# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016022
**Filing Date:** 2026-5
**Character Count:** 42407
**Document Hash:** 9d755a7449382a49fd91ef586e3d6a0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016022.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016022

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**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:** 261024353

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Brown Advisory Maryland Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Brown Advisory Maryland Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Brown Advisory Maryland Bond Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **MUNICIPAL BONDS - 96.2%** | **Par**  | **Value**  |
| **General Obligation Bonds - 20.5%** | **General Obligation Bonds - 20.5%** | **General Obligation Bonds - 20.5%** |
| Baltimore County Maryland | Baltimore County Maryland | Baltimore County Maryland |
| &nbsp;&nbsp; 4.00%, 03/01/2038 | $5000000 | $5091447 |
| &nbsp;&nbsp; 5.00%, 03/01/2044 | 2800000 | 3025723 |
|  Cecil County Maryland, 2.50%, 08/01/2035 | 1310000 | 1145601 |
| Frederick County Maryland | Frederick County Maryland | Frederick County Maryland |
| &nbsp;&nbsp; 1.63%, 10/01/2035 | 7295000 | 5821964 |
| &nbsp;&nbsp; 2.00%, 10/01/2039 | 8830000 | 6587472 |
| Hyattsville Maryland | Hyattsville Maryland | Hyattsville Maryland |
| &nbsp;&nbsp; 5.00%, 01/01/2027 | 170000 | 172066 |
| &nbsp;&nbsp; 5.00%, 01/01/2044 | 2065000 | 2067107 |
|  Maryland State, 3.00%, 06/01/2031 | 7500000 | 7452768 |
| Montgomery County Maryland | Montgomery County Maryland | Montgomery County Maryland |
| &nbsp;&nbsp; 3.00%, 10/01/2034 | 3370000 | 3188534 |
| &nbsp;&nbsp; 1.60%, 11/01/2037 <sup>(a)</sup> | 1600000 | 1600000 |
|  |  | 36152682 |
| **Revenue Bonds - 75.7%** | **Revenue Bonds - 75.7%** | **Revenue Bonds - 75.7%** |
| Anne Arundel County Maryland | Anne Arundel County Maryland | Anne Arundel County Maryland |
| &nbsp;&nbsp; 5.00%, 07/01/2040 | 430000 | 460269 |
| &nbsp;&nbsp; 4.25%, 07/01/2044 | 2000000 | 1945491 |
| &nbsp;&nbsp; 5.00%, 07/01/2044 | 425000 | 443964 |
|  Austin Texas, 7.88%, 09/01/2026 | 225000 | 228737 |
| Baltimore Maryland | Baltimore Maryland | Baltimore Maryland |
| &nbsp;&nbsp; 5.00%, 06/15/2030 | 520000 | 520388 |
| &nbsp;&nbsp; 3.25%, 06/01/2031 <sup>(b)</sup> | 225000 | 218354 |
| &nbsp;&nbsp; 4.50%, 06/01/2033 | 1455000 | 1479258 |
| &nbsp;&nbsp; 5.00%, 06/15/2033 | 670000 | 670399 |
| &nbsp;&nbsp; 5.00%, 06/01/2036 | 1250000 | 1251845 |
| &nbsp;&nbsp; 3.50%, 06/01/2039 <sup>(b)</sup> | 1260000 | 1142376 |
| &nbsp;&nbsp; 5.25%, 06/01/2055 <sup>(b)</sup> | 1225000 | 1170625 |
|  California Municipal Finance Authority, 5.00%, 11/01/2039 <sup>(b)</sup> | 1750000 | 1761603 |
|  Central Texas Turnpike System, 3.00%, 08/15/2040 | 2750000 | 2303092 |
|  Franklin County Ohio, 5.00%, 11/15/2034 | 1550000 | 1550503 |
| Frederick County Maryland | Frederick County Maryland | Frederick County Maryland |
| &nbsp;&nbsp; 5.00%, 07/01/2029 | 1960000 | 2063399 |
| &nbsp;&nbsp; 5.00%, 07/01/2030 | 1370000 | 1456064 |
| &nbsp;&nbsp; 3.75%, 07/01/2039 | 1410000 | 1311763 |
| Gaithersburg Maryland | Gaithersburg Maryland | Gaithersburg Maryland |
| &nbsp;&nbsp; 5.00%, 01/01/2028 | 1000000 | 1018442 |
| &nbsp;&nbsp; 5.00%, 01/01/2033 | 2000000 | 2029771 |
|  Lehigh County Pennsylvania, 3.52% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 2505000 | 2473545 |
|  Main Street Natural Gas, Inc., 4.17% (SOFR + 1.70%), 12/01/2053 | 5500000 | 5646199 |
| Maryland Community Development Administration | Maryland Community Development Administration | Maryland Community Development Administration |
| &nbsp;&nbsp; 1.50%, 09/01/2027 | 1270000 | 1226914 |
| &nbsp;&nbsp; 5.00%, 09/01/2030 | 1245000 | 1305238 |
| &nbsp;&nbsp; 4.60%, 03/01/2042 | 3930000 | 3993695 |
| &nbsp;&nbsp; 2.41%, 07/01/2043 | 2641658 | 1842833 |
| Maryland Economic Development Corp. | Maryland Economic Development Corp. | Maryland Economic Development Corp. |
| &nbsp;&nbsp; 5.00%, 07/01/2028 | 1000000 | 1034992 |
| &nbsp;&nbsp; 5.00%, 07/01/2029 | 750000 | 785788 |
| &nbsp;&nbsp; 5.00%, 06/01/2035 | 6715000 | 6732055 |
| &nbsp;&nbsp; 4.10%, 10/01/2036 <sup>(a)</sup> | 2600000 | 2654774 |
| &nbsp;&nbsp; 4.00%, 07/01/2040 | 1500000 | 1399243 |
| &nbsp;&nbsp; 4.50%, 07/01/2044 | 4500000 | 4253573 |
| &nbsp;&nbsp; 5.00%, 10/01/2050 | 5000000 | 4994792 |
| Maryland Health & Higher Educational Facilities Authority | Maryland Health & Higher Educational Facilities Authority | Maryland Health & Higher Educational Facilities Authority |
| &nbsp;&nbsp; 5.00%, 07/01/2026 | 420000 | 420552 |
| &nbsp;&nbsp; 5.00%, 07/01/2034 | 1955000 | 1956647 |
| &nbsp;&nbsp; 2.35%, 04/01/2035 <sup>(a)</sup> | 2270000 | 2270000 |
| &nbsp;&nbsp; 5.00%, 01/01/2036 | 1000000 | 1003220 |
| &nbsp;&nbsp; 5.00%, 05/15/2037 | 5000000 | 5004056 |
| &nbsp;&nbsp; 5.00%, 07/01/2037 | 1200000 | 1207993 |
| &nbsp;&nbsp; 5.00%, 07/01/2038 | 1500000 | 1530410 |
| &nbsp;&nbsp; 5.00%, 05/15/2042 | 4335000 | 4373471 |
| &nbsp;&nbsp; 5.00%, 07/01/2043 | 1310000 | 1325417 |
| &nbsp;&nbsp; 5.00%, 07/01/2044 | 2000000 | 1962407 |
| &nbsp;&nbsp; 5.00%, 07/01/2045 <sup>(a)</sup> | 4000000 | 4062322 |
| &nbsp;&nbsp; 5.25%, 07/01/2046 | 1000000 | 1036546 |
| &nbsp;&nbsp; 1.75%, 06/01/2048 <sup>(a)</sup> | 2975000 | 2975000 |
| &nbsp;&nbsp; 5.25%, 05/15/2055 | 5000000 | 5211154 |
| &nbsp;&nbsp; 5.00%, 08/15/2056 <sup>(a)</sup> | 3675000 | 4011152 |
| Maryland Stadium Authority | Maryland Stadium Authority | Maryland Stadium Authority |
| &nbsp;&nbsp; 4.00%, 06/01/2037 | 1000000 | 1015107 |
| &nbsp;&nbsp; 5.00%, 05/01/2038 | 5000000 | 5146427 |
| &nbsp;&nbsp; 3.00%, 06/01/2041 | 4460000 | 3769327 |
| Maryland State Department of Transportation | Maryland State Department of Transportation | Maryland State Department of Transportation |
| &nbsp;&nbsp; 5.00%, 08/01/2033 | 1000000 | 1075751 |
| &nbsp;&nbsp; 2.50%, 10/01/2033 | 1395000 | 1283197 |
| &nbsp;&nbsp; 2.13%, 10/01/2036 | 1000000 | 825996 |
| &nbsp;&nbsp; 4.00%, 08/01/2038 | 1150000 | 1123637 |
| &nbsp;&nbsp; 5.00%, 08/01/2046 | 4000000 | 4060297 |
|  Metropolitan Washington DC Airports Authority Aviation Revenue, 5.00%, 10/01/2040 | 1500000 | 1543087 |
|  Miami-Dade County Florida Expressway Authority, 4.83% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 5000000 | 5042363 |
|  New York Transportation Development Corp., 6.00%, 04/01/2035 | 3000000 | 3291357 |
| Washington Suburban Sanitary Commission | Washington Suburban Sanitary Commission | Washington Suburban Sanitary Commission |
| &nbsp;&nbsp; 2.00%, 12/01/2039 | 1000000 | 742649 |
| &nbsp;&nbsp; 2.25%, 06/01/2041 | 6500000 | 4843786 |
|  |  | 133483312 |
| **TOTAL MUNICIPAL BONDS** (Cost $170,631,513) | **TOTAL MUNICIPAL BONDS** (Cost $170,631,513) | 169635994 |
| **SHORT-TERM INVESTMENTS - 3.1%** | **Shares**  | **Value**  |
| **Money Market Funds -3.1%**<br> First American Government Obligations Fund - Class Z, 3.54% <sup>(c)</sup> | 5524762 | 5524762 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,524,762) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,524,762) | 5524762 |
| **TOTAL INVESTMENTS - 99.3% (**Cost $176,156,275**)** | **TOTAL INVESTMENTS - 99.3% (**Cost $176,156,275**)** | 175160756 |
| Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | 1281273 |
| **TOTAL NET ASSETS - 100.0%** |  | $176442029 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

SIFMA - Securities Industry and Financial Markets Association <br> SOFR - Secured Overnight Financing Rate

(a) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of March 31, 2026.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors.

(c) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

Brown Advisory Maryland Bond Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $169635994 | $– | $169635994 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5524762 | – | – | 5524762 |
| Total Investments | $5524762 | $169635994 | $– | $175160756 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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:** 2026-03-31

**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:** $177154645.95

**Total Liabilities:** $641902.55

**Net Assets:** $176512743.40

**Cash Not Reported:** $1851100.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4679.980000000000 | **1-Year:** 9233.870000000000 | **5-Year:** 52202.180000000000 | **10-Year:** 23248.100000000000 | **30-Year:** 923.570000000000

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

- **3-Month:** 1841.510000000000 | **1-Year:** 5117.770000000000 | **5-Year:** 2737.300000000000 | **10-Year:** 1344.670000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118733 | 0.81%                | 1.18%                | -2.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1025.61                | $884375.22                                 |
| Month 2  | $-226702.27              | $1817362.69                                |
| Month 3  | $0.00                    | $-4342744.54                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BALTIMORE CNTY MD              | County of Baltimore MD                                      | CUSIP: 05914GLU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $3025723.40   | 1.71%             | 2044-03-01      | Fixed         | 5.00%                 | 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      | $1761603.38   | 1.00%             | 2039-11-01      | 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        |   2641658 | PA      | $1842833.23   | 1.04%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD SPL OBLG     | County of Frederick MD                                      | CUSIP: 35571LBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1456063.67   | 0.82%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE | Maryland Community Development Administration               | CUSIP: 57419TGF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1226913.73   | 0.70%             | 2027-09-01      | Fixed         | 1.50%                 | 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      | $3993695.08   | 2.26%             | 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      | $2654773.68   | 1.50%             | 2036-10-01      | Variable      | 4.10%                 | 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      | $6732054.76   | 3.81%             | 2035-06-01      | Fixed         | 5.00%                 | 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      | $1034991.70   | 0.59%             | 2028-07-01      | Fixed         | 5.00%                 | 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      | $1962407.00   | 1.11%             | 2044-07-01      | 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      | $4373471.39   | 2.48%             | 2042-05-15      | Fixed         | 5.00%                 | 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      | $1003220.10   | 0.57%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 57421CGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2975000.00   | 1.69%             | 2048-06-01      | Variable      | 1.75%                 | 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      | $1123636.60   | 0.64%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST DEPT OF TRANSPRTN  | State of Maryland Department of Transportation              | CUSIP: 57421FBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4060297.20   | 2.30%             | 2046-08-01      | 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      | $670398.65    | 0.38%             | 2033-06-15      | 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      | $1550502.98   | 0.88%             | 2034-11-15      | 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        |   2505000 | PA      | $2473544.72   | 1.40%             | 2038-08-15      | Floating      | 3.52%                 | 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      | $1283196.75   | 0.73%             | 2033-10-01      | Fixed         | 2.50%                 | 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      | $1399242.75   | 0.79%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Central Texas Turnpike System                               | CUSIP: 88283KBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2303092.28   | 1.30%             | 2040-08-15      | Fixed         | 3.00%                 | 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      | $1311762.90   | 0.74%             | 2039-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD              | County of Frederick MD                                      | CUSIP: 35569PGF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7295000 | PA      | $5821964.42   | 3.30%             | 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        |   1960000 | PA      | $2063398.62   | 1.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600AX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $172065.48    | 0.10%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                 | CUSIP: 56035DGC0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5646199.35   | 3.20%             | 2053-12-01      | Floating      | 4.13%                 | 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      | $1305238.08   | 0.74%             | 2030-09-01      | 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      | $785788.43    | 0.45%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 574215RD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2270000.00   | 1.29%             | 2035-04-01      | Variable      | 2.35%                 | 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      | $1207992.96   | 0.68%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 5742185F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1325416.60   | 0.75%             | 2043-07-01      | 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      | $5004056.50   | 2.83%             | 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      | $420552.34    | 0.24%             | 2026-07-01      | 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      | $5211154.50   | 2.95%             | 2055-05-15      | Fixed         | 5.25%                 | 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      | $1036546.10   | 0.59%             | 2046-07-01      | Fixed         | 5.25%                 | 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      | $1075750.80   | 0.61%             | 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      | $3769327.08   | 2.14%             | 2041-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH REVEN | Maryland Stadium Authority                                  | CUSIP: 574296BU2<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5146427.50   | 2.92%             | 2038-05-01      | 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      | $5042363.00   | 2.86%             | 2032-07-01      | Floating      | 4.83%                 | 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      | $4994792.00   | 2.83%             | 2050-10-01      | Fixed         | 5.00%                 | 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      | $825995.80    | 0.47%             | 2036-10-01      | Fixed         | 2.12%                 | 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      | $1530410.10   | 0.87%             | 2038-07-01      | 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      | $4062321.60   | 2.30%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority   | CUSIP: 57421CNS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3675000 | PA      | $4011152.25   | 2.27%             | 2056-08-15      | Variable      | 5.00%                 | 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      | $3291357.30   | 1.86%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CNTY MD SPL TAX D | County of Anne Arundel MD                                   | CUSIP: 035898CG8<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1945491.20   | 1.10%             | 2044-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CNTY MD SPL TAX D | County of Anne Arundel MD                                   | CUSIP: 035898CV5<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    425000 | PA      | $443963.76    | 0.25%             | 2044-07-01      | 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      | $5091446.50   | 2.88%             | 2038-03-01      | Fixed         | 4.00%                 | 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      | $520387.87    | 0.29%             | 2030-06-15      | 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      | $1251844.88   | 0.71%             | 2036-06-01      | Fixed         | 5.00%                 | 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      | $1479258.49   | 0.84%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CECIL CNTY MD                  | County of Cecil MD                                          | CUSIP: 14984PEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1145601.29   | 0.65%             | 2035-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                  | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   3673662 | NS      | $3673662.12   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GAITHERSBURG MD ECON DEV REVEN | City of Gaithersburg MD                                     | CUSIP: 363128CS6<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018442.00   | 0.58%             | 2028-01-01      | 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      | $7452768.00   | 4.22%             | 2031-06-01      | Fixed         | 3.00%                 | 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      | $1543086.90   | 0.87%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD             | County of Montgomery MD                                     | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1600000.00   | 0.91%             | 2037-11-01      | Variable      | 1.60%                 | 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      | $742649.00    | 0.42%             | 2039-12-01      | Fixed         | 2.00%                 | 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      | $1142375.98   | 0.65%             | 2039-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD              | County of Frederick MD                                      | CUSIP: 35569PGK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8830000 | PA      | $6587472.27   | 3.73%             | 2039-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HYATTSVILLE MD                 | City of Hyattsville MD                                      | CUSIP: 448600BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2067106.92   | 1.17%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STADIUM AUTH HAGER | Maryland Stadium Authority                                  | CUSIP: 57429CAQ9<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015107.00   | 0.58%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CNTY MD SPL TAX D | County of Anne Arundel MD                                   | CUSIP: 035898CU7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    430000 | PA      | $460269.08    | 0.26%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $228737.41    | 0.13%             | 2026-09-01      | Fixed         | 7.88%                 | 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      | $218353.64    | 0.12%             | 2031-06-01      | Fixed         | 3.25%                 | 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      | $1170625.31   | 0.66%             | 2055-06-01      | Fixed         | 5.25%                 | 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      | $2029770.60   | 1.15%             | 2033-01-01      | 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      | $1956646.70   | 1.11%             | 2034-07-01      | Fixed         | 5.00%                 | 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      | $4253572.80   | 2.41%             | 2044-07-01      | Fixed         | 4.50%                 | 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      | $4843786.35   | 2.74%             | 2041-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD COPS        | County of Montgomery MD                                     | CUSIP: 61334ECR7<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3188533.59   | 1.81%             | 2034-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer