https://www.sec.gov/Archives/edgar/data/1548609/000089418925005486/baf-497e.htm
97 1 baf-497e.htm SUPPLEMENTARY MATERIALS
BROWN ADVISORY FUNDS
Brown Advisory – WMC Strategic European Equity Fund
(the “Fund”)
Supplement dated August 6, 2025
to the Statutory Prospectus, the Summary Prospectus and the Statement of Additional Information dated October 31, 2024
Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Statutory Prospectus, the Summary Prospectus and the Statement of Additional Information.
1.Restriction on the Sale of Shares of the Fund to Certain Investors
Effective as of the close of business on August 8, 2025 (the “Closing Date”), the Fund will stop accepting new purchases other than those purchases as described below which will continue to be permitted. Notwithstanding the foregoing, the Fund may, in its sole discretion, accept new purchases after the Closing Date from certain financial intermediaries that have entered into agreements with the Fund’s Distributor or with the Fund’s Investment Adviser, Brown Advisory LLC (the “Adviser”). Following the Closing Date, the Fund will continue to permit the following types of investments in the Fund:
•Additional share purchases made in connection with the reinvestment of dividends or capital gains by existing Fund shareholders;
•Investments made by institutional and separately managed account investors that are clients of the Adviser; and
•Investments made through the Adviser’s 401(k) retirement plan that is maintained for use by employees of the Adviser.
The Fund reserves the right, at any time, in its sole discretion, to further modify or amend the investment limitations described above. You may be required to demonstrate your eligibility to purchase shares of the Fund before your investment is accepted.
For additional information regarding the restrictions on new purchases of shares of the Fund, please contact the Fund at 1-800-540-6807 (toll free) or 414-203-9064.
Investors should retain this supplement for future reference.

FPU can stand for Floating-Point Unit, a component of a computer's CPU that handles calculations involving floating-point numbers (numbers with decimal points). It can also refer to Financial Peace University, a program developed by Dave Ramsey to teach financial literacy. Additionally, FPU can stand for Formed Police Unit, a type of police unit used in United Nations peacekeeping operations. Finally, FPU can also be the abbreviation for several universities like Florida Polytechnic University, Fresno Pacific University, and Franklin Pierce University.

"Guess what: it doesn't work that way."
Exactly- I completely fail to understand why the media doesn't seem to understand that. We know damn well that anyone reasonably familiar with the FOMC knows this. Perhaps most of those seemingly naive articles are from political reporters rather than financial reporters. Or maybe they just write it up that way to generate more "clicks" than they would if they explained the situation more accurately.

I'm reaching for yield in my FI funds, in Junk, rather than EM. The latter does not offer a yield that matches domestic Junk. Back during the '08 Financial Crash, I was getting 7% in EM bonds. I'm at about 7% yield combined, in PRCPX and TUHYX these days. PRWCX and PRCFX also hold a variety of bonds. Also, wife holds BALFX in IRA--- another balanced fund.

to be clear, this is in no way unusual for every trump decision being for personal benefit, be it financial or political.
just because his benefit may be delayed is no reason to ignore 6 decades of such behavior, and then moving on to the next round of very expensive gop entertainment now in year 5/8.
i'll refrain from further comment to let others speak :
"President Donald J. Trump’s firing of the commissioner of labor statistics on Friday for announcing that job growth has slowed dramatically has drawn a level of attention to Trump’s assault on democracy that other firings have not. Famously, authoritarian governments make up statistics to claim their policies are working well, even when they quite obviously are not.
Yesterday former Treasury Secretary Larry Summers told George Stephanopoulos of This Week on ABC News: “This is the stuff of democracies giving way to authoritarianism…. [F]iring statisticians goes with threatening the heads of newspapers. It goes with launching assaults on universities. It goes with launching assaults on law firms that defend clients that the elected boss finds uncongenial. This is really scary stuff." In The Bulwark, Bill Kristol called out the open assault “on the truth, on the rule of law, on a free society” as “part of the broader pattern of the transformation of government information into pure propaganda..."

Hi @Old_Joe
The below is a very good overview. The report is widely followed, and the data is announced and discussed at/on Bloomberg and CNBC tv business programs, and others.
ADP report
The ADP National Employment Report (also known as the ADP Report) is a monthly report that provides an independent measure of the US labor market's private sector.
Here's a breakdown of the key information about the ADP report:
1. What it is
The ADP National Employment Report measures the change in US private-sector employment and pay, according to PR Newswire.
It's based on anonymized payroll data collected from over 25 million private-sector employees across the US.
It's produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab.
2. What it shows
The report provides insights into overall private sector job gains and losses, pay growth, and sectoral employment trends.
It details the change in total private employment for the current month and weekly job data from the previous month.
The report includes a sectoral breakdown of employment changes by industry, allowing for detailed understanding of which sectors are growing or contracting.
It also categorizes employment changes by business size (small, medium, large) to highlight trends within different-sized companies.
The report also includes data on pay trends, specifically focusing on year-over-year pay growth for both job-stayers and job-changers.
3. Why it's important
Labor Market Indicator: It offers a timely and representative picture of the private sector, a crucial segment of the US economy.
Predictive Value: The report is released before the more comprehensive Bureau of Labor Statistics (BLS) Employment Situation Report, often serving as a leading indicator for predicting the BLS numbers.
Sectoral Insights: The detailed breakdown by industry helps understand specific sector performance and trends.
Economic Forecasting: The job and pay data are used by economists and market analysts for economic forecasting, influencing expectations for consumer spending, business investment, and overall economic growth.
Informs Business Strategy: The report helps companies understand labor market conditions, manage risk, and make workforce decisions, such as retention or layoff strategies.
4. Key recent findings (July 2025 report)
Private employers added 104,000 jobs in July, which was higher than the expected 77,000 addition and the largest monthly gain since March.
Hiring gains were primarily driven by the services sector, which added 74,000 jobs, particularly in leisure/hospitality and financial activities.
However, the education and health sector experienced a net loss of jobs, continuing a negative trend for the year.
Year-over-year pay growth remained relatively stable, with a 4.4% increase for job-stayers and a 7% increase for job-changers.
5. Next release
The August 2025 ADP National Employment Report is scheduled for release on September 4, 2025, at 8:15 a.m. ET.
In essence, the ADP report offers valuable insights into the health and dynamics of the US private sector labor market, acting as an important tool for businesses, investors, and policymakers alike.

In this week's episode of WSJ’s Take On the Week, co-hosts Gunjan Banerji and Telis Demos dive into how, for the first time, brokerages have taken out more than $1 trillion dollars in margin debt to buy stocks and other securities. Next, they chat about Robinhood’s blowout earnings as another sign of market exuberance, and why investors are eagerly awaiting software and data analytics company Palantir's earnings this week.
Then after the break, Sébastien Page, head of global multi-asset and chief investment officer at T. Rowe Price, joins our hosts to chat about why he thinks AI stocks have strong financial and economic positions, and why he believes stocks will still deliver an equity risk premium. Plus, Page shares what he thinks investors could learn from sports psychology.
I hope this is a free link that works to listen or read the transcript. If not, sorry about that!
https://www.wsj.com/podcasts/take-on-the-week/is-the-stock-market-in-a-speculative-bubble-t-rowe-price-cio-weighs-in/3D568963-0B36-43CB-9D86-3F80F342ECBD

"I share your concern about login credentials.
this is a potential issue with all "aggregators" most of which (Fidelity retrieving your Schwab accounts etc)
in the past used Yodlee."
Using data aggregators allows multiple accounts to be viewed in a "single pane of glass"
but it also increases the attack surface available to nefarious actors.
When I last checked, Fidelity investors would have little recourse
if a data aggregator breach resulted in a financial loss.

@gman57
I share your concern about login credentials. this is a potential issue with all "aggregators" most of which (Fidelity retrieving your Schwab accounts etc) in the past used Yodlee.
Schwab has enhanced it's security for Quicken and other aggregators, and when I have asked I have been told these allow data scrapping only and not transactions. So the hack would have to be of the aggregator to access your pw.
Given the option, I do not store my credentials with Quicken, but copy and past them in when I update.
A couple of times a year I have searched for instances of fraud caused by hacking into Quicken or Yodlee and have never found any reports.
This topic was explored in depth a couple of years ago here.
https://www.mutualfundobserver.com/discuss/discussion/60398/are-the-risks-of-financial-account-aggregation-really-worth-it/p2

I still find Quicken to be the most useful PM. It easily and seamlessly aggregates my data from multiple accounts as often as I click "update".

I use and have used Quicken for a long time but offline. Not happy they went to a subscription basis but still like it. You have no concerns about security letting a 3rd party login to all your financial accounts. I may get there someday but not yet. It took me years and years to stop getting store and gas receipts. Now, I only get them for large purchases.
My brother used to use I think Mint? for the same thing, giving it access to all his accounts.
Thousand dollar question: Why do we not see typos until after we post? Anyone?

”Do you really believe that the advisors of many mutual funds who need to decide what securities their mutual funds should buy or sell don't take a real hard look at those numbers?”
I like to think my money managers look at everything. But those investing outside the U.S. in places like Brazil, Mexico, Cambodia, Russia or China probably find other acceptable data sets knowing those government supplied numbers may not be accurate.
I was of course speaking only of BLS numbers. Greater challenges for investment firms would exist if all government data (inflation, housing starts, loan delinquencies, rental rates, mortgage applications, tax revenue and sources, crop yields, oil production, weather projections etc.) were corrupted.
Even if we truly became a third world country and no government data could ever be trusted, well funded financial entities (Blackrock, TRP, Fidelity, Goldman Sachs, KKR) could still access a trove of alternative data sources.
A bit from the linked Forbes piece:
”Early Alternative data sources consisted of credit card transactions, web scraped data, geolocation data from cell phones, satellite images and weather forecasts. Recent regulations such as GDPR, CCPA, and other privacy issues are creating concerns about some of these sources.
A new source of data rapidly gaining traction is data gathered directly from consumers in a scientific and privacy compliant manner. The data goes beyond a swiping of a card to the motivations and intentions of the consumer who uses the card. This type of data has been used to successfully predict sales, economic predictive signals such as recessions and future purchase intentions across categories and down to specific retailers.”-
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Please realize I am not defending Mr. Trump’s decision. It was wrong. I’m merely trying to assess the “other investing” implications for myself as an investor. I won’t be selling anything Monday morning. If the downward trend continues through next week, I’ll start buying.

"Does anybody here seriously look at the most recent Bureau of Labor Statistics numbers before throwing $$ at this fund or that fund?"
Maybe not too many here at MFO, but do you really believe that the Fed doesn't take a real hard look at those numbers in trying to understand the mechanics of the economy?
Do you really believe that the advisors of many mutual funds who need to decide what securities their mutual funds should buy or sell don't take a real hard look at those numbers?
Do you really think that if Trump can demand that BLS stats be cooked that we, and the entire financial world, can continue to believe any other government statistics, and make intelligent decisions based on nothing more than Trump's wishful thinking?

Too serious for that... the people over at the Fed certainly cannot stop paying attention, nor can any financial operation that depends on accurate information on the economy.
This bozo of a "leader" cannot grasp a situation of any complexity. He sees only one small piece of information and cannot grasp that it is an integral moving part that also governs the operation of many other pieces of moving machinery.

Rob Berger's website has a number of links to Financial tools including a Fidelity link (@WABAC):
https://fidelity.com/why-fidelity/insights-tools
https://robberger.com/category/tools/

Three straight losing days despite a flurry of tariff announcements. There is a July jobs report that is expected to be rather grim, and expectations of fewer rate cuts as the year progresses. It looks like the salad days are over!
I may consider some equity sales. Watching carefully.
UPS and whirlpool down 16% in 5 days. Other companies reporting how badly tariffs will hurt their businesses.https://www.cnbc.com/2025/07/30/stanley-black-decker-conagra-trump-tariffs-cost-increases.html?&qsearchterm=black and decker
"Those pressures extend throughout the auto industry. General Motors
said earnings before interest and taxes in the latest quarter suffered a $1.1 billion hit that the Detroit-based automaker chalked up to the net effect of tariffs."
"Also on Tuesday, Proctor & Gamble gave 2026 financial guidance showing $1 billion in higher pretax costs as a result of tariffs on goods from China, Canada and the rest of the world."
There are a lot more where that comes from, just a sampling.

I’m not going to listen, but I’ll say this:
Swedroe makes some good generic points — the same ones (B&B) Bogle and Buffett made decades ago… and then he doesn’t. I also read his articles for years.
At the end of the day, Swedroe is a financial adviser — he has to sell something. After all, everyone needs to make a living.
For years, he heavily promoted value and small-cap strategies.
But the reality? SPY and QQQ have outperformed those approaches for the past 15 years.
My go-to stock tip for decades has been simple:
If US LC stocks are doing well, ignore everything else.
If it’s not, then start diversifying — look at value, small caps, and international, which is exactly what I did in 2000-2010.
BTW, is the S&P 500 truly diversified?
Buffett and Bogle certainly thought so — and many forget that it includes companies with operations all around the world.

Demotech has an "easy" P&C (including home) insurer rating system whereby 98% of insurers get ratings of A or above. Wiki says, "Demotech uses the registered term Financial Stability Rating® (FSR) to judge an insurer's ability to perform in the general economy and the "underwriting cycle that exists in the insurance industry"". Be wary as many of such highly rated insurers can get into trouble or disappear.
Also check ratings by mainstream insurers - A M Best, S&P, Moody's & Fitch - their ratings may be several notches lower than Demotech's. But they only rate large insurers & have stricter standards.
Demotech, as the name may imply, democratizes insurance ratings by rating many new or smaller insurers with an easier rating system.
News https://www.wsj.com/finance/small-insurance-company-hurricanes-a41766d9?mod=djem10point
Wiki https://en.wikipedia.org/wiki/Demotech

It's the speculative debt that I worry about. I haven't read Hyman Minsky directly, but I think Kindleberger does a good enough job explaining his theories in Manias, Panics, and Crashes.
For those not familiar, wikipedia offers a nice summary:

Hedge Phase: This phase occurs right after a financial crisis and after recovery, during a point at which banks and borrowers are overly cautious. This causes loans to be minimal ensuring that the borrower can afford to repay both the initial principal and the interest. Thus, the economy is most likely seeking equilibrium and virtually self-containing. This is the "not too hot not too cold" Goldilocks phase of debt accumulation.
Speculative Phase: The Speculative period emerges as confidence in the banking system is slowly renewed. This confidence brings about complacency that good market conditions will continue. Rather than issue loans to borrowers that can pay both principal and interest, loans are issued where the borrower can only afford to pay the interest; the principal will be repaid by refinancing. This begins the decline to instability.
Ponzi Phase: As confidence continues to grow in the banking system and banks continue to believe that asset prices will continue to rise, the third stage in the cycle, the Ponzi stage, begins. In this stage the borrower can neither afford to pay the principal nor the interest on the loans which are issued by banks leading to foreclosures and vast debt failures.

This section is followed by an examination of the Minsky cycle in the sub-prime crisis:

Economist Paul McCulley described how Minsky's hypothesis translates to the subprime mortgage crisis.[14] McCulley illustrated the three types of borrowing categories using an analogy from the mortgage market: a hedge borrower would have a traditional mortgage loan and is paying back both the principal and interest; the speculative borrower would have an interest-only loan, meaning they are paying back only the interest and must refinance later to pay back the principal; and the ponzi borrower would have a negative amortization loan, meaning the payments do not cover the interest amount and the principal is actually increasing. Lenders only provided funds to ponzi borrowers due to a belief that housing values would continue to increase.

No doubt we all remember how the final stage of lending was financed.
I don't claim to know which stage the stock market is in.

Read all about it.

The amount that investors are borrowing to buy stocks on the New York Stock Exchange, known as margin debt, has exceeded the tech-bubble highs to reach a new record, according to data from the Financial Industry Regulatory Authority. [AKA FINRA]

The rest of the article is about meme stocks (crazy), trading volumes (crazy), rate-cut expectations (oh yeah!), industry analyst opinions (who's on first?), etc.

Definitely sheep.
I used to love to read Sheep in a Jeep to our children when they were very young.
"If god didn't want them sheared, He would not have made them sheep" often comes to mind after reading stories like the one in the Financial Times. So too does the game musical chairs.