Brown - US Equity Value Fund

The fund invests primarily in the common stock of domestic US companies with medium to large market capitalizations of generallyno less than $2 billion. The fund uses a bottom-up, research-intensive process with strong valuation discipline and "margin of safety"considerations to build a portfolio with lower-than-market valuation and better-than-market fundamentals. The fund seeks to invest in companies that are fundamentally solid, financially sound, that possess proprietary products and services—and have the ability to grow at above average rates for several years, often despite lower short-term projected earnings.