Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Brown Advisory MD Bond  BIAMX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Brown Advisory MD Bond  BIAMX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Muni Single State Short Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    Avg Duration    4.70 Yrs    Avg Credit Quality    AA As of 2009-08-31 Day Change $ 0.01    NAV (2009-11-20) $ 10.76    YTD Return % (2009-11-20) 6.49%    Total Assets ($ mil) 180 View Data Definitions   Performance     Growth of $10,000 Fund: Brown Advisory MD Bond (from 2000-12-21 to 2009-10-31) Category: Muni Single State Short Index: BarCap Municipal TR USD Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2000-12-21 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 6.49 7.71 4.40 3.41 --- 3.89 +/- Category 1.54 0.21 0.80 0.57 --- --- +/- BarCap Municipal TR USD -5.65 -3.96 0.15 -0.95 --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 6.98 9.61 4.64 3.46 --- 4.13 Month-End (as of 2009-10-31) 5.20 8.21 3.94 3.02 --- 3.89 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 8.21 3.94 3.02 --- --- On Distribution & Sale of Shares --- 6.29 3.83 3.02 --- --- Morningstar Rating --- --- --- --- # of compared funds covered (3 yrs : out of 11 funds), (5 yrs : out of 11 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 1.00%. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % General Obligations 67.90 Advance Refunded 0.72 State Appropriated Tobacco --- Non-state Appropriated Tobacco --- Education 6.35 Health 9.07 Housing 4.22 Industrial --- Transportation 8.61 Utilities --- Water/Sewer 2.12 Misc. Revenue 1.00 Bond Quality % of Bonds AAA 47.4 AA 32.6 A 13.7 BBB 5.0 BB 0.7 B 0.2 Below B 0.0 Not Rated 0.5   Asset Allocation % of Net Assets Cash 12.8 Stocks 0.0 Bonds 87.2 Other 0.0 Foreign Stocks 0.0 (as a % of Assets) Data through 2009-08-31 Data through 2009-08-31 Holding Status Total Number of Stock Holdings Turnover % 9 Total Number of Bond Holdings 199 30 Day SEC Yield % 2.94 % of Assets in Top 10 Holdings 14.99 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Maturity Date Amount $000 Value $000 % of Net Assets DWS Tax-Exempt Cash Inst --- 13,731 13,731 7.71 Anne Arundel Cnty Md Go Bds 5% 2016-04-01 3,555 4,138 2.32 Maryland St St And Lo 5% 2019-03-15 2,750 3,142 1.76 Carroll Cnty Md Cons Pub 4% 2013-11-01 2,540 2,793 1.57 Maryland St Go Bds 4% 2024-03-01 2,500 2,577 1.45 Maryland St G.O Bds 5.5% 2013-08-01 2,210 2,551 1.43 Washington Subn San Dist 3.75% 2021-06-01 2,305 2,371 1.33 Baltimore Cnty Md Met Dist 5% 2016-08-01 2,000 2,342 1.32 Montgomery Cnty Md Consolida 5% 2015-05-01 1,975 2,288 1.29 Baltimore Cnty Md Met Dist 5% 2013-08-01 2,000 2,268 1.27 Data through 2009-08-31   Other Information Fund Inception: 2000-12-21 Portfolio Manager  (Start Date) Monica M. Hausner  (2000-12-21) Hausner has been a fixed income portfolio manager since 1992 and has been portfolio manager for Brown Advisory Maryland Bond Fund since 2000 and a portfolio manager for Brown Advisory Intermediate Income Fund. She has been responsible for fixed income trading with a focus in tax-exempt bonds since 1997. Hausner has managed both multi-billion dollar cash management funds and separate accounts. Prior to joining Brown, she was a vice president at First Maryland Asset Management. Paul D. Corbin  (2000-12-21) Corbin has been a member of Brown’s senior management since 1998 and the lead fixed income portfolio manager for Brown Advisory Intermediate Income Fund since its inception and a fixed income portfolio manager for Brown Advisory Maryland Bond Fund. Since 1991, he has been responsible for fixed income trading with a focus in taxable bonds. He has been with Brown and its predecessors for over 14 years. Prior to joining Brown, he served as the senior vice president at First Maryland Asset Management. Sales Charge % (taken from prospectus dated 2009-10-01) Front: None Deferred: None Expense Ratio % 0.46 based on net assets (taken from annual report dated 2009-05-31) Correspondence Information Forum Funds (Brown Advisory) P.O. Box 446 Portland,  ME  04112 USA Telephone: 800-540-6807 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.