# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-002793
**Filing Date:** 2023-1
**Character Count:** 100498
**Document Hash:** c42fa0e090ee328ebe8b7aaabe4bfed7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-002793.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001145549-23-002793

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20220930

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 23555158

**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 Tax-Exempt Bond Fund (Series ID: S000037790)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000116565 | Institutional Shares | BTEIX           |
| C000116566 | Investor Shares      | BIAEX           |

## Nport-Ex

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Brown Advisory Tax-Exempt Bond Fund** | **Brown Advisory Tax-Exempt Bond Fund** |  |  |  |
| Schedule of Investments | Schedule of Investments |  |  |  |
| September 30, 2022 (Unaudited) | September 30, 2022 (Unaudited) |  |  |  |
| **Par Value** | **Security Description** | **Rate** | **Maturity** | **Value $** |
| **Municipal Bonds - 100.0%** | **Municipal Bonds - 100.0%** |  |  |  |
| **General Obligation Bonds - 9.5%** | **General Obligation Bonds - 9.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | Chicago Illinois Park District† | 5.00% | 01/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9213619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470000 | Illinois, State of | 5.00% | 11/01/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3528020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14050000 | Illinois, State of | 5.00% | 12/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14292912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | Illinois, State of | 5.00% | 02/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1317510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890000 | Illinois, State of | 5.00% | 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1926765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725000 | Illinois, State of | 5.00% | 02/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2770127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220000 | Illinois, State of | 5.50% | 05/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4457446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300000 | Illinois, State of | 5.00% | 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1302661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700000 | Illinois, State of | 4.00% | 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8980000 | Illinois, State of | 5.00% | 05/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8781739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435000 | Lane County Oregon School District No 19 Springfield+ | 3.50% | 06/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830000 | Massachusetts, Commonwealth of (3 Month LIBOR USD + 0.57%) | 2.43% | 05/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000000 | New York, City of New York | 4.00% | 08/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16013504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543800 | Puerto Rico, Commonwealth of | 5.25% | 07/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3560437 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70427216 |
| **Revenue Bonds - 90.5%** | **Revenue Bonds - 90.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200000 | Austin, Texas | 7.88% | 09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4217077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000000 | Black Belt Energy Gas District# | 4.00% | 12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16970785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185000 | Black Belt Energy Gas District (SIFMA Municipal Swap Index + 0.62%) | 3.08% | 12/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4138708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10475000 | Buckeye Ohio Tobacco Settlement Financing Authority | 4.00% | 06/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9515317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445000 | California Infrastructure & Economic Development Bank | 4.00% | 11/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1451241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | California Infrastructure & Economic Development Bank (SIFMA Municipal Swap Index + 0.35%) | 2.81% | 08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | Chicago Illinois Midway International Airport | 5.00% | 01/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3005840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | Chicago Illinois Waterworks Revenue | 5.00% | 11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3916677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7880000 | Chicago O'Hare International Airport | 5.00% | 01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8048399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7715000 | Colorado Health Facilities Authority | 5.00% | 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7657149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Colorado Housing and Finance Authority | 1.55% | 04/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | Delaware Valley Pennsylvania Regional Finance Authority (SIFMA Municipal Swap Index + 0.40%) | 2.86% | 03/01/2057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2946511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380000 | Denver Colorado Airport System Revenue | 1.72% | 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750000 | Denver Colorado Airport System Revenue | 5.00% | 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6979329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150000 | Denver Colorado Airport System Revenue | 5.00% | 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9370936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | Florida Development Finance Corp. | 4.00% | 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4238929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | Glendale Arizona Industrial Development Authority | 5.00% | 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2906514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925000 | Grand Forks North Dakota Health Care System | 4.00% | 12/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7806915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | Grand Forks North Dakota Health Care System | 4.00% | 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1181053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | Grand Forks, County of North Dakota^ | 6.63% | 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2976108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | Grand Forks, County of North Dakota^(d) | 9.00% | 06/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1446545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050000 | Harris County Texas Sports Authority+ | 4.47% | 11/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | Illinois Sales Tax Revenue | 1.80% | 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | Illinois Sales Tax Revenue | 2.00% | 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | Illinois State Toll Highway Authority | 5.00% | 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3012320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250000 | Illinois State Toll Highway Authority | 5.00% | 01/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810000 | Indianapolis Indiana Local Public Improvement Bond Bank | 5.00% | 02/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1838262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943285 | Industrial Development Authority of the City of St Louis Missouri | 2.22% | 12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3792612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | Lancaster County Pennsylvania Hospital Authority | 5.00% | 07/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2917141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280000 | Las Vegas Nevada Redevelopment Agency | 5.00% | 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2346269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800000 | Lehigh County Pennsylvania (SIFMA Municipal Swap Index + 1.10%) | 3.56% | 08/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9677147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | Louisville/Jefferson County Kentucky Metropolitan Government | 5.75% | 10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5066065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17000000 | Main Street Natural Gas, Inc. (1 Month LIBOR USD + 0.83%) | 2.55% | 08/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16857681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | Maryland Community Development Administration | 2.41% | 07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3514348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220000 | Massachusetts Housing Finance Agency | 4.00% | 12/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3104661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685000 | Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Authority | 4.05% | 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3590881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Metropolitan Pier & Exposition Authority+ | 2.24% | 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7108997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495000 | Metropolitan Pier & Exposition Authority+ | 2.35% | 12/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Metropolitan Pier & Exposition Authority+ | 4.54% | 06/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5200649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10165000 | Metropolitan Pier & Exposition Authority+ | 4.23% | 06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4685007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365000 | Metropolitan Pier & Exposition Authority+ | 2.96% | 06/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2322118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705000 | Metropolitan Transportation Authority+ | 3.19% | 11/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235000 | Metropolitan Transportation Authority | 5.25% | 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2384332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050000 | Metropolitan Transportation Authority | 5.00% | 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5094299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000000 | Metropolitan Transportation Authority+ | 3.59% | 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3531287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | Metropolitan Transportation Authority | 5.00% | 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4990194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Metropolitan Transportation Authority | 5.00% | 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 994755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120000 | Metropolitan Transportation Authority | 5.00% | 11/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5349287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5747944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9850804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17590000 | Metropolitan Transportation Authority | 5.00% | 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17327564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 | Metropolitan Transportation Authority | 5.25% | 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10028155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6055000 | Miami-Dade County Florida Expressway Authority (1 Month LIBOR USD + 1.05%) | 3.61% | 07/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6144947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5260000 | Miami-Dade County Florida Expressway Authority (1 Month LIBOR USD + 1.05%) | 3.61% | 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5399953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260000 | Miami-Dade County Florida Expressway Authority (1 Month LIBOR USD + 1.05%) | 3.61% | 07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8458329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | Missouri Joint Municipal Electric Utility Commission | 5.00% | 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2067324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595000 | Missouri Joint Municipal Electric Utility Commission | 5.00% | 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1640129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.00% | 07/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.25% | 07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.50% | 07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.00% | 07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | New Hope Texas Cultural Education Facilities Finance Corp. | 5.75% | 07/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13000000 | New Jersey Economic Development Authority | 5.00% | 03/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13071676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900000 | New Jersey Economic Development Authority | 3.38% | 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5571606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | New Jersey Economic Development Authority | 3.47% | 06/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350000 | New Jersey Economic Development Authority (SIFMA Municipal Swap Index + 1.55%) | 4.01% | 09/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2351400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835000 | New Jersey Economic Development Authority (SIFMA Municipal Swap Index + 1.60%) | 4.06% | 03/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2836844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000000 | New Jersey Economic Development Authority | 7.43% | 02/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12860378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | New Jersey Transportation Trust Fund Authority | 5.25% | 06/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000000 | New Jersey Transportation Trust Fund Authority | 5.75% | 12/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9020344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | New Jersey Transportation Trust Fund Authority+ | 2.17% | 12/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10050000 | New Jersey Transportation Trust Fund Authority+ | 4.18% | 12/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4772822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9675000 | New Jersey Transportation Trust Fund Authority+ | 2.31% | 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4315787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13565000 | New Mexico Municipal Energy Acquisition Authority# | 5.00% | 11/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13948590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000000 | New York & New Jersey Port Authority | 4.00% | 03/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15991822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 3.05% | 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635000 | New York City Transitional Finance Authority Future Tax Secured Revenue | 2.67% | 08/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235000 | New York Convention Center Development Corp. | 5.00% | 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | New York Convention Center Development Corp.+ | 2.47% | 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1220561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730000 | New York Convention Center Development Corp.+ | 2.53% | 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4431819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | New York Convention Center Development Corp.+ | 2.78% | 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1342737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | New York Convention Center Development Corp.+ | 3.09% | 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970000 | New York State Dormitory Authority | 4.00% | 03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8348695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | New York State Urban Development Corp. | 4.00% | 03/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4528577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850000 | New York State Urban Development Corp.† | 4.00% | 03/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6143881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15000000 | New York State Urban Development Corp.† | 4.00% | 03/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13410999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | New York Transportation Development Corp. | 5.00% | 07/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4750334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375000 | Newport News Virginia Economic Development Authority | 5.00% | 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3420990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760000 | Niagara County New York Tobacco Asset Securitization Corp. | 5.00% | 05/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1771015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | North Carolina Medical Care Commission | 5.00% | 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1935301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165000 | North Texas Tollway Authority | 5.00% | 01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4280887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170000 | Ohio State University | 4.00% | 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6178860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Park Creek Colorado Metropolitan District | 5.00% | 12/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360000 | Pennsylvania Turnpike Commission | 4.00% | 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6068913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000000 | Permanent University Fund - University of Texas System | 5.00% | 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8059807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17483000 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue+ | 4.62% | 07/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9847349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4230000 | Sales Tax Securitization Corp. | 5.50% | 01/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4516298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625000 | San Diego California Tobacco Settlement Revenue Funding Corp. | 4.00% | 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4327837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8225000 | State of Connecticut Special Tax Revenue | 5.00% | 01/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8259129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15030000 | State of Connecticut Special Tax Revenue | 5.00% | 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15091758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290000 | Tampa, City of Florida+ | 3.38% | 09/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850000 | Tampa, City of Florida+ | 3.74% | 09/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27140000 | Tennessee Energy Acquisition Corp.# | 4.00% | 05/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27124101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150000 | Tennessee Energy Acquisition Corp.# | 4.00% | 11/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7080885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045000 | Terrebonne Parish Louisiana+ | 3.15% | 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1601038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15115000 | Texas Municipal Gas Acquisition & Supply Corp II (3 Month LIBOR USD + 0.87%) | 3.08% | 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14671133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870000 | Texas Municipal Gas Acquisition & Supply Corp II (SIFMA Municipal Swap Index + 0.55%) | 3.01% | 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7613185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15345000 | Texas Municipal Gas Acquisition & Supply Corp II (3 Month LIBOR USD + 0.69%) | 2.86% | 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14790614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700000 | Texas Municipal Power Agency Revenue | 3.00% | 09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | Texas Municipal Power Agency Revenue | 3.00% | 09/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460000 | Tobacco Settlement Authority | 5.25% | 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11105000 | Tobacco Settlement Financing Corp. | 5.00% | 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11416300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 | Tobacco Settlement Financing Corp. | 5.00% | 06/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20156990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | Tobacco Settlement Financing Corp. | 5.00% | 06/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4706283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030000 | TSASC, Inc. | 5.00% | 06/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9286081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5862679 | Utah Housing Corp. | 3.00% | 01/21/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5535848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9959875 | Utah Housing Corp. | 4.50% | 06/21/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9709184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | Utah Housing Corp. | 5.00% | 10/21/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15278055 | Vermont Student Assistance Corp. (1 Month LIBOR USD + 1.00%) | 3.56% | 06/02/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14982474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | Virginia Small Business Financing Authority | 4.00% | 12/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540000 | Washington Health Care Facilities Authority | 5.00% | 10/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2540173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300000 | Washington Metropolitan Area Transit Authority Dedicated Revenue | 4.00% | 07/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4296854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | Washington State Housing Finance Commission^ | 4.00% | 01/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655000 | Washington State Housing Finance Commission^ | 5.00% | 01/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2474278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610000 | Wisconsin Health & Educational Facilities Authority | 5.00% | 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1630628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250000 | Wise County Virginia Industrial Development Authority# | 0.75% | 10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4804150 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 672821486 |
| Total Municipal Bonds (Cost $811,571,879) | Total Municipal Bonds (Cost $811,571,879) |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 743248702 |
| **Shares** |  |  |  |  |
| **Short-Term Investments - 2.0%** | **Short-Term Investments - 2.0%** |  |  |  |
| **Money Market Funds - 2.0%** | **Money Market Funds - 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15203119 | First American Government Obligations Fund — Class Z, 2.74%\* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15203119 |
| Total Short-Term Investments (Cost $15,203,119) | Total Short-Term Investments (Cost $15,203,119) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15203119 |
| Total Investments - 102.0% (Cost $826,774,998) | Total Investments - 102.0% (Cost $826,774,998) |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 758451821 |
| **Floating Rate Note Obligations - (2.3)%** | **Floating Rate Note Obligations - (2.3)%** |  |  |  |
| Notes with interest and fee rates ranging from 3.05% to 3.11% as of the date of this report and contractual maturities of collateral ranging from 01/01/2044 to 03/15/2046~ | Notes with interest and fee rates ranging from 3.05% to 3.11% as of the date of this report and contractual maturities of collateral ranging from 01/01/2044 to 03/15/2046~ | Notes with interest and fee rates ranging from 3.05% to 3.11% as of the date of this report and contractual maturities of collateral ranging from 01/01/2044 to 03/15/2046~ | Notes with interest and fee rates ranging from 3.05% to 3.11% as of the date of this report and contractual maturities of collateral ranging from 01/01/2044 to 03/15/2046~ | &nbsp;&nbsp;&nbsp;&nbsp; (16925000) |
| Other Assets in Excess of Liabilities - 0.3% | Other Assets in Excess of Liabilities - 0.3% |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2266806 |
| **NET ASSETS - 100.0%** | **NET ASSETS - 100.0%** |  |  | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743793627** |
| + Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report. | + Zero coupon bond. Rate disclosed is calculated yield to maturity as of the date of this report. |  |  |  |
| # Variable rate security. Rate disclosed is as of the date of this report. | # Variable rate security. Rate disclosed is as of the date of this report. |  |  |  |
| ^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |  |
| † Underlying security related to Tender Option Bond ("TOB") transaction entered into by the Fund. | † Underlying security related to Tender Option Bond ("TOB") transaction entered into by the Fund. | † Underlying security related to Tender Option Bond ("TOB") transaction entered into by the Fund. |  |  |
| (d) Security is in default and missed its last payment of interest as of the date of this report. | (d) Security is in default and missed its last payment of interest as of the date of this report. | (d) Security is in default and missed its last payment of interest as of the date of this report. | (d) Security is in default and missed its last payment of interest as of the date of this report. |  |
| \* Annualized seven-day yield as of the date of this report. | \* Annualized seven-day yield as of the date of this report. |  |  |  |
| ~ Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund's investments with a value of $28,768,499 are held by TOB Trusts and serve as collateral for the $16,925,000 in the floating rate note obligations outstanding at that date. | ~ Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund's investments with a value of $28,768,499 are held by TOB Trusts and serve as collateral for the $16,925,000 in the floating rate note obligations outstanding at that date. | ~ Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund's investments with a value of $28,768,499 are held by TOB Trusts and serve as collateral for the $16,925,000 in the floating rate note obligations outstanding at that date. | ~ Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund's investments with a value of $28,768,499 are held by TOB Trusts and serve as collateral for the $16,925,000 in the floating rate note obligations outstanding at that date. |  |
| Various inputs may be used to determine the value of the Fund's investments. These inputs are summarized in three broad levels. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. | Various inputs may be used to determine the value of the Fund's investments. These inputs are summarized in three broad levels. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. | Various inputs may be used to determine the value of the Fund's investments. These inputs are summarized in three broad levels. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. | Various inputs may be used to determine the value of the Fund's investments. These inputs are summarized in three broad levels. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |  |
| Level 1 - Quoted prices in active markets for identical securities. | Level 1 - Quoted prices in active markets for identical securities. |  |  |  |
| Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.). | Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.). | Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.). | Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.). |  |
| Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). | Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). | Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). | Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). |  |
| As of the date of this report, the Fund's money market funds were categorized as Level 1, while the Fund's investments in municipal bonds were categorized as Level 2. | As of the date of this report, the Fund's money market funds were categorized as Level 1, while the Fund's investments in municipal bonds were categorized as Level 2. | As of the date of this report, the Fund's money market funds were categorized as Level 1, while the Fund's investments in municipal bonds were categorized as Level 2. | As of the date of this report, the Fund's money market funds were categorized as Level 1, while the Fund's investments in municipal bonds were categorized as Level 2. |  |

---

## 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 Tax-Exempt Bond Fund

- **b. EDGAR series identifier (if any):** S000037790

- **c. LEI of Series:** 254900YJ1F4PMYBGG810

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

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-09-30

**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:** $777677677.69

**Total Liabilities:** $35463982.51

**Net Assets:** $742213695.18

**Delayed Delivery Securities:** $5016344.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14363.860000000000 | **1-Year:** 63119.290000000000 | **5-Year:** 126928.990000000000 | **10-Year:** 129064.550000000000 | **30-Year:** 43842.880000000000

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

- **3-Month:** 230.610000000000 | **1-Year:** 4741.530000000000 | **5-Year:** 13081.230000000000 | **10-Year:** 1477.630000000000 | **30-Year:** 7720.830000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116565 | 2.41%                | -1.78%               | -2.97%               |
| Class ID C000116566 | 2.41%                | -1.79%               | -2.97%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1771790.47             | $18927724.14                               |
| Month 2  | $-4196959.21             | $-12184060.26                              |
| Month 3  | $-7958872.37             | $-17246984.79                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                      | CUSIP: 649451FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8730000 | PA      | $4431819.42   | 0.60%             | 2035-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                      | CUSIP: 649451GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1342737.30   | 0.18%             | 2037-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                      | CUSIP: 649451HT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1286445.33   | 0.17%             | 2037-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                              | CUSIP: 64966QCR9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16013503.60  | 2.16%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971W6D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1854580.40   | 0.25%             | 2027-05-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64971WN71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2387894.97   | 0.32%             | 2027-08-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                               | CUSIP: 64990FZU1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8970000 | PA      | $8348694.74   | 1.12%             | 2039-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | New York State Urban Development Corp                                            | CUSIP: 650036AN6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   6850000 | PA      | $6143880.77   | 0.83%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | New York State Urban Development Corp                                            | CUSIP: 650036CA2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $4528577.06   | 0.61%             | 2039-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | New York State Urban Development Corp                                            | CUSIP: 650036DL7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $13410999.00  | 1.81%             | 2046-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                         | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4750334.00   | 0.64%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA ECON DEV AUTH  | Newport News Economic Development Authority                                      | CUSIP: 65225PAL0<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3420990.45   | 0.46%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NIAGARA CNTY NY TOBACCO ASSET  | Niagara Tobacco Asset Securitization Corp                                        | CUSIP: 653364BL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1771014.61   | 0.24%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                           | CUSIP: 65820YMP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935300.80   | 0.26%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                                    | CUSIP: 66285WNJ1<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4165000 | PA      | $4280886.96   | 0.58%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV                   | Ohio State University/The                                                        | CUSIP: 677632A35<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   6170000 | PA      | $6178859.50   | 0.83%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE | Park Creek Metropolitan District                                                 | CUSIP: 700387DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021404.80   | 0.14%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                                 | CUSIP: 709224E21<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   6360000 | PA      | $6068912.98   | 0.82%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                          | CUSIP: 73358WS21<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |  16000000 | PA      | $15991822.40  | 2.15%             | 2030-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3543800 | PA      | $3560437.43   | 0.48%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17483000 | PA      | $9847348.70   | 1.33%             | 2033-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH M | Industrial Development Authority of the City of St Louis Missouri/The            | CUSIP: 79165BAB6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   4943285 | PA      | $3792612.44   | 0.51%             | 2038-12-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP  | Sales Tax Securitization Corp                                                    | CUSIP: 79467BCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4230000 | PA      | $4516297.82   | 0.61%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA TOBACCO SETTLEMEN | City of San Diego Tobacco Settlement Revenue Funding Corp                        | CUSIP: 797330AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4625000 | PA      | $4327836.81   | 0.58%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                                 | CUSIP: 875146AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $885433.54    | 0.12%             | 2040-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                                 | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $531215.48    | 0.07%             | 2045-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443HZ2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  27140000 | PA      | $27124101.39  | 3.65%             | 2048-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO | Tennessee Energy Acquisition Corp                                                | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7080885.24   | 0.95%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TERREBONNE PARISH LA SALES & U | Parish of Terrebonne LA Sales & Use Tax Revenue                                  | CUSIP: 881250EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $1601037.86   | 0.22%             | 2036-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                                     | CUSIP: 882555ZQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $614553.17    | 0.08%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                                     | CUSIP: 882555ZS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $936791.13    | 0.13%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                               | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  15115000 | PA      | $14671132.91  | 1.98%             | 2027-09-15      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                               | CUSIP: 88255QAE9<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   7870000 | PA      | $7613185.37   | 1.03%             | 2027-09-15      | Floating      | 3.01%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                               | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  15345000 | PA      | $14790614.31  | 1.99%             | 2027-09-15      | Floating      | 2.86%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11105000 | PA      | $11416299.80  | 1.54%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                                | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4706282.50   | 0.63%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R | Tobacco Settlement Financing Corp/RI                                             | CUSIP: 888809BD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20156990.00  | 2.72%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH WA TOB | Tobacco Settlement Authority                                                     | CUSIP: 88880MBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460414.78    | 0.06%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                     | CUSIP: 898526EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9030000 | PA      | $9286080.87   | 1.25%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI | Permanent University Fund - University of Texas System                           | CUSIP: 9151154A4<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8059807.20   | 1.09%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                                | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   5862679 | PA      | $5535847.70   | 0.75%             | 2052-01-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                                | CUSIP: 91743PED3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   9959875 | PA      | $9709183.65   | 1.31%             | 2052-06-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                                | CUSIP: 91743PEK7<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004103.50   | 0.67%             | 2052-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST STUDENT ASSISTANCEC | Vermont Student Assistance Corp                                                  | CUSIP: 92428CJN5<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |  15278055 | PA      | $14982473.82  | 2.02%             | 2042-06-02      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                      | CUSIP: 928103AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1102720.34   | 0.15%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET AREA TRANSIT | Washington Metropolitan Area Transit Authority Dedicated Revenue                 | CUSIP: 93878YBH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4296854.12   | 0.58%             | 2034-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 939783TF3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951389.60    | 0.13%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                                      | CUSIP: 939783TG1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2474277.60   | 0.33%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A | Washington Health Care Facilities Authority                                      | CUSIP: 93978HFX8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2540172.72   | 0.34%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712DJB3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1630627.96   | 0.22%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISE CNTY VA INDL DEV AUTH SOL | Wise County Industrial Development Authority                                     | CUSIP: 977228AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $4804149.53   | 0.65%             | 2040-10-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                                | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4217077.20   | 0.57%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182RAF8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16970785.50  | 2.29%             | 2048-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                                   | CUSIP: 09182RAH4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4185000 | PA      | $4138708.04   | 0.56%             | 2048-12-01      | Floating      | 3.08%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10475000 | PA      | $9515317.16   | 1.28%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AHF0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1451240.67   | 0.20%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AQ60<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1038857.93   | 0.14%             | 2047-08-01      | Floating      | 2.81%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE | Chicago Midway International Airport                                             | CUSIP: 167562NF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005839.80   | 0.40%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                             | CUSIP: 167593RK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7880000 | PA      | $8048398.75   | 1.08%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                            | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9213619.50   | 1.24%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                            | CUSIP: 167736C62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3916677.20   | 0.53%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                           | CUSIP: 196480GL5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991589.60    | 0.13%             | 2023-04-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                             | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7715000 | PA      | $7657149.07   | 1.03%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE | Maryland Community Development Administration                                    | CUSIP: 20364NAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3514348.00   | 0.47%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758NX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8225000 | PA      | $8259128.82   | 1.11%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R | State of Connecticut Special Tax Revenue                                         | CUSIP: 207758PP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15030000 | PA      | $15091758.27  | 2.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH  | Delaware Valley Regional Finance Authority                                       | CUSIP: 246579LN4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2946511.50   | 0.40%             | 2057-03-01      | Floating      | 2.86%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $6979328.55   | 0.94%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182LK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9150000 | PA      | $9370935.90   | 1.26%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182PP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3380000 | PA      | $2928757.83   | 0.39%             | 2027-11-15      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                       | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  26435073 | NS      | $26435073.43  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF | Florida Development Finance Corp                                                 | CUSIP: 34061QAZ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4238928.90   | 0.57%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI | Glendale Industrial Development Authority                                        | CUSIP: 378287AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2906513.70   | 0.39%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS CNTY ND            | County of Grand Forks ND                                                         | CUSIP: 38543PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2976108.00   | 0.40%             | 2031-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS CNTY ND            | County of Grand Forks ND                                                         | CUSIP: 38543PAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1446545.50   | 0.19%             | 2044-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R | City of Grand Forks ND                                                           | CUSIP: 38546WDG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8925000 | PA      | $7806915.27   | 1.05%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R | City of Grand Forks ND                                                           | CUSIP: 38546WDJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1181052.54   | 0.16%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS  | Harris County-Houston Sports Authority                                           | CUSIP: 413893CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $2143707.93   | 0.29%             | 2034-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521522R1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1302660.58   | 0.18%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4457446.32   | 0.60%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 4521526X4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1553549.25   | 0.21%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1317509.56   | 0.18%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152G96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1926765.41   | 0.26%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2770126.82   | 0.37%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3528020.48   | 0.48%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452152YL9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8980000 | PA      | $8781738.66   | 1.18%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                                | CUSIP: 452153BP3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  14050000 | PA      | $14292911.86  | 1.93%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE  | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227SP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1683705.00   | 0.23%             | 2027-06-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE  | State of Illinois Sales Tax Revenue                                              | CUSIP: 452227SQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1439724.48   | 0.19%             | 2028-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH  | Illinois State Toll Highway Authority                                            | CUSIP: 452252HB8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3012320.40   | 0.41%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH  | Illinois State Toll Highway Authority                                            | CUSIP: 452252LR8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1305735.63   | 0.18%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                  | CUSIP: 45528UV24<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1838261.70   | 0.25%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH    | Lancaster County Hospital Authority/PA                                           | CUSIP: 514045H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2917140.90   | 0.39%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANE CNTY OR SCH DIST #19 SPRI | Lane County School District No 19 Springfield                                    | CUSIP: 515318LE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $926691.86    | 0.12%             | 2032-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV REDEV AGY TAX INC | Las Vegas Redevelopment Agency                                                   | CUSIP: 517732DG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2346268.88   | 0.32%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE HOS | County of Lehigh PA                                                              | CUSIP: 52480GDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9800000 | PA      | $9677147.20   | 1.30%             | 2038-08-15      | Floating      | 3.56%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                              | CUSIP: 54659LAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5066065.00   | 0.68%             | 2042-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                      | CUSIP: 56035DAX0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16857681.10  | 2.27%             | 2048-08-01      | Floating      | 2.55%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                    | CUSIP: 57582PJQ4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    830000 | PA      | $782234.99    | 0.11%             | 2037-05-01      | Floating      | 2.43%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                             | CUSIP: 57586P5G7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3104660.57   | 0.42%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041WJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3685000 | PA      | $3590881.05   | 0.48%             | 2026-07-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 5922478K9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7108997.00   | 0.96%             | 2030-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247K33<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $850484.87    | 0.11%             | 2033-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247K66<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $5200649.00   | 0.70%             | 2035-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247L24<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10165000 | PA      | $4685006.82   | 0.63%             | 2037-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                         | CUSIP: 592247L40<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5365000 | PA      | $2322118.46   | 0.31%             | 2038-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE | Metropolitan Transportation Authority                                            | CUSIP: 59259N2L6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2384332.20   | 0.32%             | 2031-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY DEDICATE | Metropolitan Transportation Authority                                            | CUSIP: 59259N3K7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5120000 | PA      | $5349286.91   | 0.72%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59259Y2C2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5094299.11   | 0.69%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59259Y4G1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994755.10    | 0.13%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59259Y6T1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4990194.50   | 0.67%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59259YD22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  17590000 | PA      | $17327564.24  | 2.33%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59259YH36<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9850804.00   | 1.33%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59259YX20<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10028155.00  | 1.35%             | 2044-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59259YZD4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5835000 | PA      | $5747944.13   | 0.77%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261APG6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1253402.11   | 0.17%             | 2029-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                            | CUSIP: 59261APJ0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $3531287.40   | 0.48%             | 2033-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                           | CUSIP: 59334KDE5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   6055000 | PA      | $6144947.03   | 0.83%             | 2026-07-01      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                           | CUSIP: 59334KDF2<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   5260000 | PA      | $5399952.82   | 0.73%             | 2029-07-01      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                           | CUSIP: 59334KDG0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   8260000 | PA      | $8458329.21   | 1.14%             | 2032-07-01      | Floating      | 3.61%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2067324.00   | 0.28%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI JT MUNI ELEC UTILITY  | Missouri Joint Municipal Electric Utility Commission                             | CUSIP: 606092KB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1640129.09   | 0.22%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2200000.00   | 0.30%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $540000.00    | 0.07%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $875000.00    | 0.12%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $125000.00    | 0.02%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1000000.00   | 0.13%             | 2051-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577B8C1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5571606.00   | 0.75%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577B8D9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4650892.50   | 0.63%             | 2027-06-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 64577BCU6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13071675.50  | 1.76%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH LE | New Jersey Economic Development Authority                                        | CUSIP: 645913AA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12860378.40  | 1.73%             | 2029-02-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 645918W41<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2351400.37   | 0.32%             | 2027-09-01      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                        | CUSIP: 645918W58<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2836844.45   | 0.38%             | 2028-03-01      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461362T7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10050000 | PA      | $4772822.39   | 0.64%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461362U4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9675000 | PA      | $4315787.24   | 0.58%             | 2038-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 6461366T3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $534111.60    | 0.07%             | 2035-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136X30<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027933.00   | 0.14%             | 2028-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                                   | CUSIP: 646136XS5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9020343.60   | 1.22%             | 2028-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                                | CUSIP: 647207BB4<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |  13565000 | PA      | $13948589.71  | 1.88%             | 2039-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                      | CUSIP: 649451CS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1280925.82   | 0.17%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                      | CUSIP: 649451FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1220561.00   | 0.16%             | 2032-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer