# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-006407
**Filing Date:** 2025-8
**Character Count:** 71164
**Document Hash:** 858c8c9afa629df990f1ca34370dd05e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-006407.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000894189-25-006407

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**PERIOD START**: 20250630

**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:** 251277293

**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:** 2025-06-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1045069102.28

**Total Liabilities:** $25707696.94

**Net Assets:** $1019361405.34

**Delayed Delivery Securities:** $15932040.00

**Cash Not Reported:** $1040581.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 52863.360000000000 | **1-Year:** 90893.270000000000 | **5-Year:** 226205.230000000000 | **10-Year:** 132117.960000000000 | **30-Year:** 38292.830000000000

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

- **3-Month:** 34.130000000000 | **1-Year:** 4588.510000000000 | **5-Year:** 15855.280000000000 | **10-Year:** 8383.640000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116565 | -0.54%               | 0.33%                | 0.87%                |
| Class ID C000116566 | -0.44%               | 0.22%                | 0.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4457892.50             | $-4265597.69                               |
| Month 2  | $-153769.24              | $-572387.26                                |
| Month 3  | $-33905.33               | $6014352.74                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FRISCO TX                      | City of Frisco TX                                                     | CUSIP: 358776ZH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1208769.88   | 0.12%             | 2040-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV                   | City of Henderson NV                                                  | CUSIP: 425201AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2003344.55   | 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      | $1090185.98   | 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        |   1150000 | PA      | $1150000.00   | 0.11%             | 2027-08-23      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                            | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4845578.50   | 0.48%             | 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        |   3000000 | PA      | $3039538.50   | 0.30%             | 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      | $1689471.90   | 0.17%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                          | CUSIP: 898526EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1085174.42   | 0.11%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                     | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   5018367 | PA      | $4364046.49   | 0.43%             | 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        |   8028671 | PA      | $7865194.57   | 0.77%             | 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        |   4261094 | PA      | $4271548.63   | 0.42%             | 2052-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST STUDENT ASSISTANCEC | Vermont Student Assistance Corp                                       | CUSIP: 92428CJN5<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   7414647 | PA      | $7347545.29   | 0.72%             | 2042-06-02      | Floating      | 5.43%                 | 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      | $2494537.73   | 0.24%             | 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      | $2585484.64   | 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      | $3239684.46   | 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      | $1963897.80   | 0.19%             | 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      | $3700544.51   | 0.36%             | 2029-10-01      | Fixed         | 5.00%                 | 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      | $846819.33    | 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      | $3983384.75   | 0.39%             | 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      | $1130393.75   | 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      | $1077042.45   | 0.11%             | 2039-02-15      | Fixed         | 2.00%                 | 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      | $6108894.60   | 0.60%             | 2058-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                          | CUSIP: 02765URG1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   5510000 | PA      | $5437452.59   | 0.53%             | 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      | $5713740.05   | 0.56%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                     | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007538.20   | 0.20%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH        | Bartow County Development Authority                                   | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   6295000 | PA      | $6406932.65   | 0.63%             | 2032-12-01      | Variable      | 3.95%                 | 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      | $1761456.53   | 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      | $1750582.35   | 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      | $1753565.92   | 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: 09182TAF4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  14500000 | PA      | $14538554.05  | 1.43%             | 2052-10-01      | Variable      | 4.00%                 | 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        |  34250000 | PA      | $33810236.85  | 3.32%             | 2052-10-01      | Floating      | 2.27%                 | 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      | $9825014.97   | 0.96%             | 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      | $9396560.00   | 0.92%             | 2052-02-01      | Floating      | 2.37%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                       | CUSIP: 13013JCW4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4516739.21   | 0.44%             | 2029-03-01      | Fixed         | 5.00%                 | 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      | $1462197.12   | 0.14%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                         | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   7670000 | PA      | $8012543.73   | 0.79%             | 2053-05-01      | Variable      | 5.00%                 | 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      | $10346400.00  | 1.01%             | 2053-05-01      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                             | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6986702.10   | 0.69%             | 2049-06-01      | Variable      | 4.00%                 | 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      | $3427645.44   | 0.34%             | 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      | $3931899.35   | 0.39%             | 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      | $2351170.58   | 0.23%             | 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      | $5444068.35   | 0.53%             | 2040-04-01      | Fixed         | 5.25%                 | 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      | $18393144.62  | 1.80%             | 2029-07-01      | Floating      | 5.49%                 | 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      | $9341383.36   | 0.92%             | 2032-07-01      | Floating      | 5.49%                 | 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      | $4000008.00   | 0.39%             | 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      | $2259984.90   | 0.22%             | 2037-12-01      | Fixed         | 2.00%                 | 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      | $2505466.25   | 0.25%             | 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      | $3864370.83   | 0.38%             | 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      | $4653514.57   | 0.46%             | 2034-03-01      | Fixed         | 2.00%                 | 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      | $8638518.01   | 0.85%             | 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      | $3023308.25   | 0.30%             | 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      | $9292352.13   | 0.91%             | 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      | $3608655.40   | 0.35%             | 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      | $5032017.00   | 0.49%             | 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      | $9866228.21   | 0.97%             | 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      | $6253801.69   | 0.61%             | 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      | $1733904.94   | 0.17%             | 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      | $11775408.59  | 1.16%             | 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      | $6710352.17   | 0.66%             | 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      | $3387145.61   | 0.33%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST LTD OBLIG    | State of North Carolina                                               | CUSIP: 65829QBF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16820000 | PA      | $16461651.58  | 1.61%             | 2032-05-01      | Fixed         | 3.00%                 | 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      | $5138325.39   | 0.50%             | 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      | $1641329.06   | 0.16%             | 2032-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OSSEO MN INDEP SCH DIST #279   | Osseo Independent School District No 279                              | CUSIP: 688443T67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6900000 | PA      | $6856981.95   | 0.67%             | 2028-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE | Park Creek Metropolitan District                                      | CUSIP: 700387DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004627.10   | 0.10%             | 2034-12-01      | Fixed         | 5.00%                 | 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      | $2649253.07   | 0.26%             | 2043-09-01      | Fixed         | 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      | $13503883.01  | 1.32%             | 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      | $21905482.80  | 2.15%             | 2059-08-01      | Variable      | 4.00%                 | 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      | $12700057.53  | 1.25%             | 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      | $4832414.65   | 0.47%             | 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      | $5902960.49   | 0.58%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH M | Industrial Development Authority of the City of St Louis Missouri/The | CUSIP: 79165BAB6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   4722720 | PA      | $3505665.91   | 0.34%             | 2038-12-01      | Fixed         | 2.22%                 | 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      | $1817647.81   | 0.18%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                       | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |  15275000 | PA      | $15441919.09  | 1.51%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CARY NC                        | Town of Cary NC                                                       | CUSIP: 147051YQ3<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $4529210.63   | 0.44%             | 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      | $4359313.75   | 0.43%             | 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      | $2379681.79   | 0.23%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R | Tobacco Settlement Financing Corp/RI                                  | CUSIP: 888809BD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23310000 | PA      | $23320233.09  | 2.29%             | 2035-06-01      | Fixed         | 5.00%                 | 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      | $3895172.67   | 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      | $8080215.10   | 0.79%             | 2030-06-01      | 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      | $2873729.28   | 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      | $2044425.08   | 0.20%             | 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      | $9328594.70   | 0.92%             | 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      | $6281889.38   | 0.62%             | 2038-12-01      | Fixed         | 5.00%                 | 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      | $3329755.62   | 0.33%             | 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      | $3046167.43   | 0.30%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                     | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5034660.00   | 0.49%             | 2046-06-01      | Fixed         | 5.25%                 | 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      | $4186583.90   | 0.41%             | 2029-06-01      | Fixed         | 2.55%                 | 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      | $1037426.80   | 0.10%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                 | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9130267.80   | 0.90%             | 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      | $5655784.26   | 0.55%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #10 S | Seaside School District No 10                                         | CUSIP: 182846BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6825000 | PA      | $3273008.60   | 0.32%             | 2040-06-15      | Fixed         | 0.00%                 | 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      | $11966713.20  | 1.17%             | 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      | $10953190.00  | 1.07%             | 2032-02-15      | Fixed         | 5.00%                 | 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      | $3258602.96   | 0.32%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH                    | City of Columbus OH                                                   | CUSIP: 199492RS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4240710.08   | 0.42%             | 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        |   5000000 | PA      | $3378747.00   | 0.33%             | 2043-07-01      | Fixed         | 2.41%                 | 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      | $7574788.53   | 0.74%             | 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      | $2235806.55   | 0.22%             | 2039-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH  | Delaware Valley Regional Finance Authority                            | CUSIP: 246579LN4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2986797.00   | 0.29%             | 2057-03-01      | Floating      | 2.32%                 | 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      | $2289779.28   | 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      | $3235947.50   | 0.32%             | 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      | $1515444.90   | 0.15%             | 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      | $5636165.21   | 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      | $1099836.32   | 0.11%             | 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        |   7680000 | PA      | $5369656.32   | 0.53%             | 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      | $5886839.75   | 0.58%             | 2054-07-01      | Variable      | 5.25%                 | 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      | $13756546.50  | 1.35%             | 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        |   3538879 | PA      | $3456156.92   | 0.34%             | 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        |   2440606 | PA      | $2423029.64   | 0.24%             | 2051-08-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                     | CUSIP: 452152FA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5384615 | PA      | $5697992.25   | 0.56%             | 2035-04-01      | Fixed         | 6.72%                 | 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      | $13070524.80  | 1.28%             | 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      | $2845277.31   | 0.28%             | 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      | $4561621.06   | 0.45%             | 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      | $1012491.10   | 0.10%             | 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      | $2307971.95   | 0.23%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE HOS | County of Lehigh PA                                                   | CUSIP: 52480GDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9435000 | PA      | $9308314.37   | 0.91%             | 2038-08-15      | Floating      | 3.02%                 | No            |                  2 | On Loan: No      |
| LEWISTON ME                    | City of Lewiston ME                                                   | CUSIP: 52850CSP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $865445.44    | 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      | $833370.57    | 0.08%             | 2039-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LEWISVILLE TX INDEP SCH DIST   | Lewisville Independent School District                                | CUSIP: 5288287K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8635000 | PA      | $8618919.04   | 0.85%             | 2028-08-15      | Fixed         | 3.00%                 | 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      | $7365497.72   | 0.72%             | 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        |   3660000 | PA      | $3445862.18   | 0.34%             | 2041-05-15      | Fixed         | 4.00%                 | 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      | $17354069.60  | 1.70%             | 2036-11-01      | Fixed         | 4.00%                 | 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      | $10218264.00  | 1.00%             | 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      | $2842933.80   | 0.28%             | 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      | $5944503.60   | 0.58%             | 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      | $1742236.20   | 0.17%             | 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        |   2540000 | PA      | $2493333.09   | 0.24%             | 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      | $1249929.38   | 0.12%             | 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        |  15365000 | PA      | $8750221.53   | 0.86%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259Y6F1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  11540000 | PA      | $11593217.86  | 1.14%             | 2031-11-15      | Fixed         | 5.25%                 | 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      | $2692162.33   | 0.26%             | 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      | $3773098.35   | 0.37%             | 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      | $6185303.60   | 0.61%             | 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      | $10000191.00  | 0.98%             | 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        |   2715000 | PA      | $2721987.32   | 0.27%             | 2026-07-01      | Floating      | 5.49%                 | 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      | $20999732.00  | 2.06%             | 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      | $10571573.00  | 1.04%             | 2055-01-01      | Variable      | 5.00%                 | 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      | $8054740.00   | 0.79%             | 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      | $5566297.00   | 0.55%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Building Aid Revenue     | CUSIP: 64972HXT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2721896.38   | 0.27%             | 2031-07-15      | 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      | $10211229.00  | 1.00%             | 2056-01-01      | Variable      | 5.00%                 | 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      | $4285904.25   | 0.42%             | 2055-03-01      | Variable      | 5.25%                 | 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      | $12909876.00  | 1.27%             | 2055-11-01      | Variable      | 5.25%                 | 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      | $15651250.00  | 1.54%             | 2042-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SUFFOLK VA                     | City of Suffolk VA                                                    | CUSIP: 86481AAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1385000 | PA      | $926319.72    | 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      | $1187126.26   | 0.12%             | 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      | $9706397.40   | 0.95%             | 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      | $557705.39    | 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      | $569729.92    | 0.06%             | 2041-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                      | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $633123.10    | 0.06%             | 2045-09-01      | Fixed         | 0.00%                 | 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      | $1494933.40   | 0.15%             | 2047-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE   | Tennergy Corp/TN                                                      | CUSIP: 880397CJ1<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6838365.95   | 0.67%             | 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      | $1942030.05   | 0.19%             | 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      | $1475344.95   | 0.14%             | 2035-09-01      | 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        |  10020000 | PA      | $10055619.10  | 0.99%             | 2027-09-15      | Floating      | 3.94%                 | 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        |   5315000 | PA      | $5281668.57   | 0.52%             | 2027-09-15      | Floating      | 2.47%                 | 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        |  17735000 | PA      | $17747308.09  | 1.74%             | 2027-09-15      | Floating      | 3.71%                 | 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      | $8723683.28   | 0.86%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| YORK CNTY SC SCH DIST #4 FORT  | Fort Mill School District No 4                                        | CUSIP: 986525VU4<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6474803.40   | 0.64%             | 2029-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                            | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  26759122 | NS      | $26759122.06  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                      | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  17500000 | PA      | $17563610.75  | 1.72%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX                  | City of Fort Worth TX                                                 | CUSIP: 349426DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6475000 | PA      | $4533511.40   | 0.44%             | 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      | $1236722.79   | 0.12%             | 2039-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MADISON AL                     | City of Madison AL                                                    | CUSIP: 556583XE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2459979.52   | 0.24%             | 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      | $28652703.00  | 2.81%             | 2053-12-01      | Floating      | 4.65%                 | 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      | $5286877.50   | 0.52%             | 2054-12-01      | Variable      | 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      | $10043156.30  | 0.99%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer