# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010489
**Filing Date:** 2023-2
**Character Count:** 41342
**Document Hash:** f5fdbce5121b36f64010ea5a2f2edd47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010489.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010489

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609
- **IRS NUMBER:** 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:** 23671976

**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 Tax-Exempt Sustainable Bond Fund (Series ID: S000067228)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216254 | Investor Shares | BITEX           |

## 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 Tax-Exempt Sustainable Bond Fund

- **b. EDGAR series identifier (if any):** S000067228

- **c. LEI of Series:** 254900HWGI5UFLQ48283

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $276239249.70

**Total Liabilities:** $646008.53

**Net Assets:** $275593241.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 6613.230000000000 | **1-Year:** 17299.240000000000 | **5-Year:** 52631.250000000000 | **10-Year:** 32543.620000000000 | **30-Year:** 18914.220000000000

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

- **3-Month:** 36.530000000000 | **1-Year:** 1055.760000000000 | **5-Year:** 2108.020000000000 | **10-Year:** 1383.560000000000 | **30-Year:** 630.280000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216254 | -0.48%               | 3.53%                | -0.12%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4799181.00             | $2548066.86                                |
| Month 2  | $-3755464.52             | $12023646.13                               |
| Month 3  | $-1787232.39             | $963243.19                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                    | CUSIP: 13034RAR4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1092890.47   | 0.40%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                    | CUSIP: 13034RAS2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083357.70   | 0.39%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                   | CUSIP: 13048VMY1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1207666.16   | 0.44%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                   | CUSIP: 13048VNA2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1493260.81   | 0.54%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                      | CUSIP: 13059TEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1209467.67   | 0.44%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE NC ARPT REVENUE      | City of Charlotte NC Airport Revenue                                     | CUSIP: 161036KV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2610221.35   | 0.95%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                    | CUSIP: 167615B69<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2930000 | PA      | $2863668.32   | 1.04%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                    | CUSIP: 167615G31<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2424843.83   | 0.88%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                    | CUSIP: 167615G98<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3919578.75   | 1.42%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                    | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6318887.40   | 2.29%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                     | CUSIP: 19648FRV8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1306807.05   | 0.47%             | 2040-12-01      | Fixed         | 4.00%                 | 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        |   2500000 | PA      | $1851067.75   | 0.67%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                  | CUSIP: 23503CBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3466186.20   | 1.26%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                        | CUSIP: 249182JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2390000 | PA      | $2441297.29   | 0.89%             | 2026-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DETROIT MI CITY SCH DIST       | Detroit City School District                                             | CUSIP: 251130FT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1207870.54   | 0.44%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL REVENUE        | County of Du Page IL                                                     | CUSIP: 262668AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2495000 | PA      | $1808961.83   | 0.66%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EL PASO TX WTR & SWR REVENUE   | City of El Paso TX Water & Sewer Revenue                                 | CUSIP: 283822SW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2262340.58   | 0.82%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA REDEV & HSG AU | Fairfax County Redevelopment & Housing Authority                         | CUSIP: 303833LF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2722000 | PA      | $2743802.95   | 1.00%             | 2025-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                               | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  11135962 | NS      | $11135962.24  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF | Florida Development Finance Corp                                         | CUSIP: 34061QBB2<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1973285.80   | 0.72%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI | Glendale Industrial Development Authority                                | CUSIP: 378287AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2400536.71   | 0.87%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS CNTY ND            | County of Grand Forks ND                                                 | CUSIP: 38543PAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1375000.00   | 0.50%             | 2043-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS CNTY ND            | County of Grand Forks ND                                                 | CUSIP: 38543PAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1375000.00   | 0.50%             | 2044-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                        | CUSIP: 4521522K6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2279987.20   | 0.83%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                        | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1987327.68   | 0.72%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                        | CUSIP: 452152SX0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2300386.75   | 0.83%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                        | CUSIP: 452152VM0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4950000 | PA      | $4922776.98   | 1.79%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKELAND FL HOSP SYS REVENUE   | City of Lakeland FL                                                      | CUSIP: 511665JP7<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7647173.25   | 2.77%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH    | Lancaster County Hospital Authority/PA                                   | CUSIP: 514045M26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2463225.03   | 0.89%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA INDL DEV AUTH  | Loudoun County Economic Development Authority                            | CUSIP: 545910AP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1050000.00   | 0.38%             | 2039-10-01      | Variable      | 3.76%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                      | CUSIP: 54659LAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15020000 | PA      | $15197606.99  | 5.51%             | 2042-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MANSFIELD TX INDEP SCH DIST    | Mansfield Independent School District                                    | CUSIP: 564386NW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2573191.96   | 0.93%             | 2024-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD | Maryland Economic Development Corp                                       | CUSIP: 57420VRK1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1163662.41   | 0.42%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                | CUSIP: 574218NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10026269.00  | 3.64%             | 2038-08-15      | 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        |   6880000 | PA      | $7315113.22   | 2.65%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN | Maryland Stadium Authority                                               | CUSIP: 574296BU2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   8970000 | PA      | $9542286.90   | 3.46%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TN HLTH EDUCTNL & HSG  | Health Educational and Housing Facility Board of the City of Memphis/the | CUSIP: 586169GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6250664.40   | 2.27%             | 2027-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                 | CUSIP: 592247J76<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    135000 | PA      | $93341.77     | 0.03%             | 2031-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                 | CUSIP: 592247K25<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1911406.50   | 0.69%             | 2033-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                 | CUSIP: 592247K41<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    270000 | PA      | $162330.67    | 0.06%             | 2034-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY | Arizona State University                                                 | CUSIP: 04048RLR5<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2373132.95   | 0.86%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                 | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1044251.28   | 0.38%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                        | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2254730.85   | 0.82%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE      | County of Baltimore MD                                                   | CUSIP: 059151DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $940583.70    | 0.34%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE      | County of Baltimore MD                                                   | CUSIP: 059151DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1422090.10   | 0.52%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO NY SWR AUTH SWR ENVRNM | Buffalo Sewer Authority                                                  | CUSIP: 119732AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $689733.53    | 0.25%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                          | CUSIP: 13017HAM8<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |   4210000 | PA      | $4218448.63   | 1.53%             | 2023-07-01      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                          | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026728.80   | 1.10%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                    | CUSIP: 13034AQ78<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4360000 | PA      | $4300153.77   | 1.56%             | 2047-08-01      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                    | CUSIP: 13034AU99<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1863434.40   | 0.68%             | 2046-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                 | CUSIP: 592247L24<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    175000 | PA      | $87554.72     | 0.03%             | 2037-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                 | CUSIP: 592247L57<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $539667.98    | 0.20%             | 2038-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                 | CUSIP: 592250CC6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    375000 | PA      | $87837.08     | 0.03%             | 2051-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                 | CUSIP: 592250DT8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |    590000 | PA      | $130796.63    | 0.05%             | 2052-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                    | CUSIP: 59259YE54<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1830505.41   | 0.66%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                    | CUSIP: 59259YH36<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5011602.00   | 1.82%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                    | CUSIP: 59261AA80<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1319454.75   | 0.48%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH  | Miami Beach Health Facilities Authority                                  | CUSIP: 593211EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4455000 | PA      | $4481800.83   | 1.63%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                               | CUSIP: 59447PZP9<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3593833.25   | 1.30%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                               | CUSIP: 59447TFS7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039941.00   | 0.38%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV              | Nevada Housing Division                                                  | CUSIP: 641272HM4<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2844053.38   | 1.03%             | 2025-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                      | CUSIP: 645424AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024285.40   | 0.73%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                      | CUSIP: 64542PCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1037500.00   | 0.38%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                | CUSIP: 64577B8D9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933403.40    | 0.34%             | 2027-06-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                | CUSIP: 64577XAN6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   4230000 | PA      | $4232128.11   | 1.54%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                | CUSIP: 64577XCM6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2665000 | PA      | $2596601.18   | 0.94%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                | CUSIP: 645918W66<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6910000 | PA      | $6913285.71   | 2.51%             | 2025-09-01      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A | New Jersey Housing & Mortgage Finance Agency                             | CUSIP: 64613ADE9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1673973.61   | 0.61%             | 2026-10-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                        | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6340000 | PA      | $4969996.37   | 1.80%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                        | CUSIP: 649519EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4660000 | PA      | $3582311.62   | 1.30%             | 2050-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                      | CUSIP: 64966MU98<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.69%             | 2046-10-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue  | CUSIP: 64971XHT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.81%             | 2042-08-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                   | CUSIP: 64972ELA5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1704378.20   | 0.62%             | 2034-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                          | CUSIP: 64972GBA1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1871161.00   | 0.68%             | 2047-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                          | CUSIP: 64972GZW7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 1.09%             | 2033-06-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY        | New York State Housing Finance Agency                                    | CUSIP: 64987D4F8<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1353064 | PA      | $937950.14    | 0.34%             | 2039-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY        | New York State Housing Finance Agency                                    | CUSIP: 64987DQ31<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2238691.19   | 0.81%             | 2024-11-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                       | CUSIP: 64990C5A5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2100215.23   | 0.76%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE           | State of Ohio                                                            | CUSIP: 67756CDN5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499913.75   | 0.54%             | 2052-01-01      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE       | City of Portland ME General Airport Revenue                              | CUSIP: 736564EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1425298.50   | 0.52%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH M | Industrial Development Authority of the City of St Louis Missouri/The    | CUSIP: 79165BAB6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   2461961 | PA      | $2028521.60   | 0.74%             | 2038-12-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX WTR REVENUE     | San Antonio Water System                                                 | CUSIP: 79642GHQ8<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2522030.07   | 0.92%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE | City of Seattle WA Municipal Light & Power Revenue                       | CUSIP: 812643SE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7003572.10   | 2.54%             | 2046-11-01      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY FL WTR REGL WTR SPLY | Tampa Bay Water                                                          | CUSIP: 875124DS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10091855.00  | 3.66%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WOMANS UNIV FING SYSR | Texas Woman's University                                                 | CUSIP: 882874MF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1136263.16   | 0.41%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP MF REVENUE    | Utah Housing Corp                                                        | CUSIP: 917434DE9<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1957000 | PA      | $1995159.35   | 0.72%             | 2025-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                        | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1907329 | PA      | $1833902.94   | 0.67%             | 2052-01-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                        | CUSIP: 91743PED3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   4962094 | PA      | $4949278.75   | 1.80%             | 2052-06-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                        | CUSIP: 91743PEK7<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   2494247 | PA      | $2496829.96   | 0.91%             | 2052-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                              | CUSIP: 928104MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2147004.45   | 0.78%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILL CNTY IL CMNTY HIGH SCH DI | Will County Community High School District No 210 Lincoln-Way            | CUSIP: 969073KL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.73%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT | Allegheny County Hospital Development Authority                          | CUSIP: 01728A5U6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1700694.45   | 0.62%             | 2026-11-15      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR OH INC SOLAR | American Municipal Power Inc                                             | CUSIP: 02765MAS1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076880.90   | 0.39%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer