# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-006396
**Filing Date:** 2025-8
**Character Count:** 29745
**Document Hash:** 329e19794c65afdaad7ff4d38ac55794
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006396.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006396

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251277281

**BUSINESS ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-537-5400

**MAIL ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### Brown Advisory Maryland Bond Fund (Series ID: S000038486)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000118733 | Investor Shares | BIAMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brown Advisory Funds

- **b. Investment Company Act file number:** 811-22708

- **c. CIK number of Registrant:** 0001548609

- **d. LEI of Registrant:** 254900ZS9LW6H6GM4251

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 South Bond Street, Suite 400

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brown Advisory Maryland Bond Fund

- **b. EDGAR series identifier (if any):** S000038486

- **c. LEI of Series:** 254900BMU259A1TP4E32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $164714744.80

**Total Liabilities:** $643175.98

**Net Assets:** $164071568.82

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 6592.520000000000 | **1-Year:** 10016.550000000000 | **5-Year:** 43327.030000000000 | **10-Year:** 18159.280000000000 | **30-Year:** 1048.930000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 13.210000000000 | **1-Year:** 6030.150000000000 | **5-Year:** 6435.620000000000 | **10-Year:** 1769.500000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118733 | -0.52%               | 0.21%                | 0.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1700897.41             | $423685.23                                 |
| Month 2  | $-491788.87              | $166180.00                                 |
| Month 3  | $-143.31                 | $424963.62                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund                  | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3027259 | NS      | $3027259.04   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration               | CUSIP: 57419TDE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1314363.81   | 0.80%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 5742182P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4335000 | PA      | $4340509.79   | 2.65%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO | Maryland Stadium Authority                                  | CUSIP: 574294BL7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1362461.62   | 0.83%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD COPS        | County of Montgomery MD                                     | CUSIP: 61334ECR7<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3136745.79   | 1.91%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                    | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3265102.50   | 1.99%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CNTY MD           | County of Anne Arundel MD                                   | CUSIP: 03588HQY5<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040941.00   | 1.24%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                      | CUSIP: 05914GCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004707.00   | 3.05%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                            | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3447485.88   | 2.10%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HLTH CARE FAC | County of Franklin OH                                       | CUSIP: 353180JP8<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1550246.76   | 0.94%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD              | County of Frederick MD                                      | CUSIP: 35569PGK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8830000 | PA      | $6210432.16   | 3.79%             | 2039-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GAITHERSBURG MD ECON DEV REVEN | City of Gaithersburg MD                                     | CUSIP: 363128CS6<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019727.50   | 0.62%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 574204A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000095.50   | 3.05%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP SPL  | Maryland Economic Development Corp                          | CUSIP: 57422FAC0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4002842.25   | 2.44%             | 2044-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 574204S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $797510.10    | 0.49%             | 2036-10-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD | Maryland Economic Development Corp                          | CUSIP: 57420VRX3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047279.80   | 0.64%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218WQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $420463.39    | 0.26%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CNTY MD SPL TAX D | County of Anne Arundel MD                                   | CUSIP: 035898CG8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1863914.60   | 1.14%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520369.41    | 0.32%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TCM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $214908.28    | 0.13%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                      | CUSIP: 13048VMZ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1638960.40   | 1.00%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP      | Maryland Economic Development Corp                          | CUSIP: 574205GR5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2658870.50   | 1.62%             | 2036-10-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                      | CUSIP: 59334KDG0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5043943.50   | 3.07%             | 2032-07-01      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1099275.66   | 0.67%             | 2039-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TCZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1462668.43   | 0.89%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $161083.60    | 0.10%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $173810.87    | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE HOS | County of Lehigh PA                                         | CUSIP: 52480GDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2515760.64   | 1.53%             | 2038-08-15      | Floating      | 3.02%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP RECR | Maryland Economic Development Corp                          | CUSIP: 57405EAK6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4958067.00   | 3.02%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 5742185D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525760.70   | 0.93%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218WY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1955000 | PA      | $1956148.95   | 1.19%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MD SUBURBAN SAN DIS | Washington Suburban Sanitary Commission                     | CUSIP: 9401573E8<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $4099950.40   | 2.50%             | 2047-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                           | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    475000 | PA      | $476790.32    | 0.29%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $670365.62    | 0.41%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD              | County of Frederick MD                                      | CUSIP: 35569PGF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7295000 | PA      | $5595927.39   | 3.41%             | 2035-10-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG     | County of Frederick MD                                      | CUSIP: 35571LBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1476768.50   | 0.90%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD TAX INCR & S | County of Frederick MD                                      | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1246576.21   | 0.76%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GAITHERSBURG MD ECON DEV REVEN | City of Gaithersburg MD                                     | CUSIP: 363128CT4<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030246.20   | 1.24%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2047804.54   | 1.25%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                 | CUSIP: 56035DGC0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5529469.00   | 3.37%             | 2053-12-01      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                    | State of Maryland                                           | CUSIP: 574193MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7387728.75   | 4.50%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration               | CUSIP: 57419TDG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1086042.20   | 0.66%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration               | CUSIP: 57419TXF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3930000 | PA      | $3931983.86   | 2.40%             | 2042-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 574204N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1255340.27   | 0.77%             | 2033-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD | Maryland Economic Development Corp                          | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   6715000 | PA      | $6772062.73   | 4.13%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218VA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250636.50   | 0.76%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 57421CAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4093201.20   | 2.49%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 57421FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060588.50   | 0.65%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN | Maryland Stadium Authority                                  | CUSIP: 574296BU2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5154322.50   | 3.14%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH HAGER | Maryland Stadium Authority                                  | CUSIP: 57429CAQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005811.60   | 0.61%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue | CUSIP: 592647GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1519083.90   | 0.93%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration               | CUSIP: 57419TGF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1202431.05   | 0.73%             | 2027-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218M26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010526.10   | 0.62%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE | Maryland Community Development Administration               | CUSIP: 20364NAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $1797493.40   | 1.10%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG     | County of Frederick MD                                      | CUSIP: 35571LBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1970000 | PA      | $2091312.40   | 1.27%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD | Maryland Economic Development Corp                          | CUSIP: 57420VRK1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1373534.85   | 0.84%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD | Maryland Economic Development Corp                          | CUSIP: 57420VRY1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    750000 | PA      | $794167.35    | 0.48%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574215RD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.22%             | 2035-04-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 5742182E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1199652.00   | 0.73%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 5742185F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1312476.69   | 0.80%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218U84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2076594.80   | 1.27%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218UU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4003706.00   | 2.44%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218WC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003113.00   | 3.05%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 57421FAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1090067.29   | 0.66%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 57421FBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3957901.20   | 2.41%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO | Maryland Stadium Authority                                  | CUSIP: 574294AU8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   4460000 | PA      | $3432907.49   | 2.09%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Brown Advisory Funds

**Signature:** /s/ Jason T. Meix

**Name of Signer:** Jason T. Meix

**Title:** Principal Financial Officer