# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010494
**Filing Date:** 2023-2
**Character Count:** 36111
**Document Hash:** 5547a60b8caf74d30736af4becbdc52f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010494.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010494

**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:** 23671986

**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:** 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:** $163301121.29

**Total Liabilities:** $486827.88

**Net Assets:** $162814293.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 116.000000000000 | **1-Year:** 10948.450000000000 | **5-Year:** 35806.610000000000 | **10-Year:** 16573.740000000000 | **30-Year:** 1594.900000000000

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

- **3-Month:** 15.830000000000 | **1-Year:** 3007.130000000000 | **5-Year:** 10694.240000000000 | **10-Year:** 1828.330000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118733 | -0.61%               | 3.31%                | 0.14%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1947129.82             | $610446.72                                 |
| Month 2  | $-684294.19              | $5457166.75                                |
| Month 3  | $-91591.31               | $-139409.15                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                             | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    975000 | PA      | $977050.04    | 0.60%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD COPS         | County of Baltimore MD                                                        | CUSIP: 059134ES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4065000 | PA      | $4688736.45   | 2.88%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                                        | CUSIP: 05914F2E9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5139846.50   | 3.16%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                                        | CUSIP: 05914FQ37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117315.30   | 0.69%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                                        | CUSIP: 05914FS76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2700000 | PA      | $3015705.33   | 1.85%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                                        | CUSIP: 05914FSK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1537516.94   | 0.94%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                                        | CUSIP: 05914FWJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1711870.88   | 1.05%             | 2028-08-01      | Fixed         | 5.00%                 | 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      | $531891.62    | 0.33%             | 2030-06-15      | Fixed         | 5.00%                 | 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      | $684318.91    | 0.42%             | 2033-06-15      | 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      | $193893.26    | 0.12%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CEDAR RAPIDS IA HOSP REVENUE   | City of Cedar Rapids IA                                                       | CUSIP: 150543AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998750.00    | 0.61%             | 2029-08-15      | Variable      | 6.74%                 | 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      | $999573.12    | 0.61%             | 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        |   1550000 | PA      | $1492511.28   | 0.92%             | 2033-06-01      | Fixed         | 4.50%                 | 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      | $1969536.09   | 1.21%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                    | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3930494 | NS      | $3930494.31   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                        | CUSIP: 13048VMZ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1719396.53   | 1.06%             | 2039-11-01      | Fixed         | 5.00%                 | 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      | $1562520.13   | 0.96%             | 2034-11-15      | 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      | $1185448.76   | 0.73%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD EDUCTNL FACS | County of Frederick MD                                                        | CUSIP: 355697CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003498.70   | 0.62%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD EDUCTNL FACS | County of Frederick MD                                                        | CUSIP: 355697CE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5050000 | PA      | $4973719.25   | 3.05%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD EDUCTNL FACS | County of Frederick MD                                                        | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1058852.20   | 0.65%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG     | County of Frederick MD                                                        | CUSIP: 35571LBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208295.00   | 1.36%             | 2029-07-01      | Fixed         | 5.00%                 | 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      | $1022364.80   | 0.63%             | 2028-01-01      | Fixed         | 5.00%                 | 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      | $2009630.60   | 1.23%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH    | Lancaster County Hospital Authority/PA                                        | CUSIP: 514045H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949241.60   | 1.20%             | 2035-07-01      | Fixed         | 5.00%                 | 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      | $1551415.05   | 0.95%             | 2040-10-01      | Fixed         | 5.00%                 | 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      | $5016770.00   | 3.08%             | 2032-07-01      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD COPS        | County of Montgomery MD                                                       | CUSIP: 61334ECR7<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3164460.67   | 1.94%             | 2034-10-01      | Fixed         | 3.00%                 | 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        |   2650000 | PA      | $2617310.40   | 1.61%             | 2038-08-15      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| LOCAL GOVT INFRASTRUCTURE MD C | Maryland Community Development Administration Local Government Infrastructure | CUSIP: 574039HY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1172092.94   | 0.72%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                    | State of Maryland                                                             | CUSIP: 574193QN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060143.20   | 0.65%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                    | State of Maryland                                                             | CUSIP: 574193QU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1573892.46   | 0.97%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | 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      | $1371685.85   | 0.84%             | 2030-09-01      | Fixed         | 5.00%                 | 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      | $1130086.54   | 0.69%             | 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      | $3929343.30   | 2.41%             | 2042-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation                                | CUSIP: 574203PC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1312581.31   | 0.81%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation                                | CUSIP: 574204L76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1862637.83   | 1.14%             | 2027-10-01      | 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      | $1369014.60   | 0.84%             | 2040-07-01      | Fixed         | 4.00%                 | 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      | $1056434.30   | 0.65%             | 2028-07-01      | Fixed         | 5.00%                 | 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      | $796468.95    | 0.49%             | 2029-07-01      | Fixed         | 5.00%                 | 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      | $1243823.88   | 0.76%             | 2037-07-01      | 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      | $4454197.33   | 2.74%             | 2042-05-15      | 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      | $1532469.45   | 0.94%             | 2038-07-01      | 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      | $1322510.89   | 0.81%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                     | CUSIP: 574218NK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504975.00    | 0.31%             | 2023-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                     | CUSIP: 574218RR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101225.58    | 0.06%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                     | CUSIP: 574218RS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303316.23    | 0.19%             | 2031-10-01      | Fixed         | 4.00%                 | 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        |   3500000 | PA      | $3717968.80   | 2.28%             | 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      | $4139254.00   | 2.54%             | 2027-08-15      | 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      | $1286797.13   | 0.79%             | 2033-08-15      | 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      | $5160336.50   | 3.17%             | 2037-05-15      | 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      | $440917.85    | 0.27%             | 2026-07-01      | 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      | $2027733.62   | 1.25%             | 2034-07-01      | 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      | $4252972.80   | 2.61%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                     | CUSIP: 57421CDV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2627615.72   | 1.61%             | 2042-07-01      | Floating      | 3.94%                 | 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      | $1085693.30   | 0.67%             | 2033-08-01      | 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      | $1077610.38   | 0.66%             | 2038-08-01      | Fixed         | 4.00%                 | 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      | $4005253.35   | 2.46%             | 2044-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO | Maryland Stadium Authority Built to Learn Revenue                             | CUSIP: 574294BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1370174.79   | 0.84%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN | Maryland Stadium Authority                                                    | CUSIP: 574296AP4<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3177113.40   | 1.95%             | 2030-05-01      | 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      | $5319000.50   | 3.27%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN | Maryland Stadium Authority                                                    | CUSIP: 574296CB3<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1024118.04   | 0.63%             | 2025-05-01      | Fixed         | 1.42%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH HAGER | Maryland Stadium Authority                                                    | CUSIP: 57429CAQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002980.50   | 0.62%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH PAS | Maryland State Transportation Authority Passenger Facility Charge Revenue     | CUSIP: 57429NCY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4330000 | PA      | $4200332.52   | 2.58%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH TRA | Maryland State Transportation Authority                                       | CUSIP: 574300LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4860221.83   | 2.99%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH TRA | Maryland State Transportation Authority                                       | CUSIP: 574300LU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2524906.75   | 1.55%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH TRA | Maryland State Transportation Authority                                       | CUSIP: 574300LW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1595144.82   | 0.98%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH TRA | Maryland State Transportation Authority                                       | CUSIP: 574300MT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3169161.90   | 1.95%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD             | County of Montgomery MD                                                       | CUSIP: 61334PCT8<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1597052.16   | 0.98%             | 2028-11-01      | 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        |    365000 | PA      | $182500.00    | 0.11%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                           | CUSIP: 64542PCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $410000.00    | 0.25%             | 2051-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA ECON DEV AUTH  | Newport News Economic Development Authority                                   | CUSIP: 65225PAL0<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016047.00   | 1.24%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                        | CUSIP: 65820YMP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944669.00   | 1.19%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD COPS    | County of Prince George's MD                                                  | CUSIP: 741705KF3<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1401153.93   | 0.86%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD COPS    | County of Prince George's MD                                                  | CUSIP: 741705KG1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590184.95   | 0.98%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD COPS    | County of Prince George's MD                                                  | CUSIP: 741705KH9<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1676314.62   | 1.03%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT MARYS CLG OF MARYLAND MD | St Mary's College of Maryland                                                 | CUSIP: 792547KE0<br>LEI: 549300GKNHYVL0GMZE78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014111.10   | 0.62%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT MARYS CNTY MD            | County of St Mary's MD                                                        | CUSIP: 792554A56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1440015.13   | 0.88%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                   | CUSIP: 939783TF3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3113915.23   | 1.91%             | 2026-01-01      | Fixed         | 4.00%                 | 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