Brown Advisory Opportunity Fund (Prospectus Summary) | Brown Advisory Opportunity Fund

Brown Advisory Opportunity Fund

Investment Objective

The Brown Advisory Opportunity Fund (the "Fund") seeks to achieve long-term

capital appreciation.

Fees and Expenses

The following table describes the fees and expenses that you may pay if you buy

and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Brown Advisory Opportunity Fund	Institutional Shares	Advisor Shares
Maximum Sales Charge (Load) imposed on Purchases (as a % of the offering price)	none	none
Maximum Deferred Sales Charge (Load) imposed on Redemptions (as a % of the sale price)	none	none
Redemption Fee (as a % of amount redeemed within 14 days of purchase)	1.00%	1.00%
Exchange Fee ( as a % amount exchanged within 14 days of purchase)	1.00%	1.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Brown Advisory Opportunity Fund		Institutional Shares	Advisor Shares
Management Fees		1.00%	1.00%
Distribution and/or Service (12b-1) Fees		none	0.25%
Other Expenses		0.78%	0.73%
Acquired Fund Fees and Expenses		0.01%	0.01%
Total Annual Fund Operating Expenses		1.79%	1.99%
Fee Waiver and Expense Reimbursement		(0.28%)	(0.28%)
Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursement	[1][2]	1.51%	1.71%

Example

The example below is intended to help you compare the cost of investing in the

Fund with the cost of investing in other mutual funds. This example assumes that

you invest $10,000 in the Fund for the time periods indicated and then redeem

all of your shares at the end of each period. The example also assumes that your

investment has a 5% annual return each year and that the Fund's operating

expenses remain the same (taking in to account the contractual expense

limitation for 2 years).

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Brown Advisory Opportunity Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Institutional Shares	154	536	944	2,082
Advisor Shares	174	597	1,047	2,294

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate may

indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in

annual fund operating expenses or in the Example, affect the Fund's

performance. During the most recent fiscal year ended June 30, 2011, the

portfolio turnover rate for the Fund was 65% of the average value of its

portfolio.

Principal Investment Strategies

Under normal conditions, Brown Investment Advisory Incorporated (the "Advisor")

seeks to achieve the Fund's investment objective by investing primarily in a

diversified portfolio of equity securities and may incorporate either a growth

or value investment approach to security selection and invest in companies

regardless of market capitalization. The Advisor selects equity securities of

"high quality companies" that the Advisor believes have significant market

opportunities where the companies are leaders or potential leaders in their

respective markets, proprietary products and services or are engaged in new

product development and product cycle leadership that sustains a strong brand

franchise. The Advisor will typically invest in 30 securities or fewer. Equity

securities include domestic common and preferred stock, convertible debt

securities, American Depositary Receipts ("ADRs"), real estate investment trusts

("REITs") and exchange traded funds ("ETFs"), and the Advisor may also invest in

private placements in these types of securities. The Fund invests primarily in

ETFs that have an investment objective similar to the Fund's or that otherwise

are permitted investments with the Fund's investment policies described

herein. ADRs are equity securities traded on U.S. securities exchanges, which

are generally issued by banks or trust companies to evidence ownership of

foreign equity securities. The Fund may invest up to 20% of its net assets in

foreign securities, including in emerging markets.



The Advisor may sell a security or reduce its position if:

   ·  It fails to meet initial investment criteria; or



   ·  The security becomes overvalued relative to the long-term expectation.



In order to respond to adverse market, economic, political or other conditions,

the Fund may assume a temporary defensive position that is inconsistent with its

principal investment strategies and invest, without limitation, in cash or prime

quality cash equivalents.

Principal Investment Risks

As with all mutual funds, there is the risk that you could lose all or a portion

of your investment in the Fund. An investment in the Fund is not a deposit of a

bank and is not insured or guaranteed by the Federal Deposit Insurance

Corporation or any other government agency. The following are the principal

risks that could affect the value of your investment:



·  Convertible Securities Risk. The value of convertible securities tends to

   decline as interest rates rise and, because of the conversion feature, tends

   to vary with fluctuations in the market value of the underlying securities.



·  Equity and General Market Risk. Common stocks are susceptible to general stock

   market fluctuations and to volatile increases and decreases in value. The

   stock market may experience declines or stocks in the Fund's portfolio may not

   increase their earnings at the rate anticipated. The Fund's NAV and investment

   return will fluctuate based upon changes in the value of its portfolio

   securities.



·  ETF Risk. ETFs may trade at a discount to the aggregate value of the

   underlying securities and although expense ratios for ETFs are generally low,

   frequent trading of ETFs by the Fund can generate brokerage expenses.

   Shareholders of the Fund will indirectly be subject to the fees and expenses

   of the individual ETFs in which the Fund invests.



·  Foreign Securities/Emerging Markets Risk. Foreign securities (including ADRs),

   including those issued in emerging markets are subject to additional risks

   including international trade, currency, political, regulatory and diplomatic

   risks. Securities issued in emerging markets have more risk than securities

   issued in more developed foreign markets.



·  Growth Company Risk. Securities of growth companies can be more sensitive to

   the company's earnings and more volatile than the market in general.



·  Management Risk. The Fund may not meet its investment objective based on the

   Advisor's success or failure to implement investment strategies for the Fund.



·  Portfolio Turnover Risk. High portfolio turnover involves correspondingly

   greater expenses to a Fund, including brokerage commissions or dealer mark-ups

   and other transaction costs on the sale of securities and reinvestments in

   other securities.



·  Private Placement Risk. The Fund may invest in privately issued securities of

   domestic common and preferred stock, convertible debt securities, ADRs, REITs

   and ETFs, including those which may be resold only in accordance with Rule

   144A under the Securities Act of 1933, as amended ("1933 Act"). Privately

   issued securities are restricted securities that are not publicly traded.

   Delay or difficulty in selling such securities may result in a loss to the Fund.



·  REIT and Real Estate Risk. The value of the Fund's investments in REITs may

   change in response to changes in the real estate market such as declines in

   the value of real estate, lack of available capital or financing

   opportunities, and increases in property taxes or operating costs.



·  Smaller and Medium Capitalization Company Risk. Securities of smaller and

   medium-sized companies may be more volatile and more difficult to liquidate

   during market down turns than securities of larger companies. Additionally the

   price of smaller companies may decline more in response to selling pressures.



·  Value Company Risk. The stock of value companies can continue to be

   undervalued for long periods of time and not realize its expected value. The

   value of the Fund may decrease in response to the activities and financial

   prospects of an individual company.

Performance Information

The following performance information provides some indication of the risks of

investing in the Fund. The chart shows changes in the Fund's performance of

Institutional Shares from year-to-year. The table shows how the average annual

returns of Institutional Shares for 1, 5 and 10 year periods compare to a

broad-based market index. Advisor Shares have not yet commenced operations.



Effective April 12, 2010, the Brown Advisory Opportunity Fund, a series of Forum

Funds (the "Predecessor Fund") reorganized into the Fund, which is a series of

Professionally Managed Portfolios. Performance shown prior to April 12, 2010 is

that of the Predecessor Fund.



Performance information represents only past performance, before and after

taxes, and does not necessarily indicate future results. Updated performance

information is available online at www.brownadvisoryfunds.com or by calling

800-540-6807 (toll free).

Brown Advisory Opportunity Fund - Institutional Shares Calendar Year Total Returns

The Fund's calendar year-to-date total return as of September 30, 2011 was

-16.13%. During the periods shown in the chart, the highest quarterly return was

36.75% (for the quarter ended December 31, 2002) and the lowest quarterly return

was -39.59% (for the quarter ended March 31, 2001).

Brown Advisory Opportunity Fund Average Annual Total Returns For the period ended December 31, 2010

Average Annual Total Returns Brown Advisory Opportunity Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Institutional Shares	Return Before Taxes	17.36%	1.47%	(6.34%)
Institutional Shares After Taxes on Distributions	Return After Taxes on Distributions	17.36%	1.47%	(6.34%)
Institutional Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	11.29%	1.25%	(5.12%)
Russell 3000® Index	Russell 3000® Index (reflects no deduction for fees, expenses or taxes)	16.93%	2.74%	2.16%

After-tax returns are calculated using the historical highest individual Federal

marginal income tax rates and do not reflect the impact of state and local

taxes. Actual after-tax returns depend on an investor's tax situation and may

differ from those shown. After-tax returns shown are not relevant to investors

who hold their Fund shares through tax-deferred arrangements such as 401(k)

plans or individual retirement accounts. After-tax returns are shown for

Institutional Shares only. After-tax returns for Advisor Shares will vary. The

"Return After Taxes on Distributions and Sale of Fund Shares" may be higher than

other return figures because when a capital loss occurs upon redemption of Fund

shares, a tax deduction is provided that benefits the investor.

[1] The Advisor has contractually agreed to waive its fees and reimburse certain expenses (excluding taxes, interest, portfolio transaction expenses, acquired fund fees and expenses and extraordinary expenses) to limit Total Annual Fund Operating Expenses for Institutional Shares and Advisor Shares to 1.50% and 1.70%, respectively, of the Fund's average daily through October 31, 2012. The contractual waivers and expense reimbursements may be changed or eliminated at any time after October 31, 2012 by the Board of Trustees upon 60 days notice to the Advisor, or by the Advisor with the consent of the Board of Trustees.

[2] The Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursement do not correlate to the Ratios to Average Net Assets - Net Expenses provided in the Financial Highlights Section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.