<SEC-DOCUMENT>0000894189-14-005299-index.html : 20141201
<SEC-HEADER>0000894189-14-005299.hdr.sgml : 20141201

<ACCEPTANCE-DATETIME>20141031160722

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000894189-14-005299

CONFORMED SUBMISSION TYPE:	485BPOS

PUBLIC DOCUMENT COUNT:		30

FILED AS OF DATE:		20141031

DATE AS OF CHANGE:		20141031

EFFECTIVENESS DATE:		20141031


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:		141186706



	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:		141186707



	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



<SERIES-AND-CLASSES-CONTRACTS-DATA>

<EXISTING-SERIES-AND-CLASSES-CONTRACTS>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000037789

<SERIES-NAME>Brown Advisory Sustainable Growth Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000116562

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFWX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000116563

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAWX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000116564

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAWAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000037790

<SERIES-NAME>Brown Advisory Tax Exempt Bond Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000116565

<CLASS-CONTRACT-NAME>Institutional Shares

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000116566

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAEX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000116567

<CLASS-CONTRACT-NAME>Advisor Shares

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038479

<SERIES-NAME>Brown Advisory Growth Equity Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118712

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAGX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118713

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFGX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118714

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAGAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038480

<SERIES-NAME>Brown Advisory Equity Income Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118715

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIADX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118716

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFDX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118717

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BADAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038481

<SERIES-NAME>Brown Advisory Value Equity Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118718

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAVX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118719

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFVX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118720

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAVAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038482

<SERIES-NAME>Brown Advisory Flexible Equity Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118721

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAFX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118722

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFFX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118723

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038483

<SERIES-NAME>Brown Advisory Small-Cap Growth Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118724

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIASX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118725

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFSX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118726

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BASAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038484

<SERIES-NAME>Brown Advisory Small-Cap Fundamental Value Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118727

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAUX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118728

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAUUX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118729

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAUAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038485

<SERIES-NAME>Brown Advisory Opportunity Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118730

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAOX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118731

<CLASS-CONTRACT-NAME>Institutional Shares

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118732

<CLASS-CONTRACT-NAME>Advisor Shares

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038486

<SERIES-NAME>Brown Advisory Maryland Bond Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118733

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAMX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118734

<CLASS-CONTRACT-NAME>Institutional Shares

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118735

<CLASS-CONTRACT-NAME>Advisor Shares

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038487

<SERIES-NAME>Brown Advisory Intermediate Income Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118736

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAIX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118737

<CLASS-CONTRACT-NAME>Institutional Shares

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118738

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAIAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000038488

<SERIES-NAME>Brown Advisory Strategic Bond Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118739

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIABX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118740

<CLASS-CONTRACT-NAME>Institutional Shares

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000118741

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BATBX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000039101

<SERIES-NAME>Brown Advisory - Somerset Emerging Markets Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000120208

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFQX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000120209

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAQX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000120210

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAQAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000042683

<SERIES-NAME>Brown Advisory - WMC Strategic European Equity Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000131937

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFHX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000131938

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAHX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000131939

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAHAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000043634

<SERIES-NAME>Brown Advisory Mortgage Securities Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000135279

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFZX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000135280

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAZX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000135281

<CLASS-CONTRACT-NAME>Advisor Shares

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000044253

<SERIES-NAME>Brown Advisory - WMC Japan Alpha Opportunities Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000137835

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFJX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000137836

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIAJX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000137837

<CLASS-CONTRACT-NAME>Advisor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAJAX

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000047213

<SERIES-NAME>Brown Advisory Total Return Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147943

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFTX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147944

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIATX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147945

<CLASS-CONTRACT-NAME>Advisor Shares

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000047214

<SERIES-NAME>Brown Advisory Multi-Strategy Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147946

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFRX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147947

<CLASS-CONTRACT-NAME>Investor Shares

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147948

<CLASS-CONTRACT-NAME>Advisor Shares

</CLASS-CONTRACT>

</SERIES>

<SERIES>

<OWNER-CIK>0001548609

<SERIES-ID>S000047215

<SERIES-NAME>Brown Advisory Emerging Markets Small-Cap Fund

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147949

<CLASS-CONTRACT-NAME>Institutional Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BAFNX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147950

<CLASS-CONTRACT-NAME>Investor Shares

<CLASS-CONTRACT-TICKER-SYMBOL>BIANX

</CLASS-CONTRACT>

<CLASS-CONTRACT>

<CLASS-CONTRACT-ID>C000147951

<CLASS-CONTRACT-NAME>Advisor Shares

</CLASS-CONTRACT>

</SERIES>

</EXISTING-SERIES-AND-CLASSES-CONTRACTS>

</SERIES-AND-CLASSES-CONTRACTS-DATA>

</SEC-HEADER>

<DOCUMENT>
<TYPE>485BPOS
<SEQUENCE>1
<FILENAME>baf_485b.htm
<DESCRIPTION>POST EFFECTIVE AMENDMENT
<TEXT>
Document 1 - file: baf_485b.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(2)(A)
<SEQUENCE>2
<FILENAME>dt.htm
<DESCRIPTION>AMENDED SCHEDULE A TO DECLARATION OF TRUST
<TEXT>
Document 2 - file: dt.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)(2)
<SEQUENCE>3
<FILENAME>iaa.htm
<DESCRIPTION>AMENDED SCHEDULE A TO INVESTMENT ADVISORY AGREEMENT
<TEXT>
Document 3 - file: iaa.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)(6)
<SEQUENCE>4
<FILENAME>ssa.htm
<DESCRIPTION>FORM OF INVESTMENT SUB-ADVISORY AGREEMENT FOR THE REGISTRANT?S BROWN ADVISORY EMERGING MARKETS SMALL-CAP FUND BETWEEN BROWN ADVISORY, LLC AND MACQUARIE FUNDS MANAGEMENT HONG KONG LIMITED
<TEXT>
Document 4 - file: ssa.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(4)(A)
<SEQUENCE>5
<FILENAME>bma.htm
<DESCRIPTION>AMENDED SCHEDULE A TO BUSINESS MANAGEMENT AGREEMENT
<TEXT>
Document 5 - file: bma.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(5)(A)
<SEQUENCE>6
<FILENAME>oela.htm
<DESCRIPTION>AMENDED SCHEDULE A TO OPERATING EXPENSE LIMITATION AGREEMENT
<TEXT>
Document 6 - file: oela.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(H)(6)(A)
<SEQUENCE>7
<FILENAME>ssp.htm
<DESCRIPTION>AMENDED APPENDIX A TO SHAREHOLDER SERVICING PLAN
<TEXT>
Document 7 - file: ssp.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(I)
<SEQUENCE>8
<FILENAME>lgop.htm
<DESCRIPTION>OPINION AND CONSENT OF COUNSEL
<TEXT>
Document 8 - file: lgop.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(J)
<SEQUENCE>9
<FILENAME>consent.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
Document 9 - file: consent.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(M)(2)
<SEQUENCE>10
<FILENAME>rule12b.htm
<DESCRIPTION>AMENDED SCHEDULE A TO DISTRIBUTION AND SHAREHOLDER SERVICING PLAN PURSUANT TO RULE 12B-1 AND AMENDED SCHEDULE A TO RULE 12B-1 RELATED AGREEMENT
<TEXT>
Document 10 - file: rule12b.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)(2)
<SEQUENCE>11
<FILENAME>rule18f3.htm
<DESCRIPTION>AMENDED APPENDIX A TO RULE 18F-3 MULTIPLE CLASS PLAN
<TEXT>
Document 11 - file: rule18f3.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(P)(5)
<SEQUENCE>12
<FILENAME>coe.htm
<DESCRIPTION>CODE OF ETHICS OF MACQUARIE FUNDS MANAGEMENT HONG KONG LIMITED
<TEXT>
Document 12 - file: coe.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>taitweller_logo.jpg
<DESCRIPTION>TAIT WELLER LLP LOGO
<TEXT>
Document 15 - file: taitweller_logo.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>rhf140714001_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 16 - file: rhf140714001_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>rhf140714001a_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 17 - file: rhf140714001a_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>rhf140714002_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 18 - file: rhf140714002_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>rhf140714003_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 19 - file: rhf140714003_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>rhf140714004_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 20 - file: rhf140714004_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>rhf140714005_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 21 - file: rhf140714005_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>rhf140714006_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 22 - file: rhf140714006_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>rhf140714007_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 23 - file: rhf140714007_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>rhf140714008_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 24 - file: rhf140714008_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>rhf140714009_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 25 - file: rhf140714009_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>rhf140714010_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 26 - file: rhf140714010_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>rhf140714011_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 27 - file: rhf140714011_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>rhf140714012_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 28 - file: rhf140714012_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>29
<FILENAME>rhf140714013_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 29 - file: rhf140714013_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>30
<FILENAME>rhf140714014_v1.jpg
<DESCRIPTION>BROWN ADVISORY GRAPHIC
<TEXT>
Document 30 - file: rhf140714014_v1.jpg

</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>31
<FILENAME>filename31.htm
<TEXT>
Document 31 - file: filename31.htm

</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>32
<FILENAME>filename32.htm
<TEXT>
Document 32 - file: filename32.htm

</DOCUMENT>
</SEC-DOCUMENT>