser seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in fixed income securities such as U.S Government securities, corporate fixed income securities, mortgage-backed and asset-backed securities (“80% Policy”). The fixed income securities in which the Fund may invest may also include municipal securities issued by states, U.S. territories, and possessions, general obligation securities and revenue securities. The foregoing may include municipal lease obligations and insured municipal securities. The Fund may also invest in other investment companies that invest in similar fixed income securities and the Fund may count such holdings towards the Fund’s 80% Policy. The Fund may also engage in “To Be Announced” transactions.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in fixed income securities that primarily have a maturity that is between 1 and 10 years and are rated in the top four rating categories of a Nationally Recognized Statistical Rating Organization, or unrated and deemed to be of comparable quality by the Adviser. Under normal circumstances, the Fund’s portfolio will have an average dollar weighted maturity between 3 and 10 years and an average duration of 2 to 5 years. Duration is a measurement of price sensitivity to interest rate changes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s 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 Fund’s 80% Policy to the extent they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a fixed income security or reduce its position if:</span></div><div style="padding-left:72pt;text-align:justify;text-indent:-36pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•    Revised economic forecasts or interest rate outlook requires a repositioning of the portfolio;</span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•    The security subsequently fails to meet the investment criteria; </span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•    A more attractive security is found; or </span></div><div style="padding-left:36pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•    The Adviser believes that the security has reached its appreciation potential.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, the Adviser seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in fixed income securities such as U.S Government securities, corporate fixed income securities, mortgage-backed and asset-backed securities (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by a Fund may cause it to default or become unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling to pay interest or principal due on the security.</span></div> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Interest Rate Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. An increase in interest rates (or the expectation of an increase) typically causes a fall in the value of the fixed income securities in which the Fund may invest. The Federal Reserve has raised interest rates over recent periods and may continue to raise interest rates. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Interest rate increases may negatively impact the Fund’s performance or otherwise adversely impact the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk.</span> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies (principally, the Brown Advisory Mortgage Securities Fund) in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Mortgage- and Asset-Backed Securities Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may invest in mortgage- and asset-backed securities, which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust. In a period of rising interest rates, these securities may exhibit additional volatility.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Municipal Securities Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Changes in economic, business or political conditions relating to a particular state, or states, or type of projects may have a disproportionate impact on the Fund. Municipalities continue to experience difficulties in the current economic and political environment. National governmental actions, such as the elimination of tax-exempt status, also could affect performance. In addition, a municipality or municipal project that relies directly or indirectly on national governmental funding mechanisms may be negatively affected by the national government’s current budgetary constraints. Municipal obligations that the Fund may acquire include municipal lease obligations, which are issued by a state or local government or authority to acquire land and a wide variety of equipment and facilities. If the funds are not appropriated for </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the following year’s lease payments, then the lease may terminate, with the possibility of default on the lease obligation and significant loss to the Fund. The repayment of principal and interest on some of the municipal securities in which the Fund may invest may be guaranteed or insured by a monoline insurance company or other financial institution. If a company insuring municipal securities in which the Fund invests experiences financial difficulties, the credit rating and price of the security may deteriorate. The Fund may invest more heavily in bonds from certain cities, states or regions than others, which may increase the Fund’s exposure to losses resulting from economic, social, public health, political, environmental or regulatory occurrences impacting these particular cities, states or regions.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Prepayment/Extension Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Issuers may experience an acceleration in prepayments of mortgage loans or other receivables backing the issuers’ fixed income securities when interest rates decline, which can shorten the maturity of the security, force the Fund to invest in securities with lower interest rates, and reduce the Fund’s return. Issuers may decrease prepayments of principal when interest rates increase, extending the maturity of a fixed income security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Rating Agencies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">To Be Announced (“TBA”) Transactions Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may enter into TBA transactions to purchase mortgage-related securities for a fixed price at a future date. TBA purchase commitments involve a risk of loss if the value of the security to be purchased declines prior to settlement date or if the counterparty does not deliver the securities as promised.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">U.S. Government Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Although the Fund’s U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. Government provides financial support to such U.S. Government-sponsored federal agencies, no assurance can be given that the U.S. Government will always do so, since the U.S. Government is not so obligated by law. U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.</span></div> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares and Advisor Shares for 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Bloomberg U.S. Aggregate Bond Index as the Fund’s primary benchmark. The Bloomberg Intermediate U.S. Aggregate Bond Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/intermediate-income-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Bloomberg U.S. Aggregate Bond Index as the Fund’s primary benchmark. The Bloomberg Intermediate U.S. Aggregate Bond Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/intermediate-income-fund 800‑540‑6807 Brown Advisory Intermediate Income Fund – Investor Shares Annual Total Returns <div style="margin-top:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -2.34%. During the periods shown in the chart, the highest quarterly return was 5.61% (for the quarter ended June 30, 2020) and the lowest quarterly return was -4.22% (for the quarter ended March 31, 2022).</span></div> year-to-date total return 2026-09-30 -0.0234 highest quarterly return 0.0561 2020-06-30 lowest quarterly return -0.0422 2022-03-31 Brown Advisory Intermediate Income Fund Average Annual Total Returns –Return Before Taxes 0.0703 0.0038 0.0190 –Return After Taxes on Distributions 0.0538 -0.0075 0.0087 –Return After Taxes on Distributions and Sale of Fund Shares 0.0413 -0.0019 0.0101 –Return Before Taxes 0.0672 0.0010 0.0162 Bloomberg U.S. Aggregate Bond Index(reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.0730 -0.0036 0.0201 Bloomberg Intermediate U.S. Aggregate Bond Index (reflects no deduction for fees, expenses and taxes) 0.0745 0.0068 0.0206 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares will vary. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares will vary. Brown Advisory Sustainable Bond Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Sustainable Bond Fund (the “Fund”) seeks to provide a competitive total return consistent with preservation of principal while giving special consideration to certain sustainable investment criteria.</span></div> Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0 0 0.0025 0 0.0005 0.0005 0.0012 0.0012 0.0012 0.0042 0.0047 0.0072 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 43 135 235 530 48 151 263 591 74 230 401 894 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 123% of the average value of its portfolio.</span></div> 1.23 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in bonds and fixed income securities of issuers that satisfy the Fund’s sustainable investment criteria or where the use of the proceeds satisfy the Fund’s sustainable investment criteria, together, the “Investment Criteria” for the Fund (“80% Policy”). For purposes of this 80% Policy, an issuer will meet the Fund’s sustainable investment criteria if the Adviser determines it contributes positively to an environmental and/or social characteristic. The Fund’s sustainable investment criteria considers many factors including, but not limited to, any one or more of the following: clean and renewable energy, climate change and water conservation, waste management, natural resource stewardship, innovative efficiency solutions, labor management, community relations, supply chain management, customer well-being, stewardship of debt and capital, board governance and transparency, and business ethics.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in corporate fixed income securities, mortgage-backed and asset-backed securities, U.S Government securities and securities issued by foreign entities including foreign-sponsored governmental agencies. The fixed income securities in which the Fund may invest may also include municipal securities issued by states, U.S. territories and possessions, general obligation securities and revenue securities. The foregoing may include municipal lease obligations and insured municipal securities. The Fund may also invest in other investment companies that invest in similar fixed income securities and the Fund may count such holdings towards the Fund’s 80% investment policy. The Fund may also engage in “To Be Announced” transactions. Certain of the fixed income securities that the Fund may invest in are often commonly referred to as “labeled bonds.” Labeled bonds include, but are not limited to, “Green Bonds,” “Social Bonds,” “Sustainability Bonds,” or “Sustainability-Linked Bonds.”</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund invests in fixed income securities that primarily have a maturity that is between 0 and 30 years and are rated in the top four rating categories of a Nationally Recognized Statistical Rating Organization, or unrated and deemed to be of comparable quality by the Adviser. Under normal circumstances, the Fund’s portfolio will have an average dollar weighted maturity between 6 and 11 years and an average duration of 3 to 7 years. Duration is a measurement of price sensitivity to interest rate changes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest up to 20% of its assets in high-yield securities (“junk bonds”), which are speculative in nature. The Fund may invest in securities denominated in non-U.S. currencies. The Fund may also invest in bank loans.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest in derivatives instruments, such as options, currency forwards, futures contracts, including interest rate futures, options on futures, interest rate swaps and credit default swaps. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. These positions may also be used to manage interest rate risk or to create synthetic exposure to particular credits. Investments in derivatives may be counted towards the Fund’s 80% Policy to the extent they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser utilizes sustainable investment analysis in connection with the Fund's investments in fixed income securities. As part of the 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 assessment may be conducted at the sector, issuer, shelf or security level. Not every investment will be covered at the issuer or security level. The Fund has access to this research and considers relevant sustainability issues. However, at the Adviser’s discretion, the Fund is permitted to make an investment without a written sustainable investment research assessment on file at the time of purchase, as long as the Adviser documents how the security meets the Fund’s sustainable investment criteria.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The outcomes of the Adviser’s research may result in positive environmental and social impacts. While not a thematic fund, the nature of the Adviser’s research considers sustainable investment themes, such as any one or more of sustainable technology innovation, accessibility of essential services like healthcare, financial inclusion, and climate mitigation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser pursues strategic engagement with issuers and other stakeholders in an effort to enhance due diligence and monitor the investment thesis.</span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in bonds and fixed income securities of issuers that satisfy the Fund’s sustainable investment criteria or where the use of the proceeds satisfy the Fund’s sustainable investment criteria, together, the “Investment Criteria” for the Fund (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund may cause it to default or become unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling to pay interest or principal due on the security.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency and Exchange Rate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Interest Rate Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. An increase (or the expectation of an increase) in interest rates typically causes a fall in the value of the fixed income securities in which the Fund may invest. The Federal Reserve has increased interest rates at significant levels over recent periods. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Interest rate increases may negatively impact the Fund’s performance or otherwise adversely impact the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain fixed income securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The portfolio securities held by the Fund are susceptible to general market fluctuations and to volatile increases and decreases in value.  The securities markets may experience declines and the portfolio holdings in the Fund’s portfolio may not increase their earnings at the rate anticipated.  The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Mortgage- and Asset-Backed Securities Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may invest in mortgage- and asset-backed securities, which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust. In a period of rising interest rates, these securities may exhibit additional volatility.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Municipal Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Adverse economic or political factors in the municipal bond market, including changes in the tax law, could impact the Fund in a negative manner.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Non-Investment Grade (“Junk Bond”) Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Below investment grade debt securities (also known as “junk bonds”) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. Junk bonds generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately or sell at an advantageous price or time and present more credit risk than investment grade securities. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Prepayment/Extension Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Issuers may experience an acceleration in prepayments of mortgage loans or other receivables backing the issuers’ fixed income securities when interest rates decline, which can shorten the maturity of the security, force the Fund to invest in securities with lower interest rates, and reduce the Fund’s return. Issuers may decrease prepayments of </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">principal when interest rates increase, extending the maturity of a fixed income security and causing the value of the security to decline.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Portfolio Turnover Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Higher portfolio turnover also may result in higher taxes when Fund shares are held in a taxable account.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Rating Agencies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sustainable Investing Policy Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">To Be Announced (“TBA”) Transactions Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">  The Fund may enter into TBA transactions to purchase mortgage-related securities for a fixed price at a future date. TBA purchase commitments involve a risk of loss if the value of the security to be purchased declines prior to settlement date or if the counterparty does not deliver the securities as promised.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">U.S. Government Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Although the Fund’s U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. Government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. Government provides financial support to such U.S. Government-sponsored federal agencies, no assurance can be given that the U.S. Government will always do so, since the U.S. Government is not so obligated by law. U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares and Institutional Shares for the 1 year, 5 year, and since inception periods compare to the Fund's primary broad-based market index. </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/sustainable-bond-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/sustainable-bond-fund 800‑540‑6807 Brown Advisory Sustainable Bond Fund – Investor Shares Annual Total Returns <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -3.16%. During the period shown in the chart, the highest quarterly return was 6.54% (for the quarter ended June 30, 2020) and the lowest quarterly return was -5.14% (for the quarter ended March 31, 2022)</span></div> year-to-date total return 2026-09-30 -0.0316 highest quarterly return 0.0654 2020-06-30 lowest quarterly return -0.0514 2022-03-31 Brown Advisory Sustainable Bond Fund Average Annual Total Returns –Return Before Taxes 0.0684 -0.0079 0.0153 –Return After Taxes on Distributions 0.0495 -0.0212 0.0020 –Return After Taxes on Distributions and Sale of Fund Shares 0.0402 -0.0114 0.0064 –Return Before Taxes 0.0689 -0.0074 0.0158 Bloomberg U.S. Aggregate Bond Index(reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.0730 -0.0036 0.0172 <div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NOTE:  The Sustainable Bond Fund offers two classes of shares. Investor Shares commenced operations on August 7, 2017, and Institutional Shares commenced operations on July 2, 2018.  Performance shown prior to inception of the Institutional Shares is based on the performance of Investor Shares, adjusted for the lower expenses applicable to Institutional Shares. </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.</span></div> 2017-08-07 2018-07-02 Performance shown prior to inception of the Institutional Shares is based on the performance of Investor Shares, adjusted for the lower expenses applicable to Institutional Shares. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Brown Advisory Maryland Bond Fund Investment Objective The Brown Advisory Maryland Bond Fund (the “Fund”) seeks to provide a high level of current income exempt from both Federal and Maryland State income taxes without undue risk. Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0 0 0.0025 0 0.0005 0.0005 0.0013 0.0013 0.0013 0.0001 0.0001 0.0001 0.0044 0.0049 0.0074 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 45 141 246 555 50 157 274 616 76 237 411 918 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 22% of the average value of its portfolio.</span></div> 0.22 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in Maryland bonds, including bonds issued on behalf of the State of Maryland, its local governments and public financing authorities (“80% Policy”). This 80% Policy cannot be changed without shareholder approval. The Fund may also invest in municipal securities issued by other states, U.S. territories, and possessions, U.S. Government securities, general obligation securities and revenue securities, including private activity bonds. The Adviser determines which securities to purchase by first evaluating whether a security falls within the credit guidelines set for the Fund by reviewing the ratings given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”). The Adviser then determines the appropriate maturity date and coupon choice after analyzing the current and targeted portfolio structure, and whether or not the issue is fairly priced. The Fund is non-diversified which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers. Generally, the average weighted effective maturity of the Fund’s portfolio securities will be between 4 and 10 years. Normally, the Fund will invest at least 80% of its net assets in securities the interest of which is exempt from Federal and Maryland State income taxes, although such interest may be subject to the Federal alternative minimum tax (“AMT”). All capital gains are subject to Federal and state taxes. Municipal securities include municipal bonds, notes, and leases. Municipal leases are securities that permit government issuers to acquire property and equipment without the security being subject to constitutional and statutory requirements for the issuance of long-term fixed income securities.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s 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 Fund’s 80% Policy to the extent they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a fixed income security or reduce its position if:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Revised economic forecasts or interest rate outlook requires a repositioning of the portfolio;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security subsequently fails to meet the investment criteria; </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A more attractive security is found; or</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The Adviser believes that the security has reached its appreciated potential. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in Maryland bonds, including bonds issued on behalf of the State of Maryland, its local governments and public financing authorities (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by a Fund may cause it to default or become unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling to pay interest or principal due on the security.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Interest Rate Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. An increase (or the expectation of an increase) in interest rates typically causes a fall in the value of the fixed income securities in which the Fund may invest. The Federal Reserve has increased interest rates at significant levels over recent periods. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Interest rate increases may negatively impact the Fund’s performance or otherwise adversely impact the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Maryland Bonds and Municipal Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Adverse economic or political factors in Maryland will affect the Fund’s NAV more than if the Fund invested in more geographically diverse investments. In addition, the State of Maryland and the State’s municipal issuers may also be adversely affected by the economic, social and health risks presented by the ongoing pandemic which could potentially produce a negative financial impact on the future economic fundamentals of issuers of Maryland municipal securities.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Municipal Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Adverse economic or political factors in the municipal bond market, including changes in the tax law, could impact the Fund in a negative manner.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Non-Diversification Risk.  </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investment by the Fund in securities of a limited number of issuers exposes the Fund to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Rating Agencies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Tax Risk</span>. Municipal securities may decrease in value during times when tax rates are falling. The Fund’s investments are affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, interest income on municipal obligations. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal obligations, which would in turn affect the Fund’s ability to acquire and dispose of municipal obligations at desirable yield and price levels. <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span></div> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:115%">The following performance information provides some indication of the risks of investing in the Fund. The chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares for 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and secondary indices provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index as the Fund’s primary benchmark. The Bloomberg Municipal 1-15 Year Index is included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/maryland-bond-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. The table shows how the average annual returns of Investor Shares for 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and secondary indices provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index as the Fund’s primary benchmark. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/maryland-bond-fund 800‑540‑6807 Brown Advisory Maryland Bond Fund – Investor Shares Annual Total Returns <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -3.15%. During the periods shown in the chart, the highest quarterly return was 6.13% (for the quarter ended December 31, 2023) and the lowest quarterly return was -5.51% (for the quarter ended March 31, 2022).</span></div> year-to-date total return 2026-09-30 -0.0315 highest quarterly return 0.0613 2023-12-31 lowest quarterly return -0.0551 2022-03-31 Brown Advisory Maryland Bond Fund Average Annual Total Returns –Return Before Taxes 0.0472 0.0112 0.0197 –Return After Taxes on Distributions 0.0470 0.0109 0.0194 –Return After Taxes on Distributions and Sale of Fund Shares 0.0426 0.0149 0.0211 Bloomberg Municipal Bond Index(reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.0425 0.0080 0.0234 Bloomberg Municipal 1-15 Year Index(reflects no deduction for fees, expenses and taxes) 0.0518 0.0116 0.0227 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Brown Advisory Tax-Exempt Bond Fund Investment Objective The Brown Advisory Tax-Exempt Bond Fund (the “Fund”) seeks to provide a high level of current income exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds. Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0 0 0.0025 0 0.0005 0.0005 0.0012 0.0012 0.0012 0.0042 0.0047 0.0072 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 43 135 235 530 48 151 263 591 74 230 401 894 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 29% of the average value of its portfolio.</span></div> 0.29 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in bonds and fixed income securities the interest of which is exempt from Federal income taxes and that do not subject shareholders to the federal alternative minimum tax (“AMT”) (“80% Policy”). This 80% Policy cannot be changed without shareholder approval. The Fund may invest up to 20% of its assets in securities that may fully subject shareholders to Federal income tax, including the AMT. In addition, all capital gains are subject to Federal and state taxes. The Fund may also invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing in municipal securities issued by states, U.S. territories, and possessions, U.S. Government securities, general obligation securities and revenue securities, including private activity bonds. Municipal securities include state and local general obligation bonds, essential service revenue issues (principally, water and sewer, transportation, public power, combined utilities and public universities), pre-refunded bonds and municipal leases.  Municipal leases are securities that permit government issuers to acquire property and equipment without the security being subject to constitutional and statutory requirements for the issuance of long-term fixed income securities. To enhance yield, the Fund may also invest in selective enterprise revenue and/or private activity issues. The repayment of principal and interest on some of the municipal securities in which the Fund may invest may be guaranteed or insured by a monoline insurance company or other financial institution.  The Fund also may invest in other investment companies, principally money market funds.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser determines which securities to purchase by first evaluating whether a security falls within the credit guidelines set for the Fund by reviewing the ratings given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”).  Under the credit guidelines, the Fund will hold at least 80% of its net assets in investment grade municipal debt securities, as rated by an NRSRO when purchased, or if unrated, determined by the Adviser to be of comparable quality. The credit guidelines provide that the Fund may also hold up to 20% of its total assets in securities 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 NRSROs are commonly referred to as “junk bonds.”  Such lower rated securities and other municipal securities may become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions.  If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser then determines the appropriate maturity date and coupon choice after analyzing the current and targeted portfolio structure, and whether or not the issue is fairly priced.  Generally, the average weighted effective maturity of the Fund’s portfolio securities will be between 4 and 10 years.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In determining the municipal securities in which the Fund may invest, the Adviser will use a process for researching securities for purchase that is based on credit research and involves due diligence on each issuer, state, municipality and sector relating to a municipal security.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s 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 Fund’s 80% Policy to the extent they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a security or reduce its position if:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Revised economic forecasts or interest rate outlook requires a repositioning of the portfolio;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security subsequently fails to meet the investment criteria; </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A more attractive security is found; or</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The Adviser believes that the security has reached its appreciated potential. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">at the wrong time, may have an adverse impact on the Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in bonds and fixed income securities the interest of which is exempt from Federal income taxes and that do not subject shareholders to the federal alternative minimum tax (“AMT”) (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Individual issues of municipal obligations may be subject to the credit risk of the municipality.  Therefore, the issuer may experience unanticipated financial problems and may be unable to meet its payment obligations.  Municipal obligations held by the Fund may be adversely affected by political and economic conditions and developments (for example, legislation reducing federal and/or state aid to local governments).  Generally, investment risk and price volatility increase as a security’s credit rating declines. Credit ratings are essentially opinions of the credit quality of an issuer and may prove to be inaccurate.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Interest Rate Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase (or the expectation of an increase) in interest rates typically causes a fall in the value of the fixed income securities in which the Fund may invest. The Federal Reserve has increased interest rates at significant levels over recent periods. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Interest rate increases may negatively impact the Fund’s performance or otherwise adversely impact the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies (principally, money market funds) in which the Fund invests, and these fees and </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Maturity Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Generally, a bond with a longer maturity will entail greater interest rate risk but have a higher yield. Conversely, a bond with a shorter maturity will entail less interest rate risk but have a lower yield.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Municipal Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Changes in economic, business or political conditions relating to a particular state, or states, or type of projects may have a disproportionate impact on the Fund. Municipalities continue to experience difficulties in the current economic and political environment. National governmental actions, such as the elimination of tax-exempt status, also could affect performance. In addition, a municipality or municipal project that relies directly or indirectly on national governmental funding mechanisms may be negatively affected by the national government’s current budgetary constraints. Municipal obligations that the Fund may acquire include municipal lease obligations, which are issued by a state or local government or authority to acquire land and a wide variety of equipment and facilities. If the funds are not appropriated for the following year’s lease payments, then the lease may terminate, with the possibility of default on the lease obligation and significant loss to the Fund. The repayment of principal and interest on some of the municipal securities in which the Fund may invest may be guaranteed or insured by a monoline insurance company or other financial institution. If a company insuring municipal securities in which the Fund invests experiences financial difficulties, the credit rating and price of the security may deteriorate. The credit and quality of private activity bonds are usually related to the credit of the corporate user of the facilities and therefore such bonds are subject to the risks of the corporate user. The Fund may invest more heavily in bonds from certain cities, states or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political, or regulatory occurrences impacting these particular cities, states or regions.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Rating Agencies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Tax Risk.</span> Municipal securities may decrease in value during times when tax rates are falling.  The Fund’s investments are affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, interest income on municipal obligations.  Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal obligations, which would in turn affect the Fund’s ability to acquire and dispose of municipal obligations at desirable yield and price levels. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk.</span> The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.  The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of the Investor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index as the Fund’s primary benchmark. The Bloomberg Municipal 1-15 Year Index is also included for comparison.</span></div>Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/tax-exempt-bond-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064. The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index as the Fund’s primary benchmark. The Bloomberg Municipal 1-15 Year Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/tax-exempt-bond-fund 800‑540‑6807 Brown Advisory Tax-Exempt Bond Fund – Investor Shares Annual Total Returns <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -2.76%. During the period shown in the chart, the highest quarterly return was 5.98% (for the quarter ended December 31, 2023) and the lowest quarterly return was -6.27% (for the quarter ended March 31, 2022).</span></div> year-to-date total return 2026-09-30 -0.0276 highest quarterly return 0.0598 2023-12-31 lowest quarterly return -0.0627 2022-03-31 Brown Advisory Tax-Exempt Bond Fund Average Annual Total Returns –Return Before Taxes 0.0548 0.0163 0.0266 –Return After Taxes on Distributions 0.0540 0.0153 0.0259 –Return After Taxes on Distributions and Sale of Fund Shares 0.0476 0.0193 0.0272 –Return Before Taxes 0.0553 0.0170 0.0270 Bloomberg Municipal Bond Index(reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.0425 0.0080 0.0234 Bloomberg Municipal 1-15 Year Index(reflects no deduction for fees, expenses and taxes) 0.0518 0.0116 0.0227 <div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NOTE:  The Tax-Exempt Bond Fund offers two classes of shares.  Investor Shares commenced operations on June 29, 2012, and Institutional Shares commenced operations on July 2, 2018.  Performance shown prior to inception of the Institutional Shares is based on the performance of Investor Shares, adjusted for the lower expenses applicable to Institutional Shares. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.</span></div> 2012-06-29 2018-07-02 Performance shown prior to inception of the Institutional Shares is based on the performance of Investor Shares, adjusted for the lower expenses applicable to Institutional Shares. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Brown Advisory Tax-Exempt Sustainable Bond Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Tax-Exempt Sustainable Bond Fund (the “Fund”) seeks to provide a high level of current income exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds while giving special consideration to certain sustainable investment criteria.</span></div> Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0 0 0.0025 0 0.0005 0.0005 0.0012 0.0012 0.0012 0.0001 0.0001 0.0001 0.0043 0.0048 0.0073 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 44 138 241 542 49 154 269 604 75 233 406 906 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 43% of the average value of its portfolio.</span></div> 0.43 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in bonds and fixed income securities the interest of which is exempt from Federal income taxes, that do not subject shareholders to the federal alternative minimum tax (“AMT”), and that have either a bond issuer or a use of proceeds of the bond issuance that satisfies the Fund’s sustainable investment criteria, together the “Investment Criteria” of the Fund (“80% Policy”). For purposes of this 80% Policy, an issuer will meet the Fund’s sustainable investment criteria if the Adviser determines it contributes positively to an environmental and/or social characteristic. The Fund’s sustainable investment criteria considers many factors including, but not limited to, any one or more of the following: clean and renewable energy, climate change and water conservation, efficient mass transit, innovative efficiency solutions, economic impact, access to affordable healthcare and community health promotion, access to education opportunities, stewardship of debt and capital, and board governance and transparency. The Fund may invest up to 20% of its assets in securities that may fully subject shareholders to Federal income tax, including the AMT. In addition, all capital gains are subject to Federal and state taxes. The Fund may also invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state). Certain of the fixed income securities that the Fund may invest in are often referred to as “labeled bonds.” Labeled bonds include, but are not limited to, “Green Bonds”, “Social Bonds”, “Sustainability Bonds,” or “Sustainability-Linked Bonds”.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing in municipal securities issued by states, U.S. territories, and possessions, U.S. Government securities, general obligation securities and revenue securities, including private activity bonds. Municipal securities include state and local general obligation bonds, essential service revenue issues (principally, water and sewer, transportation, public power, combined utilities and public universities), pre-refunded bonds and municipal leases. The Fund may also invest in private placements in these types of securities.  Municipal leases are securities that permit government issuers to acquire property and equipment without the security being subject to constitutional and statutory requirements for the issuance of long-term fixed income securities.  To enhance yield, the Fund may also invest in selective enterprise revenue and/or private activity issues.  The repayment of principal and interest on some of the municipal securities in which the Fund may invest may be guaranteed or insured by a monoline insurance company (a bond insurer) or other financial institution.  The Fund also may invest in other investment companies, principally money market funds.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser determines which securities to purchase by first evaluating whether a security falls within the credit guidelines set for the Fund by reviewing the ratings given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”).  Under the credit guidelines, the Fund will hold at least 80% of its net assets in investment grade municipal debt securities, as rated by an NRSRO when purchased, or if unrated, determined by the Adviser to be of comparable quality. The credit guidelines provide that the Fund may also hold up to 20% of its total assets in securities 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 NRSROs are commonly referred to as “junk bonds.”  Such lower rated securities and other municipal securities may become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions.  If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser then determines the appropriate maturity date and coupon choice after analyzing the current and targeted portfolio structure, and whether or not the issue is fairly priced.  Generally, the average weighted effective maturity of the Fund’s portfolio securities will be between 4 and 10 years.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In determining the municipal securities in which the Fund may invest, the Adviser will use a process for researching securities for purchase that is based on intensive credit research and involves extensive due diligence on each issuer, state, municipality and sector relating to a municipal security.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. These </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">derivative instruments will be counted toward the Fund’s 80% Policy to the extent they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser utilizes sustainable investment analysis in connection with the Fund's investments in fixed-income securities. As part of the 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 assessment may be conducted at the sector, issuer or security level. Not every investment will be covered at the issuer or security level. The Fund has access to this research and considers relevant sustainability issues. However, at the Adviser’s discretion, the Fund is permitted to make an investment without a written sustainable investment research assessment on file at the time of purchase, as long as the Adviser documents how the security meets the Fund’s sustainable investment criteria.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The outcomes of the Adviser’s research may result in positive environmental and social impacts. While not a thematic fund, the nature of the Adviser's research considers sustainable investment themes, such as any one or more of responsible water management, accessibility of essential services like healthcare, transportation, education, and climate mitigation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser pursues strategic engagement with issuers and other stakeholders in an effort to enhance due diligence and monitor the investment thesis.</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:-13.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in bonds and fixed income securities the interest of which is exempt from Federal income taxes, that do not subject shareholders to the federal alternative minimum tax (“AMT”), and that have either a bond issuer or a use of proceeds of the bond issuance that satisfies the Fund’s sustainable investment criteria, together the “Investment Criteria” of the Fund (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Credit Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Individual issues of municipal obligations may be subject to the credit risk of the municipality.  Therefore, the issuer may experience unanticipated financial problems and may be unable to meet its payment obligations.  Municipal obligations held by the Fund may be adversely affected by political and economic conditions and developments (for example, legislation reducing federal and/or state aid to local governments).  Generally, investment risk and price volatility increase as a security’s credit rating declines. Credit ratings are essentially opinions of the credit quality of an issuer and may prove to be inaccurate.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your </span><div style="padding-left:13.5pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Interest Rate Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase (or the expectation of an increase) in interest rates typically causes a fall in the value of the fixed income securities in which the Fund may invest. The Federal Reserve has increased interest rates at significant levels over recent periods. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Any additional interest rate increases may negatively impact the Fund’s performance or otherwise adversely impact the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Investments in Other Investment Companies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies (principally, money market funds) in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Liquidity Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Maturity Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Generally, a bond with a longer maturity will entail greater interest rate risk but have a higher yield. Conversely, a bond with a shorter maturity will entail less interest rate risk but have a lower yield.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Municipal Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Changes in economic, business or political conditions relating to a particular state, or states, or type of projects may have a disproportionate impact on the Fund. Municipalities continue to experience difficulties in the current economic and political environment. National governmental actions, such as the elimination of tax-exempt status, also could affect performance. In addition, a municipality or municipal project that relies directly or indirectly on national governmental funding mechanisms may be negatively affected by the national government’s current budgetary constraints. Municipal obligations that the Fund may acquire include municipal lease obligations, which are issued by a state or local government or authority to acquire land and a wide variety of equipment and facilities. If the funds are not appropriated for the following year’s lease payments, then the lease may terminate, with the possibility of default on the lease obligation and significant loss to the Fund. The repayment of principal and interest on some of the municipal securities in which the Fund may invest may be guaranteed or insured by a monoline insurance company (a bond insurer) or other financial institution. If a company insuring municipal securities in which the Fund invests experiences financial difficulties, the credit rating and price of the security may deteriorate. The credit and quality of private activity bonds are usually related to the credit of the corporate user of the facilities and therefore such bonds are subject to the risks of the corporate user. The Fund may invest more heavily in bonds from certain cities, states or regions than others, which may increase the Fund’s exposure to losses resulting from economic, social, public health, political, environmental or regulatory occurrences impacting these particular cities, states or regions.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Non-Investment Grade (“Junk Bond”) Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Below investment grade debt securities (also known as “junk bonds”) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. Junk bonds generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately or sell at an advantageous price or time and present more credit risk than investment grade securities. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Rating Agencies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Sustainable Investing Policy Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Tax Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Municipal securities may decrease in value during times when tax rates are falling.  The Fund’s investments are affected by changes in federal income tax rates applicable to, or the continuing federal tax-exempt status of, interest income on municipal obligations.  Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the liquidity, marketability and supply and demand for municipal obligations, which would in turn affect the Fund’s ability to acquire and dispose of municipal obligations at desirable yield and price levels.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Valuation Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.  The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of Investor Shares for the 1 year, 5 year, and since inception periods compare to the Fund's primary broad-based market index and secondary indices provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index as the Fund’s primary benchmark. The Bloomberg Municipal 1-15 Year Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/tax-exempt-sustainable-bond-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Bloomberg Municipal Bond Index as the Fund’s primary benchmark. The Bloomberg Municipal 1-15 Year Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/tax-exempt-sustainable-bond-fund 800‑540‑6807 Brown Advisory Tax-Exempt Sustainable Bond Fund – Investor Shares Annual Total Returns <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -2.90%. During the period shown in the chart, the highest quarterly return was 5.79% (for the quarter ended December 31, 2023) and the lowest quarterly return was -6.42% (for the quarter ended March 31, 2022).</span></div> year-to-date total return 2026-09-30 -0.0290 highest quarterly return 0.0579 2023-12-31 lowest quarterly return -0.0642 2022-03-31 Brown Advisory Tax-Exempt Sustainable Bond Fund Average Annual Total Returns 2019-12-02 –Return Before Taxes 0.0456 0.0098 0.0118 –Return After Taxes on Distributions 0.0442 0.0082 0.0104 –Return After Taxes on Distributions and Sale of Fund Shares 0.0404 0.0126 0.0137 Bloomberg Municipal Bond Index(reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.0425 0.0080 0.0158 Bloomberg Municipal 1-15 Year Index(reflects no deduction for fees, expenses and taxes) 0.0518 0.0116 0.0179 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Brown Advisory Mortgage Securities Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Mortgage Securities Fund (the “Fund”) seeks to maximize total return consistent with preservation of capital.</span></div> Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0030 0.0030 0 0 0.0025 0 0.0005 0.0005 0.0016 0.0016 0.0016 0.0001 0.0001 0.0001 0.0047 0.0052 0.0077 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 48 151 263 591 53 167 291 653 79 246 428 954 Portfolio Turnover <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 257% of the average value of its portfolio.</span></div> 2.57 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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 (“80% Policy”). 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.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 security’s credit quality.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s 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 Fund’s 80% Policy to the extent they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As part of the Fund’s 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 Fund’s 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Adviser may sell a security or reduce its position if:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Revised economic outlook requires a repositioning of the portfolio or alters the risk/reward of a given security</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Changes in a security’s composition, such as faster or slower prepayments than expected, alter its risk/reward balance to an unfavorable position</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A more attractive security is found or</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The Adviser believes the security has reached its appreciation potential.</span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s 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 (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by a Fund may cause it to default or become unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling to pay interest or principal due on the security.</span> <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Interest Rate Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase (or the expectation of an increase) in interest rates typically causes a fall in the value of the fixed income securities in which the Fund may invest. The Federal Reserve has increased interest rates at significant levels over recent periods. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Interest rate increases may negatively impact the Fund’s performance or otherwise adversely impact the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies (principally, money market funds) in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Market Risk.</span> The portfolio securities held by the Fund are susceptible to general market fluctuations and to volatile increases and decreases in value. The securities markets may experience declines and the holdings in the Fund’s portfolio may not increase their earnings at the rate anticipated. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Mortgage-Related Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Mortgage-related securities are subject to prepayment risk as well as the risks associated with investing in debt securities in general. If interest rates fall and the loans underlying these securities are prepaid faster than expected, the Fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the Fund’s income. Conversely, if interest rates increase and the loans underlying the securities are prepaid more slowly than expected, the expected duration of the securities may be extended, reducing the cash flow for potential reinvestment in higher yielding securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Municipal Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Adverse economic or political factors in the municipal bond market, including changes in the tax law, could impact the Fund in a negative manner.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Non-Investment Grade ("Junk Bond") Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Below investment grade debt securities (also known as “junk bonds”) are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. Junk bonds generally present additional risks compared to investment grade bonds and are typically less liquid, and therefore more difficult to value accurately or sell at an advantageous price or time and present more credit risk than investment grade securities. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Portfolio Turnover Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Higher portfolio turnover also may result in higher taxes when Fund shares are held in a taxable account.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Prepayment/Extension Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Issuers may experience an acceleration in prepayments of mortgage loans or other receivables backing the issuers’ fixed income securities when interest rates decline, which can shorten the maturity of the security, force the Fund to invest in securities with lower interest rates, and reduce the Fund’s return. Issuers may decrease prepayments of principal when interest rates increase, extending the maturity of a fixed income security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Rating Agencies Risk. </span>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Sustainable Investing Policy Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund’s consideration of sustainability criteria could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not consider such sustainability criteria. Sustainability related information provided by issuers and third parties, upon which the Fund may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">To Be Announced (“TBA”) Transactions Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">  The Fund may enter into TBA transactions to purchase mortgage-related securities for a fixed price at a future date. TBA purchase commitments involve a risk of loss if the value of the security to be purchased declines prior to settlement date or if the counterparty does not deliver the securities as promised.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">U.S. Government Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Although the Fund’s U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Some obligations issued or guaranteed by U.S. Government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. Government to </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. Government provides financial support to such U.S. Government-sponsored federal agencies, no assurance can be given that the U.S. Government will always do so, since the U.S. Government is not so obligated by law. U.S. government securities not backed by the full faith and credit of the U.S. government involve credit risk that is greater than other types of U.S. government securities.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk. </span>The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of the Investor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Bloomberg U.S. Aggregate Bond Index as the Fund’s primary benchmark. The Bloomberg Mortgage Backed Securities Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/mortgage-securities-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Bloomberg U.S. Aggregate Bond Index as the Fund’s primary benchmark. The Bloomberg Mortgage Backed Securities Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/mortgage-securities-fund 800‑540‑6807 Brown Advisory Mortgage Securities Fund – Investor Shares Annual Total Returns <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -3.50%. During the period shown in the chart, the highest quarterly return was 6.62% (for the quarter ended December 31, 2023) and the lowest quarterly return was -4.91% (for the quarter ended September 30, 2022).</span></div> year-to-date total return 2026-09-30 -0.0350 highest quarterly return 0.0662 2023-12-31 lowest quarterly return -0.0491 2022-09-30 Brown Advisory Mortgage Securities Fund Average Annual Total Returns –Return Before Taxes 0.0798 0.0033 0.0181 –Return After Taxes on Distributions 0.0603 -0.0093 0.0071 –Return After Taxes on Distributions and Sale of Fund Shares 0.0469 -0.0030 0.0090 –Return Before Taxes 0.0806 0.0036 0.0185 Bloomberg U.S. Aggregate Bond Index(reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.0730 -0.0036 0.0201 Bloomberg Mortgage Backed Securities Index (reflects no deduction for fees, expenses and taxes) 0.0858 0.0015 0.0159 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Brown Advisory – WMC Strategic European Equity Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory − WMC Strategic European Equity Fund (the “Fund”) seeks to achieve total return by investing principally in equity securities issued by companies established or operating in Europe.</span></div> Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0090 0 0 0.0025 0 0.0015 0.0015 0.0013 0.0013 0.0013 0.0103 0.0118 0.0143 Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 105 328 569 1259 120 375 649 1432 146 452 782 1713 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 63% of the average value of its portfolio.</span></div> 0.63 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, the Brown Advisory − WMC Strategic European Equity 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 companies which are domiciled in or exercise the predominant part of their economic activity in Europe – defined as countries included in the MSCI Europe Index. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In determining whether a company is domiciled in or exercises the predominant part of its economic activity in Europe, the Fund will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets; or (iv) country where the company derives at least half of its revenue or profits. As of September 30, 2026, the following countries were included in the MSCI Europe Index: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may purchase equity securities of companies of any size capitalization. Equity securities in which the Fund may invest include common stock, preferred stock, equity-equivalent securities such as stock futures contracts or convertible securities, equity options, other investment companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), real estate investment trusts (“REITs”), initial public offerings (“IPOs”), and exchange traded funds (“ETFs”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest up to 20% of its net assets in securities of companies that are established or operating in countries that are considered to be outside of Europe, which may include less developed and emerging markets countries as well as other developed market countries. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may utilize options, futures contracts, currency forwards, swaps and options on futures. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. The Fund may also invest in participatory notes which are instruments that are used to replicate the performance of certain underlying issuers and markets. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Investments in derivatives may be counted towards the Fund’s 80% Policy if they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may sell its portfolio securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> Under normal conditions, the Brown Advisory − WMC Strategic European Equity 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 companies which are domiciled in or exercise the predominant part of their economic activity in Europe – defined as countries included in the MSCI Europe Index. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Risk</span>. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by a Fund may cause it to default or become unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling to pay interest or principal due on the security. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency and Exchange Rate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk</span>. ETFs may trade at a discount to the aggregate value of the underlying securities and frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">European Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Because a significant portion of the assets of the Fund are invested in European securities, the Fund’s performance is expected to be impacted by the political, social and economic environment within Europe. As such, the Fund’s performance may be more volatile than the performance of funds that are more geographically diverse.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Investor Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of shares of the Fund may be concentrated in one or more large investors. These investors may redeem shares in substantial quantities or on a frequent basis, which may negatively impact the Fund’s performance, may increase realized capital gains, may accelerate the realization of taxable income to other shareholders and may potentially limit the use of available capital loss carryforwards or certain other losses to offset any future realized capital gains. Large investor redemption activity also may increase the Fund’s brokerage and other expenses.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk</span>. Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk</span>. The Fund may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk</span>. The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller and Medium Capitalization Company Risk</span>. Securities of smaller and medium sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of smaller companies may decline more in response to selling pressures. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span>. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns for Investor Shares, Advisor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index.</span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/wmc-strategic-european-equity-fund or by calling 800-540-6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/wmc-strategic-european-equity-fund 800-540-6807 Brown Advisory – WMC Strategic European Equity Fund – Investor Shares Annual Total Returns <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was -0.17%. During the period shown in the chart, the highest quarterly return was 21.67% (for the quarter ended December 31, 2022) and the lowest quarterly return was -22.13% (for the quarter ended March 31, 2020).</span></div> year-to-date total return 2026-09-30 -0.0017 highest quarterly return 0.2167 2022-12-31 lowest quarterly return -0.2213 2020-03-31 Brown Advisory – WMC Strategic European Equity Fund Average Annual Total Returns Return Before Taxes 0.4719 0.1446 0.1130 Return After Taxes on Distributions 0.4453 0.1321 0.1014 Return After Taxes on Distributions and Sale of Fund Shares 0.2956 0.1142 0.0908 Return Before Taxes 0.4685 0.1417 0.1102 Return Before Taxes 0.4743 0.1464 0.1147 MSCI Europe Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.3541 0.1030 0.0852 <div style="margin-top:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Brown Advisory Emerging Markets Select Fund Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory Emerging Markets Select Fund (the “Fund”) seeks to achieve total return by investing principally in equity securities issued by companies established or operating in emerging markets.</span></div> Fees and Expenses <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0090 0 0 0.0025 0 0.0015 0.0015 0.0020 0.0020 0.0020 0.0111 0.0126 0.0151 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 113 353 612 1352 128 400 692 1523 154 477 824 1802 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s </span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 63% of the average value of its portfolio.</span></div> 0.63 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 issued by companies that are established or operating in emerging market countries ("80% Policy"). These will consist of companies in emerging market countries in Latin America, Asia, Eastern Europe, Africa, and the Middle East. The Fund intends to invest primarily in the following countries (others may be added as markets in other countries develop):</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Asia: China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, and Vietnam.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Latin America: Argentina, Belize, Brazil, Chile, Colombia, Mexico, Panama, Peru, and Venezuela.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Eastern Europe: Croatia, Czech Republic, Estonia, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Romania, Russia, Slovakia, Slovenia, Turkey, and Ukraine.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Africa and the Middle East: Bahrain, Botswana, Egypt, Israel, Jordan, Kenya, Kuwait, Lebanon, Mauritius, Morocco, Nigeria, Oman, Qatar, Saudi Arabia, South Africa, Tunisia, United Arab Emirates, and Zimbabwe.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund considers a company to be established or operating in emerging market countries if: (i) it is organized under the laws of or maintains its principal office in an emerging market country; (ii) its securities are principally traded on trading markets in emerging markets countries; (iii) it derives at least 50% of its total revenue or profits from either goods or services produced or sales made in emerging markets countries; or (iv) it has at least 50% of its assets in emerging market countries.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may purchase equity securities of companies of any size capitalization. Equity securities in which the Fund may invest include common stock, preferred stock, equity-equivalent securities such as convertible securities, stock futures contracts, equity options, other investment companies, American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”), Non-Voting Depositary Receipts (“NVDRs”), real estate investment trusts (“REITs”) and exchange traded funds (“ETFs”), initial public offerings (“IPOs”), and the Fund may also invest in fixed income securities and private placements. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest up to 20% of its net assets in securities of companies that are established or operating in countries that are considered to be outside of emerging markets, which may include other less developed countries as well as developed market countries. Such less developed countries share many similar attributes with emerging markets countries, however, their markets are not yet considered to be as developed as those in the emerging markets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may utilize rights, warrants, options, futures contracts and options on futures. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. The Fund may also invest in Contracts for Difference or participatory notes which are instruments that are used to replicate the performance of certain underlying issuers and markets. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Investments in derivatives may be counted towards the Fund’s 80% Policy if they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest up to 20% of its net assets in fixed income securities. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may sell its portfolio securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> 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 issued by companies that are established or operating in emerging market countries ("80% Policy"). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Credit Risk. </span>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by a Fund may cause it to default or become unable or unwilling, or is perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling to pay interest or principal due on the security. <div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency and Exchange Rate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Debt/Fixed Income Securities Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. Conversely, a decrease in interest rates typically causes an increase in the value of debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Moreover, rising interest rates or lack of market participants may lead to decreased liquidity in the bond and loan markets, making it more difficult for the Fund to sell its holdings at a time when the Fund’s manager might wish to sell. Lower rated securities (“junk bonds”) are generally subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Geographic Focus Risk. </span>To the extent that the Fund focuses its investments in a particular geographic region or country, the Fund may be subject to increased currency, political, regulatory and other risks relating to such region or country. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Liquidity Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Sub-Advisers' success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk</span>. The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller and Medium Capitalization Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of smaller and medium sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally the price of smaller companies may decline more in response to selling pressures.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold.  The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span> Performance Information <div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance of Investor Shares from year-to-year. The table shows how the average annual returns of the Investor Shares, Advisor Shares and Institutional Shares for the 1 year, 5 year, and 10 year periods compare to the Fund's primary broad-based market index. Prior to February 23, 2019, the Fund engaged a different, sole investment sub-adviser and operated subject to different principal investment strategies. As a result, the performance prior to February 23, 2019 is attributable to the former investment sub-adviser and different principal investment strategies.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/emerging-markets-select-fund or by calling 800‑540‑6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/emerging-markets-select-fund 800‑540‑6807 Brown Advisory Emerging Markets Select Fund – Investor Shares Annual Total Returns <div><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 16.77%. During the period shown in the chart, the highest quarterly return was 21.39% (for the quarter ended December 31, 2020) and the lowest quarterly return was -24.85% (for the quarter ended March 31, 2020).</span></div> year-to-date total return 2026-09-30 0.1677 highest quarterly return 0.2139 2020-12-31 lowest quarterly return -0.2485 2020-03-31 Brown Advisory Emerging Markets Select Fund Average Annual Total Returns –Return Before Taxes 0.3082 0.0610 0.0745 –Return After Taxes on Distributions 0.3044 0.0589 0.0732 –Return After Taxes on Distributions and Sale of Fund Shares 0.1871 0.0483 0.0619 –Return Before Taxes 0.3048 0.0584 0.0718 –Return Before Taxes 0.3096 0.0624 0.0762 MSCI Emerging Markets Index(reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.3357 0.0420 0.0842 <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Brown Advisory – Beutel Goodman Large-Cap Value Fund Investment Objective <div><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory – Beutel Goodman Large-Cap Value Fund (the “Fund”) seeks to achieve capital appreciation.</span></div> Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0045 0 0 0.0025 0 0.0015 0.0015 0.0010 0.0010 0.0010 0.0001 0.0001 0.0001 0.0056 0.0071 0.0096 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 57 179 313 701 73 227 395 883 98 306 531 1178 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 37% of the average value of its portfolio.</span></div> 0.37 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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-capitalization companies that have value characteristics (“80% Policy”). For purposes of this 80% Policy, large-capitalization companies are companies with market capitalizations greater than $5 billion. A company is considered to have value characteristics if it (i) is included in a Russell value index, (ii) is classified as a value company by an independent third-party source, or (iii) is determined by the Adviser to have value characteristics based on one or more qualitative or quantitative factors, including consideration of past, current or future earnings, cash flows, book value and sales or growth rates relative to a company’s history, industry or the broader market.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund seeks to invest in companies at discounts to their business value, which the Fund considers to be the present value of sustainable free cash flow. To identify these investment opportunities, the Fund employs a disciplined, bottom-up investment process highlighted by rigorous, internally-generated fundamental research. Accordingly, investments are made only when the Fund believes there is a sufficient discount to business value to mitigate the loss of capital in the event of adverse circumstances.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Equity securities in which the Fund may invest include common and preferred stock, convertible debt securities, American Depositary Receipts (“ADRs”), real estate investment trusts (“REITs”), exchange traded funds (“ETFs”), and other types of investment companies. The Fund may also invest in private placements in these types of securities. The Fund may invest in ETFs and other types of investment companies that have an investment objective similar to the Fund’s or that otherwise are permitted investments with the Fund’s 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. The Fund is non-diversified, which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may utilize options, futures contracts and options on futures. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Investments in derivatives may be counted towards the Fund’s 80% Policy if they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may sell a security or reduce its position if it believes:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security subsequently fails to meet initial investment criteria;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A more attractively priced security is found; or</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The security becomes overvalued relative to the long-term expectation. </span></div><div style="padding-left:36pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> 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-capitalization companies that have value characteristics (“80% Policy”). As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the </span>cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks. Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees </span><div style="padding-left:18pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span></div> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Capitalization Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors.  Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Management Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Non-Diversification Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">  Investment by the Fund in securities of a limited number of issuers exposes it to greater market risk and potential monetary losses than if its assets were diversified among the securities of a greater number of issuers.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Private Placement Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs and REITs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn. <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Value Company Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The stock of value companies can continue to be undervalued for long periods of time and not realize its expected value.  The value of the Fund may decrease in response to the activities and financial prospects of an individual company.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following performance information provides some indication of the risks of investing in the Fund. The chart shows changes in the Fund’s performance of Institutional Shares from year-to-year. The table shows how the average annual returns of Institutional Shares and Investor Shares for the 1 year, 5 year, and since inception periods compare to the Fund's primary broad-based market index and a secondary index provided to offer additional market perspective. In accordance with regulatory requirements, the Fund has selected the Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Index as the Fund’s primary benchmark. The Russell 1000</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Value Index is also included for comparison.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at www.brownadvisory.com/mf/beutel-goodman-large-cap-value-fund or by calling 800-540-6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the Russell 1000® Index as the Fund’s primary benchmark. The Russell 1000® Value Index is also included for comparison. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/beutel-goodman-large-cap-value-fund 800-540-6807 Brown Advisory - Beutel Goodman Large-Cap Value Fund – Institutional Shares Annual Total Return <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 10.82%. During the period shown in the chart, the highest quarterly return was 16.91% (for the quarter ended December 31, 2022) and the lowest quarterly return was -20.42% (for the quarter ended March 31, 2020).</span></div> year-to-date total return 2026-09-30 0.1082 highest quarterly return 0.1691 2022-12-31 lowest quarterly return -0.2042 2020-03-31 Brown Advisory - Beutel Goodman Large-Cap Value Fund Average Annual Total Returns –Return Before Taxes 0.0527 0.0907 0.0962 –Return After Taxes on Distributions 0.0366 0.0751 0.0836 –Return After Taxes on Distributions and Sale of Fund Shares 0.0415 0.0689 0.0751 –Return Before Taxes 0.0519 0.0892 0.0946 Russell 1000® Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.1737 0.1359 0.1433 Russell 1000® Value Index (reflects no deduction for fees, expenses and taxes) 0.1591 0.1133 0.0977 <div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">NOTE:  The Fund offers two classes of shares.  Institutional Shares commenced operations on February 13, 2018, and Investor Shares commenced operations on June 30, 2021. Performance shown prior to inception of the Investor Shares is based on the performance of Institutional Shares, adjusted for the higher expenses applicable to Investor Shares. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Shares only. After-tax returns for Investor Shares will vary.</span></div> 2018-02-13 2021-06-30 Performance shown prior to inception of the Investor Shares is based on the performance of Institutional Shares, adjusted for the higher expenses applicable to Investor Shares. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Shares only. After-tax returns for Investor Shares will vary. BROWN ADVISORY - WMC JAPAN EQUITY FUND Investment Objective <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Brown Advisory - WMC Japan Equity Fund (the “Fund”) seeks to achieve total return by investing principally in equity securities of companies which are domiciled in or exercise the predominant part of their economic activity in Japan.</span></div> Fees and Expenses <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span></div> Shareholder Fees(fees paid directly from your investment) 0 0 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0080 0 0 0.0025 0 0.0015 0.0015 0.0013 0.0013 0.0013 0.0001 0.0001 0.0001 0.0094 0.0109 0.0134 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 96 300 520 1155 111 347 601 1329 136 425 734 1613 Portfolio Turnover <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the portfolio turnover rate for the Fund was 83% of the average value of its portfolio.</span></div> 0.83 Principal Investment Strategies <div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, the Brown Advisory - WMC Japan Equity 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 companies which are domiciled in or exercise the predominant part of their economic activity in Japan (“80% Policy”).</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In determining whether a company is domiciled in or exercises the predominant part of its economic activity in Japan, the Fund will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets with respect to at least half of the company’s assets; or (iv) country where the company derives at least half of its revenue or profits.</span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may purchase equity securities of companies of any size capitalization. Equity securities in which the Fund may invest include common stock, preferred stock, equity-equivalent securities such as stock futures contracts or convertible securities, equity options, other investment companies, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), real estate investment trusts (“REITs”), initial public offerings (“IPOs”), and exchange traded funds (“ETFs”).</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may invest up to 20% of its net assets in securities of companies that are established or operating in countries outside of Japan, which may include less developed and emerging markets countries as well as other developed market countries.</span></div><div style="text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may utilize options, futures contracts, currency forwards, swaps and options on futures. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances. It is expected that the Fund will generally not hedge the portfolio’s Japanese yen exposure. However, the Fund reserves the right to partially or fully hedge the portfolio’s Japanese yen exposure in order to manage risk. The Fund may also opportunistically reduce equity exposure using futures contracts. In addition, the Fund may invest in participatory notes which are instruments that are used to replicate the performance of certain underlying issuers and markets. By investing in derivatives, the Fund attempts to achieve the economic equivalence it would achieve if it were to invest directly in the underlying security. Investments in derivatives may be counted towards the Fund’s 80% Policy if they provide investment exposure to investments that are included in the Fund’s 80% Policy or to one or more market risk factors associated with such investments.</span></div><div><span><br/></span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund may sell its portfolio securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">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 strategies and invest, without limitation, in cash or prime quality cash equivalents. A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</span></div> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Under normal conditions, the Brown Advisory - WMC Japan Equity 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 companies which are domiciled in or exercise the predominant part of their economic activity in Japan (“80% Policy”).</span> As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">American Depositary Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) Risk.</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated.</span></div> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Convertible Securities Risk</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Currency and Exchange Rate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Cybersecurity and AI Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund, its service providers, and the issuers in which the Fund invests are vulnerable to cybersecurity breaches, which may be intentional or accidental and can disrupt operations, impair the ability to calculate net asset value or process transactions, and lead to financial loss, regulatory penalties, or reputational harm. Costs of prevention and remediation may be significant, and the Fund cannot control the cybersecurity measures of third parties on which it depends. Additionally, the growing use of artificial intelligence (“AI”) by market participants and issuers may affect markets and individual investments, including through faulty or biased AI outputs, new security vulnerabilities, or malicious use of AI for fraud or manipulation. Issuers heavily engaged in or reliant on AI face added business, technology, and legal risks.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Derivatives Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The risk that an investment in derivatives will not perform as anticipated, cannot be closed out at a favorable time or price, or will increase the Fund’s volatility; that derivatives may create investment leverage; that, when a derivative is used as a substitute or alternative to a direct cash investment, the transaction may not provide a return that corresponds precisely with that of the cash investment; that a derivative will not perform in the manner anticipated by the Adviser, which may result in losses that partially or completely offset gains in portfolio positions; or that, when used for hedging purposes, derivatives will not provide the anticipated protection, causing the Fund to lose money on both the derivatives transaction and the exposure the Fund sought to hedge. The risks of investing in derivative instruments also include leverage, liquidity, market, credit, operational and legal risks.</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, any derivatives held by the Fund will have counterparty associated risks, which are the risks that the other party to the derivative contract, which may be a derivatives exchange, will fail to make required payments or otherwise fail to comply with the terms of the contract. The Fund potentially could lose all or a large portion of its investment in the derivative instrument.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Emerging Markets Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. In addition, companies in emerging market countries may not be subject to accounting, auditing, financial reporting and recordkeeping requirements that are as robust as those in more developed countries, and therefore, material information about a company may be unavailable or unreliable, and U.S. regulators may be unable to enforce a company’s regulatory obligations. Emerging markets countries are also subject to potential expropriation or nationalization of private properties and other adverse political, economic and social events. Emerging markets countries are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. Investors should be able to tolerate sudden, sometimes substantial, fluctuations in the value of their investments. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Equity and General Market Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. Markets may, in response to economic, political (including geopolitical), social or </span><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">market developments, governmental actions or intervention, natural disasters, epidemics, pandemics or other external factors, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.</span></div> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">ETF Risk.</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.</span> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Foreign Securities Risk.</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject; limited information about foreign companies; less liquidity and higher volatility in foreign markets and less protection to the shareholders in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become more volatile and subject to increased risk due to ongoing developments and changing conditions in such markets. The value of the Fund’s foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes. Economic sanctions could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the Fund’s investments in such securities harder to value.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Investments in Other Investment Companies Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests, and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies.</span> <span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Japanese Securities Risk.</span><span style="color:#003968;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Because a significant portion of the assets of the Fund are invested in Japanese securities, the Fund’s performance is expected to be closely tied to the political, social and economic conditions within Japan. The Japanese economy has at times in the past been negatively affected by government intervention and protectionism, a deflationary macroeconomic environment, a heavy reliance on international trade and natural disasters. These factors, as well as an aging population, increases in government debt and changes to fiscal, monetary, or trade policies, may affect Japanese markets and the Fund’s performance. As such, the Fund’s performance may be more volatile than the performance of funds that are more geographically diverse.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.35pt">Large Capitalization Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Large Investor Risk. </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Ownership of shares of the Fund may be concentrated in one or more large investors. These investors may redeem shares in substantial quantities or on a frequent basis, which may negatively impact the Fund’s performance, may increase realized capital gains, may accelerate the realization of taxable income to other shareholders and may potentially limit the use of available capital loss carryforwards or certain other losses to offset any future realized capital gains. Large investor redemption activity also may increase the Fund’s brokerage and other expenses.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.35pt">Liquidity Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">: Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Fund would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.35pt">Management Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Medium Capitalization Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of medium sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. Additionally, the price of medium-sized companies may decline more in response to selling pressures.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">New Fund Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The Fund is new with a limited operating history and there can be no assurance that the Fund will grow to or maintain an economically viable size.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">REIT and Real Estate Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs. In connection with the Fund’s investments in REITs, the Fund is also subject to risks associated with extended vacancies of properties or defaults by borrowers or tenants, particularly during periods of disruptions to business operations or an economic downturn.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Smaller Company Risk.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Securities of companies smaller than larger companies may be more volatile and as a result, the price of smaller companies may decline more in response to selling pressure.</span> <span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Valuation Risk</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. The prices provided by pricing services or independent dealers or the fair value determinations made by the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change and will vary depending on the information that is available.</span> Performance Information <div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance of Investor Shares for one year. The table shows how the average annual returns of Investor Shares and Institutional Shares for the 1 year and since inception periods compare to the Fund's primary broad-based market index. In accordance with regulatory requirements, the Fund has selected the TOPIX Net Total Return Index as the Fund’s primary benchmark.</span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:112%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. Updated performance information is available online at </span><span style="background-color:#ffffff;color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">www.brownadvisory.com/mf/wmc-japan-equity-fund </span><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">or by calling 800-540-6807 (toll free) or call 414-203-9064.</span></div> The following performance information provides some indication of the risks of investing in the Fund. In accordance with regulatory requirements, the Fund has selected the TOPIX Net Total Return Index as the Fund’s primary benchmark. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.brownadvisory.com/mf/wmc-japan-equity-fund 414-203-9064 Brown Advisory - WMC Japan Equity Fund– Investor Shares Annual Total Returns <div style="margin-bottom:3pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The Fund’s calendar year-to-date total return as of September 30, 2026 was 23.94%. During the period shown in the chart, the highest quarterly return was 10.68% (for the quarter ended June 30, 2025) and the lowest quarterly return was 3.00% (for the quarter ended December 31, 2025.</span></div> year-to-date total return 2026-09-30 0.2394 highest quarterly return 0.1068 2025-06-30 lowest quarterly return 0.0300 2025-12-31 Brown Advisory - WMC Japan Equity FundAverage Annual Total Returns 2024-09-30 2024-09-30 –Return Before Taxes 0.2842 0.1544 –Return After Taxes on Distributions 0.2683 0.1429 –Return After Taxes on Distributions and Sale of Fund Shares 0.1718 0.1148 –Return Before Taxes 0.2869 0.1563 TOPIX Net Total Return Index (reflects no deduction for fees, expenses and taxes) (reflects no deduction for fees, expenses and taxes) 0.2532 0.1584 <div style="margin-bottom:6pt;text-align:justify"><span style="color:#003868;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Brown Advisory LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end or contingent deferred sales loads, taxes, interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement for Institutional Shares, Investor Shares and Advisor Shares to 0.93%, 1.08% and 1.33%, respectively, of the Fund’s average daily net assets through October 31, 2027. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The contractual waivers and expense reimbursements may be changed or eliminated at any time by the Board of Trustees, on behalf of the Fund, upon 60 days written notice to the Adviser. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations or the limitations in place at the time the reduction was originally made and the reimbursement is made within three years after the date on which the Adviser incurred the expense. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Brown Advisory LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end or contingent deferred sales loads, taxes, interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement for Institutional Shares, Investor Shares and Advisor Shares to 0.70%, 0.85% and 1.10%, respectively, of the Fund’s average daily net assets through October 31, 2027. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The contractual waivers and expense reimbursements may be changed or eliminated at any time by the Board of Trustees, on behalf of the Fund, upon 60 days written notice to the Adviser. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations or the limitations in place at the time the reduction was originally made and the reimbursement is made within three years after the date on which the Adviser incurred the expense. Brown Advisory LLC (the "Adviser") has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end or contingent deferred sales loads, taxes, interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement for Institutional Shares, Investor Shares and Advisor Shares to 0.85%, 1.00% and 1.25%, respectively, of the Fund’s average daily net assets through October 31, 2027. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The contractual waivers and expense reimbursements may be changed or eliminated at any time by the Board of Trustees, on behalf of the Fund, upon 60 days written notice to the Adviser. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations or the limitations in place at the time the reduction was originally made and the reimbursement is made within three years after the date on which the Adviser incurred the expense. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses.