baf_485bxbrl.htm

0000894189-12-006059.txt : 20121030 0000894189-12-006059.hdr.sgml : 20121030 20121030154542 ACCESSION NUMBER: 0000894189-12-006059 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121030 DATE AS OF CHANGE: 20121030 EFFECTIVENESS DATE: 20121030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brown Advisory Funds CENTRAL INDEX KEY: 0001548609 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-181202 FILM NUMBER: 121168691 BUSINESS ADDRESS: STREET 1: 901 SOUTH BOND STREET CITY: BALTIMORE STATE: MD ZIP: 21231 BUSINESS PHONE: 410-537-5400 MAIL ADDRESS: STREET 1: 901 SOUTH BOND STREET CITY: BALTIMORE STATE: MD ZIP: 21231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brown Advisory Funds CENTRAL INDEX KEY: 0001548609 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22708 FILM NUMBER: 121168692 BUSINESS ADDRESS: STREET 1: 901 SOUTH BOND STREET CITY: BALTIMORE STATE: MD ZIP: 21231 BUSINESS PHONE: 410-537-5400 MAIL ADDRESS: STREET 1: 901 SOUTH BOND STREET CITY: BALTIMORE STATE: MD ZIP: 21231

0001548609 S000037789 Brown Advisory Winslow Sustainability Fund

C000116562 Institutional Shares BAFWX

C000116563 Investor Shares BIAWX

C000116564 Advisor Shares BAWAX

0001548609 S000037790 Brown Advisory Tax Exempt Bond Fund

C000116565 Institutional Shares

C000116566 Investor Shares BIAEX

C000116567 Advisor Shares

0001548609 S000038479 Brown Advisory Growth Equity Fund

C000118712 Investor Shares BIAGX

C000118713 Institutional Shares BAFGX

C000118714 Advisor Shares BAGAX

0001548609 S000038480 Brown Advisory Equity Income Fund

C000118715 Investor Shares BIADX

C000118716 Institutional Shares BAFDX

C000118717 Advisor Shares BADAX

0001548609 S000038481 Brown Advisory Value Equity Fund

C000118718 Investor Shares BIAVX

C000118719 Institutional Shares BAFVX

C000118720 Advisor Shares BAVAX

0001548609 S000038482 Brown Advisory Flexible Value Fund

C000118721 Investor Shares BIAFX

C000118722 Institutional Shares BAFFX

C000118723 Advisor Shares BAFAX

0001548609 S000038483 Brown Advisory Small-Cap Growth Fund

C000118724 Investor Shares BIASX

C000118725 Institutional Shares BAFSX

C000118726 Advisor Shares BASAX

0001548609 S000038484 Brown Advisory Small-Cap Fundamental Value Fund

C000118727 Investor Shares BIAUX

C000118728 Institutional Shares BAFUX

C000118729 Advisor Shares BAUAX

0001548609 S000038485 Brown Advisory Opportunity Fund

C000118730 Investor Shares BIAOX

C000118731 Institutional Shares

C000118732 Advisor Shares

0001548609 S000038486 Brown Advisory Maryland Bond Fund

C000118733 Investor Shares BIAMX

C000118734 Institutional Shares

C000118735 Advisor Shares

0001548609 S000038487 Brown Advisory Intermediate Income Fund

C000118736 Investor Shares BIAIX

C000118737 Institutional Shares

C000118738 Advisor Shares BAIAX

0001548609 S000038488 Brown Advisory Tactical Bond Fund

C000118739 Investor Shares

C000118740 Institutional Shares

C000118741 Advisor Shares BATBX

485BPOS 1 baf_485bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL baf_485bxbrl.htm

Filed with the Securities and Exchange Commission on October 30, 2012

1933 Act Registration File No. 333-181202

1940 Act File No. 811-22708

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		[	X	]
Pre-Effective Amendment No.		[		]
Post-Effective Amendment No.	6	[	X	]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940			[	X		]
Amendment No.	8		[		X	]

(Check appropriate box or boxes.)

BROWN ADVISORY FUNDS

(Exact Name of Registrant as Specified in Charter)

901 South Bond Street, Suite 400

Baltimore, Maryland 21231

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code: (410) 537-5400

David M. Churchill, President and Principal Executive Officer

Brown Advisory Funds

901 South Bond Street, Suite 400

Baltimore, Maryland 21231

(Name and Address of Agent for Service)

Copy to:

Patrick W.D. Turley, Esq.

Dechert LLP

1775 I Street, NW

Washington, DC 20006

It is proposed that this filing will become effective (check appropriate box)

[	X	]	immediately upon filing pursuant to paragraph (b)
[		]	On (date) pursuant to paragraph (b)
[		]	60 days after filing pursuant to paragraph (a)(1)
[		]	on (date) pursuant to paragraph (a)(1)
[		]	75 days after filing pursuant to paragraph (a)(2)
[		]	on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

[

]

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This Post-Effective Amendment (“PEA”) No. 6 to the Registration Statement for the Brown Advisory Funds (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 5 on Form N 1A filed October 19, 2012. This PEA No. 6 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 5 to the Trust’s Registration Statement.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Baltimore and the State of Maryland on October 30, 2012.

	Brown Advisory Funds

	By: /s/ David M. Churchill
	David M. Churchill
	President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature	Title	Date

/s/ David M. Churchill	President	October 30, 2012
David M. Churchill

/s/ Jason T. Meix	Treasurer	October 30, 2012
Jason T. Meix

Michael D. Hankin*	Trustee	October 30, 2012
Michael D. Hankin

Joseph R. Hardiman*	Trustee and Chairman of the Board	October 30, 2012
Joseph R. Hardiman

Henry H. Hopkins*	Trustee	October 30, 2012
Henry H. Hopkins

Kyle P. Legg*	Trustee	October 30, 2012
Kyle P. Legg

Thomas F. O’Neil III*	Trustee	October 30, 2012
Thomas F. O’Neil III

Neal F. Triplett*	Trustee	October 30, 2012
Neal F. Triplett

* By: /s/ Patrick W.D. Turley

Patrick W.D. Turley

As Attorney-in-Fact pursuant to Powers of Attorney previously filed and incorporated by reference.

INDEX TO EXHIBITS

Exhibit	Exhibit No.
Instance Document	EX-101.INS
Schema Document	EX-101.SCH
Calculation Linkbase Document	EX-101.CAL
Definition Linkbase Document	EX-101.DEF
Label Linkbase Document	EX-101.LAB
Presentation Linkbase Document	EX-101.PRE

EX-101.INS 2 ck0001548609-20120630.xml INSTANCE DOCUMENT 485BPOS 2012-06-30 0001548609 2012-10-19 Brown Advisory Funds false 2012-10-19 2012-10-19 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. <tt>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 period from the Fund's inception on September 30, 2011 to the fiscal year ended June 30, 2012, the portfolio turnover rate for the Fund was 1,290% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038488Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Tactical Bond Fund (the "Fund") Fund seeks to achieve capital appreciation.</tt> <tt>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.</tt> <tt>Under normal conditions, the Fund will invest at least 80% of the value of its net assets (plus borrowings for investment purposes) in fixed income securities. Brown Advisory, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing in tax-exempt municipal bonds, corporate bonds (including junk bonds), U.S. Treasury bonds, Treasury Inflation Protected Securities (TIPS), derivatives and cash equivalents. Allocations to these sectors will be made tactically; meaning that the fund will remain invested in each sector only as long as the Adviser believes the relative value is attractive, which at times may be a matter of days or weeks, as opposed to holding investments in certain sectors for years at a time. To determine relative value, the Adviser has developed three quantitative models that seek to identify investment opportunity in various fixed income sectors. First, the Municipal Model looks to identify relative value between tax-exempt municipals and Treasury bonds. When this model is bullish on municipal bonds, the Fund will generally invest up to 30-40% of its net assets in tax-exempt municipal bonds. Otherwise the Fund will have a similarly sized allocation to Treasury bonds. Second, the TIPS Model indicates relative value between TIPS and Treasury bonds. When this model is bullish on TIPS, the Fund will generally invest up to 30-40% of its net assets in TIPS. Otherwise the Fund will have a similarly sized allocation to Treasury bonds. Third, the High-Yield Model indicates whether high-yield bonds (also called "junk bonds") are attractive investments. If the model is bullish on high-yield bonds, the Fund will generally invest up to 30-40% of its net assets in high-yield bonds or equivalent derivative exposure to establish a long position. If the model is bearish on high-yield bonds, the Fund will take a similarly sized short position in high-yield bonds or use derivatives to obtain similar short exposure. All positioning will be intended to capture the general movement of that sector as opposed to trying to generate returns from individual security selection. The Adviser's strategy may result in the Fund holding relatively concentrated positions in certain sectors or securities and will result in a relatively high degree of portfolio turnover. The Fund is non-diversified. The Fund may invest in securities of any maturity and/or credit quality rating, but generally speaking, the Fund intends to focus on Treasury, TIPS, and municipal positions in the 7-15 year maturity range. High-yield bond positions will generally be accessed through derivatives which have 5 years to expiration. In addition, within municipal bonds, the Fund will generally utilize bonds of one of the highest two credit rating letter grades and will focus on relatively large issuers, such as State-level obligations. The Fund will limit its investment in high-yield securities to no more than 40% of the Fund's total assets. The Fund may utilize derivatives, mutual funds, or exchange-traded funds which invest in any of the previously mentioned types of fixed income securities. The Fund expects to primarily use derivatives, such as credit default swap indices, and/or exchange-traded funds in connection with its high-yield bond exposure. In all cases, holdings in mutual funds or exchange-traded funds will be limited to 10% of the Fund's net asset value. The Adviser may sell a fixed income security or reduce its position if: ·  Revised economic forecasts or interest rate outlook requires a repositioning      of the portfolio;                                                                 ·  The security subsequently fails to meet the investment criteria;    ·  A more attractive security is found; or    ·  The Adviser believes that the security has reached its appreciated potential.    In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or tax exempt quality cash equivalents.</tt> Brown Advisory Tactical Bond Fund Example "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Investment Objective As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 12.90 Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  Credit Risk. The value of your investment in the Fund may change in response      to changed in the credit ratings of the Fund's portfolio securities.              Generally, investment risk and price volatility increase as a security's          credit rating declines.                                                           ·  Debt/Fixed Income Securities Risk. The value of your investment in the Fund       may change in response to changes in interest rates. The longer the duration      of a debt security, the more its value typically falls in response to an          increase in interest rates. The value of your investment in the Fund may          change in response to the credit ratings of the Fund's portfolio of debt          securities. The degree of risk for a particular security may be reflected in      its credit rating. The Fund cannot collect interest and principal payments on    a debt security if the issuer defaults. Prepayment and extension risks are        present when interest rates decline and issuers of debt securities experience    acceleration in prepayments. The acceleration can shorten the maturity of the    debt security and force the Fund to invest in securities with lower interest      rates, reducing the Fund's return. Distressed debt securities involve greater    risk of default or downgrade and are more volatile than investment grade          securities. Distressed debt securities may also be less liquid than higher        quality debt securities.                                                          ·  Derivatives Risk. 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; 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. Additionally, any derivatives held by the      Fund will have counterparty associated risks. The Fund's use of derivatives       involves the risk that the other party to the derivative contract will fail    to make required payments or otherwise to comply with the terms of the               contract. In the event the counterparty to such a derivative instrument           becomes insolvent, the Fund potentially could lose all or a large portion    of its investment in the derivative instrument.                                      ·  ETF Risk. 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.                              ·  Inflation-Indexed Securities Risk. The risk that the Consumer Price Index         moves in a manner that is adverse to the Fund's positions in Treasury             Inflation Protected Securities.                                                   ·  Interest Rate Risk. An increase in interest rates typically causes a fall in      the value of the fixed income securities in which the Fund may invest.            ·  Liquidity Risk. 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.        ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund.    ·  Modeled Trading Strategies Risk. The Adviser will make extensive use of           trading models to make tactical decisions of when to buy or sell                  securities. These models could fail to produce correct trading signals and        thus adversely impact the Fund's return.                                          ·  Municipal Securities Risk. Adverse economic or political factors in the           municipal bond market, including changes in the tax law, could impact the Fund    in a negative manner.                                                             .  New Fund Risk. The Fund is relatively new with a limited operating history and    there can be no assurance that the Fund will grow to or maintain an               economically viable size.                                                         ·  Non-Diversification Risk. 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.                                                                ·  Non-Investment Grade (Junk Bond) Securities Risk. 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.    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.                  ·  Portfolio Turnover Risk. The Adviser's tactical investment process is expected    to result in a high portfolio turnover rate. 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.                                                ·  Rating Agencies Risk. 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.    ·  U.S. Government Securities Risk. 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.</tt> Fees and Expenses Principal Investment Strategies <tt>Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Accordingly, performance information is not available. Performance information will be available after the Fund has been in operation for one calendar year. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance.</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038488Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038488Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BATBX 0.00 0.0015 146 452 1713 -0.0100 782 0.0042 0.0060 0.0100 0.0025 0.0143 0.0001 0.00 Not Available for Sale 0.00 0.0000 105 328 1259 -0.0100 569 0.0042 0.0060 0.0100 0.0000 0.0103 0.0001 0.00 Not Available for Sale 0.00 0.0015 120 375 1432 -0.0100 649 0.0042 0.0060 0.0100 0.0000 0.0118 0.0001 0.00 <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 75% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>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.</tt> <tt>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.</tt> reflects no deduction for fees, expenses and taxes <tt>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 borrowings for investment purposes) in fixed income securities such as U.S Government securities, corporate fixed income securities, mortgage-backed and asset-backed securities. 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 interest rate sensitivity. The Adviser may sell a fixed income security or reduce its position if: ·  Revised economic forecasts or interest rate outlook requires a repositioning      of the portfolio;                                                              ·  The security subsequently fails to meet the investment criteria;    ·  A more attractive security is found; or    ·  The Adviser believes that the security has reached its appreciation potential.    In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Intermediate Income Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.75 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. Brown Advisory Intermediate Income Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: The Intermediate Income Fund currently two offers classes of shares. Investor Shares commenced operations on November 2, 1995 as part of the Predecessor Fund and Adviser Shares commenced operations on May 31, 1991 as part of the Predecessor Fund. Prior to October 19, 2012, Investor Shares were known as 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 Advisor Shares and Institutional Shares will vary.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 3.63%. During the periods shown in the chart, the highest quarterly return was 4.25% (for the quarter ended September 30, 2002) and the lowest quarterly return was -1.78% (for the quarter ended June 30, 2004).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Intermediate Income Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  Credit Risk. 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.                                                ·  Debt/Fixed Income Securities Risk. An increase in interest rates typically        causes a fall in the value of the 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.         Securities rated below investment grade ("junk bonds") are 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.                                                          ·  Interest Rate Risk. An increase in interest rates typically causes a fall    in the value of the fixed income securities in which the Fund may invest.         ·  Liquidity Risk. 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.        ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund.    ·  Mortgage- and Asset-Backed Securities Risk. 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.        ·  Prepayment/Extension Risk. 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.</tt> Fees and Expenses After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Principal Investment Strategies www.brownadvisoryfunds.com <tt>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, 5 and 10 year periods compare to a broad-based market index. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund. 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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038487Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays U.S. Intermediate Aggregate Bond Index (reflects no deduction for fees, expenses and taxes) 0.0597 0.0609 0.0539 Return After Taxes on Distributions and Sale of Fund Shares 0.0435 0.0414 0.0332 Return After Taxes on Distributions 0.0470 0.0433 0.0340 BAIAX 0.00 Return Before Taxes 0.0005 80 249 966 -0.0100 433 0.0591 0.0017 0.0030 0.0555 0.0100 0.0025 0.0464 0.0078 0.0001 0.00 Not Available for Sale 0.00 0.0000 49 154 604 -0.0100 269 0.0017 0.0030 0.0100 0.0000 0.0048 0.0001 0.00 BIAIX 0.0743 lowest quarterly return highest quarterly return 0.00 2012-09-30 Return Before Taxes 0.0005 54 2002-09-30 170 -0.0178 0.0321 0.0565 665 -0.0100 296 0.0707 0.0425 0.0611 0.0017 0.0450 0.0030 2004-06-30 0.0573 0.0581 0.0157 Fund's calendar year-to-date total return 0.0100 0.0611 0.0391 0.0000 0.0491 0.0053 0.0405 0.0363 0.0001 0.00 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. <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 16% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>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.</tt> <tt>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.</tt> reflects no deduction for fees, expenses or taxes <tt>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 borrowings for investment purposes) in Maryland bonds, including bonds issued on behalf of the State of Maryland, its local governments and public financing authorities. 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 S&P and Moody's. 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 maturity of the Fund's portfolio securities will be between 4 and 10 years. Normally, the Fund will invest at least 80% of the Fund's total 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 in addition to AMT. 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. The Adviser may sell a fixed income security or reduce its position if: ·  Revised economic forecasts or interest rate outlook requires a repositioning      of the portfolio;                                                              ·  The security subsequently fails to meet the investment criteria; ·  A more attractive security is found; or ·  The Adviser believes that the security has reached its appreciated potential. In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or tax exempt quality cash equivalents.</tt> Brown Advisory Maryland Bond Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures because when a capital loss occurs upon redemption of Fund shares, a tax deduction is provided that benefits the investor. 0.16 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. Brown Advisory Maryland Bond Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: Prior to October 19, 2012, Investor Shares were known as 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. The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures because when a capital loss occurs upon redemption of Fund shares, a tax deduction is provided that benefits the investor.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 2.76%. During the periods shown in the chart, the highest quarterly return was 4.07% (for the quarter ended June 30, 2002) and the lowest quarterly return was -2.03% (for the quarter ended June 30, 2004).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Maryland Bond Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  Credit Risk. 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.                                                           ·  Debt/Fixed Income Securities Risk. An increase in interest rates typically        causes a fall in the value of the 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.         Securities rated below investment grade ("junk bonds") are 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. ·  Interest Rate Risk. An increase in interest rates typically causes a fall in      the value of the fixed income securities in which the Fund may invest.         ·  Liquidity Risk. 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.     ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund. ·  Maryland Bonds and Municipal Securities Risk. Adverse economic or political       factors in Maryland will affect the Fund's NAV more than if the Fund invested    in more geographically diverse investments.                                    ·  Municipal Securities Risk. Adverse economic or political factors in the municipal    bond market, including changes in the tax law, could impact the Fund in a negative    manner. ·  Non-Diversification Risk. 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.</tt> Fees and Expenses Principal Investment Strategies www.brownadvisoryfunds.com 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 borrowings for investment purposes) in Maryland bonds, including bonds issued on behalf of the State of Maryland, its local governments and public financing authorities. <tt>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, 5 and 10 year periods compare to a broad-based market index. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund. 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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038486Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Barclays 1-10 Year Blended Municipal Bond Index (reflects no deduction for fees, expenses or taxes) 0.0762 0.0537 0.0481 Return After Taxes on Distributions and Sale of Fund Shares 0.0458 0.0396 0.0374 Return After Taxes on Distributions 0.0553 0.0413 0.0385 Not Available for Sale 0.00 0.0005 81 252 978 -0.0100 439 0.0018 0.0030 0.0100 0.0025 0.0079 0.0001 0.00 Not Available for Sale 0.00 0.0000 50 157 616 -0.0100 274 0.0018 0.0030 0.0100 0.0000 0.0049 0.0001 0.00 BIAMX 0.0899 lowest quarterly return highest quarterly return 0.00 2012-09-30 Return Before Taxes 0.0005 55 2002-06-30 173 -0.0203 0.0217 0.0228 677 -0.0100 302 0.0368 0.0407 0.0560 0.0018 0.0274 0.0030 2004-06-30 0.0650 0.0415 0.0066 Fund's calendar year-to-date total return 0.0100 0.0560 0.0341 0.0000 0.0386 0.0054 0.0285 0.0276 0.0001 0.00 <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 76% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038485Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038485Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Opportunity Fund (the "Fund") seeks to achieve long-term capital appreciation.</tt> <tt>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 for 2 years).</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal conditions, Brown Advisory, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing primarily in a diversified portfolio of equity securities. In doing so, the Adviser may invest broadly across the traditional style spectrum and may incorporate a mix of value and growth investment strategies, regardless of market capitalization. The Adviser selects equity securities of "high quality companies" that the Adviser believes have significant market opportunities where the companies are leaders or potential leaders in their respective industries, market proprietary products and services or are engaged in new product development and product cycle leadership that sustains a strong brand franchise. 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"), and the Adviser 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. ADRs may be sponsored or unsponsored. The Fund may invest up to 20% of its net assets in foreign securities, including in emerging markets. The Adviser may sell a security or reduce its position if: ·  It fails to meet initial investment criteria; or ·  The security becomes overvalued relative to the long-term expectation. In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Opportunity Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. 0.76 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. Brown Advisory Opportunity Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: Prior to October 19, 2012, Investor Shares were known as 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. 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.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 12.94%. During the periods shown in the chart, the highest quarterly return was 36.75% (for the quarter ended December 31, 2002) and the lowest quarterly return was -34.11% (for the quarter ended September 30, 2002).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Opportunity Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  American Depositary Receipts ("ADRs") Risk. 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 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.               ·  Convertible Securities Risk. 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.    ·  Equity and General Market Risk. Common stocks 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.                                                                    ·  ETF Risk. 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.                     ·  Foreign Securities/Emerging Markets Risk. Foreign securities (including ADRs),    including those issued in emerging markets are subject to additional risks        including international trade, currency, political, regulatory and diplomatic    risks. Securities issued in emerging markets have more risk than securities       issued in more developed foreign markets.                                      ·  Growth Company Risk. Securities of growth companies can be more sensitive to      the company's earnings and more volatile than the market in general.           ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund. ·  Medium Capitalization Company Risk. Securities of medium sized companies may      be more volatile and more difficult to liquidate during market down turns than    securities of larger companies.                                                ·  Portfolio Turnover Risk. 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.                                                              ·  Private Placement Risk. The Fund may invest in privately issued securities of    domestic 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 ("1933 Act"). 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.   ·  REIT and Real Estate Risk. 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.             ·  Smaller and Medium Capitalization Company Risk. 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. ·  Value Company Risk. 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.</tt> Fees and Expenses After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Principal Investment Strategies www.brownadvisoryfunds.com <tt>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, 5 and 10 year periods compare to a broad-based market index. Advisor Shares have not yet commenced operations. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund. 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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038485Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038485Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038485Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 3000® Index (reflects no deduction for fees, expenses or taxes) 0.0103 -0.0001 0.0351 Return After Taxes on Distributions and Sale of Fund Shares 0.0127 0.0104 -0.0042 Return After Taxes on Distributions 0.0196 0.0122 -0.0049 Not Available for Sale 0.00 0.0015 174 572 -0.0031 2297 -0.0100 1029 0.0076 0.0085 2014-10-31 0.0100 0.0025 0.0171 0.0202 0.0001 0.00 Not Available for Sale 0.00 0.0000 138 459 -0.0026 1877 -0.0100 831 0.0076 0.0085 2014-10-31 0.0100 0.0000 0.0136 0.0162 0.0001 0.00 BIAOX -0.4760 lowest quarterly return highest quarterly return 0.00 2012-09-30 Return Before Taxes 0.0015 154 2002-12-31 505 -0.3411 -0.0262 -0.0026 0.1736 2040 -0.0100 909 0.2041 0.3675 0.0196 0.0076 -0.4978 0.0085 2014-10-31 2002-09-30 0.4688 0.0122 -0.0419 Fund's calendar year-to-date total return 0.0100 0.0196 0.7752 0.0000 -0.0049 0.0151 0.0177 0.0320 0.1294 0.0001 0.00 <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 36% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038484Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038484Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Small-Cap Fundamental Value Fund (the "Fund") seeks to achieve long-term capital appreciation.</tt> <tt>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.</tt> reflects no deduction for fees, expenses or taxes <tt>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 borrowings for investment purposes) in equity securities of small capitalization companies. 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 Adviser may also invest in private placements in these types of securities. Small companies, according to the Adviser, are companies whose market capitalizations are generally less than $4 billion at the time of purchase. 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. With 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. 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 Adviser may sell a security or reduce its position if: ·  It has reached its target price; ·  Its present reward to risk ratio is unattractive; ·  It is overvalued; or ·  The company's fundamentals have deteriorated in a material, long-term manner. 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 principal investment strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Small-Cap Fundamental Value Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. 0.36 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. Brown Advisory Small-Cap Fundamental Value Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: The Small-Cap Fundamental Value Fund offers three classes of shares. Investor Shares commenced operations on December 31, 2008 as part of the Predecessor Fund and Advisor Shares commenced operations on July 28, 2011 as part of the Predecessor Fund. Performance shown prior to inception of the Advisor Shares is based on the performance of Investor Shares, adjusted for the higher expenses applicable to Advisor Shares. Prior to July 1, 2011, the Advisor Shares were known as A Shares. Institutional Shares commenced operations on October 19, 2012. Prior to October 19, 2012, Investor Shares were known as 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. 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.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 17.66%. During the periods shown in the chart, the highest quarterly return was 17.41% (for the quarter ended December 31, 2010) and the lowest quarterly return was -19.15% (for the quarter ended September 30, 2011).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Small-Cap Fundamental Value Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  American Depositary Receipts ("ADRs") Risk. 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 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.               ·  Convertible Securities Risk. 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.    ·  Debt/Fixed Income Securities Risk. An increase in interest rates typically        causes a fall in the value of the 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.    Securities rated below investment grade ("junk bonds") are 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.                                                       ·  Derivatives Risk. The risks of investments in options, futures contracts and      options on futures contracts include imperfect correlation between the value      of these instruments and the underlying assets; risks of default by the other    party to the derivative transactions; risks that the transactions may result      in losses that partially or completely offset gains in portfolio positions;       and risks that the derivative transactions may not be liquid.                  ·  Equity and General Market Risk. Common stocks 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.                                                                    ·  ETF Risk. 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.                     ·  Foreign Securities/Emerging Markets Risk. Foreign securities (including ADRs),    including those issued in emerging markets are subject to additional risks        including international trade, currency, political, regulatory and diplomatic    risks. Securities issued in emerging markets have more risk than securities       issued in more developed foreign markets.                                         ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund. ·  Non-Investment Grade Securities Risk. Securities rated below investment grade,    i.e., BA or BB and lower ("junk bonds"), are subject to greater risks of loss    of your money than higher rated securities. Compared with issuers of              investment grade fixed-income securities, junk bonds are more likely to           encounter financial difficulties and to be materially affected by these           difficulties.                                                                  ·  Private Placement Risk. The Fund may invest in privately issued securities of    domestic 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 ("1933 Act"). 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. ·  REIT and Real Estate Risk. 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.             ·  Smaller Company Risk. 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.                                  ·  Value Company Risk. 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.</tt> Fees and Expenses After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Principal Investment Strategies www.brownadvisoryfunds.com <tt>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 and since inception periods compare to a broad-based market index. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund. 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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038484Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038484Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038484Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0550 0.1236 Investor Shares Return After Taxes on Distributions and Sale of Fund Shares 0.0207 0.1501 2008-12-31 Investor Shares Return After Taxes on Distributions 0.0071 0.1671 2008-12-31 BAUAX 0.00 Advisor Shares Return Before Taxes 0.0015 156 483 1824 -0.0100 834 0.0175 0.0021 0.0085 0.0100 0.0025 0.0153 0.1755 2011-07-28 0.0007 0.00 BAFUX 0.00 0.0000 115 359 1375 -0.0100 622 0.0021 0.0085 0.0100 0.0000 0.0113 0.0007 0.00 BIAUX lowest quarterly return highest quarterly return 0.00 2012-09-30 Investor Shares Return Before Taxes 0.0015 130 2010-12-31 406 -0.1915 0.2750 1545 -0.0100 702 0.1741 0.0205 0.0021 0.0085 2011-09-30 0.2582 Fund's calendar year-to-date total return 0.0100 0.0205 0.0000 0.0128 0.1786 2008-12-31 0.1766 0.0007 0.00 <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 66% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038483Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038483Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Small-Cap Growth Fund (the "Fund") seeks to achieve capital appreciation by primarily investing in equity securities.</tt> <tt>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.</tt> reflects no deduction for fees, expenses or taxes <tt>Under normal conditions, Brown Advisory, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of small domestic companies. Small companies, according to the Adviser, are companies whose market capitalizations are generally less than $4 billion at the time of purchase. The Fund invests primarily in companies the Adviser believes have above average growth prospects. The Adviser conducts an in-depth analysis of a company's fundamentals to identify those companies it believes have the potential to grow earnings at an above average rate annually. 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 Adviser 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. The Adviser may sell a security or reduce its position if it believes: ·  The security subsequently fails to meet initial investment criteria;    ·  A more attractively priced security is found; or    ·  The security becomes overvalued relative to the long-term expectation.     In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is an inconsistent with its principal investments strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Small-Cap Growth Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. 0.66 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. Brown Advisory Small-Cap Growth Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: The Small-Cap Growth Fund offers three classes of shares. Investor Shares commenced operations on June 28, 1999 as part of the Predecessor Fund and Advisor Shares commenced operations on April 25, 2006 as part of the Predecessor Fund. Performance shown prior to inception of the Advisor Shares is based on the performance of Investor Shares, adjusted for the higher expenses applicable to Advisor Shares. Prior to July 1, 2011, the Advisor Shares were known as A Shares. Institutional Shares commenced operations on September 20, 2002 as part of the Predecessor Fund and prior to October 19, 2012 were known as D Shares. Prior to October 19, 2012, Investor Shares were known as 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. 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.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 11.32%. During the periods shown in the chart, the highest quarterly return was 28.00% (for the quarter ended June 30, 2003) and the lowest quarterly return was -26.60% (for the quarter ended December 31, 2008).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Small-Cap Growth Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  ADR Risk. 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 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.                                              ·  Convertible Securities Risk. 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.       ·  Equity and General Market Risk. Common stocks 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.                                                                       ·  ETF Risk. 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.                        ·  Growth Company Risk. Securities of growth companies can be more sensitive to      the company's earnings and more volatile than the market in general.              ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund.    ·  Private Placement Risk. The Fund may invest in privately issued securities of    domestic 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 ("1933 Act"). 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.                                                                         ·  REIT and Real Estate Risk. 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.             ·  Smaller Company Risk. 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.</tt> Fees and Expenses After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Principal Investment Strategies www.brownadvisoryfunds.com <tt>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 and Advisor Shares for 1, 5 and 10 year periods compare to a broad-based market index. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund. 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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038483Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038483Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038483Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) -0.0291 0.0209 0.0448 Investor Shares Return After Taxes on Distributions and Sale of Fund Shares -0.0138 0.0389 0.0309 Investor Shares Return After Taxes on Distributions -0.0300 0.0416 0.0338 BASAX 0.00 Advisor Shares Return Before Taxes 0.0015 146 452 1713 -0.0100 782 -0.0308 0.0018 0.0085 0.0409 0.0100 0.0025 0.0316 0.0143 0.00 BAFSX 0.00 Institutional Shares Return Before Taxes 0.0000 105 328 1259 -0.0100 569 -0.0262 0.0018 0.0085 0.0443 0.0100 0.0000 0.0351 0.0103 0.00 BIASX -0.3941 lowest quarterly return highest quarterly return 0.00 2012-09-30 Investor Shares Return Before Taxes 0.0015 120 2003-06-30 375 -0.2660 0.0782 0.2906 1432 -0.0100 649 0.1635 0.2800 -0.0271 0.0018 -0.3904 0.0085 2008-12-31 0.4060 0.0460 0.0520 Fund's calendar year-to-date total return 0.0100 -0.0271 0.5237 0.0000 0.0359 0.0118 0.0857 0.1132 0.00 <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 19% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038482Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038482Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Flexible Value Fund (the "Fund") seeks to achieve long-term growth of capital.</tt> <tt>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.</tt> reflects no deduction for fees, expenses and taxes <tt>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 a diversified portfolio of equity securities. 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. 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 and foreign common and preferred stock, convertible debt securities, American Depositary Receipts ("ADRs"), real estate investment trusts ("REITs") and exchange traded funds ("ETFs"). The Adviser 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 emerging markets.   The Adviser follows an investment philosophy referred to as "flexible value. "The "flexible value" strategy expands the bargain hunting concepts of value investing to a broad range of opportunities. Rather than label securities as value or growth, the Adviser believes that growth is an integral part of the value equation; therefore, the Adviser may invest in traditional value securities as well as securities of companies with better growth rates, or other characteristics that are traditionally associated with value securities. The Adviser seeks to invest in the common stocks of companies it believes are undervalued in the marketplace based on characteristics such as earnings, dividends, cash flow or asset values. Other factors considered include: .  Financial condition of the company; .  Micro and macroeconomic changes likely to improve the long-term business           performance of the company;                                                     .  Competitive positioning of the company within its industry; and .  The quality of management and management's focus on creating shareholder          value.                                                                         With respect to 20% of its assets, the Fund may invest in (1) investment grade and non-investment grade debt securities, including with respect to 10% of its assets, non-investment grade securities rated BB (or lower)/Ba (or lower) ("junk bonds"), by Standard & Poor's ("S&P") or Moody's Investor Services ("Moody's"), respectively, or (2) unrated debt securities determined by the Adviser to be of comparable quality. The Adviser may sell a security or reduce its position if: .  The security has reached a price whereby its risk/reward characteristics are      not as favorable;                                                              .  A company's fundamentals are deteriorating to the point where the original        investment thesis for owning the stock is no longer intact; or                 .  A better opportunity has been identified. In order to respond to adverse market, economical, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Flexible Value Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. 0.19 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. Brown Advisory Flexible Value Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: The Flexible Value Fund offers three classes of shares. Investor Shares commenced operations on November 30, 2006 as part of the Predecessor Fund and Advisor Shares commenced operations on January 24, 2007 as part of the Predecessor Fund. Performance shown prior to inception of the Advisor Shares is based on the performance of Investor Shares, adjusted for the higher expenses applicable to Advisor Shares. Prior to July 1, 2011, the Advisor Shares were known as A Shares. Institutional Shares commenced operations on October 19, 2012. Prior to October 19, 2012, Investor Shares were known as 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. 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.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 16.18%. During the periods shown in the chart, the highest quarterly return was 17.44% (for the quarter ended June 30, 2009) and the lowest quarterly return was -23.94% (for the quarter ended December 31, 2008).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Flexible Value Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  American Depositary Receipts ("ADRs") Risk. 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 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.               ·  Convertible Securities Risk. 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.    ·  Debt/Fixed Income Securities Risk. An increase in interest rates typically        causes a fall in the value of the 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.    Securities rated below investment grade are 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. ·  Equity and General Market Risk. Common stocks 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.                                                                    ·  ETF Risk. 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.                     ·  Foreign Securities Risk. Foreign securities, including ADRs, are subject to       additional risks including international trade, currency, political,              regulatory and diplomatic risks.                                               ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund. ·  Non-Investment Grade Securities Risk. Securities rated below investment grade,    i.e., BA or BB and lower ("junk bonds"), are subject to greater risks of loss    of your money than higher rated securities. Compared with issuers of              investment grade fixed-income securities, junk bonds are more likely to           encounter financial difficulties and to be materially affected by these           difficulties.                                                                  ·  Private Placement Risk. The Fund may invest in privately issued securities of    domestic 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 ("1933 Act"). 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. ·  REIT and Real Estate Risk. 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.             ·  Smaller and Medium Capitalization Company Risk. 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. ·  Value Company Risk. 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.</tt> Fees and Expenses After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Principal Investment Strategies www.brownadvisoryfunds.com <tt>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 Advisor Shares for 1 year, 5 year and since inception periods compare to a broad-based market index. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund. 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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038482Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038482Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038482Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses and taxes) 0.0211 -0.0025 0.0003 Return After Taxes on Distributions and Sale of Fund Shares 0.0272 -0.0178 -0.0141 2006-11-30 Return After Taxes on Distributions 0.0397 -0.0217 -0.0173 2006-11-30 BAFAX 0.00 Return Before Taxes 0.0015 137 428 1624 -0.0100 739 0.0379 0.0035 0.0060 -0.0240 0.0100 0.0025 0.0135 -0.0196 2007-01-24 0.00 BAFFX 0.00 0.0000 97 303 1166 -0.0100 525 0.0035 0.0060 0.0100 0.0000 0.0095 0.00 BIAFX lowest quarterly retur highest quarterly return 0.00 2012-09-30 Return Before Taxes 0.0015 112 2009-06-30 350 -0.2394 0.1086 1340 -0.0100 606 -0.0750 0.1744 0.0404 0.0035 -0.4003 0.0060 2008-12-31 0.4083 -0.0206 Fund's calendar year-to-date total return 0.0100 0.0404 0.0000 0.0110 -0.0162 2006-11-30 0.1618 0.00 <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 72% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038481Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038481Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Value Equity Fund (the "Fund") seeks to achieve capital appreciation.</tt> <tt>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.</tt> reflects no deduction for fees, expenses or taxes <tt>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 a portfolio of domestic equity securities of companies with medium to large market capitalization. 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. When selecting value securities, the Adviser combines a highly disciplined approach to securities valuation with an emphasis on companies that have attractive underlying fundamentals. The Adviser focuses on companies that it believes are financially strong, have a demonstrable record of self-funded growth, and are led by capable, proven, shareholder-sensitive management. The Fund invests primarily in equity securities of companies that the Adviser believes have attractive underlying fundamentals and are generally capable of sustaining long-term growth rates at or above the market averages. 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 Adviser 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. The Adviser may sell a security or reduce its position if: ·  It has reached its target price; ·  Its present reward to risk ratio is unattractive; ·  A more attractively priced security is found; or ·  The company's fundamentals deteriorate in a material, long-term manner. In order to respond to adverse market, economical, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Value Equity Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. 0.72 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. Brown Advisory Value Equity Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: The Value Equity Fund offers three classes of shares. Investor Shares commenced operations on January 28, 2003 as part of the Predecessor Fund and Advisor Shares commenced operations on April 25, 2006 as part of the Predecessor Fund. Performance shown prior to inception of the Advisor Shares is based on the performance of Investor Shares, adjusted for the higher expenses applicable to Advisor Shares. Prior to July 1, 2011, the Advisor Shares were known as A Shares. Institutional Shares commenced operations on October 19, 2012. Prior to October 19, 2012, Investor Shares were known as 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. 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.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 11.65%. During the periods shown in the chart, the highest quarterly return was 18.04% (for the quarter ended September 30, 2009) and the lowest quarterly return was -23.99% (for the quarter ended December 31, 2008).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Value Equity Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  ADR Risk. 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 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.                                             ·  Convertible Securities Risk. 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.    ·  Equity and General Market Risk. Common stocks 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.                                                                    ·  ETF Risk. 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.                     ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser 's success or failure to implement investment strategies for the Fund. ·  Medium Capitalization Company Risk. Securities of medium sized companies may      be more volatile and more difficult to liquidate during market down turns than    securities of larger companies.                                                ·  Private Placement Risk. The Fund may invest in privately issued securities of    domestic 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 ("1933 Act"). 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. ·  REIT and Real Estate Risk. 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.             ·  Value Company Risk. 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.</tt> Fees and Expenses After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Principal Investment Strategies www.brownadvisoryfunds.com <tt>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 Advisor Shares for 1 and 5 years and since inception periods compare to a broad-based market index and secondary index provided to offer a broader market perspective. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund. 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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038481Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038481Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038481Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) 0.0039 -0.0264 0.0669 S&P 500® Index (reflects no deduction for fees, expenses or taxes) 0.0211 -0.0025 0.0649 Investor Shares Return After Taxes on Distributions and Sale of Fund Shares -0.0101 -0.0179 0.0513 2003-01-28 Investor Shares Return After Taxes on Distributions -0.0214 -0.0253 0.0527 2003-01-28 BAVAX 0.00 Advisor Shares Return Before Taxes 0.0015 121 378 1443 -0.0100 654 -0.0224 0.0018 0.0060 -0.0246 0.0100 0.0025 0.0119 0.0579 2006-04-25 0.0001 0.00 BAFVX 0.00 0.0000 81 252 978 -0.0100 439 0.0018 0.0060 0.0100 0.0000 0.0079 0.0001 0.00 BIAVX lowest quarterly return highest quarterly return 0.00 2012-09-30 Investor Shares Return Before Taxes 0.0015 96 2009-09-30 300 -0.2399 0.1257 0.1447 1155 -0.0100 520 -0.0031 0.1804 -0.0195 0.0018 -0.3769 0.0060 2008-12-31 0.2951 -0.0202 0.0624 Fund's calendar year-to-date total return 0.0100 -0.0195 0.0000 0.0094 0.1783 0.0623 2003-01-28 0.1165 0.0001 0.00 <tt>The Fund pays transaction costs, such as commissions and dealer mark-ups, 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 period from the Fund's inception on December 29, 2011 to the fiscal year ended June 30, 2012, the portfolio turnover rate for the Fund was 14% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038480Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Equity Income Fund (the "Fund") seeks to provide current dividend yield and dividend growth.</tt> <tt>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.</tt> <tt>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 borrowings for investment purposes) in a diversified portfolio of dividend paying common stocks. The Adviser may invest in securities of companies of various market capitalizations but will focus on medium and large capitalization companies. Medium and large market capitalization companies are, according to the Adviser, those companies with market capitalizations of greater than $2 billion at the time of initial investment. Equity securities include domestic and foreign common and preferred stock, convertible debt securities, American Depositary Receipts ("ADRs"), Master Limited Partnerships ("MLPs"), real estate investment trusts ("REITs") and exchange traded funds ("ETFs"), and the Adviser may also invest in private placements in these types of securities. To the extent the Fund invests in MLPs, its investments will be restricted to holding interests in limited partners of such investments. To the extent the Fund invests in ETFs, it will do so 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 Adviser may also invest in debt-securities, including lower-rated debt-securities ("junk bonds") and foreign securities including depositary receipts. As the Adviser seeks to reduce the risk of permanent loss of capital, the Adviser follows an investment strategy referred to as "equity income, emphasizing current income and a conservative stock portfolio. The equity income strategy seeks to generally maintain a portfolio yield that is greater than the S&P 500 Index. Within that context, the balance between current income and prospective growth of dividends is driven by fundamental stock selection. With respect to 20% of its assets, the Fund may invest in (1) investment grade and non-investment grade debt securities (i.e., junk bonds), or (2) unrated debt securities determined by the Adviser to be of comparable quality. The Adviser may sell a stock if the stock has reached a price whereby its risk/reward characteristics are not as favorable, the company's fundamentals have deteriorated so that the original investment thesis for holding the stock no longer holds or if there is a better opportunity has been identified. In order to respond to adverse market, economical, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Equity Income Fund Example "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Investment Objective As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.14 Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  American Depositary Receipts ("ADRs") Risk. 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 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.               ·  Convertible Securities Risk. 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.    ·  Debt/Fixed Income Securities Risk. An increase in interest rates typically        causes a fall in the value of the 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.    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.                              ·  Equity and General Market Risk. Common stocks 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 net asset value       ("NAV") and investment return will fluctuate based upon changes in the value      of its portfolio securities.                                                   ·  ETF Risk. 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.                     ·  Foreign Securities Risk. Foreign securities, including ADRs, are subject to       additional risks including international trade, currency, political, regulatory    and diplomatic risks.                                               ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund. ·  Master Limited Partnership Risk. Investing in Master Limited Partnerships         ("MLPs") entails risk related to fluctuations in energy prices, decreases in      supply of or demand for energy commodities, unique tax consequences due to the    partnership structure and various other risks.                                 ·  New Fund Risk. The Fund is relatively new with a limited operating history and    there can be no assurance that the Fund will grow to or maintain an economically    viable size.                                                      ·  Non-Investment Grade ("Junk Bond") Securities Risk. Securities rated below        investment grade, i.e., BA or BB and lower ("junk bonds"), are subject to         greater risks of loss of your money than higher rated securities. Compared        with issuers of investment grade fixed-income securities, junk bonds are more    likely to encounter financial difficulties and to be materially affected by       these difficulties.                                                            ·  Private Placement Risk. The Fund may invest in privately issued securities of    domestic 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 ("1933 Act"). 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. ·  REIT and Real Estate Risk. 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. Shareholders of the Fund    will indirectly be subject to the fees and expenses of the individual REITs in    which the Fund invests.                    ·  Smaller and Medium Capitalization Company Risk. 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. ·  Value Company Risk. 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.</tt> Fees and Expenses Principal Investment Strategies <tt>Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Accordingly, performance information is not available. Performance information will be available after the Fund has been in operation for one calendar year. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance.</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038480Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038480Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> BADAX 0.00 0.0015 129 403 1534 -0.0100 697 0.0026 0.0060 0.0100 0.0025 0.0127 0.0001 0.00 BAFDX 0.00 0.0000 89 278 1073 -0.0100 482 0.0026 0.0060 0.0100 0.0000 0.0087 0.0001 0.00 BIADX 0.00 0.0015 104 325 1248 -0.0100 563 0.0026 0.0060 0.0100 0.0000 0.0102 0.0001 0.00 <tt>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 ended June 30, 2012, the portfolio turnover rate for the Fund was 58% of the average value of its portfolio.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000038479Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/BarChartData_S000038479Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Growth Equity Fund (the "Fund") seeks to achieve capital appreciation by primarily investing in equity securities.</tt> <tt>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.</tt> reflects no deduction for fees, expenses and taxes <tt>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. 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. 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 Adviser 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. The Adviser may sell a security or reduce its position if: ·  The investment thesis is violated; ·  A more attractively priced security is found; or ·  The security becomes overvalued relative to the long-term expectation. In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investments strategies and invest, without limitation, in cash or prime quality cash equivalents.</tt> Brown Advisory Growth Equity Fund Example 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. Investment Objective Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. 0.58 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. Brown Advisory Growth Equity Fund - Investor Shares Calendar Year Total Returns Performance Information <tt>NOTE: The Growth Equity Fund offers three classes of Shares. Investor Shares commenced operations on June 28, 1999 as part of the Predecessor Fund and Advisor Shares commenced operations on May 18, 2006 as part of the Predecessor Fund. Performance shown prior to inception of the Advisor Shares is based on the performance of Investor Shares, adjusted for the higher expenses applicable to Advisor Shares. Prior to July 1, 2011, the Advisor Shares were known as A Shares. Institutional Shares commenced operations on October 19, 2012. Prior to October 19, 2012, Investor Shares were known as 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. 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.</tt> The following performance information provides some indication of the risks of investing in the Fund. <tt>The Fund's calendar year-to-date total return as of September 30, 2012 was 16.48%. During the periods shown in the chart, the highest quarterly return was 19.20% (for the quarter ended June 30, 2009) and the lowest quarterly return was -25.21% (for the quarter ended December 31, 2008).</tt> 800-540-6807 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Brown Advisory Growth Equity Fund Average Annual Total Returns For the period ended December 31, 2011 Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  ADR Risk. 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 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.                                             ·  Convertible Securities Risk. 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.    ·  Equity and General Market Risk. Common stocks 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.                                                                    ·  ETF Risk. 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.                              ·  Growth Company Risk. Securities of growth companies can be more sensitive to      the company's earnings and more volatile than the market in general.           ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser 's success or failure to implement investment strategies for the Fund. ·  Medium Capitalization Company Risk. Securities of medium sized companies may      be more volatile and more difficult to liquidate during market down turns than    securities of larger companies.                                                ·  Private Placement Risk. The Fund may invest in privately issued securities of    domestic 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 ("1933 Act"). 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. ·  REIT and Real Estate Risk. 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.</tt> Fees and Expenses After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary. Principal Investment Strategies www.brownadvisoryfunds.com <tt>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 Advisor Shares for 1, 5 and 10 year periods compare to a broad-based market index and secondary index provided to offer a broader market perspective. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown below for periods prior to October 19, 2012 is that of the Predecessor Fund. The Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Fund.    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.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000038479Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/PerformanceTableData_S000038479Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000038479Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> S&P 500® Index (reflects no deduction for fees, expenses and taxes) 0.0211 -0.0025 0.0292 Russell 1000® Growth Index (reflects no deduction for fees, expenses and taxes) 0.0264 0.0250 0.0260 Investor Shares Return After Taxes on Distributions and Sale of Fund Shares -0.0020 0.0423 0.0333 1999-06-28 Investor Shares Return After Taxes on Distributions -0.0031 0.0491 0.0381 1999-06-28 BAGAX 0.00 Advisor Shares Return Before Taxes 0.0015 120 375 1432 -0.0100 649 -0.0064 0.0017 0.0060 0.0445 0.0100 0.0025 0.0346 0.0118 2006-05-18 0.0001 0.00 BAFGX 0.00 0.0000 80 249 966 -0.0100 433 0.0017 0.0060 0.0100 0.0000 0.0078 0.0001 0.00 BIAGX -0.2806 lowest quarterly return highest quarterly return 0.00 2012-09-30 Investor Shares Return Before Taxes 0.0015 95 2009-06-30 296 -0.2521 0.0484 0.2444 1143 -0.0100 515 0.0835 0.1920 -0.0031 0.0017 -0.3756 0.0060 2008-12-31 0.5147 0.0492 0.0334 Fund's calendar year-to-date total return 0.0100 -0.0031 0.2989 0.0000 0.0385 0.0093 0.1342 1999-06-28 0.1648 0.0001 0.00 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. <tt>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.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000037790Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>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.</tt> <tt>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 for 2 years).</tt> <tt>Under normal circumstances, the Fund will invest at least 80% of the Fund's net assets (plus borrowings for investment purposes) in securities the interest of which is exempt from Federal income taxes and that do not subject shareholders to the federal alternative minimum tax ("AMT"). 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 in addition to AMT. 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. 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). 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, principally hospitals and senior living facilities. 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. 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 Standard & Poor's ("S&P") and Moody's Investor Services, Inc. ("Moody's"). Under the credit guidelines, the Fund will hold at least 80% of its total assets in investment grade municipal debt securities, as rated by independent rating agencies 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 independent rating agency or, if not rated, determined to be of equivalent quality by the Adviser. Some securities that are rated below investment grade by independent rating agencies 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 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. 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 maturity of the Fund's portfolio securities will be between 4 and 10 years. 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. The Adviser may sell a security or reduce its position if: ·  Revised economic forecasts or interest rate outlook requires a repositioning      of the portfolio;                                                              ·  The security subsequently fails to meet the investment criteria; ·  A more attractive security is found; or ·  The Adviser believes that the security has reached its appreciated potential. In order to respond to adverse market, economic, political or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its principal investment strategies and invest, without limitation, in cash or tax exempt 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.</tt> Brown Advisory Tax Exempt Bond Fund Example "Other Expenses" are based on estimated amounts for the current fiscal year. Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Investment Objective As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: ·  Credit Risk. 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.                ·  Debt/Fixed Income Securities Risk. 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. Securities rated below investment grade ("junk bonds") are        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.                                                  ·  Interest Rate Risk. An increase in interest rates typically causes a fall in      the value of the fixed income securities in which the Fund may invest.         ·  Investments in Other Investment Companies Risk. 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. In addition,    shareholders will be exposed to the investment risks associated with investments    in the other investment companies.                                 ·  Maturity Risk. 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.           ·  Liquidity Risk. 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.     ·  Management Risk. The Fund may not meet its investment objective based on the      Adviser's success or failure to implement investment strategies for the Fund. ·  Municipal Securities Risk. 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.              ·  New Fund Risk. The Fund is relatively new with a limited operating history and    there can be no assurance that the Fund will grow to or maintain an economically    viable size, in which case the Board may determine to liquidate the Fund.   ·  Non-Diversification Risk. 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.                                                     ·  Tax Risk. 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.                     ·  Valuation Risk. The prices provided by the Fund's pricing services or             independent dealers or the fair value determinations made by the valuation        committee of 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.</tt> Fees and Expenses Principal Investment Strategies <tt>Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Accordingly, performance information is not available. Performance information will be available after the Fund has been in operation for one calendar year. At that time, the performance information will provide some indication of the risks of investing in the Fund by comparing it against a broad measure of market performance.</tt> <tt>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/OperatingExpensesData_S000037790Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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="display:none">~ http://www.brownadvisoryfunds.com/role/ShareholderFeesData_S000037790Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Not Available for Sale 0.00 0.0005 83 263 -0.0004 -0.0100 0.0024 0.0030 2014-10-31 0.0100 0.0025 0.0081 0.0085 0.0001 0.00 BIAEX 0.00 0.0005 61 192 0.0000 -0.0100 0.0024 0.0030 2014-10-31 0.0100 0.0000 0.0060 0.0060 0.0001 0.00 Not Available for Sale 0.00 0.0000 56 176 0.0000 -0.0100 0.0024 0.0030 2014-10-31 0.0100 0.0000 0.0055 0.0055 0.0001 0.00 <tt>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.</tt> <div style="display:none">~ http://www.brownadvisoryfunds.com/role/ExpenseExample_S000037789Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Brown Advisory Winslow Sustainability Fund (the "Fund") seeks capital appreciation.</tt> <tt>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 for 2 years).</tt> <tt>The Brown Advisory Winslow Sustainability Fund seeks to achieve capital appreciation. To achieve its objective, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of environmentally sustainable domestic companies. The Fund invests primarily in the securities of medium and large capitalization companies that Brown Advisory, LLC (the "Adviser") believes (1) have prospects for above average earnings growth in the future, and (2) effectively implement environmentally sustainable business strategies to drive their earnings growth. 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. ADRs may be either sponsored or unsponsored. The Adviser defines environmentally sustainable companies as: (1)  Companies whose internal environmental strategies are driving tangible            business benefits, such as revenue growth, cost improvements, enhanced            franchise value, or risk mitigation;                                         (2)  Companies whose products have a competitive advantage as a result of              environmentally-efficient design or manufacturing; or                        (3)  Companies whose products or services offer solutions to environmental problems. The Adviser may sell a security or reduce its position for a number of reasons, including: •  The fundamental investment or environmental thesis is violated; •  A more attractively priced security is found; or •  The security becomes overvalued relative to the Adviser's long-term expectations. 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 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.</tt> Brown Advisory Winslow Sustainability Fund Example "Other Expenses" are based on estimated amounts for the current fiscal year. Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Investment Objective As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. Principal Investment Risks Shareholder Fees (fees paid directly from your investment) Although your actual costs may be higher or lower, based on these assumptions your costs would be: Performance Information Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover <tt>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. The following are the principal risks that could affect the value of your investment: · American Depositary Receipts ("ADRs") Risk. 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 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.                · Environmental Policy Risk. The Fund's investment focus on environmental factors   could cause it to make or avoid investments that could result in the Fund         underperforming similar funds that do not have an environmental focus.          · Equity and General Market Risk. Common stocks 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.   · Foreign Securities Risk. The Fund may invest in foreign securities and is subject   to risks associated with foreign markets, such as adverse political, social and   economic developments, 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 in foreign markets and less protection to   the shareholders in foreign markets.             · Emerging Markets Risk.  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.                                                             · Growth Company Risk. Securities of growth companies can be more sensitive to     the company's earnings and more volatile than the market in general.              · Management Risk. The Fund may not meet its investment objective based on the     Adviser's success or failure to implement investment strategies for the Fund. · New Fund Risk. The Fund is relatively new with a limited operating history and   there can be no assurance that the Fund will grow to or maintain an economically   viable size, in which case the Board may determine to liquidate the Fund. · Small and Medium Company Risk.  The Fund may invest in small and medium          capitalization companies that may not have the size, resources and other         assets of large capitalization companies. As a result, the securities of small   and medium capitalization companies held by the Fund may be subject to greater   market risks and fluctuations in value than large capitalization companies or   may not correspond to changes in the stock market in general.</tt> Fees and Expenses Principal Investment Strategies <tt>Because the Fund recently commenced operations, it does not have a full calendar year of performance to compare against a broad measure of market performance. Accordingly, performance information is not available. 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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 1.00%, 1.15% and 1.35%, respectively, of the Fund's average daily net assets through October 31, 2014. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result 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 and the reimbursement is made within three years after the year in which the Adviser incurred the expense. "Other Expenses" and "Acquired Fund Fees and Expenses" are based on estimated amounts for the current fiscal year. 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 0.55%, 0.60% and 0.80%, respectively, of the Fund's average daily net assets through October 31, 2014. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result 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 and the reimbursement is made within three years after the year in which the Adviser incurred the expense. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Growth Equity Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. Acquired Fund Fees and Expenses are indirect fees and expenses that a 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Equity Income Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Value Equity Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Flexible Value Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Small-Cap Growth Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Tactical Bond Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. Acquired Fund Fees and Expenses are indirect fees and expenses that a 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. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Small-Cap Fundamental Value Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Opportunity Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. 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 1.35%, 1.50% and 1.70%, respectively, of the Fund's average daily net assets through October 31, 2014. 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 and the reimbursement is made within three years after the year in which the Adviser incurred the expense. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Maryland Bond Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. "Other Expenses" for the Fund have been restated to reflect the estimated expenses of the Fund for its current fiscal year. The Fund is the successor to the Brown Advisory Intermediate Income Fund (the "Predecessor Fund"), which was reorganized into the Fund on October 19, 2012. 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