# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-005998
**Filing Date:** 2026-2
**Character Count:** 50210
**Document Hash:** 665e3edc739ab2545ac69d2948a3223e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005998.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005998

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**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:** 26684984

**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:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $333503548.75

**Total Liabilities:** $3835342.32

**Net Assets:** $329668206.43

**Delayed Delivery Securities:** $2708505.50

**Cash Not Reported:** $3686910.76

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3898.960000000000 | **1-Year:** 30103.670000000000 | **5-Year:** 80732.180000000000 | **10-Year:** 54391.550000000000 | **30-Year:** 12939.560000000000

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

- **3-Month:** 8.200000000000 | **1-Year:** 572.720000000000 | **5-Year:** 2788.370000000000 | **10-Year:** 809.470000000000 | **30-Year:** 738.820000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216254 | 1.08%                | 0.29%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-400.63                 | $2399608.66                                |
| Month 2  | $-19635.22               | $79469.61                                  |
| Month 3  | $57094.30                | $-321260.10                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466BB4<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    395000 | PA      | $396268.86    | 0.12%             | 2032-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466BC2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1126000 | PA      | $1108881.08   | 0.34%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466BD0<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    750000 | PA      | $734354.18    | 0.22%             | 2053-11-01      | Fixed         | 5.25%                 | 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      | $1002784.20   | 0.30%             | 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      | $1515751.64   | 0.46%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BONDURANT-FARRAR IA CMNTY SCH  | Bondurant-Farrar Community School Dist Infrastructure Sales Services & Use Tax | CUSIP: 098059JA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1374414.00   | 0.42%             | 2038-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BONDURANT-FARRAR IA CMNTY SCH  | Bondurant-Farrar Community School Dist Infrastructure Sales Services & Use Tax | CUSIP: 098059JB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $1893419.03   | 0.57%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                         | CUSIP: 19648GAV4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   4885000 | PA      | $5235151.43   | 1.59%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DECATUR GA HSG AUTH MF HSG REV | Decatur Housing Authority                                                      | CUSIP: 24311PAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2257040.70   | 0.68%             | 2028-09-01      | Variable      | 3.25%                 | 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        |   7495000 | PA      | $5630238.75   | 1.71%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA ECON DEV AUTH  | Fairfax County Economic Development Authority                                  | CUSIP: 30382EDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3605000 | PA      | $3605000.00   | 1.09%             | 2033-12-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                     | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   9781031 | NS      | $9781031.27   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU | Development Authority for Fulton County                                        | CUSIP: 36005FNJ0<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    700000 | PA      | $756424.69    | 0.23%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRISONBURG VA                | City of Harrisonburg VA                                                        | CUSIP: 415666RZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $3178790.86   | 0.96%             | 2038-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE | City of Houston TX Combined Utility System Revenue                             | CUSIP: 44244CRZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.61%             | 2034-05-15      | Floating      | 3.45%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                         | CUSIP: 45203MJZ5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2808405.27   | 0.85%             | 2042-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                     | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2498210.75   | 0.76%             | 2050-12-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                     | CUSIP: 45203PAC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2066282.00   | 0.63%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                     | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2415000 | PA      | $2418980.89   | 0.73%             | 2034-11-01      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR | Lancaster Municipal Authority                                                  | CUSIP: 514350AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2227389.34   | 0.68%             | 2044-05-01      | 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        |   4070000 | PA      | $4017713.12   | 1.22%             | 2038-08-15      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                            | CUSIP: 54659LAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 1.82%             | 2039-10-01      | Variable      | 1.20%                 | 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      | $1222453.04   | 0.37%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                      | CUSIP: 574217V28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.55%             | 2041-07-01      | Variable      | 1.05%                 | 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      | $9996613.00   | 3.03%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                       | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000364.30   | 0.30%             | 2049-07-01      | Floating      | 3.92%                 | 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      | $6059125.80   | 1.84%             | 2027-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                          | CUSIP: 59261AJQ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1917657.63   | 0.58%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH  | Miami Beach Health Facilities Authority                                        | CUSIP: 593211EW1<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   4455000 | PA      | $4458537.72   | 1.35%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC | Health & Educational Facilities Authority of the State of Missouri             | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3100000.00   | 0.94%             | 2035-10-01      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG SF MTGE  | Montana Board of Housing                                                       | CUSIP: 61212WST3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045935.00   | 0.32%             | 2042-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEW GLARUS WI SCH DIST         | New Glarus School District                                                     | CUSIP: 644503FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1140390.96   | 0.35%             | 2039-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH  | New Hampshire Housing Finance Authority                                        | CUSIP: 64469MNF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1809004.86   | 0.55%             | 2047-07-01      | Fixed         | 4.65%                 | 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      | $1740642.23   | 0.53%             | 2026-11-15      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| ALVIN TX INDEP SCH DIST        | Alvin Independent School District/TX                                           | CUSIP: 022447V37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2609801.15   | 0.79%             | 2039-02-15      | Fixed         | 3.00%                 | 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      | $1055910.40   | 0.32%             | 2036-02-15      | 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        |   1920000 | PA      | $1768853.95   | 0.54%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $247932.70    | 0.08%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $383252.52    | 0.12%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $244554.09    | 0.07%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $419302.88    | 0.13%             | 2054-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE        | City of Atlanta GA Department of Aviation                                      | CUSIP: 04780M2X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4101253.88   | 1.24%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503172.25    | 0.15%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSPA | Charlotte-Mecklenburg Hospital Authority/The                                   | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1215000.00   | 0.37%             | 2048-01-15      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                          | CUSIP: 167615B69<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2930000 | PA      | $2967876.70   | 0.90%             | 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        |   1425000 | PA      | $1455605.30   | 0.44%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                          | CUSIP: 167615U84<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011071.10   | 0.31%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                | CUSIP: 45528VCY3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5214697.17   | 1.58%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACS  | Iowa Finance Authority                                                         | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1653325.14   | 0.50%             | 2042-01-01      | Variable      | 3.88%                 | 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      | $2393226.37   | 0.73%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #20 | Pima County Unified School District No 20 Vail                                 | CUSIP: 721893GD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3303561.88   | 1.00%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN | Port of Portland OR Airport Revenue                                            | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1312175.15   | 0.40%             | 2042-07-01      | Fixed         | 5.00%                 | 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      | $1512590.55   | 0.46%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG | Public Finance Authority                                                       | CUSIP: 74439YGD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $783751.28    | 0.24%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG | Public Finance Authority                                                       | CUSIP: 74439YGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1183721.66   | 0.36%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                       | CUSIP: 74448CAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3719745 | PA      | $3726090.51   | 1.13%             | 2059-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                       | CUSIP: 74448SAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4981898.00   | 1.51%             | 2059-08-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Counties Joint School District 28J Aurora                     | CUSIP: 0054823B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3064008.90   | 0.93%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP MTGE RE | Alaska Housing Finance Corp                                                    | CUSIP: 01170RNR9<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    890000 | PA      | $913379.94    | 0.28%             | 2042-12-01      | Fixed         | 4.60%                 | 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      | $705958.80    | 0.21%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                        | CUSIP: 12008EVG8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1305325.80   | 0.40%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5572492.18   | 1.69%             | 2052-02-01      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5281280.50   | 1.60%             | 2054-05-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JCX2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3805000 | PA      | $4041721.23   | 1.23%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5474960.00   | 1.66%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JFX9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5271567.50   | 1.60%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5456376.50   | 1.66%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                                | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |  10885000 | PA      | $11022898.80  | 3.34%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                         | CUSIP: 13048VMY1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    845000 | PA      | $864980.79    | 0.26%             | 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      | $1423916.55   | 0.43%             | 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      | $1198443.64   | 0.36%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALUMET CNTY WI                | County of Calumet WI                                                           | CUSIP: 131420GA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $760242.59    | 0.23%             | 2037-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CALUMET CNTY WI                | County of Calumet WI                                                           | CUSIP: 131420GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $953435.60    | 0.29%             | 2038-12-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CALUMET CNTY WI                | County of Calumet WI                                                           | CUSIP: 131420GC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $1842815.30   | 0.56%             | 2039-12-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CARTERSVILLE GA                | City of Cartersville GA                                                        | CUSIP: 146441CU2<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   3195000 | PA      | $2468456.04   | 0.75%             | 2039-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                          | CUSIP: 187145VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5572864.00   | 1.69%             | 2036-02-15      | 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        |   3500000 | PA      | $3382478.40   | 1.03%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                           | CUSIP: 19648FYR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 0.76%             | 2064-05-15      | Variable      | 1.15%                 | 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        |   2489570 | PA      | $1802061.07   | 0.55%             | 2043-07-01      | Fixed         | 2.41%                 | 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        |   1765000 | PA      | $1733557.23   | 0.53%             | 2026-10-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP   | New York Energy Finance Development Corp                                       | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5301815.00   | 1.61%             | 2056-07-01      | Variable      | 5.00%                 | 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        |  11000000 | PA      | $8265072.20   | 2.51%             | 2050-09-15      | Fixed         | 3.12%                 | 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        |   1970000 | PA      | $1823500.75   | 0.55%             | 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: 64972GZW7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1240000.00   | 0.38%             | 2033-06-15      | Variable      | 1.30%                 | 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        |   1156431 | PA      | $971873.82    | 0.29%             | 2039-05-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER | State of New York Mortgage Agency Homeowner Mortgage Revenue                   | CUSIP: 64988YSE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3056099.10   | 0.93%             | 2043-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                             | CUSIP: 65000B4T2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1289839.95   | 0.39%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                             | CUSIP: 65000B4Y1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $777137.33    | 0.24%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                       | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000427.00   | 1.52%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                       | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5072760.00   | 1.54%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA ECON DEV AUTH  | Newport News Economic Development Authority                                    | CUSIP: 65225PAM8<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6003991.80   | 1.82%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY HOM | North Carolina Housing Finance Agency                                          | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4699719.41   | 1.43%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                         | CUSIP: 65820YVL7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2715152.04   | 0.82%             | 2046-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY    | North Dakota Housing Finance Agency                                            | CUSIP: 658909X43<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   5660000 | PA      | $5776905.60   | 1.75%             | 2043-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NORTH KANSAS CITY MO SCH DIST  | North Kansas City School District No 74                                        | CUSIP: 660266JU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1245281.10   | 0.38%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDEP SCH DIST    | Northside Independent School District                                          | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7593756.00   | 2.30%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PEORIA AZ                      | City of Peoria AZ                                                              | CUSIP: 712838UF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $2713104.45   | 0.82%             | 2038-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HSG & MTGE FIN | Rhode Island Housing & Mortgage Finance Corp                                   | CUSIP: 76221SEX5<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3304946.70   | 1.00%             | 2054-10-01      | Variable      | 3.60%                 | 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        |   2808382 | PA      | $2260578.36   | 0.69%             | 2038-12-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR | San Francisco City & County Airport Comm-San Francisco International Airport   | CUSIP: 79766DXZ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5296349.50   | 1.61%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VLY CLEAN ENERGY A | San Joaquin Valley Clean Energy Authority                                      | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4519273.60   | 1.37%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| UNIV HOSPS & CLINICS AUTH WI   | University of Wisconsin Hospitals & Clinics                                    | CUSIP: 915260CL5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 1.82%             | 2048-04-01      | Variable      | 1.25%                 | 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      | $1957878.69   | 0.59%             | 2026-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                              | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1620440 | PA      | $1426177.89   | 0.43%             | 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        |   3979006 | PA      | $3945226.53   | 1.20%             | 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        |   1966037 | PA      | $1995202.03   | 0.61%             | 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      | $2283371.10   | 0.69%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                                 | CUSIP: 944514U89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $818931.45    | 0.25%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WESTOSHA CENTRL WI HIGH SCH DI | Westosha Central High School District                                          | CUSIP: 961205EJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $773838.80    | 0.23%             | 2038-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WESTOSHA CENTRL WI HIGH SCH DI | Westosha Central High School District                                          | CUSIP: 961205EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1138867.35   | 0.35%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU | Wisconsin Housing & Economic Development Authority                             | CUSIP: 97689REZ3<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5061564.50   | 1.54%             | 2058-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| YORK CNTY SC SCH DIST #4 FORT  | Fort Mill School District No 4                                                 | CUSIP: 986525A37<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   4585000 | PA      | $3703864.33   | 1.12%             | 2037-03-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| YORK CNTY SC SCH DIST #4 FORT  | Fort Mill School District No 4                                                 | CUSIP: 986525A45<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   4675000 | PA      | $3669817.50   | 1.11%             | 2038-03-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer