Intermediate Income Fund

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Fact Sheet

Investment approach

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.  

Fund profile

The fund will generally own securities that have a maturity between 1 and 10 years which are rated in the top four categories of a Nationally Recognized Statistical Rating Organization. Normally, the fund’s maturity, duration and sector allocations will be generally reflective of its benchmark, the Bloomberg Intermediate Aggregate Bond Index. The fund will typically have a dollar-weighted maturity between 3 and 10 years and an average duration of 2 to 5 years.

Credit Quality Distribution (%)

(As of Sep 30, 2024)

Fund Benchmark
AAA/Aaa 73.3 78.4
AA/Aa 0.7 1.9
A 7.2 9.2
BBB 17.9 9.6
High Yield – 0.4
Not Rated 0.9 —
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 09/30/2024.

Duration Distribution (%)

(As of Sep 30, 2024)

Fund Benchmark
Less than 1 Year 9.1 1.7
1 to 3 Years 21.4 32.0
3 to 5 Years 28.1 26.5
5 to 7 Years 29.9 23.1
7 to 10 Years 12.6 16.7
Greater than 10 Years -1.1 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 Sep 30, 2024)

Sector Fund Benchmark
Cash & Equivalents -5.9 —
US Government 43.3 43.8
Non-US Government — 2.6
Corporate 25.1 19.8
Mortgage 33.0 31.2
CMBS 1.0 1.9
ABS 3.3 0.6
Municipal 0.1 0.1
Unassigned — —
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 Sep 30, 2024)

Portfolio Attribute Fund Benchmark
Avg. Life (Yrs) 5.3 5.4
Effective Duration (years) 4.5 4.3
30-Day SEC Yield (%) (Investor Share Class) Unsubsidized 3.66 —
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 09/30/2024. 
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. 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 Sep 30, 2024)

Share Class Three Months One Year Three Year Five Year Ten Year Since Inception
Investor (BIAIX), Inception: 11/02/1995 4.56 9.81 -0.65 0.60 1.60 3.74
Bloomberg Intermediate Aggregate Bond Index 4.60 10.39 -0.30 0.85 1.79 4.14
Gross Expense Ratios: 0.58% (Investor), 0.83% (Advisor).
Net Expense Ratios: 0.55% (Investor), 0.80% (Advisor).
Returns greater than one year are annualized.
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. 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. 
 
 
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 09/30/2024.
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.

Top Holdings

(As of Sep 30, 2024)

Name Percentage
United States Treasury Note/Bond, 1.88% Due 02/15/2032 6.4
United States Treasury Note/Bond, 3.75% Due 08/15/2027 5.7
United States Treasury Note/Bond, 2.88% Due 05/15/2028 4.3
First American Government Obligations Fund, 4.79% 4.0
United States Treasury Note/Bond, 0.88% Due 11/15/2030 3.4
Total 23.7%
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 09/30/2024. 
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.