The Brown Advisory Maryland Bond Fund seeks to provide a high level of current income exempt from both Federal and Maryland state income taxes without undue risk.

Investment approach

The fund’s managers incorporate bottom-up, fundamental research into their process to drive security selection and seek risk mitigation. In pursuit of this goal, the fund will invest at least 80% of its total net assets in Maryland bonds issued by the state, as well as those issued by its local governments and public financing authorities. The fund may also invest in other municipal securities issued by other states, U.S. territories, and U.S. Government securities. The fund will typically invest at least 80% of its assets in securities with interest that is exempt from Federal and Maryland State income taxes, although some interest may be subject to the Federal alternative minimum tax (AMT). The fund may also invest in derivatives to mitigate or hedge risks in the portfolio or to temporarily invest cash balances.

Fund profile

The fund is a concentrated portfolio of the portfolio managers’ best ideas that have been identified through fundamental analysis and which the managers believe have the potential to deliver both attractive and tax-efficient risk-adjusted returns over time. Generally the average weighted maturity of the fund’s holdings will be between 4 and 10 years.

(As of Sep 30, 2018)

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. All ratings are as of 09/30/2018.

(As of Sep 30, 2018)

Fund Benchmark
AAA/Aaa 23.9 24.0
AA/Aa 32.3 51.4
A 11.0 17.3
BBB/Baa 13.7 3.9
High Yield 6.6 0.0
Other 12.5 3.4
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. All ratings are as of 09/30/2018.

(As of Sep 30, 2018)

Source: FactSet®. Quality and duration distribution allocations as well as fund holdings (including 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.

(As of Sep 30, 2018)

Fund Benchmark
Less than 1 Year (incl. Cash) 7.8 4.70
1 to 3 Years 27.0 31.60
3 to 5 Years 21.7 28.50
5 to 7 Years 19.6 25.00
7 to 10 Years 17.7 9.80
> 10 Years 6.2 0.40
Source: FactSet®. Quality and duration distribution allocations as well as fund holdings (including 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.

(As of Sep, 30, 2018)

Sector Fund Benchmark
Cash & Equivalents 3.20
Muni - Revenue 62.90 55.10
Muni - Pre Refunded 7.10 12.50
Muni - Taxable
Muni - GO 26.80 32.40
Source: FactSet® and Advent Portfolio Exchange® . Sector diversification includes cash and equivalents. 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. Figures may not total 100% due to rounding.

(As of Sep 30, 2018)

Portfolio Attribute Fund Benchmark
Yield to Worst (%) 2.8 2.5
30-Day SEC Yield Unsubsidized (%) 2.31
# of Holdings 91
Dividend Frequency Monthly
Source: FactSet® .Characteristics include cash and equivalents.

Average Annual Total Returns % (As of Dec 31, 2018)

Share Class Three Months YTD One Year Three Year Five Year Ten Year Since Inception
Investor (BIAMX), Inception: 12/21/2000 1.16 1.44 1.44 1.75 2.18 2.64 3.10
Bloomberg Barclays 1-10 Year Municipal Bond (1-12) 1.61 1.64 1.64 1.67 2.42 3.30 3.82
Gross Expense Ratios: 0.49% (Investor). Source: U.S. Bank. 
Returns greater than one year are annualized.
Past performance does not guarantee future results. 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, when redeemed, may be worth more or less than original cost. Shares redeemed or exchanged within 14 days of purchase will be charged a 1.00% fee. Performance data quoted does not reflect the redemption or exchange fee. If reflected, total returns would be reduced. For the most recent month end performance, please call 1-800-540-6807.

(As of Sep 30, 2018)

Name Percentage
First American Government Obligations Fund, 2.00% 5.3
County of Montgomery MD, 5.00% Due 11/01/2023 3.1
Maryland Economic Development Corp, 5.00% Due 06/0 2.9
Maryland State Transportation Authority, 5.00% Due 2.8
County of Prince George's MD, 4.00% Due 07/15/2037 2.8
Massachusetts Port Authority, 4.15% Due 01/01/2031 2.7
University System of Maryland, 5.00% Due 04/01/202 2.6
County of Montgomery MD, 5.00% Due 12/01/2019 2.5
Maryland State Transportation Authority, 5.00% Due 2.5
Maryland Economic Development Corp, 4.50% Due 07/01/2044 2.5
Source: U.S. Bank. Portfolio holdings include cash and equivalents. Fund holdings are subject to change and should not be considered 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.
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. 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. In addition, the fund is susceptible to risks from investments in derivatives and changes in interest rates.
The Brown Advisory funds are distributed by Quasar Distributors, LLC.
Total assets under management value as of 09/30/2018. 
Inception date for Investor share class.
Click here for a current prospectus. 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.