Brown Advisory Maryland Bond Fund (Prospectus Summary) | Brown Advisory Maryland Bond Fund

Brown Advisory Maryland Bond Fund

Investment Objective

The Brown Advisory Maryland Bond Fund (the "Fund") seeks to provide a high level

of current income exempt from both Federal and Maryland State income taxes

without undue risk.

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 Maryland Bond Fund Institutional Shares
Maximum Sales Charge (Load) imposed on Purchases (as a % of the offering price)	none
Maximum Deferred Sales Charge (Load) imposed on Redemptions (as a % of the sale price)	none
Redemption Fee (as a % of amount redeemed within 14 days of purchase)	1.00%
Exchange Fee ( as a % amount exchanged within 14 days of purchase)	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 Maryland Bond Fund Institutional Shares
Management Fees		0.35%
Distribution and/or Service (12b-1) Fees		none
Other Expenses		0.16%
Acquired Fund Fees and Expenses		0.01%
Total Annual Fund Operating Expenses	[1]	0.52%

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.

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

Expense Example (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
Brown Advisory Maryland Bond Fund Institutional Shares	53	167	291	653

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 29% 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 at least 80% of

the value of its net assets (plus borrowings for investment purposes) in

Maryland bonds, including bonds issued on behalf of the State of Maryland, its

local governments and public financing authorities. The Fund may also invest in

municipal securities issued by other states, U.S. territories, and possessions,

U.S. Government securities, general obligation securities and revenue

securities, including private activity bonds. The Advisor determines which

securities to purchase by first evaluating whether a security falls within the

credit guidelines set for the Fund by reviewing the ratings given by S&P and

Moody's. The Advisor then determines the appropriate maturity date and coupon

choice after analyzing the current and targeted portfolio structure, and whether

or not the issue is fairly priced. The Fund is non-diversified which means that

it may invest a significant portion of its assets in the securities of a single

issuer or small number of issuers. Generally, the average weighted maturity of

the Fund's portfolio securities will be between 4 and 10 years.  Normally, the

Fund will invest at least 80% of the Fund's total assets in securities the

interest of which is exempt from Federal and Maryland State income taxes,

although such interest may be subject to the Federal alternative minimum tax

("AMT"). All capital gains are subject to Federal and state taxes in addition to

AMT. Municipal securities include municipal bonds, notes, and leases. Municipal

leases are securities that permit government issuers to acquire property and

equipment without the security being subject to constitutional and statutory

requirements for the issuance of long-term fixed income securities.



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

   ·  Revised economic forecasts or interest rate outlook requires a repositioning

      of the portfolio;



   ·  The security subsequently fails to meet the investment criteria;



   ·  A more attractive security is found; or



   ·  The Advisor believes that the security has reached it appreciated potential.



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 tax

exempt 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:



·  Credit Risk. The value of your investment in the Fund may change in response

   to changes in the credit ratings of the Fund's portfolio securities.

   Generally, investment risk and price volatility increase as a security's

   credit rating declines.



·  Debt/Fixed Income Securities Risk. An increase in interest rates typically

   causes a fall in the value of the debt securities in which the Fund may

   invest. The value of your investment in the Fund may change in response to

   changes in the credit ratings of the Fund's portfolio of debt securities.

   Securities rated below investment grade ("junk bonds") are subject to greater

   risk of loss of your money than higher rated securities. Issuers may

   (increase) decrease prepayments of principal when interest rates (fall)

   increase, affecting the maturity of the debt security and causing the value of

   the security to decline.



·  Interest Rate Risk. An increase in interest rates typically causes a fall in

   the value of the fixed income securities in which the Fund may invest.



·  Liquidity Risk. Certain fixed income securities held by the Fund may be

   difficult (or impossible) to sell at the time and at the price the Advisor

   would like. As a result, the Fund may have to hold these securities longer

   than it would like and may forego other investment opportunities. There is the

   possibility that the Fund may lose money or be prevented from realizing

   capital gains if it cannot sell a security at a particular time and price.



·  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.



·  Maryland Bonds and Municipal Securities Risk. Adverse economic or political

   factors in Maryland will affect the Fund's NAV more than if the Fund invested

   in more geographically diverse investments.



·  Non-Diversification Risk. Investment by the Fund in securities of a limited

   number of issuers exposes it to greater market risk and potential monetary

   losses than if its assets were diversified among the securities of a greater

   number of issuers.

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 and 5 years and since inception periods

compare to a broad-based market index.



Effective April 12, 2010, the Brown Advisory Maryland Bond 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 Maryland Bond Fund - Institutional Shares Calendar Year Total Returns

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

1.78%. During the periods shown in the chart, the highest quarterly return was

4.07% (for the quarter ended June 30, 2002) and the lowest quarterly return was

-2.03% (for the quarter ended June 30, 2004).

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

Average Annual Total Returns Brown Advisory Maryland Bond Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Institutional Shares	Return Before Taxes	2.28%	3.60%	3.81%	Dec. 21, 2000
Institutional Shares After Taxes on Distributions	Return After Taxes on Distributions	2.28%	3.60%	3.81%	Dec. 21, 2000
Institutional Shares After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	2.32%	3.51%	3.73%	Dec. 21, 2000
Barclays 1-10 Year Blended Municipal Bond Index	Barclays 1-10 Year Blended Municipal Bond Index (reflects no deduction for fees, expenses or taxes)	3.13%	4.60%	4.61%	Dec. 21, 2000

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. 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 Total Annual Fund Operating Expenses 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.