BAFZX – Brown Advisory Mortgage Securities Instl Investment Strategy | Morningstar

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Strategy

The investment seeks to maximize total return consistent with preservation of capital. The fund normally invests at least 80% of the value of its net assets (plus any borrowings for investment purposes) in investment grade mortgage-related securities. It invests in securities of various maturities and durations. The fund may invest in derivatives instruments, such as options, futures contracts, including interest rate futures, and options on futures.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
BIAZX	Brown Advisory Mortgage Securities Fund Investor Shares	No Load	Open			Dec 26, 2013	$577,331.00	0.510%	Average	$100	−$53,252.72
BAFZX	Brown Advisory Mortgage Securities Fund Institutional Shares	Institutional	Open			May 13, 2014	$237.13M	0.460%	Average	$1M	−$23.05M

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