# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-005986
**Filing Date:** 2026-2
**Character Count:** 30939
**Document Hash:** cd65560d0d62e172bfe752886073e3eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005986.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005986

**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:** 26684972

**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:** 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:** $172006547.41

**Total Liabilities:** $614720.99

**Net Assets:** $171391826.42

**Cash Not Reported:** $138054.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1750.440000000000 | **1-Year:** 8153.140000000000 | **5-Year:** 49629.370000000000 | **10-Year:** 25487.220000000000 | **30-Year:** 1027.570000000000

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

- **3-Month:** 48.940000000000 | **1-Year:** 6773.860000000000 | **5-Year:** 2948.120000000000 | **10-Year:** 1530.310000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118733 | 1.23%                | 0.40%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1610317.56                                |
| Month 2  | $-38132.59               | $226746.77                                 |
| Month 3  | $-9330.53                | $137765.61                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $172729.59    | 0.10%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2068652.37   | 1.21%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP RECR | Maryland Economic Development Corp                          | CUSIP: 57405EAK6<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5082774.50   | 2.97%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST                    | State of Maryland                                           | CUSIP: 574193MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7500027.00   | 4.38%             | 2031-06-01      | Fixed         | 3.00%                 | 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      | $1040996.30   | 0.61%             | 2028-07-01      | 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      | $1207472.40   | 0.70%             | 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      | $4377505.11   | 2.55%             | 2042-05-15      | 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      | $420523.07    | 0.25%             | 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      | $1956846.11   | 1.14%             | 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      | $4071324.00   | 2.38%             | 2045-07-01      | Variable      | 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      | $1153983.95   | 0.67%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG     | County of Frederick MD                                      | CUSIP: 35571LBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1480434.31   | 0.86%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 57421CMK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034753.50   | 0.60%             | 2046-07-01      | Fixed         | 5.25%                 | 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      | $4222242.90   | 2.46%             | 2044-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                           | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    225000 | PA      | $226427.51    | 0.13%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $670492.79    | 0.39%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TDE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1212832.44   | 0.71%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HLTH CARE FAC | County of Franklin OH                                       | CUSIP: 353180JP8<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1550665.42   | 0.90%             | 2034-11-15      | 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      | $2039308.20   | 1.19%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 574204N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1319782.86   | 0.77%             | 2033-10-01      | Fixed         | 2.50%                 | 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      | $4034457.44   | 2.35%             | 2042-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP      | Maryland Economic Development Corp                          | CUSIP: 574205GR5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2667710.24   | 1.56%             | 2036-10-01      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574215RD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2270000.00   | 1.32%             | 2035-04-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574218M26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007823.60   | 0.59%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 57421CLS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5280891.00   | 3.08%             | 2055-05-15      | Fixed         | 5.25%                 | 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      | $5044203.00   | 2.94%             | 2032-07-01      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                      | CUSIP: 05914GLU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $3038402.08   | 1.77%             | 2044-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TBQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255396.88   | 0.73%             | 2036-06-01      | Fixed         | 5.00%                 | 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      | $1153084.46   | 0.67%             | 2039-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                      | CUSIP: 13048VMZ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1736191.10   | 1.01%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD TAX INCR & S | County of Frederick MD                                      | CUSIP: 355612AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1325652.25   | 0.77%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD              | County of Frederick MD                                      | CUSIP: 35569PGK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8830000 | PA      | $6872304.23   | 4.01%             | 2039-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GAITHERSBURG MD ECON DEV REVEN | City of Gaithersburg MD                                     | CUSIP: 363128CS6<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019481.50   | 0.59%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE | Maryland Community Development Administration               | CUSIP: 20364NAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2648903 | PA      | $1917392.98   | 1.12%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD              | County of Frederick MD                                      | CUSIP: 35569PGF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7295000 | PA      | $5983137.23   | 3.49%             | 2035-10-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG     | County of Frederick MD                                      | CUSIP: 35571LBR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $2087239.90   | 1.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                 | CUSIP: 56035DGC0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5693565.35   | 3.32%             | 2053-12-01      | Floating      | 4.23%                 | 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      | $1319062.06   | 0.77%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD | Maryland Economic Development Corp                          | CUSIP: 57420VPB3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   6715000 | PA      | $6758216.40   | 3.94%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 57421FBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4067922.80   | 2.37%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD              | County of Baltimore MD                                      | CUSIP: 05914GCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5194870.00   | 3.03%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TCZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1486874.69   | 0.87%             | 2033-06-01      | Fixed         | 4.50%                 | 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      | $792322.58    | 0.46%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 5742185D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1538615.10   | 0.90%             | 2038-07-01      | 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      | $5004956.50   | 2.92%             | 2037-05-15      | 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      | $5182206.00   | 3.02%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD COPS        | County of Montgomery MD                                     | CUSIP: 61334ECR7<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3314725.93   | 1.93%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                    | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3307716.60   | 1.93%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Central Texas Turnpike System                               | CUSIP: 88283KBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1731891.60   | 1.01%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MD SUBURBAN SAN DIS | Washington Suburban Sanitary Commission                     | CUSIP: 9401575T3<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $774629.00    | 0.45%             | 2039-12-01      | Fixed         | 2.00%                 | 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      | $520435.14    | 0.30%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD SPL OBLIG         | City of Baltimore MD                                        | CUSIP: 05923TCM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $219077.69    | 0.13%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CECIL CNTY MD                  | County of Cecil MD                                          | CUSIP: 14984PEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1185520.53   | 0.69%             | 2035-08-01      | Fixed         | 2.50%                 | 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        |   2505000 | PA      | $2472818.52   | 1.44%             | 2038-08-15      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration               | CUSIP: 57419TGF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1220330.55   | 0.71%             | 2027-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CNTY MD SPL TAX D | County of Anne Arundel MD                                   | CUSIP: 035898CG8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1950907.20   | 1.14%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 574204S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $856900.20    | 0.50%             | 2036-10-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| WASHINGTON SUBURBAN SAN DIST M | Washington Suburban Sanitary Commission                     | CUSIP: 940158AV0<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $4993332.50   | 2.91%             | 2041-06-01      | Fixed         | 2.25%                 | 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      | $1554947.70   | 0.91%             | 2040-10-01      | 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      | $1324595.50   | 0.77%             | 2043-07-01      | 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      | $4003996.00   | 2.34%             | 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      | $1253640.00   | 0.73%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 57421FAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086740.50   | 0.63%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO | Maryland Stadium Authority                                  | CUSIP: 574294AU8<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   4460000 | PA      | $3841032.28   | 2.24%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH HAGER | Maryland Stadium Authority                                  | CUSIP: 57429CAQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033977.90   | 0.60%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                  | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3308881 | NS      | $3308881.26   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160000.00    | 0.09%             | 2026-01-01      | 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      | $1438180.05   | 0.84%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 5742182G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1914795.80   | 1.12%             | 2044-07-01      | Fixed         | 5.00%                 | 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