Maryland Bond Fund

Overview

The Brown Advisory Maryland Bond Fund seeks to provide a high level of current income by focusing on securities exempt from both Federal and Maryland State income taxes without undue risk. The Fund seeks to invest primarily in high-quality Maryland municipal bonds, which can offer Maryland taxpayers the opportunity for triple-tax-free income.​

Our investment philosophy is grounded in the following principles.​

Bottom-Up Research

  • Focus on bottom-up fundamental credit research to drive all aspects of our decision-making. ​

Active Management

  • Portfolio construction and active risk are driven primarily by security selection, issuer fundamentals, bond structure, and relative value, rather than top-down interest rate or macro views. ​

Diversifications

  • Intentionally invests in municipal bonds where repayment streams, cash-flow durability, and bondholder protections stem from heterogenous sources. Risk management is deliberate and embedded throughout the process, with explicit diversification and concentration limits. ​​

Credit Quality Distribution (%)

(As of Dec 31, 2025)

Fund Benchmark
AAA/Aaa 13.8 19.8
AA/Aa 39.6 56.6
A 24.7 19.6
BBB 13.5 3.3
High Yield – 0.3
Not Rated 8.4 0.5
Source: FactSet®. Credit quality is calculated using ratings assigned by Moody’s. IfMoody’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 gradeif its credit rating is BBB- or higher according to Standard & Poor’s; more specifically, arating of “AAA” represents the highest credit quality with minimal risk of default and arating 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. Quality distributionallocations include cash and equivalents and are subject to change at any time andshould not be considered recommendations to engage in or refrain from a particularcourse of action or to make or hold a particular investment or pursue a particularinvestment strategy, including whether or not to buy, sell, or hold any of the securitiesmentioned. Figures may not total 100% due to rounding.​​

Duration Distribution (%)

(As of Dec 31, 2025)

Fund Benchmark
Less than 1 Year 30.5 6.5
1 to 3 Years 8.3 24.5
3 to 5 Years 14.9 22.5
5 to 7 Years 7.9 21.1
7 to 10 Years 20.4 23.5
Greater than 10 years 18.1 1.8
Source: FactSet®. Duration distribution allocations include cash and equivalents and 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.​​

Portfolio Diversification

(As of Dec 31, 2025)

Sector Fund Benchmark
Cash & Equivalents 0.9 —
Revenue 76.5 68.4
General Obligation 22.6 29.5
Pre-Refunded — 2.0
Unassigned — 0.0
Source: Advent Portfolio Exchange® for Fund data, FactSet® for benchmark data. Portfolio diversification includes cash and equivalents and are subject to change at any time. Figures may not total 100% due to rounding. Cash balances can be negative to reflect economic exposure to derivatives and other forward contracts.​

Characteristics

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Effective Duration (years) 5.1 4.8
Average Life (yrs) 8.9 6.3
Yield to Worst (%) 3.8 3.3
30-Day SEC Yield (%) 3.27 —
# of Holdings 69 49,085
Source: FactSet®. Characteristics include cash and equivalents and are calculated gross of fees unless noted otherwise. ​ 

Mutual fund investing involves risk. Principal loss is possible. Past performance is no guarantee of future results. ​ 

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. 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​ 

Diversification does not assure a profit, nor does it protect against a loss in a declining market. ​ 

The information provided is not intended to be and should not be considered to be a recommendation or suggestion 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. It should not be assumed that investments in such securities have been or will be profitable.​ 

Prior to October 19, 2012, Investor Shares were known as Institutional Shares. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown is for periods prior to October 19, 2012 is that of the Predecessor Fund.​ 

Prior to May 31, 2025, the Fund’s performance benchmark index was the Bloomberg 1-10 Year Blended Municipal Bond Index.​ 

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund is non diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Adverse economic or political factors in Maryland will affect the Fund’s NAV more than if the Fund invested in more geographically diverse investments. Adverse economic or political factors in the municipal bond market, including changes in the tax law, could impact the Fund in a negative manner. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. A non-diversified fund may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, a non-diversified Fund is more exposed to individual stock volatility than a diversified fund. In addition, the Fund is susceptible to risks from investments in derivatives and changes in interest rates. ​ 

Any tax or legal information provided should not be viewed as an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice. ​ 

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors. References to other mutual funds should not be interpreted as an offer of these securities. Performance figures include the reinvestment of dividend and capital gain distributions. Past performance is no guarantee of future results​ 

©2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Rating™ is a trademark of Morningstar, Inc. Morningstar Rating™ is for the Investor share class only; other classes may have different performance characteristics. “The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.” Brown Advisory Maryland Bond Fund was rated against the following numbers of U.S. domiciled Muni Single State Intermediate funds over the following time periods: 105 funds in the last three year, 105 funds in the last five year and 93 funds in the last ten year period ending 12/31/2025.With respect to these U.S. Muni Single State Intermediate funds, Brown Advisory Maryland Bond Fund received a Morningstar Rating of 5 stars, 5 stars and 4 stars for the three-year, five year and ten year periods, respectively.​ 

1Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes. ​ 

FactSet® is a registered trademark of FactSet Research Systems, Inc.​ 

Advent Portfolio Exchange® is a registered trademark of Advent Software, Inc​ 

The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203. which is not affiliated with Brown Advisory LLC.​

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

Share Class Three Months One Year Three Year Five Year Ten Year Since Inception
Investor (BIAMX), Inception: 12/21/2000 2.04 4.72 4.02 1.12 1.97 2.81
Bloomberg Municipal 1–15 Year Index 1.41 5.18 3.75 1.16 2.27
Gross Expense Ratios: 0.49% (Investor).
Net Expense Ratios: 0.49% (Investor).

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 Municipal 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.​
Source: U.S. Bank. 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, 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. Past performance is no guarantee of future results. ​ 

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. 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​ 

Diversification does not assure a profit, nor does it protect against a loss in a declining market. ​ 

The information provided is not intended to be and should not be considered to be a recommendation or suggestion 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. It should not be assumed that investments in such securities have been or will be profitable.​ 

Prior to October 19, 2012, Investor Shares were known as Institutional Shares. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown is for periods prior to October 19, 2012 is that of the Predecessor Fund.​ 

Prior to May 31, 2025, the Fund’s performance benchmark index was the Bloomberg 1-10 Year Blended Municipal Bond Index.​ 

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund is non diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Adverse economic or political factors in Maryland will affect the Fund’s NAV more than if the Fund invested in more geographically diverse investments. Adverse economic or political factors in the municipal bond market, including changes in the tax law, could impact the Fund in a negative manner. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. A non-diversified fund may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, a non-diversified Fund is more exposed to individual stock volatility than a diversified fund. In addition, the Fund is susceptible to risks from investments in derivatives and changes in interest rates. ​ 

Any tax or legal information provided should not be viewed as an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice. ​ 

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors. References to other mutual funds should not be interpreted as an offer of these securities. Performance figures include the reinvestment of dividend and capital gain distributions. Past performance is no guarantee of future results​ 

©2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Rating™ is a trademark of Morningstar, Inc. Morningstar Rating™ is for the Investor share class only; other classes may have different performance characteristics. “The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.” Brown Advisory Maryland Bond Fund was rated against the following numbers of U.S. domiciled Muni Single State Intermediate funds over the following time periods: 105 funds in the last three year, 105 funds in the last five year and 93 funds in the last ten year period ending 12/31/2025.With respect to these U.S. Muni Single State Intermediate funds, Brown Advisory Maryland Bond Fund received a Morningstar Rating of 5 stars, 5 stars and 4 stars for the three-year, five year and ten year periods, respectively.​ 

1Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes. ​ 

FactSet® is a registered trademark of FactSet Research Systems, Inc.​ 

Advent Portfolio Exchange® is a registered trademark of Advent Software, Inc​ 

The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203. which is not affiliated with Brown Advisory LLC.​
Click here for index and financial term definitions.

Top 10 Portfolio Holdings

(As of Dec 31, 2025)

Name Percentage
State of Maryland, 3.00% Due 06/01/2031 4.4
County of Frederick MD, 2.00% Due 10/01/2039 4.0
Maryland Economic Development Corp, 5.00% Due 06/01/2035 3.9
County of Frederick MD, 1.63% Due 10/01/2035 3.5
Main Street Natural Gas Inc, 4.19% Due 12/01/2053 3.3
Maryland Health & Higher Educational Facilities Authority, 5.25% Due 05/15/2055 3.1
County of Baltimore MD, 4.00% Due 03/01/2038 3.0
Maryland Stadium Authority, 5.00% Due 05/01/2038 3.0
Maryland Economic Development Corp, 5.00% Due 10/01/2050 3.0
Miami-Dade County Expressway Authority, 4.86% Due 07/01/2032 2.9
Total 34.1

Source: U.S. Bank. Portfolio holdings include cash and equivalents and are subject to change at anytime. The information provided in this material is not intended to be and should not be considered tobe a recommendation or suggestion to engage in or refrain from a particular course of action or tomake or hold a particular investment or pursue a particular investment strategy, including whether ornot to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments insuch securities have been or will be profitable. Numbers may not total due to rounding.​


​
Mutual fund investing involves risk. Principal loss is possible. Past performance is no guarantee of future results. ​ 

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing. 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​ 

Diversification does not assure a profit, nor does it protect against a loss in a declining market. ​ 

The information provided is not intended to be and should not be considered to be a recommendation or suggestion 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. It should not be assumed that investments in such securities have been or will be profitable.​ 

Prior to October 19, 2012, Investor Shares were known as Institutional Shares. The Fund is the successor to the investment performance of the Predecessor Fund as a result of the reorganization of the Predecessor Fund into the Fund on October 19, 2012. Accordingly, the performance information shown is for periods prior to October 19, 2012 is that of the Predecessor Fund.​ 

Prior to May 31, 2025, the Fund’s performance benchmark index was the Bloomberg 1-10 Year Blended Municipal Bond Index.​ 

Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The Fund is non diversified which means it may invest a large percentage of its assets in the securities of fewer issuers. Adverse economic or political factors in Maryland will affect the Fund’s NAV more than if the Fund invested in more geographically diverse investments. Adverse economic or political factors in the municipal bond market, including changes in the tax law, could impact the Fund in a negative manner. Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the federal alternative minimum tax for certain investors. A non-diversified fund may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, a non-diversified Fund is more exposed to individual stock volatility than a diversified fund. In addition, the Fund is susceptible to risks from investments in derivatives and changes in interest rates. ​ 

Any tax or legal information provided should not be viewed as an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice. ​ 

Income from tax-exempt funds may be subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors. References to other mutual funds should not be interpreted as an offer of these securities. Performance figures include the reinvestment of dividend and capital gain distributions. Past performance is no guarantee of future results​ 

©2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar Rating™ is a trademark of Morningstar, Inc. Morningstar Rating™ is for the Investor share class only; other classes may have different performance characteristics. “The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.” Brown Advisory Maryland Bond Fund was rated against the following numbers of U.S. domiciled Muni Single State Intermediate funds over the following time periods: 105 funds in the last three year, 105 funds in the last five year and 93 funds in the last ten year period ending 12/31/2025.With respect to these U.S. Muni Single State Intermediate funds, Brown Advisory Maryland Bond Fund received a Morningstar Rating of 5 stars, 5 stars and 4 stars for the three-year, five year and ten year periods, respectively.​ 

1Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes. ​ 

FactSet® is a registered trademark of FactSet Research Systems, Inc.​ 

Advent Portfolio Exchange® is a registered trademark of Advent Software, Inc​ 

The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203. which is not affiliated with Brown Advisory LLC.​
Click here for index and financial term definitions.