Intermediate Income Fund

Overview

The Brown Advisory Intermediate Income Fund seeks to provide a high-level of current income consistent with preservation of principal through a diversified portfolio of intermediate-term, high-quality fixed income securities concentrated on our best ideas. ​

We believe that a portfolio of intermediate-term fixed income securities, identified through bottom-up fundamental credit research, focused on core stability of principal, has the potential to deliver attractive and stable total returns over time.

Our investment philosophy is grounded in the following principles.​

Capital Preservation and Liquidity​

  • An investment grade, intermediate duration bond portfolio that seeks to preserve principal, maximize liquidity and prudently improve returns. The Fund employs active management, bottom-up research and proactive portfolio positioning.​

Diversification​

  • Maintains diversified exposure across many investment themes, sectors, and industries, so that no single position overwhelms performance, investing across U.S. Treasury, government-related, corporate and securitized markets.​

Active Management​

  • We concentrate our team’s best ideas in a portfolio that seeks to provide alpha and manage target duration.​

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 —
Source: FactSet®. 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. Quality 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.​​

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 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 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. 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 due to “To Be Announced” mortgage securities that are purchased for forward settlement. Prior to settlement, they are rolled to the ensuing month to maintain exposure.​

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: FactSet®. Characteristics are applicable to the Investor share class only, 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.​ 

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 for periods prior to October 19, 2012 are that of the Predecessor Fund. Investor Shares commenced operations on November 2, 1995 as part of the Predecessor Fund and Advisor Shares commenced operations on May 31, 1991 as part of the Predecessor Fund. Prior to October 19, 2012, Investor Shares were known as Institutional Shares.​ 

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.​ 

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

Inception date represents the Advisor share class. ​ 

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 (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).
 
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.​
 
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.​ 

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 for periods prior to October 19, 2012 are that of the Predecessor Fund. Investor Shares commenced operations on November 2, 1995 as part of the Predecessor Fund and Advisor Shares commenced operations on May 31, 1991 as part of the Predecessor Fund. Prior to October 19, 2012, Investor Shares were known as Institutional Shares.​ 

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.​ 

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

Inception date represents the Advisor share class. ​ 

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.

Top 10 Portfolio 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%
Source: U.S. Bank. Portfolio holdings include cash and equivalents and are subject to change at any time. The information provided in this material 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. 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.​ 

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 for periods prior to October 19, 2012 are that of the Predecessor Fund. Investor Shares commenced operations on November 2, 1995 as part of the Predecessor Fund and Advisor Shares commenced operations on May 31, 1991 as part of the Predecessor Fund. Prior to October 19, 2012, Investor Shares were known as Institutional Shares.​ 

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.​ 

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

Inception date represents the Advisor share class. ​ 

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.