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Intermediate Income Fund

Overview

The fund seeks to maximize potential total return through a diversified selection of intermediate-term, high-quality fixed income securities concentrated on our best ideas. In pursuit of this, the fund invests at least 80% of its total net assets in fixed income securities such as U.S. Government securities, corporate fixed income securities, mortgage-backed securities, and asset-backed securities. The fund may also purchase municipal securities issued by states, U.S. territories, and possessions.  

Credit Quality Distribution (%)

(As of Dec 31, 2025)

Fund Benchmark
AAA/Aaa 1.8 3.3
AA/Aa 79.7 77.4
A 11.4 9.9
BBB 14.6 9.3
High Yield – 0.1
Not Rated 0.5 —
AA+ – —
Cash -7.9 —
Credit quality is calculated using ratings assigned by Moody’s. If Moody’s does not rate a holding then Standard & Poor’s is used. If Moody’s and Standard & Poor’s do not rate a holding then Fitch is used. A bond is considered investment grade if its credit rating is BBB- or higher according to Standard & Poor’s; more specifically, a rating of “AAA” represents the highest credit quality with minimal risk of default and a rating of “BB” or below represents speculative financial security. High Yield, if noted, includes holdings that are rated BB+ or lower according to Moody’s. Not Rated category, if noted, includes holdings that are not rated by any rating agencies. All ratings are as of 12/31/2025.

Duration Distribution (%)

(As of Dec 31, 2025)

Fund Benchmark
Less than 1 Year 10.6 2.2
1 to 3 Years 23.3 34.0
3 to 5 Years 26.1 26.4
5 to 7 Years 29.6 20.5
7 to 10 Years 12.1 16.9
Greater than 10 Years -1.8 0.0
Source: FactSet® Duration distribution includes cash and equivalents. Distribution is subject to change and should not be a recommendation to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned.

Portfolio Sector

(As of Dec 31, 2025)

Sector Fund Benchmark
Cash & Equivalents 2.3 —
US Government 36.6 44.4
Government related — 4.0
Corporate 25.9 19.8
Mortgage 28.2 29.5
CMBS 2.8 1.8
ABS 4.2 0.5
Municipal — —
Unassigned — —
Government Futures 14.6 —
Source: Advent Portfolio Exchange® for fund data, FactSet® for benchmark data. Sector breakdown includes cash and equivalents, are subject to change at any time and should not be considered recommendations to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. Figures may not total 100 due to rounding.

Characteristics

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Avg. Life (Yrs) 5.1 5.1
Effective Duration (years) 4.4 4.3
30-Day SEC Yield (%) (Investor Share Class) 3.63 —
# of Holdings 124 10,369
Source: Fund net assets provided by U.S. Bank; portfolio characteristics from FactSet® and include cash and equivalents . Total net assets are as of the last day of the quarter and include all share classes.   Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities and ADRs entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets.  The Brown Advisory funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Total assets under management value as of 12/31/2025. 
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Click here for a current prospectus and click here for a current SAI. Please read and consider it carefully before investing. You may obtain a hardcopy of the prospectus by calling 1-800-540-6807.
Click here for index and financial term definitions.

Average Annual Total Returns % (As of Dec 31, 2025)

Share Class Three Months One Year Three Year Five Year Ten Year Since Inception
Investor (BIAIX), Inception: 11/02/1995 1.26 7.03 4.42 0.38 1.90 3.74
Bloomberg Intermediate Aggregate Bond Index 1.35 7.45 5.01 0.68 2.06 4.14
Gross Expense Ratios: 0.54% (Investor), 0.79% (Advisor).
Net Expense Ratios: 0.54% (Investor), 0.79% (Advisor).
Returns greater than one year are annualized.
The benchmark index shown represents the Fund's performance benchmark index, which is different from the Fund's regulatory benchmark index. The Fund’s regulatory benchmark index is the Bloomberg US Aggregate Bond Index and it is included in the Fund's prospectus. The Fund’s prospectus can be obtained by contacting the Fund at 1-800 645-3923 or by visiting the Fund’s website.
Performance data quoted represents past performance and is no guarantee of future results. Performance for periods greater than one year is annualized. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Performance for other share classes will vary. For the  most  recent  month-end  performance,  please call 1-800-540-6807.
Mutual fund investing involves risk. Principal loss is possible. Investments in foreign securities and ADRs entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets.
The Brown Advisory funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Total assets under management value as of 12/31/2025.
Click here for a current prospectus and click here for a current SAI. Please read and consider it carefully before investing. You may obtain a hardcopy of the prospectus by calling 1-800-540-6807.
Click here for index and financial term definitions.

Top Holdings

(As of Dec 31, 2025)

Name Percentage
United States Treasury Note/Bond, 3.75% Due 08/15/2027 5.6
United States Treasury Note/Bond, 2.25% Due 03/31/2026 5.1
United States Treasury Note/Bond, 1.88% Due 02/15/2032 4.6
United States Treasury Note/Bond, 2.88% Due 05/15/2028 3.9
United States Treasury Note/Bond, 0.88% Due 11/15/2030 3.7
Total 23.0%
The minimum investment requirements are waived for qualified retirement plans under Section 401(a) of the Internal Revenue Code (\"IRC\"), and plans operating consistent with 403(a), 403(b), 408, 408(A), 457, 501(c) and 223(d) of the IRC.
The advisor has contractually agreed to waive fees. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees.
Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
 
The Brown Advisory funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Mutual fund investing involves risk. Principal loss is possible.
Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed and Mortgage-Backed securities include additional risks that investor should be aware of including credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. In addition, the fund is susceptible to risks from investments in derivatives, U.S. Government securities, municipal securities and its investments in other investment companies.
Total assets under management value as of 12/31/2025. 
Inception date for Investor share class.
 
Click here for a current prospectus and click here for a current SAI. Please read and consider it carefully before investing. You may obtain a hardcopy of the prospectus by calling 1-800-540-6807.
Click here for index and financial term definitions.