Brown Advisory offers a family of mutual funds providing clients a convenient means to diversify their holdings across a range of asset classes and investment styles.
Brown Advisory's family of funds includes the following:
Brown Advisory Growth Equity Fund (BIAGX):
The fund seeks long-term capital appreciation by investing in large-cap U.S. stocks with above average growth prospects and strong business franchises.
Top 10 Holdings as of October 31, 2008:
1. Millipore Corp. (5.1%)
2. Comcast Corp. (Cl A) (4.8%)
3. Cisco Systems (4.5%)
4. DaVita Inc. (4.4%)
5. Schlumberger Ltd. (4.4%)
6. Accenture Ltd. (4.1%)
7. Citrix Systems, Inc. (3.9%)
8. Stryker Corp. (3.9%)
9. Genentech Inc. (3.9%)
10. Pepsico Inc. (3.8%)
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Brown Advisory Value Equity Fund (BIAVX):
The fund seeks capital appreciation by investing primarily in U.S. companies with strong underlying fundamentals, medium to large market capitalizations, and. lower-than-market valuations.
Top 10 Holdings as of October 31, 2008:
1. Merck & Co. (6.9%)
2. 3M Company (4.6%)
3. Dover Corp (4.3%)
4. Diageo PLC (4.3%)
5. General Electric (4.1%)
6. Illinois Tool Works Inc. (4.0%)
7. E.I. Du Pont de Nemours (3.9%)
8. Johnson & Johnson (3.9%)
9. Unilever NV (3.7%)
10. Bank of NY Mellon (3.5%)
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Brown Advisory Flexible Value Fund (BIAFX)
The fund seeks capital appreciation by investing in small-, mid-, and large-capitalization companies with high returns on invested capital, well above average growth in earnings, and conservatively capitalized balance sheets.
Top 10 Holdings as of October 31, 2008:
1. Berkshire Hathaway (5.0%)
2. Mastercard Inc. (4.3%)
3. Magellan Midstream HLD (4.1%)
4. Kinder Morgan Mgmt (4.0%)
5. Bank of New York Mellon (3.3%)
6. Wellpoint Inc. (3.1%)
7. Exxon Mobil Corp. (3.1%)
8. Burlington Northrn Sant (3.0%)
9. Walt Disney Co. (2.9%)
10. Canadian National Railway Co. (2.5%)
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Annual Report
Semi-Annual Report
Brown Advisory Small-Cap Growth Fund (BIASX):
The fund seeks capital appreciation by investing in the common stock of rapidly growing, small-capitalization U.S. companies.
Top 10 Holdings as of October 31, 2008:
1. Quanta Services Inc. (4.1%)
2. ARGON ST Inc. (3.9%)
3. Citrix Systems (3.5%)
4. ESCO Technologies Inc. (3.3%)
5. Trimble Navigation Ltd. (3.2%)
6. Henry Schein Inc. (3.2%)
7. Global Payments Inc. (3.1%)
8. SBA Communications Corp. (3.0%)
9. FactSet Research Systems Inc. (2.9%)
10. Complete Production Services Inc. (2.8%)
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Brown Advisory Small-Cap Value Fund (BIACX):
The fund seeks long-term capital appreciation by investing in undervalued U.S. small-capitalization companies with strong business fundamentals and the ability to generate free cash flow.
Top 10 Holdings as of October 31, 2008:
1. Progress Software Corp. (4.5%)
2. Kaman Corp. (4.3%)
3. Silgan Holdings Inc. (4.2%)
4. Chemed Corp. (3.1%)
5. Speedway Motorsports Inc. (3.1%)
6. ARGON ST Inc. (3.0%)
7. CBIZ Inc. (3.0%)
8. j2Global Communications (3.0%)
9. Neinet Inc. (Cl A) (2.8%)
10. Interactive Data Corp. (2.6%)
Top 10 Holdings as of OCtober 31, 2008:
1. Royal Dutch Shell PLC (CL B) (2.4%)
2. Nestle S.A. (2.1%)
3. Roche Holding AG (2.1%)
4. BNP Paribas S.A. (1.9%)
5. BHP Billiton Ltd. (1.8%)
6. Zurich Financial Services (1.8%)
7. Telefonica S.A. (1.7%)
8. British American Tobacco PLC (1.7%)
9. Vivendi S.A. (1.7%)
10. BP PLC (1.6%)
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Brown Advisory Opportunity Fund (BIAOX):
The fund seeks capital appreciation by investing in small-, mid-, and large-capitalization companies with high returns on invested capital, well above average growth in earnings, and conservatively capitalized balance sheets.
Top 10 Holdings as of October 31, 2008:
1. Danaher Corp. (7.8%)
2. Roper Industries Inc. (6.1%)
3. Amphenol Corp (Cl A) (5.7%)
4. Citrix Systems, Inc. (5.7%)
5. Ultra Petroleum Corp. (5.5%)
6. Quanta Services Inc. (5.3%)
7. Trimble Navigation (5.2%)
8. Millipore Corp. (4.9%)
9. Bank of NY Mellon (4.4%)
10. Gen-Probe Inc. (4.1%)
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Brown Advisory Funds Semi-Annual Report
Performance
Capital Gains Distributions
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This Internet site is not an offer to sell nor a solicitation of an offer to buy shares in the Brown Advisory Funds outside the United States. For more complete information about the Funds, including risks, charges, and expenses download a prospectus from this website or request one by calling 800-540-6807. Please read the prospectus carefully before investing. Foreside Fund Services, LLC, Distributor.www.foresides.com