1. P R O S P E C T U S ҉ A P R I L 3 0 , 2 0 1 3
BROWN ADVISORY FLEXIBLE FUND
B I A F X
DIMENTIONAL FUND ADVISORS REAL ESTATE SECURITIES
D F R E X
DREYFUS CORE EQUITY FUND
D P E C X
PRIMECAPODYSSEYAGGRESSIVEGROWTH
P O A G X
M E L I S S A P A R I E T T I MUTUAL FUND
PROJECT
PROFESSOR GU
SPRING 2013
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2. P A R I E T T I │ P R O S P E C T U S ҉ S P R I N G 2 0 1 3
SUMMARY SECTION
Brown Advisory Flexible Fund
Investment Objective
The Brown Advisory Flexible Fund has the overall investment objective of long term capital growth.
Tickers
BIAFX (Investor Shares)
BAFFX (Institutional Shares)
BAFAX (Advisor Shares)
Total Assets . . . . . . $59 million
Inception Date . . . November 30, 2006 (I Share)
January 24, 2007 (A Share)
Category . . . . . . . . Large Blend
Managers . . . . . . . Hutchings Vernon, CFA
Michael Foss
Nina K. Yudell
Minimum Investment
I Share . . . . . . . . . . . $5,000
A Share . . . . . . . . . . $2,000
Strategy
Brown Advisory Flexible Fundseekstoinvestin
market-leadersor market innovators by investing
whensecuritiesare undervaluedor temporarilyunfavorable
or when the businessis undergoinga significant
change that may improve businessprospects.The Fund
focuseson securitiesof large companieswithin
theirindustry. The fundis a moderatelyconcentrated
portfolioof mid/large-capcompanieswith a market cap
typicallygreater than $1 billion.
Philosophy
Brown Advisory Flexible Fund employs the traditional
views on bargain hunting by using value investing
while offering flexibility via a broader range of
investment opportunities. Value is considered the
present value of estimated future cash flows. Brown seeks
"value" bargains as well as "growth" stocks. The fund
takes a more lax view on value than other mutual funds’
which allows it to remain flexible.
Top Ten Holdings(March 31, 2013)
MaterCard Inc. (CIA) 5.1%
Google,Inc. 4.9%
Berkshire HathawayInc.(CIB) 4.3%
CanadianNational RailwayCo. 3.9%
WellsFargo& Co. 3.8%
Walt DisneyCo. 3.2%
KinderMorgan,Inc. 3.2%
Cash & Equivalents 3.1%
ExpressScriptsHoldingsCo. 2.9%
KinderMorgan ManagementL.L.C. 2.9%
Accenture PLC 2.5%
Top 10 Holdingsas % of net assets 39.8%
Characteristics(March31,2013)
Est 3-5 Yr EPSGrowth Rate 12.4%
Forward P/E Ratio 14.8%
P/E using FY2 Est 13.1x
Weighted Average Market Cap $93.6B
SectorExposure (March 2013, 2013)
Energy 10.0%
Materials 0.0%
Industrials 12.0%
ConsumerDiscretionary 19.0%
Consumer 4.0%
Healthcare 9.0%
Financials 22.0%
InformationTechnology 23.0%
TelecomServices 2.0%
Utilities 0%
ClosingPrice 4.26.13
$11.75
Down .34%
(Asof March 31, 2013) 3-Month 1-year 3-year 5-year Since Inception
Flexible Value Fund(Inv.) 9.88% 15.26% 12.14% 7.85% 2.85%
S&P 500 10.61% 13.96% 12.67% 5.81% 4.01%
Performance Annualized

3. P A R I E T T I │ P R O S P E C T U S ҉ S P R I N G 2 0 1 3
SUMMARY SECTION
DFA Real Estate Securities I
Investment Objective
DFA Real Estate Securities Portfolio has the overall investment objective of long term capital growth.
Tickers
DFREX (Investor Shares)
Total Assets . . . . . . $4.33 billion
Inception Date . . . January 5, 1993
Category . . . . . . . . .Medium Growth
Managers . . . . . . . Stehen A. Clark
Joseph H. Chi
Henry F. Grey
Minimum Investment
$0
Strategy
DFA Real Estate SecuritiesPortfolioinvestsonlyin equity
and hybrid real estate investmenttrusts. The advisement
group believesinvestingisafunction of expectedlong
term resultsand does not investbased on market timingor
overall economicconditions.At least80% of the DFA Real
Estate SecuritiesPortfolio’sassetswill be investedinsecurities
of companiesin the real estate industry.Larger market
capitalizationreal estate companies tendwill tend to have
greater representationinthe Portfolio.
Philosophy
DFA Real Estate Securities Portfolio does not believe in
market timing or overall economic conditions as a basis
of investing. Its management teams seeks to invest in real
estate companies based on long term expected returns.
Top Ten Holdings(January 31, 2013)
SimonPropertyGroupINC 10.8%
PublicStorage 5.0%
Hcp Inc . 4.3%
VentasInc. 4.1%
Prologisinc. 4.0%
Equity Residential 3.8%
BostonPropertiesInc. 3.6%
HealthCare ReitInc. 3.4%
VornadoRealtyTrust 3.2%
AvalonbayCommunitiesInc. 3.0%
Top 10 Holdingsas % of net assets 45.2%
Characteristics(January20,2013)
Averages DFREX CategoryAvg
Price/Earnings 40.57 37.51
Price/Book 2.30 2.12
Price/Sales 6.46 6.24
Price/Cashflow 15.58 14.98
MedianMarket Cap 8.82K 9.59K
3 yearEarningsGrowth 3.14% 17.03%
ClosingPrice 4.26.13
$29.60
Down .27%
Performance Annualized
(Asof December31,2012) 1-year 5-year 10-year
DFA Real Estate SecuritiesPortfolio* 11.35% 4.15% 9.35%
S&P 500 (nodeductions/fees) 16.00% 1.66% 7.10%
*Return after taxes onDistributions and sale
of PortfolioShares

4. P A R I E T T I │ P R O S P E C T US ҉ S P R I N G 2 0 1 3
SUMMARY SECTION
Dreyfus Core Equity Fund Class C
Investment Objective
Dreyfus Core Equity Fund has the overall investment objective of long term capital growth.
Tickers
DPECX
Total Assets . . . . . . $413.51 million
Inception Date . . . April 14, 2002
Category . . . . . . . . .Large Blend
Managers . . . . . . . Fayez Sarofim
Christopher Sarofim
Catherine Crain
Charles Sheedy
Jeffrey Jacobe
Gentry Lee
Minimum Investment
$1,000
Strategy
DreyfusCoreEquityFundfocuses onblue-chip
stockswith marketcapitalizationexceeding $5billionincluding
multinational companies.Ittypicallysellsstockwhenadverse
conditions appearto threatenfuture earning potential.
Thefund mayalso invest inU.S. dollar-denominated
AmericanDepositaryReceipts(ADRs).Thefundsisinterestedin
sectorsthat showgrowthoverthe next 3 to 5 years.
Top Ten Holdings(January 30, 2013)
Philip Morris International Inc 5.8%
ExxonMobile Corp 5.1%
Coca-Cola Company 4.5%
Chevron Corporation Common 4.5%
Apple Inc 4.4%
Nestle SA 3.3%
McDonald’sCorp 3.2%
International BusinessMachines 3.1%
Proctor & Gamble 2.9%
Occidental Petroleum 2.8%
Top 10 Holdingsas % of net assets 39.5%
SectorExposure (January 2013, 2013)
Energy 21.3%
Materials 2.8%
Industrials 7.2%
ConsumerCyclical 6.82%
ConsumerDefensive 30.54%
Healthcare 10.83%
Financials 6.34%
InformationTechnology 0.0%
TelecomServices .98%
Utilities 0%
Technology 13.13%
ClosingPrice 4.26.13
$19.51
Up .26%
(Asof March 31, 2013) 1-year 3-year 5-year 10-year
DreyfusCore EquityFund 4.85% n/a 4.87% 6.31%
S&P 500 13.96% 12.67% 5.81% 8.53%
Performance Annualized

5. P A R I E T T I │ P R O S P E C T U S ҉ S P R I N G 2 0 1 3
SUMMARY SECTIO
PRIMECAP ODYSSEY AGGRESSIVE GROWTH
Investment Objective
Primecap Odyssey Aggressive Growth has the overall investment objective of long term capital growth.
Tickers
POAGX
Total Assets . . . . . . $2.2 billion
Inception Date . . . November 1, 2004
Category . . . . . . . . .Mid Cap Growth
Managers . . . . . . . Theo A. Kolokotrones
Joel P. Fried
Alfred W. Mordecai
M. Mohsin Ansari
Minimum Investment
$2,000
Strategy
The fundfocuseson companies withpotential for rapid
earningsgrowth. HistoricallyPrimecapOdyssey has invested
in small and midcap companies.The fundmay investinforeignsecurities
through depositoryreceiptsor stocks traded on foreignexchange.Through
research Primecapseekscompanieswith stock prices that do not reflect
theircurrent assetvalue.
Top Ten Holdings(December31, 2012)
Pharmacyclics,Inc. 5.2%
Roche HoldingAG 4.6%
Seattle Genetics,Inc. 4.0%
Google Inc.ClassA 2.9%
Immunogen,Inc. 2.7%
StratasysLTD 2.7%
Smart Balance,Inc. 2.5%
Adobe SystemsInc 2.3%
Conceptus,Inc. 2.1%
Capheid 1.9%
Top 10 Holdingsas % of net assets 39.8%
Peer Comparisonvs. Mid-capgrowth POAGX Category
Performance5-yr return +13% 6.62%
Expense ratio .68% 1.38%
Risk – 5 year sharpe ratio .67 .39
Net assets $2.5B $1.1B
Average market cap $3.9B $7.0B
Average P/E 23.4 21.9
Portfolioturnover 14% 14%
Top 5 Sectors
Healthcare 41.1%
Hardware 15.3%
Businessservice 8.5%
Telecommunication 5.9%
Industrial materials 5.3%
ClosingPrice 4.26.13
$22.70
Down .57%
(Asof March 31, 2013) 3-Month 1-year 3-year 5-year Since Inception
Primecapodyssey 6.67% 25.00% 14.22% 13.00% 11.12%
S&P 500 10.61% 13.96% 12.67% 5.81% 4.01%
Performance Annualized