Brown Advisory Tactical Bond Fund

Class Adv (BATBX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 34.91 34.91
Stocks 0.0 0.0
Bonds 63.62 63.62
Other 0.0 0.0
Foreign Bonds 1.47 1.47
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 03.31.2013

Top 10 Holdings

Performance as of 04.30.2013

Portfolio as of 03.31.2013

% Net Assets
US Treasury Note 1% 33.1
US Treasury Note 0.625% 25.78
US Treasury Note 1.25% 4.74
Cdx Hy Cdsi 219 5y (Sell Protection) 1.47
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