# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015714
**Filing Date:** 2025-11
**Character Count:** 75830
**Document Hash:** f988600825bd30e4e25f5ea548f29039
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015714.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015714

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251527261

**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 Intermediate Income Fund (Series ID: S000038487)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000118736 | Investor Shares | BIAIX           |
| C000118738 | Advisor Shares  | BAIAX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Brown Advisory Intermediate Income Fund** | **Brown Advisory Intermediate Income Fund** | **Brown Advisory Intermediate Income Fund** | **Brown Advisory Intermediate Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 31.7%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 31.7%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool QE0622, 2.00%, 04/01/2052 | &nbsp;&nbsp; Pool QE0622, 2.00%, 04/01/2052 | 724363 | $593503 |
| &nbsp;&nbsp; Pool QF0492, 5.50%, 09/01/2052 | &nbsp;&nbsp; Pool QF0492, 5.50%, 09/01/2052 | 638117 | 649693 |
| &nbsp;&nbsp; Pool RA7927, 4.50%, 09/01/2052 | &nbsp;&nbsp; Pool RA7927, 4.50%, 09/01/2052 | 1120175 | 1096455 |
| &nbsp;&nbsp; Pool RC2401, 2.00%, 01/01/2037 | &nbsp;&nbsp; Pool RC2401, 2.00%, 01/01/2037 | 875013 | 811208 |
| &nbsp;&nbsp; Pool RQ0049, 5.50%, 09/01/2055 | &nbsp;&nbsp; Pool RQ0049, 5.50%, 09/01/2055 | 388448 | 391916 |
| &nbsp;&nbsp; Pool SB1179, 5.50%, 05/01/2039 | &nbsp;&nbsp; Pool SB1179, 5.50%, 05/01/2039 | 533124 | 547292 |
| &nbsp;&nbsp; Pool SD0913, 2.50%, 02/01/2052 | &nbsp;&nbsp; Pool SD0913, 2.50%, 02/01/2052 | 1261740 | 1075550 |
| &nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | &nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | 1431940 | 1215931 |
| &nbsp;&nbsp; Pool SD3475, 5.50%, 08/01/2053 | &nbsp;&nbsp; Pool SD3475, 5.50%, 08/01/2053 | 1101792 | 1122371 |
| &nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | &nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | 455563 | 478413 |
| &nbsp;&nbsp; Pool SD3840, 5.50%, 09/01/2053 | &nbsp;&nbsp; Pool SD3840, 5.50%, 09/01/2053 | 597777 | 608555 |
| &nbsp;&nbsp; Pool SD4697, 6.00%, 02/01/2054 | &nbsp;&nbsp; Pool SD4697, 6.00%, 02/01/2054 | 1484552 | 1535014 |
| &nbsp;&nbsp; Pool SD5573, 3.00%, 08/01/2052 | &nbsp;&nbsp; Pool SD5573, 3.00%, 08/01/2052 | 1197358 | 1070543 |
| &nbsp;&nbsp; Pool SD8315, 5.00%, 04/01/2053 | &nbsp;&nbsp; Pool SD8315, 5.00%, 04/01/2053 | 493464 | 490258 |
| &nbsp;&nbsp; Pool SL1677, 4.50%, 05/01/2053 | &nbsp;&nbsp; Pool SL1677, 4.50%, 05/01/2053 | 966818 | 942452 |
| &nbsp;&nbsp; Series 4634, Class MA, 4.50%, 11/15/2054 | &nbsp;&nbsp; Series 4634, Class MA, 4.50%, 11/15/2054 | 668416 | 667198 |
| &nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049 | &nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049 | 368669 | 296963 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool 628837, 6.50%, 03/01/2032 | &nbsp;&nbsp; Pool 628837, 6.50%, 03/01/2032 | 6409 | 6719 |
| &nbsp;&nbsp; Pool 663238, 5.50%, 09/01/2032 | &nbsp;&nbsp; Pool 663238, 5.50%, 09/01/2032 | 7516 | 7707 |
| &nbsp;&nbsp; Pool 741373, 6.78% (1 yr. CMT Rate + 2.28%), 12/01/2033 | &nbsp;&nbsp; Pool 741373, 6.78% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 4979 | 5105 |
| &nbsp;&nbsp; Pool 744805, 6.14% (RFUCCT6M + 1.52%), 11/01/2033 | &nbsp;&nbsp; Pool 744805, 6.14% (RFUCCT6M + 1.52%), 11/01/2033 | 422 | 424 |
| &nbsp;&nbsp; Pool 764342, 6.15% (RFUCCT6M + 1.52%), 02/01/2034 | &nbsp;&nbsp; Pool 764342, 6.15% (RFUCCT6M + 1.52%), 02/01/2034 | 16348 | 16570 |
| &nbsp;&nbsp; Pool BQ3248, 2.00%, 11/01/2050 | &nbsp;&nbsp; Pool BQ3248, 2.00%, 11/01/2050 | 1293334 | 1052184 |
| &nbsp;&nbsp; Pool BQ6307, 2.00%, 11/01/2050 | &nbsp;&nbsp; Pool BQ6307, 2.00%, 11/01/2050 | 1158143 | 942436 |
| &nbsp;&nbsp; Pool BW0025, 4.00%, 07/01/2052 | &nbsp;&nbsp; Pool BW0025, 4.00%, 07/01/2052 | 580169 | 551339 |
| &nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | &nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | 1158814 | 986595 |
| &nbsp;&nbsp; Pool CB3853, 4.00%, 06/01/2052 | &nbsp;&nbsp; Pool CB3853, 4.00%, 06/01/2052 | 322465 | 308270 |
| &nbsp;&nbsp; Pool FA2599, 2.00%, 05/01/2052 | &nbsp;&nbsp; Pool FA2599, 2.00%, 05/01/2052 | 744181 | 603012 |
| &nbsp;&nbsp; Pool FA2601, 2.00%, 08/01/2051 | &nbsp;&nbsp; Pool FA2601, 2.00%, 08/01/2051 | 557711 | 453577 |
| &nbsp;&nbsp; Pool FM6555, 2.00%, 04/01/2051 | &nbsp;&nbsp; Pool FM6555, 2.00%, 04/01/2051 | 897651 | 734954 |
| &nbsp;&nbsp; Pool FM9973, 3.00%, 08/01/2051 | &nbsp;&nbsp; Pool FM9973, 3.00%, 08/01/2051 | 1170378 | 1044797 |
| &nbsp;&nbsp; Pool FS0031, 2.50%, 10/01/2051 | &nbsp;&nbsp; Pool FS0031, 2.50%, 10/01/2051 | 1155178 | 974458 |
| &nbsp;&nbsp; Pool FS0348, 2.00%, 01/01/2052 | &nbsp;&nbsp; Pool FS0348, 2.00%, 01/01/2052 | 1281739 | 1050604 |
| &nbsp;&nbsp; Pool FS1978, 2.50%, 03/01/2052 | &nbsp;&nbsp; Pool FS1978, 2.50%, 03/01/2052 | 738587 | 623035 |
| &nbsp;&nbsp; Pool FS3239, 3.50%, 08/01/2050 | &nbsp;&nbsp; Pool FS3239, 3.50%, 08/01/2050 | 1135858 | 1052784 |
| &nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | &nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | 1349727 | 1146647 |
| &nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | &nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | 1647705 | 1671159 |
| &nbsp;&nbsp; Pool FS7276, 5.00%, 09/01/2053 | &nbsp;&nbsp; Pool FS7276, 5.00%, 09/01/2053 | 1580176 | 1577314 |
| &nbsp;&nbsp; Pool FS7744, 6.50%, 04/01/2054 | &nbsp;&nbsp; Pool FS7744, 6.50%, 04/01/2054 | 496927 | 522844 |
| &nbsp;&nbsp; Pool FS8384, 3.50%, 02/01/2051 | &nbsp;&nbsp; Pool FS8384, 3.50%, 02/01/2051 | 1728140 | 1616570 |
| &nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | &nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | 1261397 | 1296401 |
| &nbsp;&nbsp; Pool FS9203, 6.00%, 09/01/2054 | &nbsp;&nbsp; Pool FS9203, 6.00%, 09/01/2054 | 443321 | 453303 |
| &nbsp;&nbsp; Pool FS9366, 2.50%, 04/01/2052 | &nbsp;&nbsp; Pool FS9366, 2.50%, 04/01/2052 | 436178 | 369844 |
| &nbsp;&nbsp; Pool MA2998, 3.50%, 04/01/2032 | &nbsp;&nbsp; Pool MA2998, 3.50%, 04/01/2032 | 213705 | 210195 |
| &nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/2050 | &nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/2050 | 660342 | 537975 |
| &nbsp;&nbsp; Pool MA4492, 2.00%, 12/01/2051 | &nbsp;&nbsp; Pool MA4492, 2.00%, 12/01/2051 | 1021127 | 828514 |
| &nbsp;&nbsp; Pool MA5496, 5.00%, 10/01/2054 | &nbsp;&nbsp; Pool MA5496, 5.00%, 10/01/2054 | 130869 | 129924 |
| &nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | &nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | 1330328 | 1320725 |
|  Ginnie Mae I, Pool 781186, 9.00%, 06/15/2030 | Ginnie Mae I, Pool 781186, 9.00%, 06/15/2030 | 4905 | 4950 |
| <br>Ginnie Mae II Pool | <br>Ginnie Mae II Pool | <br>Ginnie Mae II Pool | <br>Ginnie Mae II Pool |
| &nbsp;&nbsp; Pool MA6598, 2.50%, 04/20/2050 | &nbsp;&nbsp; Pool MA6598, 2.50%, 04/20/2050 | 619763 | 535187 |
| &nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | &nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | 644207 | 533248 |
| &nbsp;&nbsp; Pool MA7706, 3.00%, 11/20/2051 | &nbsp;&nbsp; Pool MA7706, 3.00%, 11/20/2051 | 2355172 | 2105968 |
| &nbsp;&nbsp; Pool MA8487, 3.50%, 12/20/2052 | &nbsp;&nbsp; Pool MA8487, 3.50%, 12/20/2052 | 885423 | 809432 |
| &nbsp;&nbsp; Pool MA8876, 4.00%, 05/20/2053 | &nbsp;&nbsp; Pool MA8876, 4.00%, 05/20/2053 | 1688720 | 1602386 |
| **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $41,908,419) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $41,908,419) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $41,908,419) | 41280471 |
| **U.S. TREASURY SECURITIES - 31.5%** | **U.S. TREASURY SECURITIES - 31.5%** | **Par** | **Value**  |
| United States Treasury Note | United States Treasury Note | United States Treasury Note | United States Treasury Note |
| &nbsp;&nbsp; 2.25%, 03/31/2026 | &nbsp;&nbsp; 2.25%, 03/31/2026 | 6000000 | 5953884 |
| &nbsp;&nbsp; 3.75%, 08/31/2026 | &nbsp;&nbsp; 3.75%, 08/31/2026 | 4600000 | 4600554 |
| &nbsp;&nbsp; 3.75%, 08/15/2027 | &nbsp;&nbsp; 3.75%, 08/15/2027 | 7600000 | 7616773 |
| &nbsp;&nbsp; 2.88%, 05/15/2028 | &nbsp;&nbsp; 2.88%, 05/15/2028 | 5395000 | 5294898 |
| &nbsp;&nbsp; 3.13%, 11/15/2028 | &nbsp;&nbsp; 3.13%, 11/15/2028 | 2800000 | 2757781 |
| &nbsp;&nbsp; 3.25%, 06/30/2029 | &nbsp;&nbsp; 3.25%, 06/30/2029 | 3180000 | 3132983 |
| &nbsp;&nbsp; 0.88%, 11/15/2030 | &nbsp;&nbsp; 0.88%, 11/15/2030 | 2230000 | 1933915 |
| &nbsp;&nbsp; 1.88%, 02/15/2032 | &nbsp;&nbsp; 1.88%, 02/15/2032 | 7000000 | 6211543 |
| &nbsp;&nbsp; 4.38%, 05/15/2034 | &nbsp;&nbsp; 4.38%, 05/15/2034 | 1850000 | 1893179 |
| &nbsp;&nbsp; 4.63%, 02/15/2035 | &nbsp;&nbsp; 4.63%, 02/15/2035 | 1500000 | 1559180 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $41,460,120) | **TOTAL U.S. TREASURY SECURITIES** (Cost $41,460,120) | **TOTAL U.S. TREASURY SECURITIES** (Cost $41,460,120) | 40954690 |
| **CORPORATE BONDS - 24.8%** | **CORPORATE BONDS - 24.8%** | **Par** | **Value**  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1445000 | 1331500 |
|  American Tower Corp., 3.60%, 01/15/2028 | American Tower Corp., 3.60%, 01/15/2028 | 646000 | 638246 |
|  Analog Devices, Inc., 1.70%, 10/01/2028 | Analog Devices, Inc., 1.70%, 10/01/2028 | 1375000 | 1288025 |
|  AT&T, Inc., 5.40%, 02/15/2034 | AT&T, Inc., 5.40%, 02/15/2034 | 1235000 | 1284012 |
|  Broadcom, Inc., 4.55%, 02/15/2032 | Broadcom, Inc., 4.55%, 02/15/2032 | 1265000 | 1274434 |
|  Citigroup, Inc., 3.20%, 10/21/2026 | Citigroup, Inc., 3.20%, 10/21/2026 | 1284000 | 1273641 |
|  Comcast Corp., 5.30%, 06/01/2034 | Comcast Corp., 5.30%, 06/01/2034 | 625000 | 648637 |
|  Dollar Tree, Inc., 4.20%, 05/15/2028 | Dollar Tree, Inc., 4.20%, 05/15/2028 | 1281000 | 1277840 |
|  Dominion Energy, Inc., 5.45%, 03/15/2035 | Dominion Energy, Inc., 5.45%, 03/15/2035 | 390000 | 399929 |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | Eastman Chemical Co., 5.75%, 03/08/2033 | 1205000 | 1266001 |
|  Ferguson Finance PLC, 4.65%, 04/20/2032 <sup>(a)</sup> | Ferguson Finance PLC, 4.65%, 04/20/2032 <sup>(a)</sup> | 1280000 | 1269373 |
|  Goldman Sachs Group, Inc., 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 | Goldman Sachs Group, Inc., 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 | 1235000 | 1266172 |
|  JB Hunt Transport Services, Inc., 4.90%, 03/15/2030 | JB Hunt Transport Services, Inc., 4.90%, 03/15/2030 | 1245000 | 1271339 |
|  Keysight Technologies, Inc., 4.60%, 04/06/2027 | Keysight Technologies, Inc., 4.60%, 04/06/2027 | 1251000 | 1257273 |
|  Kroger Co., 5.00%, 09/15/2034 | Kroger Co., 5.00%, 09/15/2034 | 1280000 | 1291549 |
|  LKQ Corp., 5.75%, 06/15/2028 | LKQ Corp., 5.75%, 06/15/2028 | 1210000 | 1251015 |
|  Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | 1235000 | 1275683 |
|  MSCI, Inc., 3.88%, 02/15/2031 <sup>(a)</sup> | MSCI, Inc., 3.88%, 02/15/2031 <sup>(a)</sup> | 680000 | 651772 |
|  Oracle Corp., 2.80%, 04/01/2027 | Oracle Corp., 2.80%, 04/01/2027 | 1300000 | 1275087 |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 1102000 | 1248907 |
|  Prologis LP, 5.00%, 03/15/2034 | Prologis LP, 5.00%, 03/15/2034 | 1280000 | 1301401 |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 1460000 | 1288122 |
|  Revvity, Inc., 2.25%, 09/15/2031 | Revvity, Inc., 2.25%, 09/15/2031 | 740000 | 642705 |
|  Societe Generale SA, 5.99% (SOFR + 1.66%), 01/19/2028 <sup>(a)</sup> | Societe Generale SA, 5.99% (SOFR + 1.66%), 01/19/2028 <sup>(a)</sup> | 1260000 | 1272763 |
|  Sysco Corp., 5.95%, 04/01/2030 | Sysco Corp., 5.95%, 04/01/2030 | 589000 | 624521 |
|  US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | 1215000 | 1256465 |
|  VeriSign, Inc., 5.25%, 06/01/2032 | VeriSign, Inc., 5.25%, 06/01/2032 | 1240000 | 1274359 |
|  Wells Fargo & Co., 3.00%, 10/23/2026 | Wells Fargo & Co., 3.00%, 10/23/2026 | 1289000 | 1276164 |
|  Yara International ASA, 7.38%, 11/14/2032 <sup>(a)</sup> | Yara International ASA, 7.38%, 11/14/2032 <sup>(a)</sup> | 555000 | 629451 |
| **TOTAL CORPORATE BONDS** (Cost $32,069,260) | **TOTAL CORPORATE BONDS** (Cost $32,069,260) | **TOTAL CORPORATE BONDS** (Cost $32,069,260) | 32306386 |
| **ASSET-BACKED SECURITIES - 4.9%** | **ASSET-BACKED SECURITIES - 4.9%** | **Par** | **Value**  |
|  American Homes 4 Rent, Series 2015-SFR2, Class C, 4.69%, 10/17/2052 <sup>(a)</sup> | American Homes 4 Rent, Series 2015-SFR2, Class C, 4.69%, 10/17/2052 <sup>(a)</sup> | 510000 | 508866 |
|  CarMax Auto Owner Trust, Series 2025-3, Class B, 4.68%, 03/17/2031 | CarMax Auto Owner Trust, Series 2025-3, Class B, 4.68%, 03/17/2031 | 670000 | 679994 |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 70375 | 70607 |
|  CNH Equipment Trust, Series 2024-B, Class A2A, 5.42%, 10/15/2027 | CNH Equipment Trust, Series 2024-B, Class A2A, 5.42%, 10/15/2027 | 147161 | 147544 |
|  FHF Trust, Series 2024-3A, Class A2, 4.94%, 11/15/2030 <sup>(a)</sup> | FHF Trust, Series 2024-3A, Class A2, 4.94%, 11/15/2030 <sup>(a)</sup> | 693388 | 692732 |
|  Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030 | Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030 | 730000 | 745283 |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| &nbsp;&nbsp; Series 2025-B, Class B, 4.72%, 07/15/2030 | &nbsp;&nbsp; Series 2025-B, Class B, 4.72%, 07/15/2030 | 565000 | 575775 |
| &nbsp;&nbsp; Series 2025-C, Class B, 4.13%, 01/15/2032 | &nbsp;&nbsp; Series 2025-C, Class B, 4.13%, 01/15/2032 | 390000 | 389488 |
| Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
| &nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029 <sup>(a)</sup> | &nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029 <sup>(a)</sup> | 380000 | 384169 |
| &nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030 <sup>(a)</sup> | &nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030 <sup>(a)</sup> | 390000 | 396270 |
|  Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 500000 | 505768 |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032 <sup>(a)</sup> | Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032 <sup>(a)</sup> | 1306000 | 1348259 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $6,401,498) | **TOTAL ASSET-BACKED SECURITIES** (Cost $6,401,498) | **TOTAL ASSET-BACKED SECURITIES** (Cost $6,401,498) | 6444755 |
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.8%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.8%** | **Par** | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool WA3311, 2.21%, 04/01/2038 | &nbsp;&nbsp; Pool WA3311, 2.21%, 04/01/2038 | 1614807 | 1239626 |
| &nbsp;&nbsp; Series Q006, Class APT2, 2.69%, 09/25/2026 <sup>(b)</sup> | &nbsp;&nbsp; Series Q006, Class APT2, 2.69%, 09/25/2026 <sup>(b)</sup> | 64381 | 63857 |
| &nbsp;&nbsp; Series Q007, Class APT1, 6.39%, 10/25/2047 <sup>(b)</sup> | &nbsp;&nbsp; Series Q007, Class APT1, 6.39%, 10/25/2047 <sup>(b)</sup> | 49035 | 49048 |
| &nbsp;&nbsp; Series Q010, Class APT1, 7.68%, 04/25/2046 <sup>(b)</sup> | &nbsp;&nbsp; Series Q010, Class APT1, 7.68%, 04/25/2046 <sup>(b)</sup> | 19891 | 19880 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool BL1160, 3.64%, 01/01/2026 | &nbsp;&nbsp; Pool BL1160, 3.64%, 01/01/2026 | 750000 | 747172 |
| &nbsp;&nbsp; Series 2016-M10, Class AV1, 2.35%, 11/25/2045 | &nbsp;&nbsp; Series 2016-M10, Class AV1, 2.35%, 11/25/2045 | 41577 | 41346 |
|  FREMF Mortgage Trust, Series 2020-KF74, Class B, 6.62% (30 day avg SOFR US + 2.26%), 01/25/2027 <sup>(a)</sup> | FREMF Mortgage Trust, Series 2020-KF74, Class B, 6.62% (30 day avg SOFR US + 2.26%), 01/25/2027 <sup>(a)</sup> | 148475 | 147218 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $2,575,070) | **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $2,575,070) | **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $2,575,070) | 2308147 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **Par** | **Value**  |
|  BX Trust, Series 2025-VLT6, Class A, 5.59% (1 mo. Term SOFR + 1.44%), 03/15/2042 <sup>(a)</sup> | BX Trust, Series 2025-VLT6, Class A, 5.59% (1 mo. Term SOFR + 1.44%), 03/15/2042 <sup>(a)</sup> | 605000 | 605685 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $603,487) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $603,487) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $603,487) | 605685 |
| **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.5%** | **Par** | **Value**  |
|  JP Morgan Mortgage Trust, Series 2020-LTV2, Class A15, 3.00%, 11/25/2050 <sup>(a)(b)</sup> | JP Morgan Mortgage Trust, Series 2020-LTV2, Class A15, 3.00%, 11/25/2050 <sup>(a)(b)</sup> | 665436 | 602049 |
| **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $630,085) | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $630,085) | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $630,085) | 602049 |
| **SHORT-TERM INVESTMENTS - 3.8%** | **SHORT-TERM INVESTMENTS - 3.8%** | **Shares** | **Value**  |
| **Money Market Funds - 3.8%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(c)</sup> | **Money Market Funds - 3.8%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(c)</sup> | 4980401 | 4980401 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,980,401) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,980,401) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $4,980,401) | 4980401 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $130,628,340**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $130,628,340**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $130,628,340**)** | 129482584 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 592466 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $130075050 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| RFUCCT6M - Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors.

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

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

------

---

| |
|:---|
| **Brown Advisory Intermediate Income Fund** |
| **Schedule of Open Futures Contracts**<br> **September 30, 2025 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br> **Purchased** | **Expiration**<br> **Date** | **Notional** <br> **Amount** | **Notional Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| 10 Year U.S. Ultra Treasury Notes | 5 | 12/19/2025 | $574104 | $575391 | $1287 |
| U.S. Treasury 10 Year Notes | 3 | 12/19/2025 | 337366 | 337500 | 134 |
| U.S. Treasury 2 Year Notes | 30 | 12/31/2025 | 6253259 | 6251954 | (1305) |
| U.S. Treasury 5 Year Notes | 150 | 12/31/2025 | 16382512 | 16379297 | (3215) |
|  |  |  | $23547241 | $23544142 | $(3099) |
|  |  |  |  |  | – |
| **Description** | **Contracts**<br> **Purchased** | **Expiration<br> Date** | **Notional**<br> **Amount** | **Notional Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| U.S. Treasury Long Bonds | (15) | 12/19/2025 | $(1716645) | $(1748906) | $(32261) |
| U.S. Treasury Ultra Bonds | (8) | 12/19/2025 | (937544) | (960500) | (22956) |
|  |  |  | $(2654189) | $(2709406) | $(55217) |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** |  |  |  | $(58316) |

---

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Intermediate Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities | $– | $41280471 | $– | $41280471 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 40954690 | – | 40954690 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 32306386 | – | 32306386 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 6444755 | – | 6444755 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities | – | 2308147 | – | 2308147 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities | – | 605685 | – | 605685 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities | – | 602049 | – | 602049 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 4980401 | – | – | 4980401 |
| Total Investments | $4980401 | $124502183 | $– | $129482584 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brown Advisory Funds

- **b. Investment Company Act file number:** 811-22708

- **c. CIK number of Registrant:** 0001548609

- **d. LEI of Registrant:** 254900ZS9LW6H6GM4251

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 South Bond Street, Suite 400

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brown Advisory Intermediate Income Fund

- **b. EDGAR series identifier (if any):** S000038487

- **c. LEI of Series:** 549300564DM50DQH8E44

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $130509852.00

**Total Liabilities:** $503584.98

**Net Assets:** $130006267.02

**Cash Not Reported:** $185891.37

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4360.370000000000 | **1-Year:** 5745.500000000000 | **5-Year:** 14124.770000000000 | **10-Year:** 13243.400000000000 | **30-Year:** 18429.610000000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 17.200000000000 | **5-Year:** 1.490000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118736 | -0.27%               | 1.33%                | 0.63%                |
| Class ID C000118738 | -0.30%               | 1.35%                | 0.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-15461.47               | $-644257.01                                |
| Month 2  | $-88130.65               | $1234589.29                                |
| Month 3  | $32688.66                | $472517.38                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Intermediate US Aggregate Bond Index

- **Index Identifier:** LC08TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust    | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1445000 | PA      | $1331500.32   | 1.02%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent          | American Homes 4 Rent 2015-SFR2 Trust                        | CUSIP: 02666BAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    510000 | PA      | $508865.71    | 0.39%             | 2052-10-17      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp                                          | CUSIP: 03027XAR1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    646000 | PA      | $638246.33    | 0.49%             | 2028-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2025-VLT6                                           | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    605000 | PA      | $605684.50    | 0.47%             | 2042-03-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust        | Carmax Auto Owner Trust 2025-3                               | CUSIP: 14290FAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    670000 | PA      | $679994.19    | 0.52%             | 2031-03-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus | Carmax Select Receivables Trust 2024-A                       | CUSIP: 14319FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70375 | PA      | $70606.58     | 0.05%             | 2027-09-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                                | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1284000 | PA      | $1273641.29   | 0.98%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust            | CNH Equipment Trust 2024-B                                   | CUSIP: 18978JAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147161 | PA      | $147544.07    | 0.11%             | 2027-10-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                                 | CUSIP: 20030NEJ6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    625000 | PA      | $648636.61    | 0.50%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| DOLLAR TREE INC                | Dollar Tree Inc                                              | CUSIP: 256746AH1<br>LEI: 549300PMSTQITB1WHR43 | Long             | DBT              | CORP              | US        |   1281000 | PA      | $1277840.18   | 0.98%             | 2028-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC            | Dominion Energy Inc                                          | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    390000 | PA      | $399929.31    | 0.31%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EASTMAN CHEMICAL CO            | Eastman Chemical Co                                          | CUSIP: 277432AX8<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1266001.02   | 0.97%             | 2033-03-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust           | FREMF 2020-KF74 Mortgage Trust                               | CUSIP: 30313MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148475 | PA      | $147218.24    | 0.11%             | 2027-01-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Issuer Trust 2024-3                                      | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    693388 | PA      | $692732.49    | 0.53%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132CXJY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    533124 | PA      | $547291.98    | 0.42%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DNAN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1261740 | PA      | $1075549.80   | 0.83%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQ2G0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1101792 | PA      | $1122370.55   | 0.86%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQ2J4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    455563 | PA      | $478412.63    | 0.37%             | 2053-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQSX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1431940 | PA      | $1215931.42   | 0.94%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DSGE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1484552 | PA      | $1535013.59   | 1.18%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DTFN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1197358 | PA      | $1070543.46   | 0.82%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DWGY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    493464 | PA      | $490258.41    | 0.38%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KPYY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1120175 | PA      | $1096454.53   | 0.84%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133L8U29<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    875013 | PA      | $811208.18    | 0.62%             | 2037-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                 | Fannie Mae-Aces                                              | CUSIP: 3136ATX41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41577 | PA      | $41345.94     | 0.03%             | 2045-11-25      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137BSSL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    668416 | PA      | $667197.98    | 0.51%             | 2054-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FCL69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     64381 | PA      | $63856.47     | 0.05%             | 2026-09-25      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FHQB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     49035 | PA      | $49047.62     | 0.04%             | 2047-10-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137H23U6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    368669 | PA      | $296963.20    | 0.23%             | 2049-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31389LS26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6409 | PA      | $6718.50      | 0.01%             | 2032-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3138MTKD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1330328 | PA      | $1320725.47   | 1.02%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31391CZB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7516 | PA      | $7707.19      | 0.01%             | 2032-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418CKL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    213705 | PA      | $210194.47    | 0.16%             | 2032-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418D7E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1021127 | PA      | $828513.92    | 0.64%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418DVA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    660342 | PA      | $537974.97    | 0.41%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418FDA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    130869 | PA      | $129924.16    | 0.10%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 31427N2K4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    966818 | PA      | $942451.84    | 0.72%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3142J6BT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    388448 | PA      | $391916.38    | 0.30%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC           | Ferguson Finance PLC                                         | CUSIP: 314890AD6<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |   1280000 | PA      | $1269373.00   | 0.98%             | 2032-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                   | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4975593 | NS      | $4975593.35   | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Credit Auto Owner Trust   | Ford Credit Auto Owner Trust 2024-B                          | CUSIP: 34531QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    730000 | PA      | $745282.55    | 0.57%             | 2030-05-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179VKK5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    619763 | PA      | $535186.87    | 0.41%             | 2050-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179VXX3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    644207 | PA      | $533248.12    | 0.41%             | 2050-11-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2355172 | PA      | $2105968.47   | 1.62%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179X2H8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1688720 | PA      | $1602385.88   | 1.23%             | 2053-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 36179XNC6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    885423 | PA      | $809432.20    | 0.62%             | 2052-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae I Pool                                            | CUSIP: 36225BJ74<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4905 | PA      | $4949.79      | 0.00%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                  | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1266171.41   | 0.97%             | 2030-07-23      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| JB HUNT TRANSPRT SVCS          | JB Hunt Transport Services Inc                               | CUSIP: 445658CG0<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1271338.86   | 0.98%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-C                        | CUSIP: 44935JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $389488.44    | 0.30%             | 2032-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-B                        | CUSIP: 44935XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    565000 | PA      | $575774.89    | 0.44%             | 2030-07-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-LTV2                           | CUSIP: 46653LBT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    665436 | PA      | $602048.78    | 0.46%             | 2050-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES          | Keysight Technologies Inc                                    | CUSIP: 49338LAE3<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |   1251000 | PA      | $1257272.75   | 0.97%             | 2027-04-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| KROGER CO                      | Kroger Co/The                                                | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1291549.25   | 0.99%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2025-2                             | CUSIP: 50117LAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $384169.06    | 0.30%             | 2029-09-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2025-2                             | CUSIP: 50117LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $396269.56    | 0.30%             | 2030-11-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                     | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1284011.99   | 0.99%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC             | Analog Devices Inc                                           | CUSIP: 032654AU9<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1288024.99   | 0.99%             | 2028-10-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                   | Broadcom Inc                                                 | CUSIP: 11135FCC3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1274434.36   | 0.98%             | 2032-02-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Banc of California Multifamily | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FMUJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     19891 | PA      | $19880.44     | 0.02%             | 2046-04-25      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XAH96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    897651 | PA      | $734954.44    | 0.57%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XECK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1170378 | PA      | $1044797.35   | 0.80%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XFA92<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1155178 | PA      | $974457.64    | 0.75%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XFL66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1281739 | PA      | $1050603.59   | 0.81%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XHFU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    738587 | PA      | $623034.69    | 0.48%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XJS53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1135858 | PA      | $1052784.34   | 0.81%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XLML9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1349727 | PA      | $1146647.25   | 0.88%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XN2U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1647705 | PA      | $1671159.08   | 1.29%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XPCN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1580176 | PA      | $1577314.41   | 1.21%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XPTA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    496927 | PA      | $522843.92    | 0.40%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XQJ65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1728140 | PA      | $1616570.43   | 1.24%             | 2051-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1261397 | PA      | $1296400.73   | 1.00%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                                  | CUSIP: 68389XBU8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1275087.13   | 0.98%             | 2027-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                         | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1102000 | PA      | $1248906.42   | 0.96%             | 2034-10-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| REVVITY INC                    | Revvity Inc                                                  | CUSIP: 714046AN9<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |    740000 | PA      | $642704.83    | 0.49%             | 2031-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                                  | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1301401.18   | 1.00%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL       | Regeneron Pharmaceuticals Inc                                | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1288122.16   | 0.99%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE               | Societe Generale SA                                          | CUSIP: 83368RBU5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1260000 | PA      | $1272763.28   | 0.98%             | 2028-01-19      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION              | Sysco Corp                                                   | CUSIP: 871829BL0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    589000 | PA      | $624520.59    | 0.48%             | 2030-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner  | Toyota Auto Receivables 2024-C Owner Trust                   | CUSIP: 89237QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $505768.40    | 0.39%             | 2029-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                   | CUSIP: 91159HJQ4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1256465.14   | 0.97%             | 2030-01-23      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6211542.96   | 4.78%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3180000 | PA      | $3132983.19   | 2.41%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1850000 | PA      | $1893178.70   | 1.46%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7600000 | PA      | $7616773.43   | 5.86%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4600000 | PA      | $4600553.84   | 3.54%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1559179.68   | 1.20%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                   | VeriSign Inc                                                 | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1274358.58   | 0.98%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust           | Verizon Master Trust Series 2024-5                           | CUSIP: 92348KDB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1306000 | PA      | $1348259.29   | 1.04%             | 2032-06-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                             | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1289000 | PA      | $1276164.24   | 0.98%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| YARA INTERNATIONAL ASA         | Yara International ASA                                       | CUSIP: 984851AH8<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | DBT              | CORP              | NO        |    555000 | PA      | $629450.89    | 0.48%             | 2032-11-14      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       142 | NC      | $-3636.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 2YR NOTE (CBT) Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        30 | NC      | $-1305.33     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -16 | NC      | $-34411.64    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US ULTRA BOND CBT Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -8 | NC      | $-22956.46    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31402XT63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4979 | PA      | $5104.53      | 0.00%             | 2033-12-01      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31403CNW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       422 | PA      | $423.96       | 0.00%             | 2033-11-01      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31404CEP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16348 | PA      | $16570.14     | 0.01%             | 2034-02-01      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140HSJE2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    750000 | PA      | $747172.23    | 0.57%             | 2026-01-01      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140KNTE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1293334 | PA      | $1052183.75   | 0.81%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140KSAH0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1158143 | PA      | $942436.12    | 0.72%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140MRA31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    580169 | PA      | $551339.23    | 0.42%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QMZN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1158814 | PA      | $986595.23    | 0.76%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QPH75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    322465 | PA      | $308269.50    | 0.24%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W23H2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    744181 | PA      | $603012.09    | 0.46%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W23K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    557711 | PA      | $453576.90    | 0.35%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132E0HR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    597777 | PA      | $608555.21    | 0.47%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132WW3V2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1614807 | PA      | $1239625.51   | 0.95%             | 2038-04-01      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B9VP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    724363 | PA      | $593503.19    | 0.46%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133BMRM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    638117 | PA      | $649693.09    | 0.50%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XRGM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    443321 | PA      | $453302.65    | 0.35%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XRMQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    436178 | PA      | $369843.78    | 0.28%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LKQ CORP                       | LKQ Corp                                                     | CUSIP: 501889AD1<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1251014.63   | 0.96%             | 2028-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MSCI INC                       | MSCI Inc                                                     | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    680000 | PA      | $651771.98    | 0.50%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                               | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1275683.16   | 0.98%             | 2031-04-17      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -1 | NC      | $-361.40      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10yr Ultra Fut Dec25                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         2 | NC      | $1152.21      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5395000 | PA      | $5294897.45   | 4.07%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2757781.26   | 2.12%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128286L9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5953884.30   | 4.58%             | 2026-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2230000 | PA      | $1933915.23   | 1.49%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer