0001145549-23-073409.txt : 20231128 0001145549-23-073409.hdr.sgml : 20231128 20231128153239 ACCESSION NUMBER: 0001145549-23-073409 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231128 DATE AS OF CHANGE: 20231128 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brown Advisory Funds CENTRAL INDEX KEY: 0001548609 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22708 FILM NUMBER: 231445841 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 0001548609 S000038486 Brown Advisory Maryland Bond Fund C000118733 Investor Shares BIAMX NPORT-P 1 primary_doc.xml NPORT-P false 0001548609 XXXXXXXX S000038486 C000118733 Brown Advisory Funds 811-22708 0001548609 254900ZS9LW6H6GM4251 901 South Bond Street, Suite 400 Baltimore 21231 4105375400 Brown Advisory Maryland Bond Fund S000038486 254900BMU259A1TP4E32 2024-06-30 2023-09-30 N 165281917.870000000000 548897.630000000000 164733020.240000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 USD N BALTIMORE MD SPL OBLIG N/A City of Baltimore MD 05923TCS6 1260000.000000000000 PA USD 993467.030000000000 0.6030770446 Long DBT MUN US N 2 2039-06-01 Fixed 3.500000000000 N N N N N N FREDERICK CNTY MD SPL OBLG N/A County of Frederick MD 35571LBR8 1990000.000000000000 PA USD 2078485.750000000000 1.2617298869 Long DBT MUN US N 2 2029-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST ECON DEV CORP 549300JJ16DDBSZWSN94 Maryland Economic Development Corp 574205GR5 2600000.000000000000 PA USD 2593657.820000000000 1.5744614020 Long DBT MUN US N 2 2036-10-01 Variable 4.100000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 5742182P7 4335000.000000000000 PA USD 4315430.080000000000 2.6196509198 Long DBT MUN US N 2 2042-05-15 Fixed 5.000000000000 N N N N N N MARYLAND ST TRANSPRTN AUTH TRA 254900MKNK0MO0Z4X426 Maryland State Transportation Authority 574300LW7 1510000.000000000000 PA USD 1542999.990000000000 0.9366670919 Long DBT MUN US N 2 2025-07-01 Fixed 5.000000000000 N N N N N N MONTGOMERY CNTY MD 549300GNX5SDUEBKPK13 County of Montgomery MD 6133408D3 7780000.000000000000 PA USD 7780000.000000000000 4.7227932740 Long DBT MUN US N 2 2037-11-01 Variable 3.800000000000 N N N N N N PRINCE GEORGES CNTY MD COPS 549300NSQ1W50I0VU811 County of Prince George's MD 741705KG1 1500000.000000000000 PA USD 1533892.800000000000 0.9311386374 Long DBT MUN US N 2 2025-10-01 Fixed 5.000000000000 N N N N N N SAINT MARYS CLG OF MARYLAND MD 549300GKNHYVL0GMZE78 St Mary's College of Maryland 792547KE0 1000000.000000000000 PA USD 997471.100000000000 0.6055076866 Long DBT MUN US N 2 2024-09-01 Fixed 4.000000000000 N N N N N N FREDERICK CNTY MD SPL OBLG N/A County of Frederick MD 35571LBS6 1390000.000000000000 PA USD 1456613.390000000000 0.8842267251 Long DBT MUN US N 2 2030-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST DEPT OF TRANSPRTN N/A State of Maryland Department of Transportation 574203PC3 1260000.000000000000 PA USD 1264612.360000000000 0.7676738751 Long DBT MUN US N 2 2029-12-01 Fixed 4.000000000000 N N N N N N MARYLAND ST ECON DEV CORP STUD 549300JJ16DDBSZWSN94 Maryland Economic Development Corp 57420VRY1 750000.000000000000 PA USD 784580.180000000000 0.4762737785 Long DBT MUN US N 2 2029-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 5742182E2 1200000.000000000000 PA USD 1207124.040000000000 0.7327760022 Long DBT MUN US N 2 2037-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 5742185D1 1500000.000000000000 PA USD 1492150.500000000000 0.9057992732 Long DBT MUN US N 2 2038-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218UU5 4000000.000000000000 PA USD 4043879.200000000000 2.4548079032 Long DBT MUN US N 2 2027-08-15 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218WC3 5000000.000000000000 PA USD 5048783.000000000000 3.0648275571 Long DBT MUN US N 2 2037-05-15 Fixed 5.000000000000 N N N N N N SAINT MARYS CNTY MD N/A County of St Mary's MD 792554A56 1290000.000000000000 PA USD 1372421.200000000000 0.8331184592 Long DBT MUN US N 2 2028-05-01 Fixed 5.000000000000 N N N N N N BALTIMORE MD SPL OBLIG N/A City of Baltimore MD 05923TAX7 520000.000000000000 PA USD 522857.610000000000 0.3173969671 Long DBT MUN US N 2 2030-06-15 Fixed 5.000000000000 N N N N N N BALTIMORE MD SPL OBLIG N/A City of Baltimore MD 05923TCM9 225000.000000000000 PA USD 195176.210000000000 0.1184803203 Long DBT MUN US N 2 2031-06-01 Fixed 3.250000000000 N N N N N N CALIFORNIA ST MUNI FIN AUTH RE 5493000UQOV6R4ZWS346 California Municipal Finance Authority 13048VMZ8 1750000.000000000000 PA USD 1599820.780000000000 0.9711597454 Long DBT MUN US N 2 2039-11-01 Fixed 5.000000000000 N N N N N N DALLAS-FORT WORTH TX INTERNATI N/A Dallas Fort Worth International Airport 235036V72 1860000.000000000000 PA USD 1860724.660000000000 1.1295395770 Long DBT MUN US N 2 2027-11-01 Fixed 5.250000000000 N N N N N N FREDERICK CNTY MD TAX INCR & S N/A County of Frederick MD 355612AD4 1410000.000000000000 PA USD 1160614.710000000000 0.7045428465 Long DBT MUN US N 2 2039-07-01 Fixed 3.750000000000 N N N N N N MAIN STREET NATURAL GAS INC GA 549300NY5M0QVZ6X4U26 Main Street Natural Gas Inc 56035DGC0 5500000.000000000000 PA USD 5464666.350000000000 3.3172865659 Long DBT MUN US N 2 2053-12-01 Floating 5.264000000000 N N N N N N MARYLAND ST DEPT OF TRANSPRTN N/A State of Maryland Department of Transportation 574204L76 1715000.000000000000 PA USD 1787502.140000000000 1.0850903707 Long DBT MUN US N 2 2027-10-01 Fixed 5.000000000000 N N N N N N MARYLAND ST ECON DEV CORP 549300JJ16DDBSZWSN94 Maryland Economic Development Corp 574205FY1 1200000.000000000000 PA USD 1200000.000000000000 0.7284514047 Long DBT MUN US N 2 2043-02-15 Variable 4.060000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218U84 2000000.000000000000 PA USD 2056749.400000000000 1.2485349913 Long DBT MUN US N 2 2029-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 57421CAU8 4000000.000000000000 PA USD 4108957.600000000000 2.4943132798 Long DBT MUN US N 2 2045-07-01 Variable 5.000000000000 N N N N N N MARYLAND ST DEPT OF TRANSPRTN N/A State of Maryland Department of Transportation 57421FAW7 1150000.000000000000 PA USD 1059755.480000000000 0.6433169734 Long DBT MUN US N 2 2038-08-01 Fixed 4.000000000000 N N N N N N MARYLAND ST STADIUM AUTH REVEN 549300VA283TTQRDNF71 Maryland Stadium Authority 574296EK1 1000000.000000000000 PA USD 1064387.000000000000 0.6461285044 Long DBT MUN US N 2 2037-09-01 Fixed 5.000000000000 N N N N N N MARYLAND ST STADIUM AUTH HAGER 549300VA283TTQRDNF71 Maryland Stadium Authority 57429CAQ9 1000000.000000000000 PA USD 973117.300000000000 0.5907238868 Long DBT MUN US N 2 2037-06-01 Fixed 4.000000000000 N N N N N N MARYLAND ST TRANSPRTN AUTH TRA 254900MKNK0MO0Z4X426 Maryland State Transportation Authority 574300MT3 3000000.000000000000 PA USD 3065562.900000000000 1.8609280007 Long DBT MUN US N 2 2025-07-01 Fixed 5.000000000000 N N N N N N MONTGOMERY CNTY MD COPS 549300GNX5SDUEBKPK13 County of Montgomery MD 61334ECR7 3370000.000000000000 PA USD 2990676.170000000000 1.8154685476 Long DBT MUN US N 2 2034-10-01 Fixed 3.000000000000 N N N N N N NEW HOPE CULTURAL EDU FACS FIN N/A New Hope Cultural Education Facilities Finance Corp 64542PCM5 820000.000000000000 PA USD 369000.000000000000 0.2239988070 Long DBT MUN US N 2 2051-07-01 Fixed 5.750000000000 Y Y N N N N NEW JERSEY ST TRANSPRTN TRUST 549300YUVD5TEXR6L889 New Jersey Transportation Trust Fund Authority 646136WK3 6760000.000000000000 PA USD 3138350.960000000000 1.9051134711 Long DBT MUN US N 2 2038-12-15 Fixed .000000000000 N N N N N N AUSTIN TX SPL ASSMNT REVENUE IW10PQVTU7HKS3JMW253 City of Austin TX 052466AE9 750000.000000000000 PA USD 754926.000000000000 0.4582724210 Long DBT MUN US N 2 2026-09-01 Fixed 7.875000000000 N N N N N N BALTIMORE CNTY MD N/A County of Baltimore MD 05914FSK7 1520000.000000000000 PA USD 1509214.840000000000 0.9161580585 Long DBT MUN US N 2 2033-02-01 Fixed 4.000000000000 N N N N N N CMNTY DEV ADMIN MD MF DEV REVE N/A Maryland Community Development Administration 20364NAK3 2660000.000000000000 PA USD 1743276.490000000000 1.0582435067 Long DBT MUN US N 2 2043-07-01 Fixed 2.406000000000 N N N N N N GAITHERSBURG MD ECON DEV REVEN 549300UFHDHDCHDE0F65 City of Gaithersburg MD 363128CS6 1000000.000000000000 PA USD 990516.800000000000 0.6012861286 Long DBT MUN US N 2 2028-01-01 Fixed 5.000000000000 N N N N N N HOWARD CNTY MD N/A County of Howard MD 44256PB93 7875000.000000000000 PA USD 5419998.680000000000 3.2901713768 Long DBT MUN US N 2 2036-08-15 Fixed 1.750000000000 N N N N N N MARYLAND ST N/A State of Maryland 574193QN1 1000000.000000000000 PA USD 1022093.900000000000 0.6204547810 Long DBT MUN US N 2 2025-08-01 Fixed 5.000000000000 N N N N N N MARYLAND ST ECON DEV CORP STUD 549300JJ16DDBSZWSN94 Maryland Economic Development Corp 57420VRK1 1500000.000000000000 PA USD 1335829.650000000000 0.8109058209 Long DBT MUN US N 2 2040-07-01 Fixed 4.000000000000 N N N N N N MARYLAND ST ECON DEV CORP STUD 549300JJ16DDBSZWSN94 Maryland Economic Development Corp 57420VRX3 1000000.000000000000 PA USD 1041010.000000000000 0.6319376640 Long DBT MUN US N 2 2028-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574215RC5 5000000.000000000000 PA USD 5000000.000000000000 3.0352141864 Long DBT MUN US N 2 2035-04-01 Variable 3.920000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 57421CDV3 2450000.000000000000 PA USD 2443595.950000000000 1.4833674187 Long DBT MUN US N 2 2042-07-01 Floating 4.260000000000 N N N N N N MARYLAND ST DEPT OF TRANSPRTN N/A State of Maryland Department of Transportation 57421FAR8 1000000.000000000000 PA USD 1040438.900000000000 0.6315909819 Long DBT MUN US N 2 2033-08-01 Fixed 5.000000000000 N N N N N N MARYLAND ST ECON DEV CORP SPL 549300JJ16DDBSZWSN94 Maryland Economic Development Corp 57422FAC0 4500000.000000000000 PA USD 3936856.950000000000 2.3898408129 Long DBT MUN US N 2 2044-07-01 Fixed 4.500000000000 N N N N N N MARYLAND ST STADIUM AUTH REVEN 549300VA283TTQRDNF71 Maryland Stadium Authority 574296CB3 1100000.000000000000 PA USD 1033057.630000000000 0.6271102348 Long DBT MUN US N 2 2025-05-01 Fixed 1.424000000000 N N N N N N MARYLAND ST TRANSPRTN AUTH PAS N/A Maryland State Transportation Authority Passenger Facility Charge Revenue 57429NCY6 4330000.000000000000 PA USD 4079346.260000000000 2.4763379279 Long DBT MUN US N 2 2035-06-01 Fixed 4.000000000000 N N N N N N NEWPORT NEWS VA ECON DEV AUTH 549300WZQTRG07G0UZ88 Newport News Economic Development Authority 65225PAL0 2000000.000000000000 PA USD 2005954.400000000000 1.2177002504 Long DBT MUN US N 2 2031-12-01 Fixed 5.000000000000 N N N N N N BALTIMORE CNTY MD N/A County of Baltimore MD 05914FWJ5 1650000.000000000000 PA USD 1665584.420000000000 1.0110810920 Long DBT MUN US N 2 2028-08-01 Fixed 5.000000000000 N N N N N N BALTIMORE MD SPL OBLIG N/A City of Baltimore MD 05923TAY5 670000.000000000000 PA USD 673650.960000000000 0.4089349901 Long DBT MUN US N 2 2033-06-15 Fixed 5.000000000000 N N N N N N First American Government Obli 549300R5MYM6VZF1RM44 First American Government Obligations Fund 31846V567 4753474.240000000000 NS USD 4753474.240000000000 2.8855624896 Long STIV RF US N 1 N N N GAITHERSBURG MD ECON DEV REVEN 549300UFHDHDCHDE0F65 City of Gaithersburg MD 363128CT4 2000000.000000000000 PA USD 1946463.600000000000 1.1815867864 Long DBT MUN US N 2 2033-01-01 Fixed 5.000000000000 N N N N N N MARYLAND ST CMNTY DEV ADMIN DE N/A Maryland Community Development Administration 57419TDE8 1245000.000000000000 PA USD 1291790.210000000000 0.7841719942 Long DBT MUN US N 2 2030-09-01 Fixed 5.000000000000 N N N N N N MARYLAND ST CMNTY DEV ADMIN DE N/A Maryland Community Development Administration 57419TDG3 1030000.000000000000 PA USD 1066538.840000000000 0.6474347635 Long DBT MUN US N 2 2031-09-01 Fixed 5.000000000000 N N N N N N MARYLAND ST CMNTY DEV ADMIN DE N/A Maryland Community Development Administration 57419TXF3 3930000.000000000000 PA USD 3791383.010000000000 2.3015318996 Long DBT MUN US N 2 2042-03-01 Fixed 4.600000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 5742185F6 1310000.000000000000 PA USD 1262139.670000000000 0.7661728463 Long DBT MUN US N 2 2043-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218WQ2 420000.000000000000 PA USD 427383.470000000000 0.2594400742 Long DBT MUN US N 2 2026-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218WY5 1955000.000000000000 PA USD 1987176.560000000000 1.2063012972 Long DBT MUN US N 2 2034-07-01 Fixed 5.000000000000 N N N N N N MARYLAND ST DEPT OF TRANSPRTN N/A State of Maryland Department of Transportation 57421FAD9 1500000.000000000000 PA USD 1327553.550000000000 0.8058818736 Long DBT MUN US N 2 2026-08-01 Fixed .906000000000 N N N N N N NEW HOPE CULTURAL EDU FACS FIN N/A New Hope Cultural Education Facilities Finance Corp 64542PCL7 365000.000000000000 PA USD 164250.000000000000 0.0997067860 Long DBT MUN US N 2 2046-07-01 Fixed 5.500000000000 Y Y N N N N PRINCE GEORGES CNTY MD COPS 549300NSQ1W50I0VU811 County of Prince George's MD 741705KF3 1350000.000000000000 PA USD 1365295.640000000000 0.8287929390 Long DBT MUN US N 2 2024-10-01 Fixed 5.000000000000 N N N N N N PRINCE GEORGES CNTY MD COPS 549300NSQ1W50I0VU811 County of Prince George's MD 741705KH9 1550000.000000000000 PA USD 1605564.090000000000 0.9746461806 Long DBT MUN US N 2 2026-10-01 Fixed 5.000000000000 N N N N N N BALTIMORE MD SPL OBLIG N/A City of Baltimore MD 05923TCZ0 1550000.000000000000 PA USD 1469789.360000000000 0.8922251033 Long DBT MUN US N 2 2033-06-01 Fixed 4.500000000000 N N N N N N CEDAR RAPIDS IA HOSP REVENUE N/A City of Cedar Rapids IA 150543AB2 875000.000000000000 PA USD 875000.000000000000 0.5311624826 Long DBT MUN US N 2 2029-08-15 Variable 7.718000000000 N N N N N N FRANKLIN CNTY OH HLTH CARE FAC 549300VCBUC1RZE7KL42 County of Franklin OH 353180JP8 1550000.000000000000 PA USD 1533000.380000000000 0.9305969002 Long DBT MUN US N 2 2034-11-15 Fixed 5.000000000000 N N N N N N FREDERICK CNTY MD N/A County of Frederick MD 35569PGJ6 8755000.000000000000 PA USD 5719862.130000000000 3.4722013362 Long DBT MUN US N 2 2038-10-01 Fixed 1.875000000000 N N N N N N LEHIGH CNTY PA GEN PURPOSE HOS N/A County of Lehigh PA 52480GDC5 2600000.000000000000 PA USD 2569604.700000000000 1.5598601278 Long DBT MUN US N 2 2038-08-15 Floating 5.080000000000 N N N N N N LOCAL GOVT INFRASTRUCTURE MD C N/A Maryland Community Development Administration Local Government Infrastructure 574039HY2 1140000.000000000000 PA USD 1146709.930000000000 0.6961020494 Long DBT MUN US N 2 2035-06-01 Fixed 4.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218RR6 100000.000000000000 PA USD 99895.040000000000 0.0606405685 Long DBT MUN US N 2 2030-10-01 Fixed 4.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218RS4 300000.000000000000 PA USD 298385.220000000000 0.1811326106 Long DBT MUN US N 2 2031-10-01 Fixed 4.000000000000 N N N N N N MARYLAND ST HLTH & HGR EDUCTNL N/A Maryland Health & Higher Educational Facilities Authority 574218VA8 1250000.000000000000 PA USD 1263069.880000000000 0.7667375236 Long DBT MUN US N 2 2033-08-15 Fixed 5.000000000000 N N N N N N MARYLAND STADIUM AUTH BUILT TO N/A Maryland Stadium Authority Built to Learn Revenue 574294BL7 1340000.000000000000 PA USD 1312029.110000000000 0.7964578735 Long DBT MUN US N 2 2035-06-01 Fixed 4.000000000000 N N N N N N MARYLAND ST STADIUM AUTH REVEN 549300VA283TTQRDNF71 Maryland Stadium Authority 574296AP4 3000000.000000000000 PA USD 3082637.100000000000 1.8712927715 Long DBT MUN US N 2 2030-05-01 Fixed 5.000000000000 N N N N N N MARYLAND ST STADIUM AUTH REVEN 549300VA283TTQRDNF71 Maryland Stadium Authority 574296BU2 5000000.000000000000 PA USD 5137082.500000000000 3.1184291361 Long DBT MUN US N 2 2038-05-01 Fixed 5.000000000000 N N N N N N MARYLAND ST TRANSPRTN AUTH TRA 254900MKNK0MO0Z4X426 Maryland State Transportation Authority 574300LA5 4420000.000000000000 PA USD 4646102.450000000000 2.8203832135 Long DBT MUN US N 2 2028-07-01 Fixed 5.000000000000 N N N N N N MET WASHINGTON DC ARPTS AUTH A N/A Metropolitan Washington Airports Authority Aviation Revenue 592647GM7 1500000.000000000000 PA USD 1497886.200000000000 0.9092810888 Long DBT MUN US N 2 2040-10-01 Fixed 5.000000000000 N N N N N N MIAMI-DADE CNTY FL EXPRESSWAY 549300NSQPQSO55VM780 Miami-Dade County Expressway Authority 59334KDG0 5000000.000000000000 PA USD 5012477.500000000000 3.0427885634 Long DBT MUN US N 2 2032-07-01 Floating 6.494000000000 N N N N N N 2023-11-28 Brown Advisory Funds /s/ Jason T. Meix Jason T. Meix Principal Financial Officer XXXX NPORT-EX 2 maryland-bond.htm NPORT-EX

Brown Advisory Maryland Bond Fund
  
Schedule of Investments
  
September 30, 2023 (Unaudited)
  
   
MUNICIPAL BONDS - 96.0%
  
Principal Amount
    
Value
  
General Obligation Bonds - 19.3%
  
Baltimore County Maryland
        
$
–
  
5.00%, 08/01/2028
    
1,650,000
      
1,665,584
  
4.00%, 02/01/2033
    
1,520,000
      
1,509,215
  
Frederick County Maryland
          
$
–
  
1.88%, 10/01/2038
    
8,755,000
      
5,719,862
  
Howard County Maryland
          
$
–
  
1.75%, 08/15/2036
    
7,875,000
      
5,419,999
  
Maryland State
          
$
–
  
5.00%, 08/01/2025
    
1,000,000
      
1,022,094
  
Montgomery County Maryland
          
$
–
  
3.00%, 10/01/2034
    
3,370,000
      
2,990,676
  
3.80%, 11/01/2037 (a)
    
7,780,000
      
7,780,000
  
Prince George’s County Maryland
          
$
–
  
5.00%, 10/01/2024
    
1,350,000
      
1,365,296
  
5.00%, 10/01/2025
    
1,500,000
      
1,533,893
  
5.00%, 10/01/2026
    
1,550,000
      
1,605,564
  
St Mary’s County Maryland
          
$
–
  
5.00%, 05/01/2028
    
1,290,000
      
1,372,421
  
Total General Obligation Bonds
            
31,984,604
  
                 
Revenue Bonds - 76.7%
  
Austin Texas
          
$
–
  
7.88%, 09/01/2026
    
750,000
      
754,926
  
Baltimore Maryland
          
$
–
  
5.00%, 06/15/2030
    
520,000
      
522,858
  
3.25%, 06/01/2031 (b)
    
225,000
      
195,176
  
4.50%, 06/01/2033
    
1,550,000
      
1,469,789
  
5.00%, 06/15/2033
    
670,000
      
673,651
  
3.50%, 06/01/2039 (b)
    
1,260,000
      
993,467
  
California Municipal Finance Authority
          
$
–
  
5.00%, 11/01/2039 (b)
    
1,750,000
      
1,599,821
  
Cedar Rapids Iowa
          
$
–
  
7.72%, 08/15/2029 (a)
    
875,000
      
875,000
  
Dallas Fort Worth Texas International Airport
          
$
–
  
5.25%, 11/01/2027
    
1,860,000
      
1,860,725
  
Franklin Ohio
          
$
–
  
5.00%, 11/15/2034
    
1,550,000
      
1,533,000
  
Frederick County Maryland
          
$
–
  
5.00%, 07/01/2029
    
1,990,000
      
2,078,486
  
5.00%, 07/01/2030
    
1,390,000
      
1,456,613
  
3.75%, 07/01/2039
    
1,410,000
      
1,160,615
  
Gaithersburg Maryland
          
$
–
  
5.00%, 01/01/2028
    
1,000,000
      
990,517
  
5.00%, 01/01/2033
    
2,000,000
      
1,946,464
  
Lehigh Pennsylvania
          
$
–
  
5.07% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038
    
2,600,000
      
2,569,605
  
Main Street Natural Gas, Inc.
          
$
–
  
5.26% (SOFR + 1.70%), 12/01/2053
    
5,500,000
      
5,464,666
  
Maryland Community Development Administration
          
$
–
  
5.00%, 09/01/2030
    
1,245,000
      
1,291,790
  
5.00%, 09/01/2031
    
1,030,000
      
1,066,539
  
4.60%, 03/01/2042
    
3,930,000
      
3,791,383
  
2.41%, 07/01/2043
    
2,660,000
      
1,743,276
  
Maryland Community Development Administration Local Government Infrastructure
          
$
–
  
4.00%, 06/01/2035
    
1,140,000
      
1,146,710
  
Maryland Economic Development Corp.
          
$
–
  
5.00%, 07/01/2028
    
1,000,000
      
1,041,010
  
5.00%, 07/01/2029
    
750,000
      
784,580
  
4.10%, 10/01/2036 (a)
    
2,600,000
      
2,593,658
  
4.00%, 07/01/2040
    
1,500,000
      
1,335,830
  
4.06%, 02/15/2043 (a)
    
1,200,000
      
1,200,000
  
4.50%, 07/01/2044
    
4,500,000
      
3,936,857
  
Maryland Health & Higher Educational Facilities Authority
          
$
–
  
5.00%, 07/01/2026
    
420,000
      
427,383
  
5.00%, 08/15/2027
    
4,000,000
      
4,043,879
  
5.00%, 07/01/2029
    
2,000,000
      
2,056,749
  
4.00%, 10/01/2030
    
100,000
      
99,895
  
4.00%, 10/01/2031
    
300,000
      
298,385
  
5.00%, 08/15/2033
    
1,250,000
      
1,263,070
  
5.00%, 07/01/2034
    
1,955,000
      
1,987,177
  
Series A, 3.92%, 04/01/2035 (a)
    
5,000,000
      
5,000,000
  
5.00%, 05/15/2037
    
5,000,000
      
5,048,783
  
5.00%, 07/01/2037
    
1,200,000
      
1,207,124
  
5.00%, 07/01/2038
    
1,500,000
      
1,492,151
  
5.00%, 05/15/2042
    
4,335,000
      
4,315,430
  
4.26% (SIFMA Municipal Swap Index + 0.28%), 07/01/2042
    
2,450,000
      
2,443,596
  
5.00%, 07/01/2043
    
1,310,000
      
1,262,140
  
5.00%, 07/01/2045 (a)
    
4,000,000
      
4,108,958
  
Maryland Stadium Authority
          
$
–
  
1.42%, 05/01/2025
    
1,100,000
      
1,033,058
  
5.00%, 05/01/2030
    
3,000,000
      
3,082,637
  
4.00%, 06/01/2037
    
1,000,000
      
973,117
  
5.00%, 09/01/2037
    
1,000,000
      
1,064,387
  
5.00%, 05/01/2038
    
5,000,000
      
5,137,083
  
Maryland Stadium Authority Built to Learn Revenue
          
$
–
  
4.00%, 06/01/2035
    
1,340,000
      
1,312,029
  
Maryland State Department of Transportation
          
$
–
  
0.91%, 08/01/2026
    
1,500,000
      
1,327,554
  
5.00%, 10/01/2027
    
1,715,000
      
1,787,502
  
4.00%, 12/01/2029
    
1,260,000
      
1,264,612
  
5.00%, 08/01/2033
    
1,000,000
      
1,040,439
  
4.00%, 08/01/2038
    
1,150,000
      
1,059,755
  
Maryland State Transportation Authority
          
$
–
  
5.00%, 07/01/2025
    
1,510,000
      
1,543,000
  
5.00%, 07/01/2025
    
3,000,000
      
3,065,563
  
5.00%, 07/01/2028
    
4,420,000
      
4,646,102
  
Maryland State Transportation Authority Passenger Facility Charge Revenue
          
$
–
  
4.00%, 06/01/2035
    
4,330,000
      
4,079,346
  
Metropolitan Washington DC Airports Authority Aviation Revenue
          
$
–
  
5.00%, 10/01/2040
    
1,500,000
      
1,497,886
  
Miami-Dade County Florida Expressway Authority
          
$
–
  
6.49% (1 mo Term SOFR + 1.05%), 07/01/2032
    
5,000,000
      
5,012,478
  
New Hope Texas Cultural Education Facilities Finance Corp.
          
$
–
  
5.50%, 07/01/2046 (c)
    
365,000
      
164,250
  
5.75%, 07/01/2051 (c)
    
820,000
      
369,000
  
New Jersey Transportation Trust Fund Authority
          
$
–
  
4.58%, 12/15/2038 (d)
    
6,760,000
      
3,138,351
  
Newport News Virginia Economic Development Authority
          
$
–
  
5.00%, 12/01/2031
    
2,000,000
      
2,005,954
  
St Mary’s College of Maryland
          
$
–
  
4.00%, 09/01/2024
    
1,000,000
      
997,471
  
Total Revenue Bonds
            
126,733,306
  
TOTAL MUNICIPAL BONDS (Cost $169,767,000)
            
158,717,910
  
                 
SHORT-TERM INVESTMENTS - 2.9%
                
Money Market Funds - 2.9%
  
Shares
          
First American Government Obligations Fund - Class Z, 5.22%(e)
    
4,751,169
      
4,751,169
  
Total Money Market Funds
            
4,751,169
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,751,169)
            
4,751,169
  
                 
TOTAL INVESTMENTS - 98.9% (Cost $174,518,169)
            
163,469,079
  
Other Assets in Excess of Liabilities - 1.1%
            
1,764,763
  
TOTAL NET ASSETS - 100.0%
          
$
165,233,842
  
   
Percentages are stated as a percent of net assets.
  

SOFR - Secured Overnight Financing Rate

(a)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)
Security is in default and missed all or a portion of its last payment of interest as of the date of this report.
(d)
Zero-coupon bond. The rate shown is the effective yield as of September 30, 2023.
(e)
The rate shown represents the 7-day effective yield as of September 30, 2023.


Various inputs may be used to determine the value of the Fund’s investments.  These inputs are summarized in three broad levels.  The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

   
Level 1
    
Level 2
    
Level 3
Fixed Income Securities:
                
Municipal Bonds
  
$
–
    
$
158,717,910
    
$
–
Total Fixed Income Securities
    
–
      
158,717,910
      
–
                       
Short-Term Investments:
    
–
      
–
      
–
Money Market Funds
    
4,751,169
      
–
      
–
Total Short-Term Investments
    
4,751,169
      
–
      
–
                       
Total Investments in Securities
  
$
4,751,169
    
$
158,717,910
    
$
–