Brown Advisory Tactical Bond Fund

Class Adv (BATBX)

Fund Holdings

Asset Allocation

% Long % Net
Cash 33.68 33.68
Stocks 0.0 0.0
Bonds 63.55 63.55
Other 0.0 0.0
Foreign Bonds 2.77 2.77
Foreign Stocks 0.0 0.0
Convertible 0.0 0.0
Preferred 0.0 0.0

Updated 12.31.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 12.31.2013

% Net Assets
US Treasury Note 0.625% 33.33
US Treasury Note 1.125% 30.23
Cdx Hy Cdsi S21 5y Prc (Sell Protection) 2.77