# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-005997
**Filing Date:** 2026-2
**Character Count:** 77146
**Document Hash:** 8c4d2c69de255a7d0fa74f9479d5384c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005997.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005997

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 26684983

**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           |

## 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:** 2026-06-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1156209982.14

**Total Liabilities:** $10224131.85

**Net Assets:** $1145985850.29

**Cash Not Reported:** $1810266.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 59841.310000000000 | **1-Year:** 66500.860000000000 | **5-Year:** 251138.980000000000 | **10-Year:** 230141.790000000000 | **30-Year:** 39319.150000000000

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

- **3-Month:** 16.370000000000 | **1-Year:** 4955.460000000000 | **5-Year:** 2175.220000000000 | **10-Year:** 0.000000000000 | **30-Year:** 1477.630000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116565 | 1.19%                | 0.31%                | 0.32%                |
| Class ID C000116566 | 1.29%                | 0.31%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $395288.46               | $9530485.76                                |
| Month 2  | $-221240.79              | $110454.30                                 |
| Month 3  | $1441444.10              | $-2099282.18                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                                 | CUSIP: 02765URG1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   5510000 | PA      | $5634352.44   | 0.49%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                                 | CUSIP: 02765URH9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   5940000 | PA      | $6040641.42   | 0.53%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058522.70   | 0.09%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                         | CUSIP: 167591AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14681882.60  | 1.28%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                        | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9233746.20   | 0.81%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV POLL CONTROL REV | County of Clark NV                                                           | CUSIP: 181008BD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6460000 | PA      | $5902677.07   | 0.52%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV                   | City of Henderson NV                                                         | CUSIP: 425201AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2291258.28   | 0.20%             | 2038-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV                   | City of Henderson NV                                                         | CUSIP: 425201AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1253265.36   | 0.11%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA INDL DEV AUTH  | Henrico County Economic Development Authority                                | CUSIP: 426063JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.07%             | 2027-08-23      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE | City of Houston TX Combined Utility System Revenue                           | CUSIP: 44244CN94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 1.31%             | 2034-05-15      | Variable      | 2.34%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                       | CUSIP: 59334KDG0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   9260000 | PA      | $9341863.96   | 0.82%             | 2032-07-01      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                       | CUSIP: 59334KFW3<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4017567.20   | 0.35%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILFORD MA                     | Town of Milford MA                                                           | CUSIP: 599496XV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2488986.00   | 0.22%             | 2037-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16249000 | PA      | $13371315.10  | 1.17%             | 2031-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RUTHERFORD CNTY TN             | County of Rutherford TN                                                      | CUSIP: 783244GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5234795.78   | 0.46%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES CNTY MO FRANCIS  | St Charles County Francis Howell R-III School District                       | CUSIP: 7876426R3<br>LEI: 549300N738JKL2CGSO59 | Long             | DBT              | MUN               | US        |   6180000 | PA      | $6184044.81   | 0.54%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4328587.30   | 0.38%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HCP6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3257244.00   | 0.28%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK CNTY NY WTR AUTH       | Suffolk County Water Authority                                               | CUSIP: 864784GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19000000 | PA      | $17176716.30  | 1.50%             | 2042-06-01      | Fixed         | 3.25%                 | 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      | $684160.90    | 0.06%             | 2045-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                    | CUSIP: 87638QSH3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3590000 | PA      | $3590000.00   | 0.31%             | 2050-08-01      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| TEMECULA VLY CA UNIF SCH DIST  | Temecula Valley Unified School District                                      | CUSIP: 87970GQZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1561074.20   | 0.14%             | 2047-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU | Wisconsin Housing & Economic Development Authority                           | CUSIP: 97689REZ3<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6073877.40   | 0.53%             | 2058-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                            | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    925000 | PA      | $930868.66    | 0.08%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                  | CUSIP: 649451CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8010627.20   | 0.70%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                          | CUSIP: 64966MFH7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5552245.60   | 0.48%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13005000 | PA      | $13005000.00  | 1.13%             | 2044-11-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461362S9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  16355000 | PA      | $9617062.19   | 0.84%             | 2039-12-15      | Fixed         | 0.00%                 | 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        |   5050000 | PA      | $3282414.66   | 0.29%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8750000 | PA      | $9751609.00   | 0.85%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CEX2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3786381.20   | 0.33%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                                  | CUSIP: 649451CV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5006535.50   | 0.44%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L | New York Liberty Development Corp                                            | CUSIP: 649519EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13735000 | PA      | $10320069.70  | 0.90%             | 2050-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER | State of New York Mortgage Agency Homeowner Mortgage Revenue                 | CUSIP: 64988YSE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6380000 | PA      | $6499304.09   | 0.57%             | 2043-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER | State of New York Mortgage Agency Homeowner Mortgage Revenue                 | CUSIP: 64988YTE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1792002.10   | 0.16%             | 2036-04-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11775000 | PA      | $11776005.59  | 1.03%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                                     | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6700000 | PA      | $6797498.40   | 0.59%             | 2054-12-31      | Fixed         | 5.25%                 | 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      | $3378800.93   | 0.29%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA ECON DEV AUTH  | Newport News Economic Development Authority                                  | CUSIP: 65225PAM8<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4222807.57   | 0.37%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAK CREEK-FRANKLIN WI JT SCH D | Oak Creek-Franklin Joint School District/WI                                  | CUSIP: 671130MC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5140000 | PA      | $5140876.37   | 0.45%             | 2028-04-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| OAK RIDGE TN                   | City of Oak Ridge TN                                                         | CUSIP: 671783VJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1716999.20   | 0.15%             | 2032-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND MI MACOMB INTERCEPTORD | Oakland-Macomb Interceptor Drain Drainage District                           | CUSIP: 673421CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1943716.00   | 0.17%             | 2038-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                                      | CUSIP: 73358W3K8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2970000 | PA      | $2806374.98   | 0.24%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PR64<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9993712.00   | 0.87%             | 2055-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                     | CUSIP: 74448CAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  13485105 | PA      | $13508109.24  | 1.18%             | 2059-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                     | CUSIP: 74448HAA5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  21932205 | PA      | $21985491.49  | 1.92%             | 2059-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                     | CUSIP: 74448SAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9963796.00   | 0.87%             | 2059-08-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU | Public Finance Authority                                                     | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10990492.00  | 0.96%             | 2060-06-30      | Fixed         | 6.50%                 | 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        |   4680637 | PA      | $3767630.78   | 0.33%             | 2038-12-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP  | Sales Tax Securitization Corp                                                | CUSIP: 79467BJX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5192811.50   | 0.45%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX INDEP SCH DIST  | San Antonio Independent School District/TX                                   | CUSIP: 796269C48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3512199.78   | 0.31%             | 2038-08-15      | Fixed         | 3.00%                 | 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        |   1825000 | PA      | $1842529.31   | 0.16%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DXZ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $19066858.20  | 1.66%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DES MOINES IA                  | City of Des Moines IA                                                        | CUSIP: 25009XQV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $2491933.73   | 0.22%             | 2040-06-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| DES MOINES IA                  | City of Des Moines IA                                                        | CUSIP: 25009XSV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4635000 | PA      | $3553348.59   | 0.31%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE | District of Columbia                                                         | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501657.65   | 0.13%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS CNTY NE SCH DIST #1    | Omaha School District                                                        | CUSIP: 259291RQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8010000 | PA      | $6271946.95   | 0.55%             | 2039-12-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE & COOK CNTYS IL CMNTY  | DuPage & Cook Counties Community Unit School District No 205 Elmhurst        | CUSIP: 262588LK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1192606.72   | 0.10%             | 2040-01-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL REVENUE        | County of Du Page IL                                                         | CUSIP: 262668AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11095000 | PA      | $8334556.23   | 0.73%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ENERGY S E AL A COOPERATIVE DI | Energy Southeast A Cooperative District                                      | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5987740.00   | 0.52%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA ECON DEV AUTH  | Fairfax County Economic Development Authority                                | CUSIP: 30382ECZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.44%             | 2033-12-01      | Variable      | 2.35%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV | City of Farmington NM                                                        | CUSIP: 311450FZ8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14224179.00  | 1.24%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU | FHLMC Multifamily VRD Certificates                                           | CUSIP: 31397PPR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2371822 | PA      | $2345040.23   | 0.20%             | 2051-08-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU | FHLMC Multifamily VRD Certificates                                           | CUSIP: 31397PPW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635739 | PA      | $1632297.15   | 0.14%             | 2051-08-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                   | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  28895049 | NS      | $28895049.28  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FORT WORTH TX                  | City of Fort Worth TX                                                        | CUSIP: 349426DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6475000 | PA      | $4888540.83   | 0.43%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FRISCO TX                      | City of Frisco TX                                                            | CUSIP: 358776ZG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1352477.99   | 0.12%             | 2039-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FRISCO TX                      | City of Frisco TX                                                            | CUSIP: 358776ZH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1320967.97   | 0.12%             | 2040-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE   | Tennergy Corp/TN                                                             | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6836560.25   | 0.60%             | 2054-10-01      | Variable      | 5.00%                 | 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      | $2093666.79   | 0.18%             | 2036-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                                 | CUSIP: 882555ZT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1560685.23   | 0.14%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                                 | CUSIP: 882555ZW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3621159.14   | 0.32%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                                 | CUSIP: 882555ZY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3780000 | PA      | $3279082.34   | 0.29%             | 2040-09-01      | 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        |   7175000 | PA      | $7193437.60   | 0.63%             | 2027-09-15      | Floating      | 3.54%                 | 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        |   3845000 | PA      | $3837682.58   | 0.33%             | 2027-09-15      | Floating      | 3.87%                 | 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        |  12840000 | PA      | $12853480.72  | 1.12%             | 2027-09-15      | Floating      | 3.32%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION& | Texas Municipal Gas Acquisition & Supply Corp IV                             | CUSIP: 88256PAG5<br>LEI: 549300PTUE847QDBBW22 | Long             | DBT              | MUN               | US        |   8210000 | PA      | $8727544.44   | 0.76%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                               | CUSIP: 882725BH6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $6004076.00   | 0.52%             | 2045-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN FIN CORP SH | Texas Transportation Finance Corp                                            | CUSIP: 88283PAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8270000 | PA      | $8832919.88   | 0.77%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                            | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5486248.35   | 0.48%             | 2046-06-01      | Fixed         | 5.25%                 | 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        |  23310000 | PA      | $23323223.76  | 2.04%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FIN AUTH WV | Tobacco Settlement Finance Authority                                         | CUSIP: 88880LAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4505000 | PA      | $4255582.93   | 0.37%             | 2029-06-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                   | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5995705.80   | 0.52%             | 2050-12-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                   | CUSIP: 45203PAC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6198846.00   | 0.54%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                            | CUSIP: 4521526X4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1740492.64   | 0.15%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                            | CUSIP: 452152FA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5384615 | PA      | $5706910.78   | 0.50%             | 2035-04-01      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R | Indiana Finance Authority                                                    | CUSIP: 45470YBL4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $7825000.00   | 0.68%             | 2037-11-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R | Indiana Finance Authority                                                    | CUSIP: 45470YGE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $13214640.00  | 1.15%             | 2063-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| JOSHUA TX INDEP SCH DIST       | Joshua Independent School District                                           | CUSIP: 481052SZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3105000 | PA      | $3050675.54   | 0.27%             | 2035-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN                   | County of Knox TN                                                            | CUSIP: 499513AT6<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |   4905000 | PA      | $4830430.27   | 0.42%             | 2035-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV REDEV AGY TAX INC | Las Vegas Redevelopment Agency                                               | CUSIP: 517732DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006777.90   | 0.09%             | 2026-06-15      | Fixed         | 5.00%                 | 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      | $2295389.32   | 0.20%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC | Maricopa County Pollution Control Corp                                       | CUSIP: 566854EN1<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |  12555000 | PA      | $10739272.05  | 0.94%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST | Maricopa County Unified School District No 69 Paradise Valley                | CUSIP: 567373ZK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10417125.60  | 0.91%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP SPL  | Maryland Economic Development Corp                                           | CUSIP: 57422FAB2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2972925.00   | 0.26%             | 2036-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                | CUSIP: 57582R3X2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6229273.80   | 0.54%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                | CUSIP: 57582RM86<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1870682.18   | 0.16%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                         | CUSIP: 57586P5G7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2235306.64   | 0.20%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                                 | CUSIP: 592190MR0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252020.13   | 0.11%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592247L32<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  20365000 | PA      | $12779173.95  | 1.12%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592248GM4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12360000 | PA      | $6759449.16   | 0.59%             | 2040-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                  | CUSIP: 592647CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2692625.70   | 0.23%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333P7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3847691.40   | 0.34%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5735000 | PA      | $6434941.84   | 0.56%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333PR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10013890.00  | 0.87%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                       | CUSIP: 59334KDE5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1055921.79   | 0.09%             | 2026-07-01      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                       | CUSIP: 59334KDF2<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |  18260000 | PA      | $18347469.05  | 1.60%             | 2029-07-01      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                             | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21028366.00  | 1.83%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                             | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10763524.00  | 0.94%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                             | CUSIP: 74440DGL2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11692705.20  | 1.02%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS TX                  | City of San Marcos TX                                                        | CUSIP: 798765LG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4265000 | PA      | $3264176.38   | 0.28%             | 2039-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NE                  | County of Sarpy NE                                                           | CUSIP: 80373FLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2192307.07   | 0.19%             | 2036-06-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST              | State of South Carolina                                                      | CUSIP: 83710RSH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9680000 | PA      | $9441643.55   | 0.82%             | 2029-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                      | CUSIP: 8371514N6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   5890000 | PA      | $6572282.29   | 0.57%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10426907.00  | 0.91%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COOPE | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $13203926.40  | 1.15%             | 2055-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK VA                     | City of Suffolk VA                                                           | CUSIP: 86481AAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1002889.72   | 0.09%             | 2040-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SUFFOLK VA                     | City of Suffolk VA                                                           | CUSIP: 86481ACL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1279922.35   | 0.11%             | 2038-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY FL WTR REGL WTR SPLY | Tampa Bay Water                                                              | CUSIP: 875124GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10800000 | PA      | $10514178.00  | 0.92%             | 2038-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                             | CUSIP: 875146AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $608340.70    | 0.05%             | 2039-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                             | CUSIP: 875146AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $619977.34    | 0.05%             | 2041-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BENTONVILLE AR SCH DIST #6     | Bentonville School District No 6                                             | CUSIP: 0834192S9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2680000 | PA      | $1992130.30   | 0.17%             | 2041-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BENTONVILLE AR SCH DIST #6     | Bentonville School District No 6                                             | CUSIP: 0834192T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1978667.63   | 0.17%             | 2042-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BENTONVILLE AR SCH DIST #6     | Bentonville School District No 6                                             | CUSIP: 0834192U4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $1983208.76   | 0.17%             | 2043-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                               | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  29250000 | PA      | $29000196.23  | 2.53%             | 2052-10-01      | Floating      | 3.67%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                               | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5371114.50   | 0.47%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                               | CUSIP: 09182TGM3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10597050.00  | 0.92%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10325000 | PA      | $10242169.75  | 0.89%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                              | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9444902.00   | 0.82%             | 2052-02-01      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                              | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |  10330000 | PA      | $10460867.67  | 0.91%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                             | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4998553.00   | 0.44%             | 2043-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CARY NC                        | Town of Cary NC                                                              | CUSIP: 147051YQ3<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $4889519.38   | 0.43%             | 2037-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CARY NC                        | Town of Cary NC                                                              | CUSIP: 147051YR1<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $4756788.75   | 0.42%             | 2038-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CASS CNTY MO REORG SCH DIST #R | Cass County Reorganized School District No R-2/MO                            | CUSIP: 147879HN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $2606212.80   | 0.23%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CASS CNTY MO REORG SCH DIST #R | Cass County Reorganized School District No R-2/MO                            | CUSIP: 147879HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1590474.95   | 0.14%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                | CUSIP: 154871CV7<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10374413.00  | 0.91%             | 2053-05-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3491004.80   | 0.30%             | 2036-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510BA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3998183.74   | 0.35%             | 2037-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2400178.95   | 0.21%             | 2039-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5537546.18   | 0.48%             | 2040-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLAYTON CNTY GA DEV AUTH       | Clayton County Development Authority                                         | CUSIP: 184150EC0<br>LEI: 549300MRIVF01QB6RF86 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12002746.80  | 1.05%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                        | CUSIP: 187145VA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11116146.00  | 0.97%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                         | CUSIP: 19648FYR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   9440000 | PA      | $9440000.00   | 0.82%             | 2064-05-15      | Variable      | 1.15%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                       | CUSIP: 196707XN8<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   3255000 | PA      | $3293643.03   | 0.29%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH                    | City of Columbus OH                                                          | CUSIP: 199492RS0<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4326038.87   | 0.38%             | 2030-08-15      | Fixed         | 3.00%                 | 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        |   4979141 | PA      | $3604122.15   | 0.31%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                      | CUSIP: 23503CGC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9807139.80   | 0.86%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DEL VALLE TX INDEP SCH DIST    | Del Valle Independent School District TX                                     | CUSIP: 245505WU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10135000 | PA      | $8230334.52   | 0.72%             | 2038-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DEL VALLE TX INDEP SCH DIST    | Del Valle Independent School District TX                                     | CUSIP: 245505WV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3085000 | PA      | $2445717.35   | 0.21%             | 2039-06-15      | Fixed         | 2.00%                 | 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        |   9265000 | PA      | $9145973.47   | 0.80%             | 2038-08-15      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| LEWISTON ME                    | City of Lewiston ME                                                          | CUSIP: 52850CSP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $938619.66    | 0.08%             | 2038-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LEWISTON ME                    | City of Lewiston ME                                                          | CUSIP: 52850CSQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $912146.89    | 0.08%             | 2039-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                   | CUSIP: 544445C56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7950000 | PA      | $7689481.68   | 0.67%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                   | CUSIP: 544445S59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4160000 | PA      | $4056180.54   | 0.35%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                          | CUSIP: 54659LAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.52%             | 2039-10-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI | Love Field Airport Modernization Corp                                        | CUSIP: 54714CCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17720000 | PA      | $17951045.76  | 1.57%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON AL                     | City of Madison AL                                                           | CUSIP: 556583XE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2642103.83   | 0.23%             | 2036-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                  | CUSIP: 56035DGC0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  28500000 | PA      | $29503020.45  | 2.57%             | 2053-12-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                                  | CUSIP: 56035DHK1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5352718.00   | 0.47%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC | Maricopa County Pollution Control Corp                                       | CUSIP: 566854EM3<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5559957.65   | 0.49%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO | Industrial Development Board of the City of Mobile Alabama                   | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505311.00   | 0.22%             | 2034-06-01      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| MOUNT VERNON NY CITY SCH DIST  | Mount Vernon City School District/NY                                         | CUSIP: 623606A83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4005000 | PA      | $3961862.15   | 0.35%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEENAH WI JT SCH DIST          | Neenah Joint School District                                                 | CUSIP: 639905EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5590000 | PA      | $4898157.56   | 0.43%             | 2034-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TRAVIS CNTY TX WC&ID #10       | Travis County Water Control & Improvement District No 10                     | CUSIP: 894435EA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5035000 | PA      | $4349371.97   | 0.38%             | 2041-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                 | CUSIP: 898526EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7960000 | PA      | $8146760.70   | 0.71%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                 | CUSIP: 898526EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1094051.78   | 0.10%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV HOSPS & CLINICS AUTH WI   | University of Wisconsin Hospitals & Clinics                                  | CUSIP: 915260CL5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3675000.00   | 0.32%             | 2048-04-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                            | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   4861320 | PA      | $4278533.70   | 0.37%             | 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        |   7957553 | PA      | $7889997.81   | 0.69%             | 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        |   3932074 | PA      | $3990404.25   | 0.35%             | 2052-10-21      | Fixed         | 5.00%                 | 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        |   2560000 | PA      | $2567549.18   | 0.22%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WALTHAM MA                     | City of Waltham MA                                                           | CUSIP: 933254W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3455000 | PA      | $2873445.07   | 0.25%             | 2038-10-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| WALTHAM MA                     | City of Waltham MA                                                           | CUSIP: 933254X25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4455000 | PA      | $3623670.72   | 0.32%             | 2039-10-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HOSP FACS REVEN | County of Warren OH                                                          | CUSIP: 935158BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016117.80   | 0.18%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC CONVENTION & SPO | Washington Convention & Sports Authority                                     | CUSIP: 93878LBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $3701246.10   | 0.32%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV SCH DIST        | Washoe County School District/NV                                             | CUSIP: 940859KE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7370000 | PA      | $4978791.71   | 0.43%             | 2045-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WEST DES MOINES IA             | City of West Des Moines IA                                                   | CUSIP: 952531JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $945322.24    | 0.08%             | 2040-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WEST WINDSOR-PLAINSBORO NJ REG | West Windsor-Plainsboro Regional School District/NJ                          | CUSIP: 956882RD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4570000 | PA      | $4195244.01   | 0.37%             | 2033-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WILLIS TX INDEP SCH DIST       | Willis Independent School District                                           | CUSIP: 970667C25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1254826.43   | 0.11%             | 2038-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WILLIS TX INDEP SCH DIST       | Willis Independent School District                                           | CUSIP: 970667C33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1206681.15   | 0.11%             | 2039-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer