# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010498
**Filing Date:** 2023-2
**Character Count:** 54300
**Document Hash:** d9c495ea48d25a6867f2e4edc45d5699
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010498.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010498

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 23671990

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

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

- **a. Name of Series:** Brown Advisory Tax-Exempt Bond Fund

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

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

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

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

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $684173061.76

**Total Liabilities:** $2273055.46

**Net Assets:** $681900006.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 10513.110000000000 | **1-Year:** 39198.050000000000 | **5-Year:** 100425.480000000000 | **10-Year:** 134407.540000000000 | **30-Year:** 52946.550000000000

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

- **3-Month:** 182.270000000000 | **1-Year:** 4313.470000000000 | **5-Year:** 11032.860000000000 | **10-Year:** 2142.500000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116565 | -0.82%               | 3.56%                | 0.07%                |
| Class ID C000116566 | -0.83%               | 3.55%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-14894747.08            | $7135485.05                                |
| Month 2  | $-8890053.81             | $31560518.20                               |
| Month 3  | $-5442087.70             | $4177911.22                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GRAND FORKS ND HLTH CARE SYS R | City of Grand Forks ND                                                | CUSIP: 38546WDH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1479075.47   | 0.22%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS  | Harris County-Houston Sports Authority                                | CUSIP: 413893CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4050000 | PA      | $2285530.43   | 0.34%             | 2034-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                     | CUSIP: 4521522R1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1315419.17   | 0.19%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                     | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4485984.07   | 0.66%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                     | CUSIP: 4521526X4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1592228.84   | 0.23%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                     | CUSIP: 452152P88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3470000 | PA      | $3536424.13   | 0.52%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                     | CUSIP: 452152YL9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8980000 | PA      | $8919977.68   | 1.31%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                     | CUSIP: 452153BP3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  14050000 | PA      | $14412224.46  | 2.11%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE  | State of Illinois Sales Tax Revenue                                   | CUSIP: 452227SP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1704006.00   | 0.25%             | 2027-06-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE  | State of Illinois Sales Tax Revenue                                   | CUSIP: 452227SQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1452643.15   | 0.21%             | 2028-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH  | Illinois State Toll Highway Authority                                 | CUSIP: 452252HB8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004761.60   | 0.44%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH    | Lancaster County Hospital Authority/PA                                | CUSIP: 514045H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2923862.40   | 0.43%             | 2035-07-01      | 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      | $2382260.96   | 0.35%             | 2028-06-15      | Fixed         | 5.00%                 | 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        |   4520000 | PA      | $4327949.27   | 0.63%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                      | CUSIP: 875146AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $508492.05    | 0.07%             | 2039-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                      | CUSIP: 875146AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1280000 | PA      | $530031.74    | 0.08%             | 2041-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                      | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $615105.21    | 0.09%             | 2045-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST ENERGY ACQUISITIO | Tennessee Energy Acquisition Corp                                     | CUSIP: 880443HZ2<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  27140000 | PA      | $27184786.43  | 3.99%             | 2048-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| TERREBONNE PARISH LA SALES & U | Parish of Terrebonne LA Sales & Use Tax Revenue                       | CUSIP: 881250EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $1784405.93   | 0.26%             | 2036-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE HOS | County of Lehigh PA                                                   | CUSIP: 52480GDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9800000 | PA      | $9679110.14   | 1.42%             | 2038-08-15      | Floating      | 4.76%                 | 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      | $7487712.27   | 1.10%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                          | CUSIP: 882555ZT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1449023.38   | 0.21%             | 2035-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                    | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  15115000 | PA      | $14925194.90  | 2.19%             | 2027-09-15      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                    | CUSIP: 88255QAE9<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   7870000 | PA      | $7630448.22   | 1.12%             | 2027-09-15      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                    | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |  15345000 | PA      | $15047403.67  | 2.21%             | 2027-09-15      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY | Louisville/Jefferson County Metropolitan Government                   | CUSIP: 54659LAT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5059123.50   | 0.74%             | 2042-10-01      | Fixed         | 5.75%                 | 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      | $16954784.84  | 2.49%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                     | CUSIP: 888808HE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6235000 | PA      | $6553484.42   | 0.96%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                     | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4870000 | PA      | $5110848.29   | 0.75%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                           | CUSIP: 56035DAX0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16900376.60  | 2.48%             | 2048-08-01      | Floating      | 3.76%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                           | CUSIP: 56035DAY8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4983616.50   | 0.73%             | 2048-08-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N | Tobacco Settlement Financing Corp                                     | CUSIP: 888808HR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5018414.00   | 0.74%             | 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        |  21405000 | PA      | $21680921.15  | 3.18%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                      | CUSIP: 56682HCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5485000 | PA      | $5463092.36   | 0.80%             | 2035-01-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                         | CUSIP: 57582PJQ4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    830000 | PA      | $813663.86    | 0.12%             | 2037-05-01      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT AUTH WA TOB | Tobacco Settlement Authority                                          | CUSIP: 88880MBD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460409.17    | 0.07%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                          | CUSIP: 898526EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7960000 | PA      | $8216774.48   | 1.20%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                  | CUSIP: 57586P5G7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   3220000 | PA      | $3176182.24   | 0.47%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                              | CUSIP: 592247K33<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1495000 | PA      | $929529.11    | 0.14%             | 2033-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                          | CUSIP: 898526EZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1104081.43   | 0.16%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF TEXAS TX PERMANENT UNI | Permanent University Fund - University of Texas System                | CUSIP: 9151154A4<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8049649.60   | 1.18%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                              | CUSIP: 592247K82<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2658732.50   | 0.39%             | 2036-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                              | CUSIP: 592247L24<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  10165000 | PA      | $5085678.60   | 0.75%             | 2037-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                     | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   5721988 | PA      | $5501708.82   | 0.81%             | 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        |   9923616 | PA      | $9897986.37   | 1.45%             | 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        |   4988493 | PA      | $4993659.93   | 0.73%             | 2052-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST STUDENT ASSISTANCEC | Vermont Student Assistance Corp                                       | CUSIP: 92428CJN5<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |  13742197 | PA      | $13634995.48  | 2.00%             | 2042-06-02      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                              | CUSIP: 592247L32<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $7326961.50   | 1.07%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                              | CUSIP: 592247L40<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   5365000 | PA      | $2524952.48   | 0.37%             | 2038-06-15      | Fixed         | 0.00%                 | 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        |   1230000 | PA      | $1085102.19   | 0.16%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                           | CUSIP: 939783TF3<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $949364.40    | 0.14%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI | Washington State Housing Finance Commission                           | CUSIP: 939783TG1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2466056.66   | 0.36%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A | Washington Health Care Facilities Authority                           | CUSIP: 93978HFX8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2549277.35   | 0.37%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259Y2C2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5137091.80   | 0.75%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259YD22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  17590000 | PA      | $17605860.90  | 2.58%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259YH36<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15034806.00  | 2.20%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259YM63<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5011602.00   | 0.73%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259YX20<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5017925.00   | 0.74%             | 2044-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259YZD4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5835000 | PA      | $5840261.42   | 0.86%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59261APG6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1299785.27   | 0.19%             | 2029-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59261APJ0<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $3765811.20   | 0.55%             | 2033-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                | CUSIP: 59334KDE5<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   6055000 | PA      | $6062178.20   | 0.89%             | 2026-07-01      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                | CUSIP: 59334KDF2<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   5260000 | PA      | $5273114.76   | 0.77%             | 2029-07-01      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EXPRESSWAY  | Miami-Dade County Expressway Authority                                | CUSIP: 59334KDG0<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |   8260000 | PA      | $8287704.04   | 1.22%             | 2032-07-01      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                   | CUSIP: 64542PBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2200000.00   | 0.32%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                   | CUSIP: 64542PCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $540000.00    | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                   | CUSIP: 64542PCK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $875000.00    | 0.13%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                   | CUSIP: 64542PCL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $125000.00    | 0.02%             | 2046-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN | New Hope Cultural Education Facilities Finance Corp                   | CUSIP: 64542PCM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1000000.00   | 0.15%             | 2051-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                             | CUSIP: 64577B8C1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5578013.40   | 0.82%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                             | CUSIP: 64577B8D9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4667017.00   | 0.68%             | 2027-06-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH LE | New Jersey Economic Development Authority                             | CUSIP: 645913AA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12932482.80  | 1.90%             | 2029-02-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                             | CUSIP: 645918W41<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2350045.83   | 0.34%             | 2027-09-01      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                             | CUSIP: 645918W58<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2835025.80   | 0.42%             | 2028-03-01      | Floating      | 5.26%                 | 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        |   9675000 | PA      | $4420284.01   | 0.65%             | 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        |  10050000 | PA      | $5174098.79   | 0.76%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                        | CUSIP: 6461362U4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2428914.00   | 0.36%             | 2038-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                        | CUSIP: 6461366T3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $576943.90    | 0.08%             | 2035-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MUNI ENERGY ACQU | New Mexico Municipal Energy Acquisition Authority                     | CUSIP: 647207BB4<br>LEI: 549300KZGG2YNDKKCE92 | Long             | DBT              | MUN               | US        |  13565000 | PA      | $13906204.51  | 2.04%             | 2039-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                           | CUSIP: 649451FW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1320611.40   | 0.19%             | 2032-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                           | CUSIP: 649451FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8730000 | PA      | $4854485.86   | 0.71%             | 2035-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                           | CUSIP: 649451GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1477677.30   | 0.22%             | 2037-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                           | CUSIP: 649451HT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1414864.83   | 0.21%             | 2037-11-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                   | CUSIP: 64966QCS7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5005000 | PA      | $4944542.10   | 0.73%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                    | City of New York NY                                                   | CUSIP: 64966QXR6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1974902.60   | 0.29%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                    | CUSIP: 64990FZU1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8970000 | PA      | $8754023.93   | 1.28%             | 2039-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | New York State Urban Development Corp                                 | CUSIP: 650036AN6<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   6850000 | PA      | $6409155.92   | 0.94%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV | New York State Urban Development Corp                                 | CUSIP: 650036DL7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $13947078.00  | 2.05%             | 2046-03-15      | Fixed         | 4.00%                 | 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        |   5500000 | PA      | $5356507.75   | 0.79%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA ECON DEV AUTH  | Newport News Economic Development Authority                           | CUSIP: 65225PAL0<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3402079.31   | 0.50%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NIAGARA CNTY NY TOBACCO ASSET  | Niagara Tobacco Asset Securitization Corp                             | CUSIP: 653364BL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1760000 | PA      | $1775826.98   | 0.26%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM | North Carolina Medical Care Commission                                | CUSIP: 65820YMP8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944669.00   | 0.29%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV                   | Ohio State University/The                                             | CUSIP: 677632A35<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   6170000 | PA      | $6189841.49   | 0.91%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARK CREEK CO MET DIST REVENUE | Park Creek Metropolitan District                                      | CUSIP: 700387DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037848.40   | 0.15%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                      | CUSIP: 74440DBS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $4075547.60   | 0.60%             | 2049-12-01      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH | Kentucky Public Energy Authority                                      | CUSIP: 74440DCC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1570727.71   | 0.23%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH             | Commonwealth of Puerto Rico                                           | CUSIP: 74514L3E5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3543800 | PA      | $3544304.99   | 0.52%             | 2023-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA | Wisconsin Health & Educational Facilities Authority                   | CUSIP: 97712DJB3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1640333.21   | 0.24%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16249000 | PA      | $10605265.70  | 1.56%             | 2031-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1234000 | PA      | $719364.37    | 0.11%             | 2033-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH M | Industrial Development Authority of the City of St Louis Missouri/The | CUSIP: 79165BAB6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   4923923 | PA      | $4057043.25   | 0.59%             | 2038-12-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP  | Sales Tax Securitization Corp                                         | CUSIP: 79467BCA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4230000 | PA      | $4657584.47   | 0.68%             | 2032-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                          | CUSIP: 02765URG1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   4735000 | PA      | $4678340.52   | 0.69%             | 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      | $5830064.26   | 0.85%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                     | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4208830.92   | 0.62%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                        | CUSIP: 09182RAF8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  17000000 | PA      | $17017202.30  | 2.50%             | 2048-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                        | CUSIP: 09182RAH4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4185000 | PA      | $4162431.13   | 0.61%             | 2048-12-01      | Floating      | 4.28%                 | 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        |   5000000 | PA      | $4751815.50   | 0.70%             | 2052-10-01      | Floating      | 4.01%                 | 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      | $9815612.00   | 1.44%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                       | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10089096.00  | 1.48%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                      | CUSIP: 13032UXQ6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2115179.50   | 0.31%             | 2028-06-01      | Fixed         | 1.68%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE & | California Infrastructure & Economic Development Bank                 | CUSIP: 13034AQ60<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1035587.49   | 0.15%             | 2047-08-01      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                         | CUSIP: 154871CT2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   7150000 | PA      | $7218057.28   | 1.06%             | 2050-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE | Chicago Midway International Airport                                  | CUSIP: 167562NF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001936.20   | 0.44%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                 | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9478331.10   | 1.39%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                 | CUSIP: 167736C70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4095000 | PA      | $4114031.51   | 0.60%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                | CUSIP: 196480GL5<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    815000 | PA      | $811739.51    | 0.12%             | 2023-04-01      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                  | CUSIP: 19648AW27<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   7715000 | PA      | $7798443.13   | 1.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                | CUSIP: 196707XQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4870000 | PA      | $4847292.16   | 0.71%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE | Maryland Community Development Administration                         | CUSIP: 20364NAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3702135.50   | 0.54%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH  | Delaware Valley Regional Finance Authority                            | CUSIP: 246579LN4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2950164.00   | 0.43%             | 2057-03-01      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                            | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1500769 | NS      | $1500768.78   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI | Glendale Industrial Development Authority                             | CUSIP: 378287AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3021566.70   | 0.44%             | 2048-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS CNTY ND            | County of Grand Forks ND                                              | CUSIP: 38543PAE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2750000.00   | 0.40%             | 2031-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS CNTY ND            | County of Grand Forks ND                                              | CUSIP: 38543PAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1375000.00   | 0.20%             | 2044-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R | City of Grand Forks ND                                                | CUSIP: 38546WDG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8925000 | PA      | $8563831.13   | 1.26%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer