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    <Timestamp>2009-10-15T15:15:33+05:00</Timestamp>
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        <BusinessNameLine1>BROWN INVESTMENT ADVISORY &amp; TRUST</BusinessNameLine1>
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        <ZIPCode>21231</ZIPCode>
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    <Filer>
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      <Name>
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        <State>MD</State>
        <ZIPCode>21231</ZIPCode>
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    <Officer>
      <Name>WILLIAM G STEWART</Name>
      <Title>PRESIDENT</Title>
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      <DateSigned>2011-05-27</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
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    <Preparer>
      <Name>BROWN INVESTMENT ADVISORY</Name>
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    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
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          <DescriptionOfAsset>150. IPATH DOW JONES UBS COMMODITY</DescriptionOfAsset>
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        <CapitalGainsAndLossesInfo>
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        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
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        <CapitalGainsAndLossesInfo>
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        <CapitalGainsAndLossesInfo>
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            <City>OWINGS MILLS</City>
            <State>MD</State>
            <ZIPCode>21117</ZIPCode>
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        <GrantOrContriPaidDuringYear>
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            <BusinessNameLine1>THE VALLEY'S PLANNING COUNCIL</BusinessNameLine1>
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            <AddressLine1>118 WEST PENNSYLVANIA AVENUE</AddressLine1>
            <City>TOWSON</City>
            <State>MD</State>
            <ZIPCode>21204</ZIPCode>
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          <RecipientBusinessName>
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            <ZIPCode>21022</ZIPCode>
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        <MembershipDuesAndAssessments />
        <IntOnSavingsAndTempCashInvst />
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>2171</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <NetRentalIncmReDebtFincdProp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncmPersonalProperty />
        <OtherInvestmentIncomePartVII />
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>379</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <NetIncomeLossFromSpecialEvents />
        <GrossProfitLossSalesOfInvntry />
        <OtherRevenueDescribed>
          <Description>TAX REFUND</Description>
          <ExclusionAmount>123</ExclusionAmount>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <ExclusionAmount>2673</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>2673</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <RlnOfActyToAccomOfExemptPrps />
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedule">
      <InvestmentsCorpStock>
        <NameOfStock>EQUITY MUTUAL FUNDS</NameOfStock>
        <EOYBookValue>276936</EOYBookValue>
        <EOYFMV>304264</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>HORIZONTECHNOLOGY FIN CORP</NameOfStock>
        <EOYBookValue>22889</EOYBookValue>
        <EOYFMV>21660</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSchedule">
      <OtherDecreases>
        <Description>ROUNDING</Description>
        <Amount>1</Amount>
      </OtherDecreases>
    </OtherDecreasesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSchedule2" />
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedule">
      <OtherProfessionalFees>
        <Category>INVESTMENT FEES-PRIN</Category>
        <Amount>1104</Amount>
        <NetInvestmentIncome>1104</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <Taxes>
        <Category>FOREIGN TAXES ON QUALIFIED FOR</Category>
        <Amount>78</Amount>
        <NetInvestmentIncome>78</NetInvestmentIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
      <Taxes>
        <Category>FOREIGN TAXES ON NONQUALIFIED</Category>
        <Amount>6</Amount>
        <NetInvestmentIncome>6</NetInvestmentIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>