# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016033
**Filing Date:** 2026-5
**Character Count:** 108263
**Document Hash:** f68929684074403c2ed25be6ce55d34c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016033.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016033

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**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:** 261024368

**BUSINESS ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-537-5400

**MAIL ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### Brown Advisory Tax-Exempt Bond Fund (Series ID: S000037790)

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

## Nport-Ex

€

---

| | | |
|:---|:---|:---|
| **Brown Advisory Tax-Exempt Bond Fund** | **Brown Advisory Tax-Exempt Bond Fund** | **Brown Advisory Tax-Exempt Bond Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **MUNICIPAL BONDS - 98.4%** | **Par**  | **Value**  |
| **Alabama - 6.4%** | **Alabama - 6.4%** | **Alabama - 6.4%** |
| Black Belt Energy Gas District | Black Belt Energy Gas District | Black Belt Energy Gas District |
| &nbsp;&nbsp; 5.00%, 10/01/2035 | $10000000 | $10424606 |
| &nbsp;&nbsp; 2.77% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052 | 29250000 | 29202369 |
| &nbsp;&nbsp; 5.00%, 12/01/2055 <sup>(a)</sup> | 5000000 | 5294592 |
|  Energy Southeast A Cooperative District, 5.25%, 07/01/2054 <sup>(a)</sup> | 5500000 | 5868036 |
|  Industrial Development Board of Mobile Alabama, 3.78%, 06/01/2034 <sup>(a)</sup> | 2500000 | 2504678 |
|  Madison Alabama, 3.00%, 02/01/2036 | 2730000 | 2526717 |
| Southeast Energy Authority A Cooperative District | Southeast Energy Authority A Cooperative District | Southeast Energy Authority A Cooperative District |
| &nbsp;&nbsp; 5.00%, 09/01/2035 | 3000000 | 3231420 |
| &nbsp;&nbsp; 5.25%, 03/01/2055 <sup>(a)</sup> | 4100000 | 4214828 |
| &nbsp;&nbsp; 5.25%, 11/01/2055 <sup>(a)</sup> | 12000000 | 12962876 |
| &nbsp;&nbsp; 5.00%, 01/01/2056 <sup>(a)</sup> | 3820000 | 3844528 |
|  |  | 80074650 |
| **Arizona - 2.6%** | **Arizona - 2.6%** | **Arizona - 2.6%** |
| Maricopa County Pollution Control Corp. | Maricopa County Pollution Control Corp. | Maricopa County Pollution Control Corp. |
| &nbsp;&nbsp; 2.40%, 06/01/2035 | 9500000 | 8090575 |
| &nbsp;&nbsp; 2.40%, 06/01/2035 | 16555000 | 14098892 |
|  Maricopa County Unified School District No 69 Paradise Valley, 3.00%, 07/01/2031 | 10500000 | 10435126 |
|  |  | 32624593 |
| **Arkansas - 0.5%** | **Arkansas - 0.5%** | **Arkansas - 0.5%** |
| Bentonville South Dakota School District No 6 | Bentonville South Dakota School District No 6 | Bentonville South Dakota School District No 6 |
| &nbsp;&nbsp; 2.13%, 06/01/2041 | 2680000 | 1901313 |
| &nbsp;&nbsp; 2.13%, 06/01/2042 | 2750000 | 1913400 |
| &nbsp;&nbsp; 2.13%, 06/01/2043 | 2825000 | 1927593 |
|  |  | 5742306 |
| **California - 6.9%** | **California - 6.9%** | **California - 6.9%** |
| California Community Choice Financing Authority | California Community Choice Financing Authority | California Community Choice Financing Authority |
| &nbsp;&nbsp; Series A, 5.00%, 01/01/2056 <sup>(a)</sup> | 17300000 | 17537309 |
| &nbsp;&nbsp; Series B2, 2.87% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 25000000 | 23913293 |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 10330000 | 10424007 |
| Los Angeles California Department of Airports | Los Angeles California Department of Airports | Los Angeles California Department of Airports |
| &nbsp;&nbsp; 4.00%, 05/15/2041 | 4160000 | 4039070 |
| &nbsp;&nbsp; 4.00%, 05/15/2042 | 7950000 | 7633420 |
|  San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 1825000 | 1835847 |
|  San Francisco City & County Airport Comm-San Francisco International Airport, 5.50%, 05/01/2055 | 18000000 | 19014863 |
|  Temecula Valley California Unified School District, 3.00%, 08/01/2047 | 2000000 | 1535619 |
|  |  | 85933428 |
| **Colorado - 2.1%** | **Colorado - 2.1%** | **Colorado - 2.1%** |
|  Board of Governors of Colorado State University System, 4.00%, 03/01/2036 | 3255000 | 3272206 |
| Colorado Health Facilities Authority | Colorado Health Facilities Authority | Colorado Health Facilities Authority |
| &nbsp;&nbsp; 5.00%, 08/01/2044 | 7930000 | 8057854 |
| &nbsp;&nbsp; 1.80%, 05/15/2064 <sup>(a)</sup> | 9440000 | 9440000 |
|  Denver City & County Colorado Pledged Excise Tax Revenue, 5.00%, 08/01/2048 | 5000000 | 5008385 |
|  |  | 25778445 |
| **District of Columbia - 1.0%** | **District of Columbia - 1.0%** | **District of Columbia - 1.0%** |
| District of Columbia | District of Columbia | District of Columbia |
| &nbsp;&nbsp; 5.00%, 07/15/2028 | 1500000 | 1501721 |
| &nbsp;&nbsp; 5.00%, 07/01/2048 | 5000000 | 4830287 |
|  Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032 | 2660000 | 2682712 |
|  Washington Convention & Sports Authority, 5.00%, 10/01/2029 | 3565000 | 3672424 |
|  |  | 12687144 |
| **Florida - 6.5%** | **Florida - 6.5%** | **Florida - 6.5%** |
|  Cape Coral Florida Water & Sewer Revenue, 5.00%, 10/01/2039 | 10000000 | 10173587 |
|  Florida Development Finance Corp., 5.00%, 08/01/2056 <sup>(a)</sup> | 6000000 | 6479765 |
| Miami-Dade County Florida Aviation Revenue | Miami-Dade County Florida Aviation Revenue | Miami-Dade County Florida Aviation Revenue |
| &nbsp;&nbsp; 5.00%, 10/01/2031 | 3500000 | 3807322 |
| &nbsp;&nbsp; 5.00%, 10/01/2034 | 5735000 | 6359394 |
| &nbsp;&nbsp; 5.00%, 10/01/2038 | 10000000 | 10006724 |
| Miami-Dade County Florida Expressway Authority | Miami-Dade County Florida Expressway Authority | Miami-Dade County Florida Expressway Authority |
| &nbsp;&nbsp; 4.83% (1 mo. Term SOFR + 1.05%), 07/01/2026 | 1050000 | 1052994 |
| &nbsp;&nbsp; 4.83% (1 mo. Term SOFR + 1.05%), 07/01/2029 | 18260000 | 18338777 |
| &nbsp;&nbsp; 4.83% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 9260000 | 9338456 |
| &nbsp;&nbsp; 5.00%, 07/01/2040 | 4000000 | 4003139 |
|  Tampa Bay Water, 3.38%, 10/01/2038 | 10800000 | 10248594 |
|  Tampa Florida, 3.77%, 09/01/2045 <sup>(b)</sup> | 1850000 | 737111 |
|  |  | 80545863 |
| **Georgia - 4.8%** | **Georgia - 4.8%** | **Georgia - 4.8%** |
|  Atlanta Georgia Water & Wastewater Revenue, 5.00%, 11/01/2040 | 2430000 | 2436959 |
|  Clayton County Development Authority, 5.00%, 07/01/2032 | 12000000 | 11999882 |
|  Development Authority for Fulton County, 5.25%, 06/01/2051 | 10060000 | 10414213 |
| Main Street Natural Gas, Inc. | Main Street Natural Gas, Inc. | Main Street Natural Gas, Inc. |
| &nbsp;&nbsp; 4.17% (SOFR + 1.70%), 12/01/2053 | 28500000 | 29257578 |
| &nbsp;&nbsp; 5.00%, 12/01/2054 <sup>(a)</sup> | 5000000 | 5339774 |
|  |  | 59448406 |
| **Illinois - 9.4%** | **Illinois - 9.4%** | **Illinois - 9.4%** |
| Chicago Illinois Board of Education Dedicated Capital Improvement Tax | Chicago Illinois Board of Education Dedicated Capital Improvement Tax | Chicago Illinois Board of Education Dedicated Capital Improvement Tax |
| &nbsp;&nbsp; 5.25%, 04/01/2036 | 3200000 | 3439720 |
| &nbsp;&nbsp; 5.25%, 04/01/2037 | 3700000 | 3952655 |
| &nbsp;&nbsp; 5.25%, 04/01/2039 | 5375000 | 5681242 |
| &nbsp;&nbsp; 5.25%, 04/01/2040 | 5250000 | 5523369 |
| &nbsp;&nbsp; 5.50%, 04/01/2042 | 1000000 | 1060340 |
| &nbsp;&nbsp; 5.75%, 04/01/2048 | 1500000 | 1585691 |
|  Chicago Illinois Park District, 5.00%, 01/01/2044 <sup>(e)</sup> | 9000000 | 9240386 |
| Chicago O'Hare International Airport | Chicago O'Hare International Airport | Chicago O'Hare International Airport |
| &nbsp;&nbsp; 5.25%, 01/01/2036 | 5000000 | 5071209 |
| &nbsp;&nbsp; 5.25%, 01/01/2045 | 14000000 | 14509709 |
|  DuPage & Cook Counties Community Unit School District No 205 Elmhurst, 2.13%, 01/01/2040 | 1600000 | 1148859 |
|  DuPage County Illinois, 3.00%, 05/15/2047 | 11095000 | 8047736 |
| Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority |
| &nbsp;&nbsp; 4.80%, 12/01/2043 <sup>(a)(c)</sup> | 6000000 | 6045232 |
| &nbsp;&nbsp; 4.13%, 12/01/2050 <sup>(a)(c)</sup> | 6000000 | 5859658 |
| Illinois State | Illinois State | Illinois State |
| &nbsp;&nbsp; 4.00%, 10/01/2033 | 1700000 | 1712306 |
| &nbsp;&nbsp; 6.73%, 04/01/2035 | 5384615 | 5639767 |
| &nbsp;&nbsp; 5.25%, 09/01/2046 | 10000000 | 10320747 |
| Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority |
| &nbsp;&nbsp; 5.49%, 12/15/2037 <sup>(b)</sup> | 20365000 | 12471540 |
| &nbsp;&nbsp; 4.98%, 12/15/2040 <sup>(b)</sup> | 12360000 | 6528477 |
| &nbsp;&nbsp; 4.78%, 06/15/2046 <sup>(b)</sup> | 5420000 | 2092571 |
|  Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/01/2045 | 2500000 | 2510540 |
|  Sales Tax Securitization Corp., 5.00%, 01/01/2045 | 5000000 | 5189425 |
|  |  | 117631179 |
| **Indiana - 1.7%** | **Indiana - 1.7%** | **Indiana - 1.7%** |
| Indiana Finance Authority | Indiana Finance Authority | Indiana Finance Authority |
| &nbsp;&nbsp; 1.75%, 11/01/2037 <sup>(a)</sup> | 7825000 | 7825000 |
| &nbsp;&nbsp; 5.00%, 10/01/2063 <sup>(a)</sup> | 12000000 | 13087266 |
|  |  | 20912266 |
| **Iowa - 0.5%** | **Iowa - 0.5%** | **Iowa - 0.5%** |
| Des Moines Iowa | Des Moines Iowa | Des Moines Iowa |
| &nbsp;&nbsp; 2.00%, 06/01/2039 | 4635000 | 3416587 |
| &nbsp;&nbsp; 1.88%, 06/01/2040 | 3575000 | 2439966 |
|  West Des Moines Iowa, 2.00%, 06/01/2040 | 1280000 | 911458 |
|  |  | 6768011 |
| **Kentucky - 3.9%** | **Kentucky - 3.9%** | **Kentucky - 3.9%** |
| Kentucky Public Energy Authority | Kentucky Public Energy Authority | Kentucky Public Energy Authority |
| &nbsp;&nbsp; 5.00%, 05/01/2036 | 11000000 | 11586811 |
| &nbsp;&nbsp; 5.00%, 01/01/2055 <sup>(a)</sup> | 10000000 | 10591194 |
| &nbsp;&nbsp; 5.00%, 05/01/2055 <sup>(a)</sup> | 20000000 | 20974392 |
|  Louisville/Jefferson County Metropolitan Government, 1.95%, 10/01/2039 <sup>(a)</sup> | 6000000 | 6000000 |
|  |  | 49152397 |
| **Maine - 0.1%** | **Maine - 0.1%** | **Maine - 0.1%** |
| Lewiston Maine | Lewiston Maine | Lewiston Maine |
| &nbsp;&nbsp; 1.75%, 02/15/2038 | 1270000 | 921320 |
| &nbsp;&nbsp; 1.75%, 02/15/2039 | 1270000 | 893673 |
|  |  | 1814993 |
| **Maryland - 0.5%** | **Maryland - 0.5%** | **Maryland - 0.5%** |
|  Maryland Community Development Administration, 2.41%, 07/01/2043 | 4965522 | 3463972 |
|  Maryland Economic Development Corp., 4.38%, 07/01/2036 | 3000000 | 2944961 |
|  |  | 6408933 |
| **Massachusetts - 1.5%** | **Massachusetts - 1.5%** | **Massachusetts - 1.5%** |
| Commonwealth of Massachusetts | Commonwealth of Massachusetts | Commonwealth of Massachusetts |
| &nbsp;&nbsp; 2.00%, 03/01/2037 | 2250000 | 1836673 |
| &nbsp;&nbsp; 3.00%, 04/01/2047 | 7925000 | 6067856 |
|  Massachusetts Housing Finance Agency, 4.00%, 12/01/2033 | 2235000 | 2234934 |
|  Milford Massachusetts, 2.00%, 12/01/2037 | 3000000 | 2384813 |
| Waltham Massachusetts | Waltham Massachusetts | Waltham Massachusetts |
| &nbsp;&nbsp; 2.13%, 10/15/2038 | 3455000 | 2734232 |
| &nbsp;&nbsp; 2.13%, 10/15/2039 | 4455000 | 3446710 |
|  |  | 18705218 |
| **Michigan - 1.0%** | **Michigan - 1.0%** | **Michigan - 1.0%** |
|  Michigan Finance Authority, 5.00%, 11/15/2041 | 10000000 | 10059109 |
|  Oakland-Macomb Interceptor Drain Drainage District, 2.00%, 07/01/2038 | 2500000 | 1871862 |
|  |  | 11930971 |
| **Missouri - 1.1%** | **Missouri - 1.1%** | **Missouri - 1.1%** |
| Cass County Missouri Reorganized School District No R-2 | Cass County Missouri Reorganized School District No R-2 | Cass County Missouri Reorganized School District No R-2 |
| &nbsp;&nbsp; 2.00%, 03/01/2039 | 3375000 | 2505454 |
| &nbsp;&nbsp; 2.00%, 03/01/2041 | 2235000 | 1533315 |
|  Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038 | 4658710 | 3503919 |
|  St Charles County Francis Howell R-III School District, 3.00%, 03/01/2033 | 6180000 | 6047294 |
|  |  | 13589982 |
| **Multi-State - 1.1%** | **Multi-State - 1.1%** | **Multi-State - 1.1%** |
| FHLMC Multifamily VRD Certificates | FHLMC Multifamily VRD Certificates | FHLMC Multifamily VRD Certificates |
| &nbsp;&nbsp; 2.63%, 08/15/2051 <sup>(a)</sup> | 1269762 | 1263964 |
| &nbsp;&nbsp; 2.63%, 08/15/2051 <sup>(a)</sup> | 1841155 | 1827079 |
| &nbsp;&nbsp; 4.77%, 12/25/2042 <sup>(a)</sup> | 10000000 | 10395595 |
|  |  | 13486638 |
| **Nebraska - 1.5%** | **Nebraska - 1.5%** | **Nebraska - 1.5%** |
|  Central Plains Energy Project, 4.61% (SOFR + 2.18%), 05/01/2053 | 10000000 | 10306250 |
|  Omaha Nebraska School District, 2.00%, 12/15/2039 | 8010000 | 5916675 |
|  Sarpy County Nebraska, 1.75%, 06/01/2036 | 2710000 | 2098344 |
|  |  | 18321269 |
| **Nevada - 1.4%** | **Nevada - 1.4%** | **Nevada - 1.4%** |
|  Clark County Nevada, 2.10%, 06/01/2031 | 6460000 | 5870573 |
| Henderson Nevada | Henderson Nevada | Henderson Nevada |
| &nbsp;&nbsp; 2.00%, 06/01/2038 | 2830000 | 2204558 |
| &nbsp;&nbsp; 2.00%, 06/01/2039 | 1585000 | 1203934 |
| Las Vegas Nevada Redevelopment Agency | Las Vegas Nevada Redevelopment Agency | Las Vegas Nevada Redevelopment Agency |
| &nbsp;&nbsp; 5.00%, 06/15/2026 | 1000000 | 1003132 |
| &nbsp;&nbsp; 5.00%, 06/15/2028 | 2280000 | 2286420 |
|  Washoe County Nevada School District, 2.25%, 06/01/2045 | 7370000 | 4941389 |
|  |  | 17510006 |
| **New Jersey - 2.9%** | **New Jersey - 2.9%** | **New Jersey - 2.9%** |
| New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority |
| &nbsp;&nbsp; 4.37%, 12/15/2037 <sup>(b)</sup> | 5050000 | 3211947 |
| &nbsp;&nbsp; 4.91%, 12/15/2039 <sup>(b)</sup> | 16355000 | 9345872 |
| &nbsp;&nbsp; 5.25%, 06/15/2041 | 8750000 | 9652108 |
| &nbsp;&nbsp; 5.00%, 06/15/2042 | 3500000 | 3775641 |
|  Tobacco Settlement Financing Corp., 5.25%, 06/01/2046 | 5500000 | 5482637 |
|  West Windsor-Plainsboro New Jersey Regional School District, 2.25%, 08/01/2033 | 4570000 | 4103146 |
|  |  | 35571351 |
| **New Mexico - 1.1%** | **New Mexico - 1.1%** | **New Mexico - 1.1%** |
|  Farmington New Mexico, 1.80%, 04/01/2029 | 15000000 | 14081319 |
| **New York - 8.2%** | **New York - 8.2%** | **New York - 8.2%** |
|  Mount Vernon New York School District, 3.00%, 08/15/2031 | 4005000 | 3878291 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 1.75%, 11/01/2044 <sup>(a)</sup> | 13005000 | 13005000 |
| New York Convention Center Development Corp. | New York Convention Center Development Corp. | New York Convention Center Development Corp. |
| &nbsp;&nbsp; 5.00%, 11/15/2028 | 8000000 | 8011182 |
| &nbsp;&nbsp; 5.00%, 11/15/2029 | 5000000 | 5006663 |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 13735000 | 10068983 |
| New York Mortgage Agency Homeowner Mortgage Revenue | New York Mortgage Agency Homeowner Mortgage Revenue | New York Mortgage Agency Homeowner Mortgage Revenue |
| &nbsp;&nbsp; 4.70%, 04/01/2036 | 1745000 | 1762995 |
| &nbsp;&nbsp; 4.65%, 10/01/2043 | 7520000 | 7568603 |
|  New York New York, 5.00%, 08/01/2038 | 5500000 | 5528631 |
| New York Transportation Development Corp. | New York Transportation Development Corp. | New York Transportation Development Corp. |
| &nbsp;&nbsp; 5.00%, 07/01/2041 | 11775000 | 11779195 |
| &nbsp;&nbsp; 5.25%, 12/31/2054 | 6700000 | 6742973 |
|  Port Authority of New York & New Jersey, 4.00%, 09/01/2043 | 2970000 | 2734404 |
|  Suffolk County Water Authority, 3.25%, 06/01/2042 | 19000000 | 16790032 |
| TSASC, Inc. New York | TSASC, Inc. New York | TSASC, Inc. New York |
| &nbsp;&nbsp; 5.00%, 06/01/2030 | 7960000 | 8110953 |
| &nbsp;&nbsp; 5.00%, 06/01/2031 | 1070000 | 1088756 |
|  |  | 102076661 |
| **North Carolina - 0.8%** | **North Carolina - 0.8%** | **North Carolina - 0.8%** |
| Cary North Carolina | Cary North Carolina | Cary North Carolina |
| &nbsp;&nbsp; 1.75%, 09/01/2037 | 6250000 | 4794174 |
| &nbsp;&nbsp; 1.75%, 09/01/2038 | 6250000 | 4658621 |
|  |  | 9452795 |
| **Ohio - 2.3%** | **Ohio - 2.3%** | **Ohio - 2.3%** |
| American Municipal Power, Inc. | American Municipal Power, Inc. | American Municipal Power, Inc. |
| &nbsp;&nbsp; 4.00%, 02/15/2037 | 5510000 | 5552445 |
| &nbsp;&nbsp; 4.00%, 02/15/2038 | 5940000 | 5955603 |
|  Buckeye Ohio Tobacco Settlement Financing Authority, 4.00%, 06/01/2037 | 10325000 | 10353147 |
|  Columbus Ohio, 3.00%, 08/15/2030 | 4325000 | 4324982 |
|  Warren County Ohio, 5.00%, 05/15/2044 | 2000000 | 2029997 |
|  |  | 28216174 |
| **Pennsylvania - 0.7%** | **Pennsylvania - 0.7%** | **Pennsylvania - 0.7%** |
|  Lehigh County Pennsylvania, 3.52% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 9265000 | 9148659 |
| **Puerto Rico - 1.1%** | **Puerto Rico - 1.1%** | **Puerto Rico - 1.1%** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.64%, 07/01/2031 <sup>(b)</sup> | 16249000 | 13527042 |
| **Rhode Island - 1.9%** | **Rhode Island - 1.9%** | **Rhode Island - 1.9%** |
|  Tobacco Settlement Financing Corp., 5.00%, 06/01/2035 | 23310000 | 23321023 |
| **South Carolina - 0.7%** | **South Carolina - 0.7%** | **South Carolina - 0.7%** |
|  South Carolina State, 2.25%, 04/01/2029 | 9680000 | 9401500 |
| **Tennessee - 1.5%** | **Tennessee - 1.5%** | **Tennessee - 1.5%** |
|  Knox County Tennessee, 3.05%, 06/01/2035 | 4905000 | 4639595 |
|  Oak Ridge Tennessee, 2.00%, 06/01/2032 | 1865000 | 1679336 |
|  Rutherford County Tennessee, 3.00%, 04/01/2036 | 5355000 | 5360474 |
|  Tennergy Corp. Tennessee, 5.00%, 10/01/2054 <sup>(a)</sup> | 6500000 | 6816177 |
|  |  | 18495582 |
| **Texas - 12.0%** | **Texas - 12.0%** | **Texas - 12.0%** |
|  Austin Texas, 7.88%, 09/01/2026 | 925000 | 940365 |
|  Board of Regents of the University of Texas System, 5.00%, 08/15/2049 | 2000000 | 2164143 |
|  Clifton Higher Education Finance Corp., 5.00%, 02/15/2032 | 10000000 | 10906901 |
|  Dallas Fort Worth International Airport, 5.25%, 11/01/2041 | 9000000 | 9733825 |
| Del Valle Texas Independent School District | Del Valle Texas Independent School District | Del Valle Texas Independent School District |
| &nbsp;&nbsp; 2.00%, 06/15/2038 | 10135000 | 7895857 |
| &nbsp;&nbsp; 2.00%, 06/15/2039 | 3085000 | 2342713 |
|  Fort Worth Texas, 2.00%, 03/01/2039 | 6475000 | 4743721 |
| Frisco Texas | Frisco Texas | Frisco Texas |
| &nbsp;&nbsp; 2.00%, 02/15/2039 | 1710000 | 1301885 |
| &nbsp;&nbsp; 2.00%, 02/15/2040 | 1745000 | 1289782 |
|  Houston Texas Combined Utility System Revenue, 2.48%, 05/15/2034 <sup>(a)</sup> | 15000000 | 15000000 |
|  Joshua Texas Independent School District, 3.00%, 08/15/2035 | 3105000 | 2934732 |
|  Love Field Texas Airport Modernization Corp., 4.00%, 11/01/2036 | 17720000 | 17488701 |
|  San Antonio Texas Independent School District, 3.00%, 08/15/2038 | 3800000 | 3387507 |
|  San Marcos Texas, 2.00%, 08/15/2039 | 4265000 | 3114430 |
|  Tarrant County Cultural Education Facilities Finance Corp., 1.40%, 08/01/2050 <sup>(a)</sup> | 3590000 | 3590000 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 <sup>(a)</sup> | 8210000 | 8669260 |
| Texas Municipal Gas Acquisition and Supply Corp. II | Texas Municipal Gas Acquisition and Supply Corp. II | Texas Municipal Gas Acquisition and Supply Corp. II |
| &nbsp;&nbsp; 2.97% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027 | 3845000 | 3839081 |
| &nbsp;&nbsp; 3.29% (3 mo. Term SOFR + 0.86%), 09/15/2027 | 12840000 | 12852290 |
| &nbsp;&nbsp; 3.51% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 7175000 | 7190675 |
| Texas Municipal Power Agency | Texas Municipal Power Agency | Texas Municipal Power Agency |
| &nbsp;&nbsp; 3.00%, 09/01/2035 | 1630000 | 1516733 |
| &nbsp;&nbsp; 3.00%, 09/01/2038 | 3985000 | 3482028 |
| &nbsp;&nbsp; 3.00%, 09/01/2040 | 3780000 | 3172378 |
|  Texas State, 4.50%, 08/01/2045 | 5900000 | 5964342 |
|  Texas Transportation Finance Corp., 5.00%, 10/01/2045 | 8270000 | 8779600 |
|  Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041 | 5035000 | 4224897 |
| Willis Texas Independent School District | Willis Texas Independent School District | Willis Texas Independent School District |
| &nbsp;&nbsp; 2.00%, 02/15/2038 | 1525000 | 1192439 |
| &nbsp;&nbsp; 2.00%, 02/15/2039 | 1500000 | 1142725 |
|  |  | 148861010 |
| **Utah - 1.3%** | **Utah - 1.3%** | **Utah - 1.3%** |
| Utah Housing Corp. | Utah Housing Corp. | Utah Housing Corp. |
| &nbsp;&nbsp; 3.00%, 01/21/2052 | 4769507 | 4231221 |
| &nbsp;&nbsp; 4.50%, 06/21/2052 | 7921334 | 7713970 |
| &nbsp;&nbsp; 5.00%, 10/21/2052 | 3916106 | 3933718 |
|  |  | 15878909 |
| **Virginia - 1.5%** | **Virginia - 1.5%** | **Virginia - 1.5%** |
|  Fairfax County Economic Development Authority, 2.42%, 12/01/2033 <sup>(a)</sup> | 5000000 | 5000000 |
|  Henrico County Economic Development Authority, 5.06%, 08/23/2027 <sup>(a)</sup> | 800000 | 800000 |
| Newport News Economic Development Authority | Newport News Economic Development Authority | Newport News Economic Development Authority |
| &nbsp;&nbsp; 5.00%, 12/01/2031 | 3375000 | 3379323 |
| &nbsp;&nbsp; 5.00%, 12/01/2038 | 4220000 | 4222976 |
| Suffolk Virginia | Suffolk Virginia | Suffolk Virginia |
| &nbsp;&nbsp; 1.88%, 02/01/2038 | 1645000 | 1253658 |
| &nbsp;&nbsp; 1.88%, 02/01/2040 | 1385000 | 998597 |
|  Virginia Small Business Financing Authority, 4.00%, 12/01/2036 | 2560000 | 2573880 |
|  |  | 18228434 |
| **West Virginia - 0.3%** | **West Virginia - 0.3%** | **West Virginia - 0.3%** |
|  Tobacco Settlement Finance Authority, 2.55%, 06/01/2029 | 4505000 | 4244538 |
| **Wisconsin - 7.6%** | **Wisconsin - 7.6%** | **Wisconsin - 7.6%** |
|  Neenah Joint School District, 2.00%, 03/01/2034 | 5590000 | 4761834 |
|  Oak Creek-Franklin Wisconsin Joint School District, 3.15%, 04/01/2028 | 5140000 | 5140700 |
| Public Finance Authority | Public Finance Authority | Public Finance Authority |
| &nbsp;&nbsp; 4.00%, 01/01/2055 <sup>(a)(c)</sup> | 8300000 | 8252285 |
| &nbsp;&nbsp; 4.75%, 08/01/2059 <sup>(a)(c)</sup> | 9900000 | 9851351 |
| &nbsp;&nbsp; 6.50%, 06/30/2060 | 20000000 | 21809006 |
| &nbsp;&nbsp; Series 2024-1, 4.00%, 08/01/2059 <sup>(a)</sup> | 13373105 | 13390954 |
| &nbsp;&nbsp; Series 2024-2, 4.00%, 08/01/2059 <sup>(a)</sup> | 21541405 | 21576330 |
|  University of Wisconsin Hospitals & Clinics, 1.95%, 04/01/2048 <sup>(a)</sup> | 3675000 | 3675000 |
|  Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058 <sup>(a)</sup> | 6000000 | 6042358 |
|  |  | 94499818 |
| **TOTAL MUNICIPAL BONDS** (Cost $1,212,096,383) | **TOTAL MUNICIPAL BONDS** (Cost $1,212,096,383) | 1224071513 |
| **SHORT-TERM INVESTMENTS - 2.1%** | **Shares**  | **Value**  |
| **Money Market Funds - 2.1%** |  |  |
| First American Government Obligations Fund - Class Z, 3.54% <sup>(d)</sup> | 25680148 | 25680148 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $25,680,148) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $25,680,148) | 25680148 |
| **TOTAL INVESTMENTS - 100.5% (**Cost $1,237,776,531**)** | **TOTAL INVESTMENTS - 100.5% (**Cost $1,237,776,531**)** | 1249751661 |
| **Floating Rate Note Obligations - (0.5)%** | **Floating Rate Note Obligations - (0.5)%** |  |
| Note with interest and fee rate of 3.07% as of the date of this report and contractual maturity of collateral of 01/01/2044 <sup>(f)</sup> | Note with interest and fee rate of 3.07% as of the date of this report and contractual maturity of collateral of 01/01/2044 <sup>(f)</sup> | (6000000) |
| Other Assets in Excess of Liabilities - 0.0% | Other Assets in Excess of Liabilities - 0.0% | 206562 |
| **TOTAL NET ASSETS - 100.0%** |  | $1243958223 |
| 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. |  |

---

FHLMC - Federal Home Loan Mortgage Corporation <br> SIFMA - Securities Industry and Financial Markets Association <br> SOFR - Secured Overnight Financing Rate

(a) Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate
 disclosed is as of March 31, 2026.

(b) Zero coupon bonds make no periodic interest payments.

(c) 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.

(d) The rate shown represents the 7-day annualized yield as of March 31, 2026.

(e) Underlying security related to Tender Option Bond ("TOB") transaction entered into by the Fund.

(f) Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund's
 investments with a value of $9,240,386 are held by TOB Trusts and serve as collateral for the $6,000,000 in the floating rate note obligations outstanding at that date.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

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

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $1224071513 | $– | $1224071513 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 25680148 | – | – | 25680148 |
| Total Investments | $25680148 | $1224071513 | $– | $1249751661 |
| 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 Tax-Exempt Bond Fund

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

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

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

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

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1262186231.38

**Total Liabilities:** $20858691.61

**Net Assets:** $1241327539.77

**Delayed Delivery Securities:** $10322264.20

**Cash Not Reported:** $97512.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 74642.330000000000 | **1-Year:** 74288.140000000000 | **5-Year:** 275855.630000000000 | **10-Year:** 243975.370000000000 | **30-Year:** 40017.850000000000

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

- **3-Month:** 547.110000000000 | **1-Year:** 4921.990000000000 | **5-Year:** 1753.330000000000 | **10-Year:** 8111.890000000000 | **30-Year:** 5373.680000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116565 | 0.84%                | 1.13%                | -2.09%               |
| Class ID C000116566 | 0.84%                | 1.23%                | -2.19%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $16563.15                | $6389174.56                                |
| Month 2  | $969.70                  | $11198775.34                               |
| Month 3  | $-320825.85              | $-31058681.92                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FEDERAL HOME LOAN MTGE CORP MU | FHLMC Multifamily VRD Certificates                                           | CUSIP: 31397PPW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1269762 | PA      | $1263963.58   | 0.10%             | 2051-08-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                                   | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  25583716 | NS      | $25583715.53  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF | Florida Development Finance Corp                                             | CUSIP: 34061QDW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6479764.80   | 0.52%             | 2056-08-01      | Variable      | 5.00%                 | 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      | $4743720.98   | 0.38%             | 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      | $1301885.42   | 0.10%             | 2039-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FRISCO TX                      | City of Frisco TX                                                            | CUSIP: 358776ZH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1289782.37   | 0.10%             | 2040-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU | Development Authority for Fulton County                                      | CUSIP: 36005FPD1<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |  10060000 | PA      | $10414212.60  | 0.84%             | 2051-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV                   | City of Henderson NV                                                         | CUSIP: 425201AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2204557.83   | 0.18%             | 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      | $1203933.98   | 0.10%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA INDL DEV AUTH  | Henrico County Economic Development Authority                                | CUSIP: 426063JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.06%             | 2027-08-23      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE | City of Houston TX Combined Utility System Revenue                           | CUSIP: 44244CN94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15000000.00  | 1.21%             | 2034-05-15      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                   | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5859658.20   | 0.47%             | 2050-12-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                   | CUSIP: 45203PAC8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6045232.20   | 0.49%             | 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      | $1712306.47   | 0.14%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                            | CUSIP: 452152FA4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5384615 | PA      | $5639767.32   | 0.45%             | 2035-04-01      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                            | CUSIP: 452153PG8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10320747.00  | 0.83%             | 2046-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R | Indiana Finance Authority                                                    | CUSIP: 45470YBL4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $7825000.00   | 0.63%             | 2037-11-01      | Variable      | 1.75%                 | 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      | $13087266.00  | 1.05%             | 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      | $2934731.74   | 0.24%             | 2035-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                              | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |  10330000 | PA      | $10424007.13  | 0.84%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CAPE CORAL FL WTR & SWR REVENU | City of Cape Coral FL Water & Sewer Revenue                                  | CUSIP: 139372RL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10173587.00  | 0.82%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARY NC                        | Town of Cary NC                                                              | CUSIP: 147051YQ3<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $4794173.75   | 0.39%             | 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      | $4658621.25   | 0.38%             | 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      | $2505454.20   | 0.20%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CASS CNTY MO REORG SCH DIST #R | Cass County Reorganized School District No R-2/MO                            | CUSIP: 147879HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1533314.82   | 0.12%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                                | CUSIP: 154871CV7<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10306250.00  | 0.83%             | 2053-05-01      | Floating      | 4.63%                 | 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      | $3439719.68   | 0.28%             | 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      | $3952654.87   | 0.32%             | 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        |   5375000 | PA      | $5681241.70   | 0.46%             | 2039-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NE                  | County of Sarpy NE                                                           | CUSIP: 80373FLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2098344.60   | 0.17%             | 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      | $9401499.62   | 0.76%             | 2029-04-01      | Fixed         | 2.25%                 | 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        |   3820000 | PA      | $3844528.22   | 0.31%             | 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      | $4214827.88   | 0.34%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HCP6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3231419.70   | 0.26%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COOPE | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136JAL3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12962876.40  | 1.04%             | 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      | $16790032.10  | 1.35%             | 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      | $998596.91    | 0.08%             | 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      | $1253657.95   | 0.10%             | 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      | $10248594.12  | 0.83%             | 2038-10-01      | Fixed         | 3.38%                 | 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      | $737110.30    | 0.06%             | 2045-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F | Tarrant County Cultural Education Facilities Finance Corp                    | CUSIP: 87638QSH3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3590000 | PA      | $3590000.00   | 0.29%             | 2050-08-01      | Variable      | 1.40%                 | 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      | $1535618.80   | 0.12%             | 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      | $6816176.90   | 0.55%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                           | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   7175000 | PA      | $7190674.51   | 0.58%             | 2027-09-15      | Floating      | 3.51%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                           | CUSIP: 88255QAE9<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   3845000 | PA      | $3839080.62   | 0.31%             | 2027-09-15      | Floating      | 2.97%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                           | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  12840000 | PA      | $12852290.45  | 1.04%             | 2027-09-15      | Floating      | 3.29%                 | 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      | $8669260.01   | 0.70%             | 2054-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                               | CUSIP: 882725BH6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5964341.86   | 0.48%             | 2045-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE | District of Columbia                                                         | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501721.25   | 0.12%             | 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      | $5916674.61   | 0.48%             | 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      | $1148858.56   | 0.09%             | 2040-01-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL REVENUE        | County of Du Page IL                                                         | CUSIP: 262668AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11095000 | PA      | $8047736.06   | 0.65%             | 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      | $5868035.80   | 0.47%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CNTY VA ECON DEV AUTH  | Fairfax County Economic Development Authority                                | CUSIP: 30382ECZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.40%             | 2033-12-01      | Variable      | 2.42%                 | 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      | $14081319.00  | 1.13%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MF | FHLMC Multifamily VRD Certificates                                           | CUSIP: 31350AEB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10395595.00  | 0.84%             | 2042-12-25      | Variable      | 4.77%                 | 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        |   1841155 | PA      | $1827079.56   | 0.15%             | 2051-08-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                 | CUSIP: 898526EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7960000 | PA      | $8110952.64   | 0.65%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                                 | CUSIP: 898526EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1088755.50   | 0.09%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX UNIV REVENUES | Board of Regents of the University of Texas System                           | CUSIP: 91514AJV8<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2164143.20   | 0.17%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV HOSPS & CLINICS AUTH WI   | University of Wisconsin Hospitals & Clinics                                  | CUSIP: 915260CL5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   3675000 | PA      | $3675000.00   | 0.30%             | 2048-04-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                            | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   4769507 | PA      | $4231220.67   | 0.34%             | 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        |   7921334 | PA      | $7713970.45   | 0.62%             | 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        |   3916106 | PA      | $3933717.56   | 0.32%             | 2052-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                  | CUSIP: 928103AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2573880.32   | 0.21%             | 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      | $2734231.72   | 0.22%             | 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      | $3446709.65   | 0.28%             | 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      | $2029997.20   | 0.16%             | 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      | $3672424.15   | 0.30%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHOE CNTY NV SCH DIST        | Washoe County School District/NV                                             | CUSIP: 940859KE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7370000 | PA      | $4941388.96   | 0.40%             | 2045-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WEST DES MOINES IA             | City of West Des Moines IA                                                   | CUSIP: 952531JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $911457.92    | 0.07%             | 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      | $4103145.71   | 0.33%             | 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      | $1192439.44   | 0.10%             | 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      | $1142724.75   | 0.09%             | 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      | $6042357.60   | 0.49%             | 2058-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION | Metropolitan Water Reclamation District of Greater Chicago                   | CUSIP: 167560TL5<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2510540.25   | 0.20%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                         | CUSIP: 167591AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14509709.20  | 1.17%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                         | CUSIP: 167593WN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5071209.00   | 0.41%             | 2036-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                        | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9240386.40   | 0.74%             | 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      | $5870572.80   | 0.47%             | 2031-06-01      | Fixed         | 2.10%                 | 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      | $11999882.40  | 0.97%             | 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      | $10906901.00  | 0.88%             | 2032-02-15      | Fixed         | 5.00%                 | 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      | $4761833.67   | 0.38%             | 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      | $9345871.76   | 0.75%             | 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      | $3211947.46   | 0.26%             | 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      | $9652107.50   | 0.78%             | 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      | $3775641.10   | 0.30%             | 2042-06-15      | Fixed         | 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      | $8011182.40   | 0.65%             | 2028-11-15      | 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      | $5006663.00   | 0.40%             | 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      | $10068982.91  | 0.81%             | 2050-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                          | CUSIP: 64966MFH7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5528631.35   | 0.45%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13005000 | PA      | $13005000.00  | 1.05%             | 2044-11-01      | Variable      | 1.75%                 | 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        |   7520000 | PA      | $7568602.51   | 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      | $1762995.14   | 0.14%             | 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      | $11779195.43  | 0.95%             | 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      | $6742973.13   | 0.54%             | 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      | $3379322.70   | 0.27%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA ECON DEV AUTH  | Newport News Economic Development Authority                                  | CUSIP: 65225PAM8<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4222975.94   | 0.34%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAK CREEK-FRANKLIN WI JT SCH D | Oak Creek-Franklin Joint School District/WI                                  | CUSIP: 671130MC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5140000 | PA      | $5140700.07   | 0.41%             | 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      | $1679335.52   | 0.14%             | 2032-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND MI MACOMB INTERCEPTORD | Oakland-Macomb Interceptor Drain Drainage District                           | CUSIP: 673421CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1871862.00   | 0.15%             | 2038-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                         | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7930000 | PA      | $8057853.80   | 0.65%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                         | CUSIP: 19648FYR9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   9440000 | PA      | $9440000.00   | 0.76%             | 2064-05-15      | Variable      | 1.80%                 | 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      | $3272206.26   | 0.26%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH                    | City of Columbus OH                                                          | CUSIP: 199492RS0<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4324981.84   | 0.35%             | 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        |   4965522 | PA      | $3463972.26   | 0.28%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| DALLAS-FORT WORTH TX INTERNATI | Dallas Fort Worth International Airport                                      | CUSIP: 23503CGC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9733824.90   | 0.78%             | 2041-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DEL VALLE TX INDEP SCH DIST    | Del Valle Independent School District TX                                     | CUSIP: 245505WU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10135000 | PA      | $7895857.22   | 0.64%             | 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      | $2342712.91   | 0.19%             | 2039-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY & CNTY DEDICATE | City & County of Denver CO Pledged Excise Tax Revenue                        | CUSIP: 24917DBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5008384.50   | 0.40%             | 2048-08-01      | Fixed         | 5.00%                 | 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      | $2439965.39   | 0.20%             | 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      | $3416587.35   | 0.28%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE       | District of Columbia                                                         | CUSIP: 25483VTE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4830286.50   | 0.39%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX INDEP SCH DIST  | San Antonio Independent School District/TX                                   | CUSIP: 796269C48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3387506.58   | 0.27%             | 2038-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA TOBACCO SETTLEMEN | City of San Diego Tobacco Settlement Revenue Funding Corp                    | CUSIP: 797330AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1835846.71   | 0.15%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DXZ7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $19014863.40  | 1.53%             | 2055-05-01      | Fixed         | 5.50%                 | 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      | $3114429.67   | 0.25%             | 2039-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                            | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5482637.05   | 0.44%             | 2046-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R | Tobacco Settlement Financing Corp/RI                                         | CUSIP: 888809BD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  23310000 | PA      | $23321023.30  | 1.88%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FIN AUTH WV | Tobacco Settlement Finance Authority                                         | CUSIP: 88880LAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4505000 | PA      | $4244537.57   | 0.34%             | 2029-06-01      | Fixed         | 2.55%                 | 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      | $4224897.20   | 0.34%             | 2041-08-15      | Fixed         | 3.00%                 | 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      | $5523368.55   | 0.44%             | 2040-04-01      | Fixed         | 5.25%                 | 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      | $5552444.63   | 0.45%             | 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      | $5955603.19   | 0.48%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA WTR & WSTWTR REVENU | City of Atlanta GA Water & Wastewater Revenue                                | CUSIP: 047870NE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2430000 | PA      | $2436958.55   | 0.20%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                            | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    925000 | PA      | $940364.90    | 0.08%             | 2026-09-01      | Fixed         | 7.88%                 | 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      | $1901312.87   | 0.15%             | 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      | $1913399.95   | 0.15%             | 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      | $1927593.55   | 0.16%             | 2043-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                               | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  29250000 | PA      | $29202369.30  | 2.35%             | 2052-10-01      | Floating      | 2.77%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                               | CUSIP: 09182TFT9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5294592.00   | 0.43%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                               | CUSIP: 09182TGM3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10424606.00  | 0.84%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT  | Buckeye Tobacco Settlement Financing Authority                               | CUSIP: 118217CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10325000 | PA      | $10353146.98  | 0.83%             | 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        |  25000000 | PA      | $23913292.50  | 1.93%             | 2052-02-01      | Floating      | 2.87%                 | 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      | $1060339.70   | 0.09%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax                 | CUSIP: 167510BM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1585691.10   | 0.13%             | 2048-04-01      | Fixed         | 5.75%                 | 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      | $1516733.42   | 0.12%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                                 | CUSIP: 882555ZW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3985000 | PA      | $3482028.44   | 0.28%             | 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      | $3172378.23   | 0.26%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN FIN CORP SH | Texas Transportation Finance Corp                                            | CUSIP: 88283PAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8270000 | PA      | $8779599.88   | 0.71%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                              | CUSIP: 13013JFX9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  17300000 | PA      | $17537309.29  | 1.41%             | 2056-01-01      | Variable      | 5.00%                 | 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      | $2504677.75   | 0.20%             | 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      | $3878291.41   | 0.31%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                     | CUSIP: 74448SAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9900000 | PA      | $9851351.40   | 0.79%             | 2059-08-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU | Public Finance Authority                                                     | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21809006.00  | 1.76%             | 2060-06-30      | Fixed         | 6.50%                 | 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      | $13527042.27  | 1.09%             | 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      | $5360473.88   | 0.43%             | 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      | $6047293.77   | 0.49%             | 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        |   4658710 | PA      | $3503919.45   | 0.28%             | 2038-12-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP  | Sales Tax Securitization Corp                                                | CUSIP: 79467BJX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5189425.50   | 0.42%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN                   | County of Knox TN                                                            | CUSIP: 499513AT6<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |   4905000 | PA      | $4639595.36   | 0.37%             | 2035-06-01      | Fixed         | 3.05%                 | 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      | $2734403.56   | 0.22%             | 2043-09-01      | Fixed         | 4.00%                 | 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      | $20974392.00  | 1.69%             | 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      | $10591194.00  | 0.85%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                             | CUSIP: 74440DGL2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11586811.50  | 0.93%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                                     | CUSIP: 74442PR64<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   8300000 | PA      | $8252284.96   | 0.66%             | 2055-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                     | CUSIP: 74448CAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  13373105 | PA      | $13390954.08  | 1.08%             | 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        |  21541405 | PA      | $21576330.08  | 1.74%             | 2059-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE HOS | County of Lehigh PA                                                          | CUSIP: 52480GDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9265000 | PA      | $9148659.40   | 0.74%             | 2038-08-15      | Floating      | 3.52%                 | No            |                  2 | On Loan: No      |
| LEWISTON ME                    | City of Lewiston ME                                                          | CUSIP: 52850CSP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $921319.98    | 0.07%             | 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      | $893673.09    | 0.07%             | 2039-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                   | CUSIP: 544445C56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7950000 | PA      | $7633419.87   | 0.61%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                                   | CUSIP: 544445S59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4160000 | PA      | $4039070.05   | 0.33%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                          | CUSIP: 54659LAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.48%             | 2039-10-01      | Variable      | 1.95%                 | 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      | $17488700.84  | 1.41%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON AL                     | City of Madison AL                                                           | CUSIP: 556583XE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2526716.83   | 0.20%             | 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      | $29257578.45  | 2.36%             | 2053-12-01      | Floating      | 4.13%                 | 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      | $5339774.00   | 0.43%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC | Maricopa County Pollution Control Corp                                       | CUSIP: 566854EM3<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $8090575.25   | 0.65%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC | Maricopa County Pollution Control Corp                                       | CUSIP: 566854EN1<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |  16555000 | PA      | $14098891.92  | 1.14%             | 2035-06-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ UNIF SCH DIST | Maricopa County Unified School District No 69 Paradise Valley                | CUSIP: 567373ZK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10500000 | PA      | $10435125.75  | 0.84%             | 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      | $2944960.80   | 0.24%             | 2036-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                | CUSIP: 57582RM86<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1836672.98   | 0.15%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                                | CUSIP: 57582RN69<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   7925000 | PA      | $6067856.29   | 0.49%             | 2047-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                         | CUSIP: 57586P5G7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $2234933.84   | 0.18%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592247L32<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  20365000 | PA      | $12471540.26  | 1.00%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592248BD9<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5420000 | PA      | $2092570.94   | 0.17%             | 2046-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592248GM4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12360000 | PA      | $6528476.60   | 0.53%             | 2040-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue                  | CUSIP: 592647CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2682712.14   | 0.22%             | 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      | $3807321.70   | 0.31%             | 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      | $6359394.11   | 0.51%             | 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      | $10006724.00  | 0.81%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                       | CUSIP: 59334KDE5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1052994.29   | 0.08%             | 2026-07-01      | Floating      | 4.83%                 | 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      | $18338777.29  | 1.48%             | 2029-07-01      | Floating      | 4.83%                 | 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      | $9338456.28   | 0.75%             | 2032-07-01      | Floating      | 4.83%                 | 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      | $4003139.20   | 0.32%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                   | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10059109.00  | 0.81%             | 2041-11-15      | 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      | $2384813.40   | 0.19%             | 2037-12-01      | Fixed         | 2.00%                 | 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      | $1003132.40   | 0.08%             | 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      | $2286420.02   | 0.18%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer