# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015722
**Filing Date:** 2025-11
**Character Count:** 106360
**Document Hash:** 3be2bec863690bcf7d93b15e3cf33cce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015722.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015722

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251527269

**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 Sustainable Bond Fund (Series ID: S000058305)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000191095 | Institutional Shares | BAISX           |
| C000191096 | Investor Shares      | BASBX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Brown Advisory Sustainable Bond Fund** | **Brown Advisory Sustainable Bond Fund** | **Brown Advisory Sustainable Bond Fund** | **Brown Advisory Sustainable Bond Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **CORPORATE BONDS - 32.7%** | **CORPORATE BONDS - 32.7%** | **Par** | **Value**  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 6365000 | $5865051 |
| AIB Group PLC | AIB Group PLC | AIB Group PLC | AIB Group PLC |
| &nbsp;&nbsp; 7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026 <sup>(a)</sup> | &nbsp;&nbsp; 7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026 <sup>(a)</sup> | 2800000 | 2802823 |
| &nbsp;&nbsp; 5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035 <sup>(a)</sup> | &nbsp;&nbsp; 5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035 <sup>(a)</sup> | 2770000 | 2915373 |
|  AT&T, Inc., 5.40%, 02/15/2034 | AT&T, Inc., 5.40%, 02/15/2034 | 8305000 | 8634591 |
|  Banco Bilbao Vizcaya Argentaria SA, 6.03% to 03/13/2034 then 1 yr. CMT Rate + 1.95%, 03/13/2035 | Banco Bilbao Vizcaya Argentaria SA, 6.03% to 03/13/2034 then 1 yr. CMT Rate + 1.95%, 03/13/2035 | 2740000 | 2914768 |
| Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
| &nbsp;&nbsp; 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | &nbsp;&nbsp; 6.13% to 06/15/2026 then 5 yr. CMT Rate + 5.87%, Perpetual | 2800000 | 2803569 |
| &nbsp;&nbsp; 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual | &nbsp;&nbsp; 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual | 2725000 | 2890582 |
|  Broadcom, Inc., 4.55%, 02/15/2032 | Broadcom, Inc., 4.55%, 02/15/2032 | 5755000 | 5797921 |
|  CaixaBank SA, 5.58% to 07/03/2035 then SOFR + 1.79%, 07/03/2036 <sup>(a)</sup> | CaixaBank SA, 5.58% to 07/03/2035 then SOFR + 1.79%, 07/03/2036 <sup>(a)</sup> | 5645000 | 5785023 |
|  Centene Corp., 3.00%, 10/15/2030 | Centene Corp., 3.00%, 10/15/2030 | 3255000 | 2910498 |
|  Dominion Energy, Inc., 5.45%, 03/15/2035 | Dominion Energy, Inc., 5.45%, 03/15/2035 | 2620000 | 2686705 |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | Eastman Chemical Co., 5.75%, 03/08/2033 | 5495000 | 5773175 |
|  Ferguson Finance PLC, 4.65%, 04/20/2032 <sup>(a)</sup> | Ferguson Finance PLC, 4.65%, 04/20/2032 <sup>(a)</sup> | 5865000 | 5816307 |
|  Ford Motor Credit Co. LLC, 7.23% (SOFR + 2.95%), 03/06/2026 | Ford Motor Credit Co. LLC, 7.23% (SOFR + 2.95%), 03/06/2026 | 2235000 | 2252122 |
|  Gilead Sciences, Inc., 5.25%, 10/15/2033 | Gilead Sciences, Inc., 5.25%, 10/15/2033 | 5560000 | 5833051 |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| &nbsp;&nbsp; 7.80%, 11/28/2053 <sup>(a)</sup> | &nbsp;&nbsp; 7.80%, 11/28/2053 <sup>(a)</sup> | 2470000 | 3054066 |
| &nbsp;&nbsp; 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054 <sup>(a)</sup> | &nbsp;&nbsp; 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054 <sup>(a)</sup> | 2585000 | 3107231 |
|  Keysight Technologies, Inc., 4.95%, 10/15/2034 | Keysight Technologies, Inc., 4.95%, 10/15/2034 | 5855000 | 5895024 |
| Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
| &nbsp;&nbsp; 0.63%, 01/22/2026 | &nbsp;&nbsp; 0.63%, 01/22/2026 | 8025000 | 7942229 |
| &nbsp;&nbsp; 5.00%, 03/16/2026 | &nbsp;&nbsp; 5.00%, 03/16/2026 | 18000000 | 18086950 |
|  Kroger Co., 5.00%, 09/15/2034 | Kroger Co., 5.00%, 09/15/2034 | 5765000 | 5817017 |
|  LKQ Corp., 6.25%, 06/15/2033 | LKQ Corp., 6.25%, 06/15/2033 | 5445000 | 5813736 |
|  Mercer International, Inc., 12.88%, 10/01/2028 <sup>(a)</sup> | Mercer International, Inc., 12.88%, 10/01/2028 <sup>(a)</sup> | 2830000 | 2578997 |
|  MSCI, Inc., 3.88%, 02/15/2031 <sup>(a)</sup> | MSCI, Inc., 3.88%, 02/15/2031 <sup>(a)</sup> | 3045000 | 2918597 |
|  Oracle Corp., 6.15%, 11/09/2029 | Oracle Corp., 6.15%, 11/09/2029 | 5310000 | 5663704 |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 5145000 | 5830874 |
|  Prologis LP, 5.00%, 03/15/2034 | Prologis LP, 5.00%, 03/15/2034 | 5700000 | 5795302 |
|  Regal Rexnord Corp., 6.30%, 02/15/2030 | Regal Rexnord Corp., 6.30%, 02/15/2030 | 5450000 | 5781049 |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 6575000 | 5800961 |
|  Revvity, Inc., 2.25%, 09/15/2031 | Revvity, Inc., 2.25%, 09/15/2031 | 10070000 | 8745997 |
| Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
| &nbsp;&nbsp; 5.99% (SOFR + 1.66%), 01/19/2028 <sup>(a)</sup> | &nbsp;&nbsp; 5.99% (SOFR + 1.66%), 01/19/2028 <sup>(a)</sup> | 5660000 | 5717333 |
| &nbsp;&nbsp; 6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, 01/19/2035 <sup>(a)</sup> | &nbsp;&nbsp; 6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, 01/19/2035 <sup>(a)</sup> | 2760000 | 2900944 |
|  Sprint Capital Corp., 8.75%, 03/15/2032 | Sprint Capital Corp., 8.75%, 03/15/2032 | 7045000 | 8584996 |
|  US Bancorp, 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034 | US Bancorp, 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034 | 5425000 | 5782610 |
|  VeriSign, Inc., 5.25%, 06/01/2032 | VeriSign, Inc., 5.25%, 06/01/2032 | 5595000 | 5750029 |
|  Yara International ASA, 7.38%, 11/14/2032 <sup>(a)</sup> | Yara International ASA, 7.38%, 11/14/2032 <sup>(a)</sup> | 2580000 | 2926096 |
| **TOTAL CORPORATE BONDS** (Cost $187,110,122) | **TOTAL CORPORATE BONDS** (Cost $187,110,122) | **TOTAL CORPORATE BONDS** (Cost $187,110,122) | 190175301 |
| **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 29.8%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 29.8%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool G31063, 3.50%, 11/01/2037 | &nbsp;&nbsp; Pool G31063, 3.50%, 11/01/2037 | 460443 | 445217 |
| &nbsp;&nbsp; Pool QD5888, 3.50%, 02/01/2052 | &nbsp;&nbsp; Pool QD5888, 3.50%, 02/01/2052 | 1517393 | 1397560 |
| &nbsp;&nbsp; Pool QD7054, 3.00%, 02/01/2052 | &nbsp;&nbsp; Pool QD7054, 3.00%, 02/01/2052 | 1486153 | 1319083 |
| &nbsp;&nbsp; Pool QE0380, 2.50%, 04/01/2052 | &nbsp;&nbsp; Pool QE0380, 2.50%, 04/01/2052 | 139720 | 119542 |
| &nbsp;&nbsp; Pool RA6064, 2.50%, 09/01/2051 | &nbsp;&nbsp; Pool RA6064, 2.50%, 09/01/2051 | 3890517 | 3355227 |
| &nbsp;&nbsp; Pool RA6699, 3.50%, 02/01/2052 | &nbsp;&nbsp; Pool RA6699, 3.50%, 02/01/2052 | 1514958 | 1393952 |
| &nbsp;&nbsp; Pool RA7746, 3.50%, 08/01/2052 | &nbsp;&nbsp; Pool RA7746, 3.50%, 08/01/2052 | 3604865 | 3301719 |
| &nbsp;&nbsp; Pool RA7935, 5.00%, 09/01/2052 | &nbsp;&nbsp; Pool RA7935, 5.00%, 09/01/2052 | 4626444 | 4634147 |
| &nbsp;&nbsp; Pool RC2401, 2.00%, 01/01/2037 | &nbsp;&nbsp; Pool RC2401, 2.00%, 01/01/2037 | 2722262 | 2523759 |
| &nbsp;&nbsp; Pool RQ0049, 5.50%, 09/01/2055 | &nbsp;&nbsp; Pool RQ0049, 5.50%, 09/01/2055 | 577692 | 582850 |
| &nbsp;&nbsp; Pool SB1179, 5.50%, 05/01/2039 | &nbsp;&nbsp; Pool SB1179, 5.50%, 05/01/2039 | 2429522 | 2494088 |
| &nbsp;&nbsp; Pool SD1641, 4.50%, 09/01/2052 | &nbsp;&nbsp; Pool SD1641, 4.50%, 09/01/2052 | 2814239 | 2762489 |
| &nbsp;&nbsp; Pool SD2875, 5.00%, 05/01/2053 | &nbsp;&nbsp; Pool SD2875, 5.00%, 05/01/2053 | 2785477 | 2803636 |
| &nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | &nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | 6633363 | 5632718 |
| &nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | &nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | 2362750 | 2481259 |
| &nbsp;&nbsp; Pool SD7556, 3.00%, 08/01/2052 | &nbsp;&nbsp; Pool SD7556, 3.00%, 08/01/2052 | 1745488 | 1552121 |
| &nbsp;&nbsp; Pool SL1512, 6.00%, 06/01/2055 | &nbsp;&nbsp; Pool SL1512, 6.00%, 06/01/2055 | 2762660 | 2827568 |
| &nbsp;&nbsp; Pool SL1677, 4.50%, 05/01/2053 | &nbsp;&nbsp; Pool SL1677, 4.50%, 05/01/2053 | 2223681 | 2167639 |
| &nbsp;&nbsp; Series 4107, Class LI, 3.00%, 08/15/2027 <sup>(b)</sup> | &nbsp;&nbsp; Series 4107, Class LI, 3.00%, 08/15/2027 <sup>(b)</sup> | 1058682 | 18555 |
| &nbsp;&nbsp; Series 4143, Class IA, 3.50%, 09/15/2042 <sup>(b)</sup> | &nbsp;&nbsp; Series 4143, Class IA, 3.50%, 09/15/2042 <sup>(b)</sup> | 681734 | 40821 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; 4.00%, 10/15/2055 <sup>(c)</sup> | &nbsp;&nbsp; 4.00%, 10/15/2055 <sup>(c)</sup> | 4050000 | 3817517 |
| &nbsp;&nbsp; 5.00%, 10/15/2055 <sup>(c)</sup> | &nbsp;&nbsp; 5.00%, 10/15/2055 <sup>(c)</sup> | 4000000 | 3967566 |
| &nbsp;&nbsp; 5.50%, 10/15/2055 <sup>(c)</sup> | &nbsp;&nbsp; 5.50%, 10/15/2055 <sup>(c)</sup> | 4170000 | 4205004 |
| &nbsp;&nbsp; 6.50%, 10/15/2055 <sup>(c)</sup> | &nbsp;&nbsp; 6.50%, 10/15/2055 <sup>(c)</sup> | 1950000 | 2015403 |
| &nbsp;&nbsp; 7.00%, 10/15/2055 <sup>(c)</sup> | &nbsp;&nbsp; 7.00%, 10/15/2055 <sup>(c)</sup> | 1900000 | 1987605 |
| &nbsp;&nbsp; Pool BH7686, 4.50%, 12/01/2047 | &nbsp;&nbsp; Pool BH7686, 4.50%, 12/01/2047 | 64140 | 62824 |
| &nbsp;&nbsp; Pool BK5105, 5.50%, 05/01/2048 | &nbsp;&nbsp; Pool BK5105, 5.50%, 05/01/2048 | 71507 | 73551 |
| &nbsp;&nbsp; Pool BK8032, 5.50%, 06/01/2048 | &nbsp;&nbsp; Pool BK8032, 5.50%, 06/01/2048 | 153998 | 158399 |
| &nbsp;&nbsp; Pool BN4921, 5.50%, 01/01/2049 | &nbsp;&nbsp; Pool BN4921, 5.50%, 01/01/2049 | 105300 | 107767 |
| &nbsp;&nbsp; Pool BN4936, 5.50%, 12/01/2048 | &nbsp;&nbsp; Pool BN4936, 5.50%, 12/01/2048 | 139959 | 143432 |
| &nbsp;&nbsp; Pool BT7699, 4.00%, 09/01/2051 | &nbsp;&nbsp; Pool BT7699, 4.00%, 09/01/2051 | 1433455 | 1393128 |
| &nbsp;&nbsp; Pool BV4532, 3.50%, 03/01/2052 | &nbsp;&nbsp; Pool BV4532, 3.50%, 03/01/2052 | 1149042 | 1056512 |
| &nbsp;&nbsp; Pool CB2432, 3.00%, 12/01/2051 | &nbsp;&nbsp; Pool CB2432, 3.00%, 12/01/2051 | 2489314 | 2192991 |
| &nbsp;&nbsp; Pool CB2909, 3.50%, 02/01/2052 | &nbsp;&nbsp; Pool CB2909, 3.50%, 02/01/2052 | 1352611 | 1245294 |
| &nbsp;&nbsp; Pool DA0025, 6.00%, 09/01/2053 | &nbsp;&nbsp; Pool DA0025, 6.00%, 09/01/2053 | 3280520 | 3392442 |
| &nbsp;&nbsp; Pool DA4870, 6.50%, 01/01/2054 | &nbsp;&nbsp; Pool DA4870, 6.50%, 01/01/2054 | 1989085 | 2061148 |
| &nbsp;&nbsp; Pool FA2601, 2.00%, 08/01/2051 | &nbsp;&nbsp; Pool FA2601, 2.00%, 08/01/2051 | 2615813 | 2127396 |
| &nbsp;&nbsp; Pool FS0031, 2.50%, 10/01/2051 | &nbsp;&nbsp; Pool FS0031, 2.50%, 10/01/2051 | 1006123 | 848721 |
| &nbsp;&nbsp; Pool FS0195, 2.50%, 01/01/2052 | &nbsp;&nbsp; Pool FS0195, 2.50%, 01/01/2052 | 3446377 | 2934201 |
| &nbsp;&nbsp; Pool FS0731, 2.00%, 02/01/2052 | &nbsp;&nbsp; Pool FS0731, 2.00%, 02/01/2052 | 912898 | 748986 |
| &nbsp;&nbsp; Pool FS1186, 3.50%, 01/01/2050 | &nbsp;&nbsp; Pool FS1186, 3.50%, 01/01/2050 | 2662386 | 2437631 |
| &nbsp;&nbsp; Pool FS1381, 3.00%, 03/01/2052 | &nbsp;&nbsp; Pool FS1381, 3.00%, 03/01/2052 | 1009604 | 888782 |
| &nbsp;&nbsp; Pool FS1480, 2.50%, 11/01/2051 | &nbsp;&nbsp; Pool FS1480, 2.50%, 11/01/2051 | 515620 | 440100 |
| &nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | &nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | 6791622 | 5769754 |
| &nbsp;&nbsp; Pool FS5314, 2.00%, 05/01/2052 | &nbsp;&nbsp; Pool FS5314, 2.00%, 05/01/2052 | 6909439 | 5592496 |
| &nbsp;&nbsp; Pool FS5458, 5.50%, 08/01/2053 | &nbsp;&nbsp; Pool FS5458, 5.50%, 08/01/2053 | 6331204 | 6396744 |
| &nbsp;&nbsp; Pool FS6744, 2.50%, 10/01/2051 | &nbsp;&nbsp; Pool FS6744, 2.50%, 10/01/2051 | 5739540 | 4943776 |
| &nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | &nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | 4598247 | 4663700 |
| &nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | &nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | 5381963 | 5531310 |
| &nbsp;&nbsp; Pool FS9155, 5.50%, 09/01/2054 | &nbsp;&nbsp; Pool FS9155, 5.50%, 09/01/2054 | 2193307 | 2226618 |
| &nbsp;&nbsp; Pool FS9203, 6.00%, 09/01/2054 | &nbsp;&nbsp; Pool FS9203, 6.00%, 09/01/2054 | 988021 | 1010267 |
| &nbsp;&nbsp; Pool FS9366, 2.50%, 04/01/2052 | &nbsp;&nbsp; Pool FS9366, 2.50%, 04/01/2052 | 1998911 | 1694914 |
| &nbsp;&nbsp; Pool MA2897, 3.00%, 02/01/2037 | &nbsp;&nbsp; Pool MA2897, 3.00%, 02/01/2037 | 333184 | 316774 |
| &nbsp;&nbsp; Pool MA4565, 3.50%, 03/01/2052 | &nbsp;&nbsp; Pool MA4565, 3.50%, 03/01/2052 | 1970763 | 1808388 |
| &nbsp;&nbsp; Pool MA5496, 5.00%, 10/01/2054 | &nbsp;&nbsp; Pool MA5496, 5.00%, 10/01/2054 | 564901 | 560824 |
| &nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | &nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | 2877660 | 2856888 |
| &nbsp;&nbsp; Series 2012-65, Class HJ, 5.00%, 07/25/2040 | &nbsp;&nbsp; Series 2012-65, Class HJ, 5.00%, 07/25/2040 | 132519 | 135142 |
| &nbsp;&nbsp; Series 2021-95, Class WI, 1.91%, 02/25/2035 <sup>(b)(d)</sup> | &nbsp;&nbsp; Series 2021-95, Class WI, 1.91%, 02/25/2035 <sup>(b)(d)</sup> | 3054769 | 200401 |
| Ginnie Mae I Pool | Ginnie Mae I Pool | Ginnie Mae I Pool | Ginnie Mae I Pool |
| &nbsp;&nbsp; Pool 723334, 5.00%, 09/15/2039 | &nbsp;&nbsp; Pool 723334, 5.00%, 09/15/2039 | 174427 | 178986 |
| &nbsp;&nbsp; Pool 781950, 4.50%, 07/15/2035 | &nbsp;&nbsp; Pool 781950, 4.50%, 07/15/2035 | 364727 | 363492 |
| &nbsp;&nbsp; Pool 783467, 4.00%, 10/15/2041 | &nbsp;&nbsp; Pool 783467, 4.00%, 10/15/2041 | 2243350 | 2169524 |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| &nbsp;&nbsp; Pool 784507, 4.00%, 12/20/2047 | &nbsp;&nbsp; Pool 784507, 4.00%, 12/20/2047 | 2640808 | 2503268 |
| &nbsp;&nbsp; Pool MA2754, 3.50%, 04/20/2045 | &nbsp;&nbsp; Pool MA2754, 3.50%, 04/20/2045 | 852161 | 796275 |
| &nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | &nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | 3020808 | 2500501 |
| &nbsp;&nbsp; Pool MA7106, 2.00%, 01/20/2036 | &nbsp;&nbsp; Pool MA7106, 2.00%, 01/20/2036 | 458508 | 426851 |
| &nbsp;&nbsp; Pool MA7164, 2.00%, 02/20/2036 | &nbsp;&nbsp; Pool MA7164, 2.00%, 02/20/2036 | 438017 | 407787 |
| &nbsp;&nbsp; Pool MA7192, 2.00%, 02/20/2051 | &nbsp;&nbsp; Pool MA7192, 2.00%, 02/20/2051 | 10041432 | 8321189 |
| &nbsp;&nbsp; Pool MA7254, 2.00%, 03/20/2051 | &nbsp;&nbsp; Pool MA7254, 2.00%, 03/20/2051 | 3112364 | 2579174 |
| &nbsp;&nbsp; Pool MA7419, 3.00%, 06/20/2051 | &nbsp;&nbsp; Pool MA7419, 3.00%, 06/20/2051 | 5540209 | 4954035 |
| &nbsp;&nbsp; Pool MA7471, 2.00%, 07/20/2051 | &nbsp;&nbsp; Pool MA7471, 2.00%, 07/20/2051 | 6343397 | 5248718 |
| &nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | &nbsp;&nbsp; Pool MA7650, 3.00%, 10/20/2051 | 5411355 | 4838785 |
| &nbsp;&nbsp; Pool MA7774, 6.00%, 11/20/2051 | &nbsp;&nbsp; Pool MA7774, 6.00%, 11/20/2051 | 220795 | 229310 |
| &nbsp;&nbsp; Pool MA8268, 4.50%, 09/20/2052 | &nbsp;&nbsp; Pool MA8268, 4.50%, 09/20/2052 | 3902227 | 3814758 |
| &nbsp;&nbsp; Pool MA8642, 2.50%, 02/20/2053 | &nbsp;&nbsp; Pool MA8642, 2.50%, 02/20/2053 | 5336435 | 4644330 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp; Series 2017-167, Class SE, 1.95% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047 <sup>(b)(e)</sup> | &nbsp;&nbsp; Series 2017-167, Class SE, 1.95% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047 <sup>(b)(e)</sup> | 1594475 | 208167 |
| &nbsp;&nbsp; Series 2021-125, Class UL, 1.50%, 07/20/2051 | &nbsp;&nbsp; Series 2021-125, Class UL, 1.50%, 07/20/2051 | 920141 | 658136 |
| &nbsp;&nbsp; Series 2021-158, Class JD, 1.50%, 09/20/2051 | &nbsp;&nbsp; Series 2021-158, Class JD, 1.50%, 09/20/2051 | 1343418 | 859743 |
| &nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | &nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | 2104659 | 1356834 |
| &nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | &nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | 1383690 | 935963 |
| &nbsp;&nbsp; Series 2022-9, Class CD, 2.00%, 01/20/2052 | &nbsp;&nbsp; Series 2022-9, Class CD, 2.00%, 01/20/2052 | 2468351 | 1721660 |
| **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $176,689,413) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $176,689,413) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $176,689,413) | 173585832 |
| **U.S. TREASURY SECURITIES - 24.9%** | **U.S. TREASURY SECURITIES - 24.9%** | **Par** | **Value**  |
| United States Treasury Bond | United States Treasury Bond | United States Treasury Bond | United States Treasury Bond |
| &nbsp;&nbsp; 3.88%, 02/15/2043 | &nbsp;&nbsp; 3.88%, 02/15/2043 | 2650000 | 2405910 |
| &nbsp;&nbsp; 4.13%, 08/15/2053 | &nbsp;&nbsp; 4.13%, 08/15/2053 | 6000000 | 5425078 |
| &nbsp;&nbsp; 4.75%, 05/15/2055 | &nbsp;&nbsp; 4.75%, 05/15/2055 | 22000000 | 22075625 |
| United States Treasury Note | United States Treasury Note | United States Treasury Note | United States Treasury Note |
| &nbsp;&nbsp; 4.88%, 04/30/2026 | &nbsp;&nbsp; 4.88%, 04/30/2026 | 22670000 | 22804132 |
| &nbsp;&nbsp; 3.25%, 06/30/2027 | &nbsp;&nbsp; 3.25%, 06/30/2027 | 2800000 | 2782063 |
| &nbsp;&nbsp; 3.75%, 08/15/2027 | &nbsp;&nbsp; 3.75%, 08/15/2027 | 15000000 | 15033105 |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | &nbsp;&nbsp; 3.88%, 03/15/2028 | 1000000 | 1006445 |
| &nbsp;&nbsp; 3.50%, 04/30/2028 | &nbsp;&nbsp; 3.50%, 04/30/2028 | 2980000 | 2971793 |
| &nbsp;&nbsp; 2.88%, 05/15/2028 | &nbsp;&nbsp; 2.88%, 05/15/2028 | 13560000 | 13308398 |
| &nbsp;&nbsp; 3.13%, 11/15/2028 | &nbsp;&nbsp; 3.13%, 11/15/2028 | 18000000 | 17728594 |
| &nbsp;&nbsp; 4.25%, 06/30/2029 | &nbsp;&nbsp; 4.25%, 06/30/2029 | 2200000 | 2244129 |
| &nbsp;&nbsp; 3.88%, 07/31/2030 | &nbsp;&nbsp; 3.88%, 07/31/2030 | 4000000 | 4024688 |
| &nbsp;&nbsp; 0.88%, 11/15/2030 | &nbsp;&nbsp; 0.88%, 11/15/2030 | 5565000 | 4826116 |
| &nbsp;&nbsp; 4.50%, 11/15/2033 | &nbsp;&nbsp; 4.50%, 11/15/2033 | 4200000 | 4343309 |
|  United States Treasury STRIP, 4.39%, 05/15/2043 <sup>(f)</sup> | United States Treasury STRIP, 4.39%, 05/15/2043 <sup>(f)</sup> | 56520000 | 23974034 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $146,779,913) | **TOTAL U.S. TREASURY SECURITIES** (Cost $146,779,913) | **TOTAL U.S. TREASURY SECURITIES** (Cost $146,779,913) | 144953419 |
| **ASSET-BACKED SECURITIES - 5.3%** | **ASSET-BACKED SECURITIES - 5.3%** | **Par** | **Value**  |
|  CarMax Auto Owner Trust, Series 2025-3, Class B, 4.68%, 03/17/2031 | CarMax Auto Owner Trust, Series 2025-3, Class B, 4.68%, 03/17/2031 | 3020000 | 3065049 |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 340146 | 341265 |
|  CNH Equipment Trust, Series 2021-C, Class B, 1.41%, 04/16/2029 | CNH Equipment Trust, Series 2021-C, Class B, 1.41%, 04/16/2029 | 2650000 | 2625499 |
| FHF Trust | FHF Trust | FHF Trust | FHF Trust |
| &nbsp;&nbsp; Series 2024-1A, Class A2, 5.69%, 02/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-1A, Class A2, 5.69%, 02/15/2030 <sup>(a)</sup> | 1221352 | 1232316 |
| &nbsp;&nbsp; Series 2024-2A, Class A2, 5.89%, 06/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-2A, Class A2, 5.89%, 06/15/2030 <sup>(a)</sup> | 1184801 | 1196240 |
| &nbsp;&nbsp; Series 2024-3A, Class A2, 4.94%, 11/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-3A, Class A2, 4.94%, 11/15/2030 <sup>(a)</sup> | 1727724 | 1726090 |
| Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
| &nbsp;&nbsp; Series 2024-B, Class B, 5.23%, 05/15/2030 | &nbsp;&nbsp; Series 2024-B, Class B, 5.23%, 05/15/2030 | 3475000 | 3547749 |
| &nbsp;&nbsp; Series 2024-D, Class B, 4.88%, 09/15/2030 | &nbsp;&nbsp; Series 2024-D, Class B, 4.88%, 09/15/2030 | 1000000 | 1015659 |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| &nbsp;&nbsp; Series 2025-B, Class B, 4.72%, 07/15/2030 | &nbsp;&nbsp; Series 2025-B, Class B, 4.72%, 07/15/2030 | 2490000 | 2537486 |
| &nbsp;&nbsp; Series 2025-C, Class B, 4.13%, 01/15/2032 | &nbsp;&nbsp; Series 2025-C, Class B, 4.13%, 01/15/2032 | 1740000 | 1737718 |
| Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
| &nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029 <sup>(a)</sup> | &nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029 <sup>(a)</sup> | 1615000 | 1632719 |
| &nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030 <sup>(a)</sup> | 1745000 | 1773052 |
|  Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 2545000 | 2574361 |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032 <sup>(a)</sup> | Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032 <sup>(a)</sup> | 5859000 | 6048584 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $30,740,396) | **TOTAL ASSET-BACKED SECURITIES** (Cost $30,740,396) | **TOTAL ASSET-BACKED SECURITIES** (Cost $30,740,396) | 31053787 |
| **FOREIGN GOVERNMENT AGENCY ISSUES - 5.1%** | **FOREIGN GOVERNMENT AGENCY ISSUES - 5.1%** | **Par** | **Value**  |
| European Investment Bank | European Investment Bank | European Investment Bank | European Investment Bank |
| &nbsp;&nbsp; 0.75%, 10/26/2026 | &nbsp;&nbsp; 0.75%, 10/26/2026 | 5785000 | 5600238 |
| &nbsp;&nbsp; 1.38%, 03/15/2027 | &nbsp;&nbsp; 1.38%, 03/15/2027 | 24655000 | 23842873 |
| **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES** (Cost $29,696,616) | **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES** (Cost $29,696,616) | **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES** (Cost $29,696,616) | 29443111 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%** | **Par** | **Value**  |
| BX Trust | BX Trust | BX Trust | BX Trust |
| &nbsp;&nbsp; Series 2024-VLT4, Class A, 5.64% (1 mo. Term SOFR + 1.49%), 06/15/2041 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-VLT4, Class A, 5.64% (1 mo. Term SOFR + 1.49%), 06/15/2041 <sup>(a)</sup> | 2725000 | 2730088 |
| &nbsp;&nbsp; Series 2025-VLT6, Class A, 5.59% (1 mo. Term SOFR + 1.44%), 03/15/2042 <sup>(a)</sup> | &nbsp;&nbsp; Series 2025-VLT6, Class A, 5.59% (1 mo. Term SOFR + 1.44%), 03/15/2042 <sup>(a)</sup> | 2780000 | 2783145 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $5,494,997) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $5,494,997) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $5,494,997) | 5513233 |
| **MUNICIPAL BONDS - 0.9%** | **MUNICIPAL BONDS - 0.9%** | **Par** | **Value**  |
|  California Health Facilities Financing Authority, 3.03%, 06/01/2034 | California Health Facilities Financing Authority, 3.03%, 06/01/2034 | 2650000 | 2361520 |
|  City & County of Honolulu HI, 3.00%, 09/01/2027 | City & County of Honolulu HI, 3.00%, 09/01/2027 | 100000 | 98658 |
|  City of Los Angeles CA Wastewater System Revenue, 3.49%, 06/01/2029 | City of Los Angeles CA Wastewater System Revenue, 3.49%, 06/01/2029 | 430000 | 423564 |
|  Colorado Health Facilities Authority, 3.36%, 12/01/2030 | Colorado Health Facilities Authority, 3.36%, 12/01/2030 | 1325000 | 1238679 |
|  New York City Housing Development Corp., 2.71%, 08/01/2031 | New York City Housing Development Corp., 2.71%, 08/01/2031 | 1000000 | 914867 |
|  University of California, 2.99%, 05/15/2026 | University of California, 2.99%, 05/15/2026 | 355000 | 353196 |
| **TOTAL MUNICIPAL BONDS** (Cost $5,868,997) | **TOTAL MUNICIPAL BONDS** (Cost $5,868,997) | **TOTAL MUNICIPAL BONDS** (Cost $5,868,997) | 5390484 |
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series KW03, Class A2, 3.02%, 06/25/2027 | &nbsp;&nbsp; Series KW03, Class A2, 3.02%, 06/25/2027 | 300000 | 295307 |
| &nbsp;&nbsp; Series Q007, Class APT1, 6.39%, 10/25/2047 <sup>(d)</sup> | &nbsp;&nbsp; Series Q007, Class APT1, 6.39%, 10/25/2047 <sup>(d)</sup> | 90526 | 90549 |
| &nbsp;&nbsp; Series Q010, Class APT1, 7.68%, 04/25/2046 <sup>(d)</sup> | &nbsp;&nbsp; Series Q010, Class APT1, 7.68%, 04/25/2046 <sup>(d)</sup> | 39783 | 39761 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 467095, 5.90%, 01/01/2041 | &nbsp;&nbsp; Pool 467095, 5.90%, 01/01/2041 | 231091 | 249155 |
| &nbsp;&nbsp; Pool BS6456, 3.58%, 09/01/2032 | &nbsp;&nbsp; Pool BS6456, 3.58%, 09/01/2032 | 3000000 | 2872086 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| &nbsp;&nbsp; Series 2014-135, Class IO, 0.41%, 01/16/2056 <sup>(b)(d)</sup> | &nbsp;&nbsp; Series 2014-135, Class IO, 0.41%, 01/16/2056 <sup>(b)(d)</sup> | 211800 | 4434 |
| &nbsp;&nbsp; Series 2014-45, Class BI, 0.48%, 07/16/2054 <sup>(b)(d)</sup> | &nbsp;&nbsp; Series 2014-45, Class BI, 0.48%, 07/16/2054 <sup>(b)(d)</sup> | 336758 | 2967 |
| &nbsp;&nbsp; Series 2015-172, Class IO, 0.59%, 03/16/2057 <sup>(b)(d)</sup> | &nbsp;&nbsp; Series 2015-172, Class IO, 0.59%, 03/16/2057 <sup>(b)(d)</sup> | 190539 | 3836 |
| &nbsp;&nbsp; Series 2016-40, Class IO, 0.56%, 07/16/2057 <sup>(b)(d)</sup> | &nbsp;&nbsp; Series 2016-40, Class IO, 0.56%, 07/16/2057 <sup>(b)(d)</sup> | 366196 | 7457 |
| &nbsp;&nbsp; Series 2016-56, Class IO, 0.96%, 11/16/2057 <sup>(b)(d)</sup> | &nbsp;&nbsp; Series 2016-56, Class IO, 0.96%, 11/16/2057 <sup>(b)(d)</sup> | 241754 | 10444 |
| &nbsp;&nbsp; Series 2016-98, Class IO, 0.84%, 05/16/2058 <sup>(b)(d)</sup> | &nbsp;&nbsp; Series 2016-98, Class IO, 0.84%, 05/16/2058 <sup>(b)(d)</sup> | 376744 | 16076 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $3,667,124) | **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $3,667,124) | **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $3,667,124) | 3592072 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.8%** | **MONEY MARKET FUNDS - 1.8%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class Z, 4.01%<sup>(g)</sup> | First American Government Obligations Fund - Class Z, 4.01%<sup>(g)</sup> | 10519712 | 10519712 |
| **TOTAL MONEY MARKET FUNDS** (Cost $10,519,712) | **TOTAL MONEY MARKET FUNDS** (Cost $10,519,712) | **TOTAL MONEY MARKET FUNDS** (Cost $10,519,712) | 10519712 |
| **U.S. TREASURY BILLS - 0.2%** | **U.S. TREASURY BILLS - 0.2%** | **Par** | **Value**  |
| 4.28%, 10/02/2025 <sup>(i)</sup> | 4.28%, 10/02/2025 <sup>(i)</sup> | 800000 | 799911 |
| **TOTAL U.S. TREASURY BILLS** (Cost $799,906) | **TOTAL U.S. TREASURY BILLS** (Cost $799,906) | **TOTAL U.S. TREASURY BILLS** (Cost $799,906) | 799911 |
| **TOTAL INVESTMENTS - 102.2% (**Cost $597,367,196**)** | **TOTAL INVESTMENTS - 102.2% (**Cost $597,367,196**)** | **TOTAL INVESTMENTS - 102.2% (**Cost $597,367,196**)** | 595026862 |
| Liabilities in Excess of Other Assets - (2.2)% | Liabilities in Excess of Other Assets - (2.2)% | Liabilities in Excess of Other Assets - (2.2)% | (12726778) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $582300084 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | 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. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |
| STRIP - Separate Trading of Registered Interest and Principal |
| USISSO05- 5 Year US Dollar SOFR Swap Rate |

---

(a) 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.

(b) Interest only security.

(c) To-be-announced security.

(d) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

(e) Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope.
 Interest rate may also be subject to a cap or floor.

(f) Zero-coupon bond. The rate shown is the effective yield as of September 30, 2025.

(g) The rate shown represents the 7-day annualized yield as of September 30, 2025.

(i) This security is pledged as collateral in connection with open futures contracts. The rate shown is the annualized effective yield as of September 30, 2025.

------

---

| |
|:---|
| **Brown Advisory Sustainable Bond Fund** |
| **Schedule of Futures Contracts** |
| **September 30, 2025 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br> **Purchased** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Notional Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | 139 | 12/31/2025 | $28971905 | $28967383 | $(4522) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Note | 630 | 12/31/2025 | 68847085 | 68793047 | (54038) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | 8 | 12/19/2025 | 932517 | 932750 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | 16 | 12/19/2025 | 1887317 | 1921000 | 33683 |
|  |  |  | $100638824 | $100614180 | $(24644) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br> **Sold** | **Expiration**<br> **Date** | **Notional** <br> **Amount** | **Notional Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;10 Year U.S. Ultra Treasury Notes | (28) | 12/19/2025 | $(3194125) | $(3222187) | $(28062) |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | (104) | 12/19/2025 | (11673280) | (11700000) | (26720) |
|  |  |  | $(14867405) | $(14922187) | $(54782) |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** |  |  |  | $(79426) |

---

There is no variation margin due to or from the Fund as of the date of this report. The Fund's investments in futures contracts were valued using Level 1 inputs as of the date of this report.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Sustainable Bond Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $190175301 | $– | $190175301 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities | – | 173585832 | – | 173585832 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 144953419 | – | 144953419 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 31053787 | – | 31053787 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Agency Issues | – | 29443111 | – | 29443111 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities | – | 5513233 | – | 5513233 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | – | 5390484 | – | 5390484 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities | – | 3592072 | – | 3592072 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 10519712 | – | – | 10519712 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 799911 | – | 799911 |
| Total Investments | $10519712 | $584507150 | $– | $595026862 |
| 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 Sustainable Bond Fund

- **b. EDGAR series identifier (if any):** S000058305

- **c. LEI of Series:** 549300UGZUOKXPDAF645

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**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:** $602265191.61

**Total Liabilities:** $21079364.95

**Net Assets:** $581185826.66

**Delayed Delivery Securities:** $16089757.48

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 26998.050000000000 | **1-Year:** 19387.580000000000 | **5-Year:** 58997.390000000000 | **10-Year:** 94509.300000000000 | **30-Year:** 139798.150000000000

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

- **3-Month:** 762.050000000000 | **1-Year:** 0.000000000000 | **5-Year:** 214.000000000000 | **10-Year:** 1744.950000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000191095 | -0.18%               | 1.18%                | 0.97%                |
| Class ID C000191096 | -0.30%               | 1.18%                | 1.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $424356.47               | $-3596423.64                               |
| Month 2  | $1266965.83              | $2702682.36                                |
| Month 3  | $705378.97               | $3504479.00                                |

**Designated Index Information**

- **Index Name:** Bloomberg US Agg Total Return Value Unhedged USD

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIB GROUP PLC                  | AIB Group PLC                                                | CUSIP: 00135TAC8<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   2800000 | PA      | $2802823.52   | 0.48%             | 2026-10-14      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC                  | AIB Group PLC                                                | CUSIP: 00135TAE4<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |   2770000 | PA      | $2915372.84   | 0.50%             | 2035-03-28      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                     | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   8305000 | PA      | $8634590.74   | 1.49%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust    | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   6365000 | PA      | $5865051.59   | 1.01%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG       | Banco Bilbao Vizcaya Argentaria SA                           | CUSIP: 05946KAR2<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |   2740000 | PA      | $2914767.89   | 0.50%             | 2035-03-13      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                   | Barclays PLC                                                 | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2800000 | PA      | $2803568.91   | 0.48%             | 2025-12-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                   | Barclays PLC                                                 | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2725000 | PA      | $2890581.90   | 0.50%             | 2035-03-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                   | Broadcom Inc                                                 | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   5755000 | PA      | $5797920.73   | 1.00%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Banc of California Multifamily | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FMUJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     39783 | PA      | $39760.89     | 0.01%             | 2046-04-25      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XRMQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1998911 | PA      | $1694914.42   | 0.29%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418CGF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    333184 | PA      | $316773.78    | 0.05%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418ECB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1970763 | PA      | $1808388.38   | 0.31%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418FDA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    564901 | PA      | $560823.72    | 0.10%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CHA2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2980000 | PA      | $2971793.35   | 0.51%             | 2028-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4200000 | PA      | $4343308.58   | 0.75%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22670000 | PA      | $22804132.50  | 3.92%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2200000 | PA      | $2244128.90   | 0.39%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140HM4S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    153998 | PA      | $158399.11    | 0.03%             | 2048-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140JMPF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    105300 | PA      | $107767.49    | 0.02%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140JMPW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    139959 | PA      | $143432.03    | 0.02%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140LHE63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3000000 | PA      | $2872086.42   | 0.49%             | 2032-09-01      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140LWRV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1433455 | PA      | $1393128.32   | 0.24%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140MJBA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1149042 | PA      | $1056511.54   | 0.18%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QMV27<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2489314 | PA      | $2192991.12   | 0.38%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QNGT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1352611 | PA      | $1245293.60   | 0.21%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W23K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2615813 | PA      | $2127396.05   | 0.37%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XFA92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1006123 | PA      | $848721.17    | 0.15%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XGUE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    515620 | PA      | $440100.40    | 0.08%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XL3Y2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6909439 | PA      | $5592495.64   | 0.96%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XLML9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6791622 | PA      | $5769753.69   | 0.99%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XMB47<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6331204 | PA      | $6396744.20   | 1.10%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XN2U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4598247 | PA      | $4663699.76   | 0.80%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XNP65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5739540 | PA      | $4943775.92   | 0.85%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5381963 | PA      | $5531309.77   | 0.95%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XRE50<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2193307 | PA      | $2226618.06   | 0.38%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38382WGR2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    920141 | PA      | $658135.87    | 0.11%             | 2051-07-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38382XZ65<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1343418 | PA      | $859742.86    | 0.15%             | 2051-09-20      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38383AVN1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2104659 | PA      | $1356834.02   | 0.23%             | 2051-09-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Issuer Trust 2024-2                                      | CUSIP: 30336NAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1184801 | PA      | $1196240.09   | 0.21%             | 2030-06-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Issuer Trust 2024-3                                      | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1727724 | PA      | $1726090.35   | 0.30%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132CXJY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2429522 | PA      | $2494087.75   | 0.43%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DNZE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2814239 | PA      | $2762488.68   | 0.48%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQ2J4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2362750 | PA      | $2481258.75   | 0.43%             | 2053-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQFQ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2785477 | PA      | $2803635.73   | 0.48%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQSX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6633363 | PA      | $5632718.50   | 0.97%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DVMD4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1745488 | PA      | $1552121.06   | 0.27%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                        | CUSIP: 3132J4MM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    460443 | PA      | $445216.75    | 0.08%             | 2037-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B3RH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1517393 | PA      | $1397559.60   | 0.24%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B4ZT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1486153 | PA      | $1319082.57   | 0.23%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B9M50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    139720 | PA      | $119542.05    | 0.02%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust   | Ford Credit Auto Owner Trust 2024-B                          | CUSIP: 34531QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3475000 | PA      | $3547749.13   | 0.61%             | 2030-05-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust   | Ford Credit Auto Owner Trust 2024-D                          | CUSIP: 34535VAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1015659.40   | 0.17%             | 2030-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                     | CUSIP: 345397C50<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2235000 | PA      | $2252122.16   | 0.39%             | 2026-03-06      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC            | Dominion Energy Inc                                          | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2686704.62   | 0.46%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EASTMAN CHEMICAL CO            | Eastman Chemical Co                                          | CUSIP: 277432AX8<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |   5495000 | PA      | $5773174.76   | 0.99%             | 2033-03-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK       | European Investment Bank                                     | CUSIP: 298785JP2<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | CORP              | LU        |   5785000 | PA      | $5600238.38   | 0.96%             | 2026-10-26      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK       | European Investment Bank                                     | CUSIP: 298785JQ0<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | CORP              | LU        |  24655000 | PA      | $23842872.68  | 4.10%             | 2027-03-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KMWZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3890517 | PA      | $3355227.43   | 0.58%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KNNQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1514958 | PA      | $1393952.37   | 0.24%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KPTB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3604865 | PA      | $3301718.80   | 0.57%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KPY85<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4626444 | PA      | $4634146.63   | 0.80%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133L8U29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2722262 | PA      | $2523758.80   | 0.43%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137AUGA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1058682 | PA      | $18554.67     | 0.00%             | 2027-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137AXA60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    681734 | PA      | $40821.47     | 0.01%             | 2042-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31381P3C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    231091 | PA      | $249154.77    | 0.04%             | 2041-01-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3138MTKD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2877660 | PA      | $2856888.43   | 0.49%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140A0A33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3280520 | PA      | $3392441.81   | 0.58%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140A5MU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1989085 | PA      | $2061147.98   | 0.35%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140GWRG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64140 | PA      | $62824.05     | 0.01%             | 2047-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140HJU74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     71507 | PA      | $73550.65     | 0.01%             | 2048-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XFGD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3446377 | PA      | $2934201.47   | 0.50%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XFY54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    912898 | PA      | $748986.19    | 0.13%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XGJ83<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2662386 | PA      | $2437630.60   | 0.42%             | 2050-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XGRB7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1009604 | PA      | $888782.26    | 0.15%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 31427N2K4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2223681 | PA      | $2167639.25   | 0.37%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 31427NVE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2762660 | PA      | $2827568.17   | 0.49%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3142J6BT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    577692 | PA      | $582850.00    | 0.10%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179RBX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    852161 | PA      | $796275.24    | 0.14%             | 2045-04-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179V3P3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    458508 | PA      | $426851.05    | 0.07%             | 2036-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179V5Z9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    438017 | PA      | $407786.71    | 0.07%             | 2036-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179V7D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |  10041432 | PA      | $8321188.98   | 1.43%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179VXX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3020808 | PA      | $2500501.34   | 0.43%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WBX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3112364 | PA      | $2579174.22   | 0.44%             | 2051-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WG44<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5540209 | PA      | $4954035.21   | 0.85%             | 2051-06-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WJQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6343397 | PA      | $5248718.23   | 0.90%             | 2051-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WQB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5411355 | PA      | $4838785.18   | 0.83%             | 2051-10-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WT73<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    220795 | PA      | $229310.11    | 0.04%             | 2051-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3902227 | PA      | $3814757.72   | 0.66%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XS72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5336435 | PA      | $4644330.05   | 0.80%             | 2053-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae I Pool                                            | CUSIP: 3620A9SX0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    174427 | PA      | $178985.71    | 0.03%             | 2039-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 3622A3AG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2640808 | PA      | $2503267.53   | 0.43%             | 2047-12-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae I Pool                                            | CUSIP: 36241KEX2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    364727 | PA      | $363491.81    | 0.06%             | 2035-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae I Pool                                            | CUSIP: 36241LZ82<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2243350 | PA      | $2169524.45   | 0.37%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC            | Gilead Sciences Inc                                          | CUSIP: 375558BZ5<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |   5560000 | PA      | $5833050.88   | 1.00%             | 2033-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38378NT52<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    336758 | PA      | $2966.90      | 0.00%             | 2054-07-16      | Variable      | 0.48%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FHQB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     90526 | PA      | $90549.47     | 0.02%             | 2047-10-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Issuer Trust 2024-1                                      | CUSIP: 31568AAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1221352 | PA      | $1232315.71   | 0.21%             | 2030-02-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                   | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  13065431 | NS      | $13065430.86  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SPRINT CAPITAL CORP            | Sprint Capital Corp                                          | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   7045000 | PA      | $8584996.00   | 1.48%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner  | Toyota Auto Receivables 2024-C Owner Trust                   | CUSIP: 89237QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2545000 | PA      | $2574361.16   | 0.44%             | 2029-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                   | CUSIP: 91159HJN1<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   5425000 | PA      | $5782609.92   | 0.99%             | 2034-06-12      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                  | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $799910.75    | 0.14%             | 2025-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2650000 | PA      | $2405910.14   | 0.41%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 912810TT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5425078.14   | 0.93%             | 2053-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22000000 | PA      | $22075625.00  | 3.80%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13560000 | PA      | $13308398.40  | 2.29%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18000000 | PA      | $17728593.84  | 3.05%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5565000 | PA      | $4826115.81   | 0.83%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2782062.50   | 0.48%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $15033105.45  | 2.59%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1006445.31   | 0.17%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4024687.52   | 0.69%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STRIPS                         | United States Treasury Strip Coupon                          | CUSIP: 912834MM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  56520000 | PA      | $23974033.58  | 4.13%             | 2043-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA REVENUES    | University of California                                     | CUSIP: 91412G2X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $353195.93    | 0.06%             | 2026-05-15      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                   | VeriSign Inc                                                 | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |   5595000 | PA      | $5750029.23   | 0.99%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust           | Verizon Master Trust Series 2024-5                           | CUSIP: 92348KDB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5859000 | PA      | $6048584.35   | 1.04%             | 2032-06-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YARA INTERNATIONAL ASA         | Yara International ASA                                       | CUSIP: 984851AH8<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | DBT              | CORP              | NO        |   2580000 | PA      | $2926096.01   | 0.50%             | 2032-11-14      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F0406A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   4050000 | PA      | $3817517.20   | 0.66%             | 2055-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F0506A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |   4000000 | PA      | $3967566.12   | 0.68%             | 2055-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F0526A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |   4170000 | PA      | $4205003.90   | 0.72%             | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F0626A4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |   1950000 | PA      | $2015402.88   | 0.35%             | 2055-08-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F0706A7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-CBDO         | CORP              | US        |   1900000 | PA      | $1987604.90   | 0.34%             | 2055-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                            | CUSIP: 3136A6YL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132519 | PA      | $135141.67    | 0.02%             | 2040-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                            | CUSIP: 3136BKUT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3054769 | PA      | $200401.06    | 0.03%             | 2035-02-25      | Variable      | 1.91%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FAQE1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $295306.74    | 0.05%             | 2027-06-25      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XRGM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    988021 | PA      | $1010267.51   | 0.17%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC           | Ferguson Finance PLC                                         | CUSIP: 314890AD6<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |   5865000 | PA      | $5816306.78   | 1.00%             | 2032-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                       | CUSIP: 64966WEY9<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $914867.50    | 0.16%             | 2031-08-01      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                                  | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   5310000 | PA      | $5663704.04   | 0.97%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                         | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   5145000 | PA      | $5830874.34   | 1.00%             | 2034-10-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                                  | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5795302.12   | 1.00%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | US ULTRA BOND CBT Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        11 | NC      | $33537.43     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38383CHC7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1383690 | PA      | $935962.52    | 0.16%             | 2051-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38383FP31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2468351 | PA      | $1721659.54   | 0.30%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI        | City & County of Honolulu HI                                 | CUSIP: 438687CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98657.82     | 0.02%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-C                        | CUSIP: 44935JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1740000 | PA      | $1737717.64   | 0.30%             | 2032-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-B                        | CUSIP: 44935XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2490000 | PA      | $2537485.79   | 0.44%             | 2030-07-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA            | Intesa Sanpaolo SpA                                          | CUSIP: 46115HCB1<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   2585000 | PA      | $3107230.80   | 0.53%             | 2054-06-20      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA            | Intesa Sanpaolo SpA                                          | CUSIP: 46115HCF2<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |   2470000 | PA      | $3054066.03   | 0.53%             | 2053-11-28      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES          | Keysight Technologies Inc                                    | CUSIP: 49338LAG8<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |   5855000 | PA      | $5895023.90   | 1.01%             | 2034-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KFW                            | Kreditanstalt fuer Wiederaufbau                              | CUSIP: 500769JJ4<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |   8025000 | PA      | $7942228.87   | 1.37%             | 2026-01-22      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| KFW                            | Kreditanstalt fuer Wiederaufbau                              | CUSIP: 500769KF0<br>LEI: 549300GDPG70E3MBBU98 | Long             | DBT              | CORP              | DE        |  18000000 | PA      | $18086949.72  | 3.11%             | 2026-03-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KROGER CO                      | Kroger Co/The                                                | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   5765000 | PA      | $5817016.73   | 1.00%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2025-2                             | CUSIP: 50117LAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1615000 | PA      | $1632718.49   | 0.28%             | 2029-09-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2025-2                             | CUSIP: 50117LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1745000 | PA      | $1773052.27   | 0.31%             | 2030-11-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                       | LKQ Corp                                                     | CUSIP: 501889AF6<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |   5445000 | PA      | $5813735.78   | 1.00%             | 2033-06-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA WSTWTR SYS REVE | City of Los Angeles CA Wastewater System Revenue             | CUSIP: 53945CHF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $423564.32    | 0.07%             | 2029-06-01      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| MSCI INC                       | MSCI Inc                                                     | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   3045000 | PA      | $2918596.60   | 0.50%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                | Mercer International Inc                                     | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2578996.69   | 0.44%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       615 | NC      | $-54830.07    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 2YR NOTE (CBT) Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       139 | NC      | $-4522.28     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -109 | NC      | $-28527.85    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -2 | NC      | $-4301.46     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10yr Ultra Fut Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -33 | NC      | $-33073.26    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                       | BX Trust 2024-VLT4                                           | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2725000 | PA      | $2730088.12   | 0.47%             | 2041-06-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2025-VLT6                                           | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2780000 | PA      | $2783145.29   | 0.48%             | 2042-03-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust            | CNH Equipment Trust 2021-C                                   | CUSIP: 12598LAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2650000 | PA      | $2625499.16   | 0.45%             | 2029-04-16      | Fixed         | 1.41%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                   | CaixaBank SA                                                 | CUSIP: 12803RAM6<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   5645000 | PA      | $5785023.32   | 1.00%             | 2036-07-03      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority             | CUSIP: 13032UVM7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2361519.94   | 0.41%             | 2034-06-01      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust        | Carmax Auto Owner Trust 2025-3                               | CUSIP: 14290FAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3020000 | PA      | $3065048.43   | 0.53%             | 2031-03-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus | Carmax Select Receivables Trust 2024-A                       | CUSIP: 14319FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    340146 | PA      | $341265.14    | 0.06%             | 2027-09-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                   | Centene Corp                                                 | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   3255000 | PA      | $2910498.48   | 0.50%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                         | CUSIP: 19648FRY2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1238679.03   | 0.21%             | 2030-12-01      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| REVVITY INC                    | Revvity Inc                                                  | CUSIP: 714046AN9<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |  10070000 | PA      | $8745996.80   | 1.50%             | 2031-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CORP             | Regal Rexnord Corp                                           | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   5450000 | PA      | $5781049.40   | 0.99%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL       | Regeneron Pharmaceuticals Inc                                | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |   6575000 | PA      | $5800961.08   | 1.00%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE               | Societe Generale SA                                          | CUSIP: 83368RBU5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   5660000 | PA      | $5717333.48   | 0.98%             | 2028-01-19      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE               | Societe Generale SA                                          | CUSIP: 83368RBX9<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   2760000 | PA      | $2900943.93   | 0.50%             | 2035-01-19      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38378XPE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    211800 | PA      | $4433.59      | 0.00%             | 2056-01-16      | Variable      | 0.41%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379K7D4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    190539 | PA      | $3836.40      | 0.00%             | 2057-03-16      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379UMP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    366196 | PA      | $7457.14      | 0.00%             | 2057-07-16      | Variable      | 0.56%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379UQN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    241754 | PA      | $10443.47     | 0.00%             | 2057-11-16      | Variable      | 0.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379UXP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    376744 | PA      | $16076.06     | 0.00%             | 2058-05-16      | Variable      | 0.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38380H3F7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1594475 | PA      | $208167.49    | 0.04%             | 2047-11-20      | Floating      | 1.95%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer