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Level Two: Manager Fact Sheet

Used in the Directed Account Plan Tier I – Target Retirement Funds

as of  12/31/15

This Fund pursues its objective of long term capital appreciation, primarily through investments in the common stock of companies with operating revenues of $250 million or less, at the time of initial investment. These are the companies that Brown’s investment professionals believe are in the early stages of success. The manager searches for growth at a reasonable price. As fundamentalists, the managers focus on “bottom-up” stock picking and emphasizing relative value in seeking companies and industries with attractive growth prospects. This fund should be considered by investors who are willing to accept a more aggressive level of risk.

Annual Performance

Comparison to Benchmark

* Note

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

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