Brown Advisory US Smaller Companies Fund Sterling Class B Dis

The objective of the Fund is to achieve capital appreciation by investing primarily in U.S. equities. The Fund invests at least 80% of its net assets in equity securities of small U.S. companies. The Fund seeks to invest primarily in small companies with above average growth prospects and which are listed or traded on the U.S. markets and exchanges listed in Appendix I of the Prospectus. Small companies are companies whose market capitalisations are equal to or less than $6 billion at the time the Fund purchases the issuer’s securities (“Market Capitalisation Range”). The Fund may also invest in U.S. Rule 144A Securities, American and Global Depositary Receipts, US treasury bills, fixed and/or floating rate U.S. government securities and ancillary liquid assets subject to the limits set out in the Prospectus.