# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015727
**Filing Date:** 2025-11
**Character Count:** 111914
**Document Hash:** 631917c03f43ed988b827db6b70e0537
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015727.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015727

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 251527275

**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** | **Brown Advisory Tax-Exempt Bond Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **MUNICIPAL BONDS - 99.6%** | **MUNICIPAL BONDS - 99.6%** | **Par** | **Value**  |
| **Alabama - 7.7%** | **Alabama - 7.7%** | **Alabama - 7.7%** | **Alabama - 7.7%** |
| Black Belt Energy Gas District | Black Belt Energy Gas District | Black Belt Energy Gas District | Black Belt Energy Gas District |
| &nbsp;&nbsp; 3.24% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052 | &nbsp;&nbsp; 3.24% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052 | $34250000 | $33818358 |
| &nbsp;&nbsp; 5.00%, 12/01/2055 <sup>(a)</sup> | &nbsp;&nbsp; 5.00%, 12/01/2055 <sup>(a)</sup> | 5000000 | 5480213 |
|  Energy Southeast A Cooperative District, 5.25%, 07/01/2054 <sup>(a)</sup> | Energy Southeast A Cooperative District, 5.25%, 07/01/2054 <sup>(a)</sup> | 5500000 | 6029523 |
|  Industrial Development Board of Mobile Alabama, 3.78%, 06/01/2034 <sup>(a)</sup> | Industrial Development Board of Mobile Alabama, 3.78%, 06/01/2034 <sup>(a)</sup> | 2500000 | 2506736 |
|  Madison Alabama, 3.00%, 02/01/2036 | Madison Alabama, 3.00%, 02/01/2036 | 2730000 | 2555901 |
| Southeast Energy Authority A Cooperative District | 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 | &nbsp;&nbsp; 5.00%, 09/01/2035 | 3000000 | 3304227 |
| &nbsp;&nbsp; 5.25%, 03/01/2055 <sup>(a)</sup> | &nbsp;&nbsp; 5.25%, 03/01/2055 <sup>(a)</sup> | 4100000 | 4385415 |
| &nbsp;&nbsp; 5.25%, 11/01/2055 <sup>(a)</sup> | &nbsp;&nbsp; 5.25%, 11/01/2055 <sup>(a)</sup> | 12000000 | 13336024 |
| &nbsp;&nbsp; 5.00%, 01/01/2056 <sup>(a)</sup> | &nbsp;&nbsp; 5.00%, 01/01/2056 <sup>(a)</sup> | 10000000 | 10565455 |
|  |  |  | 81981852 |
| **Arizona - 3.2%** | **Arizona - 3.2%** | **Arizona - 3.2%** | **Arizona - 3.2%** |
|  Chandler Industrial Development Authority, 4.00%, 06/01/2049 <sup>(a)</sup> | Chandler Industrial Development Authority, 4.00%, 06/01/2049 <sup>(a)</sup> | 7000000 | 7148653 |
| Maricopa County Pollution Control Corp. | Maricopa County Pollution Control Corp. | Maricopa County Pollution Control Corp. | Maricopa County Pollution Control Corp. |
| &nbsp;&nbsp; 2.40%, 06/01/2035 | &nbsp;&nbsp; 2.40%, 06/01/2035 | 6500000 | 5445247 |
| &nbsp;&nbsp; 2.40%, 06/01/2035 | &nbsp;&nbsp; 2.40%, 06/01/2035 | 12555000 | 10517704 |
|  Maricopa County Unified School District No 69 Paradise Valley, 3.00%, 07/01/2031 | Maricopa County Unified School District No 69 Paradise Valley, 3.00%, 07/01/2031 | 10500000 | 10379466 |
|  |  |  | 33491070 |
| **Arkansas - 0.5%** | **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 | Bentonville South Dakota School District No 6 |
| &nbsp;&nbsp; 2.13%, 06/01/2041 | &nbsp;&nbsp; 2.13%, 06/01/2041 | 2680000 | 1872752 |
| &nbsp;&nbsp; 2.13%, 06/01/2042 | &nbsp;&nbsp; 2.13%, 06/01/2042 | 2750000 | 1857361 |
| &nbsp;&nbsp; 2.13%, 06/01/2043 | &nbsp;&nbsp; 2.13%, 06/01/2043 | 2825000 | 1854621 |
|  |  |  | 5584734 |
| **California - 4.2%** | **California - 4.2%** | **California - 4.2%** | **California - 4.2%** |
| California Community Choice Financing Authority | California Community Choice Financing Authority | California Community Choice Financing Authority | California Community Choice Financing Authority |
| &nbsp;&nbsp; 5.00%, 03/01/2029 | &nbsp;&nbsp; 5.00%, 03/01/2029 | 4280000 | 4541983 |
| &nbsp;&nbsp; 3.34% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | &nbsp;&nbsp; 3.34% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 10000000 | 9420714 |
|  California Earthquake Authority, 5.60%, 07/01/2027 | California Earthquake Authority, 5.60%, 07/01/2027 | 10330000 | 10466854 |
|  California Pollution Control Financing Authority, 3.80%, 07/01/2043 <sup>(a)(b)</sup> | California Pollution Control Financing Authority, 3.80%, 07/01/2043 <sup>(a)(b)</sup> | 5000000 | 4996556 |
| Los Angeles California Department of Airports | 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 | &nbsp;&nbsp; 4.00%, 05/15/2041 | 4160000 | 3972508 |
| &nbsp;&nbsp; 4.00%, 05/15/2042 | &nbsp;&nbsp; 4.00%, 05/15/2042 | 7950000 | 7481035 |
|  San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 1825000 | 1842869 |
|  Temecula Valley California Unified School District, 3.00%, 08/01/2047 | Temecula Valley California Unified School District, 3.00%, 08/01/2047 | 2000000 | 1535803 |
|  |  |  | 44258322 |
| **Colorado - 0.4%** | **Colorado - 0.4%** | **Colorado - 0.4%** | **Colorado - 0.4%** |
|  Board of Governors of Colorado State University System, 4.00%, 03/01/2036 | Board of Governors of Colorado State University System, 4.00%, 03/01/2036 | 3255000 | 3286902 |
|  Park Creek Metropolitan District, 5.00%, 12/01/2034 | Park Creek Metropolitan District, 5.00%, 12/01/2034 | 1000000 | 1001753 |
|  |  |  | 4288655 |
| **District of Columbia - 0.8%** | **District of Columbia - 0.8%** | **District of Columbia - 0.8%** | **District of Columbia - 0.8%** |
|  District of Columbia, 5.00%, 07/15/2028 | District of Columbia, 5.00%, 07/15/2028 | 1500000 | 1509284 |
|  Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032 | Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032 | 2660000 | 2701897 |
|  Washington Convention & Sports Authority, 5.00%, 10/01/2029 | Washington Convention & Sports Authority, 5.00%, 10/01/2029 | 3565000 | 3732659 |
|  |  |  | 7943840 |
| **Florida - 7.7%** | **Florida - 7.7%** | **Florida - 7.7%** | **Florida - 7.7%** |
|  Florida Development Finance Corp., 5.25%, 07/01/2047 | Florida Development Finance Corp., 5.25%, 07/01/2047 | 17500000 | 17234975 |
| Miami-Dade County Florida Aviation Revenue | 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 | &nbsp;&nbsp; 5.00%, 10/01/2031 | 3500000 | 3867380 |
| &nbsp;&nbsp; 5.00%, 10/01/2034 | &nbsp;&nbsp; 5.00%, 10/01/2034 | 5735000 | 6425676 |
| &nbsp;&nbsp; 5.00%, 10/01/2038 | &nbsp;&nbsp; 5.00%, 10/01/2038 | 10000000 | 10012044 |
| Miami-Dade County Florida Expressway Authority | Miami-Dade County Florida Expressway Authority | Miami-Dade County Florida Expressway Authority | Miami-Dade County Florida Expressway Authority |
| &nbsp;&nbsp; 5.30% (1 mo. Term SOFR + 1.05%), 07/01/2026 | &nbsp;&nbsp; 5.30% (1 mo. Term SOFR + 1.05%), 07/01/2026 | 1050000 | 1050987 |
| &nbsp;&nbsp; 5.30% (1 mo. Term SOFR + 1.05%), 07/01/2029 | &nbsp;&nbsp; 5.30% (1 mo. Term SOFR + 1.05%), 07/01/2029 | 18260000 | 18382450 |
| &nbsp;&nbsp; 5.30% (1 mo. Term SOFR + 1.05%), 07/01/2032 | &nbsp;&nbsp; 5.30% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 9260000 | 9338406 |
| &nbsp;&nbsp; 5.00%, 07/01/2040 | &nbsp;&nbsp; 5.00%, 07/01/2040 | 4000000 | 4017906 |
|  Tampa Bay Water, 3.38%, 10/01/2038 | Tampa Bay Water, 3.38%, 10/01/2038 | 10800000 | 10153564 |
| Tampa Florida | Tampa Florida | Tampa Florida | Tampa Florida |
| &nbsp;&nbsp; 4.60%, 09/01/2039 <sup>(c)</sup> | &nbsp;&nbsp; 4.60%, 09/01/2039 <sup>(c)</sup> | 1100000 | 586074 |
| &nbsp;&nbsp; 4.69%, 09/01/2041 <sup>(c)</sup> | &nbsp;&nbsp; 4.69%, 09/01/2041 <sup>(c)</sup> | 1280000 | 598675 |
| &nbsp;&nbsp; 3.77%, 09/01/2045 <sup>(c)</sup> | &nbsp;&nbsp; 3.77%, 09/01/2045 <sup>(c)</sup> | 1850000 | 670119 |
|  |  |  | 82338256 |
| **Georgia - 4.3%** | **Georgia - 4.3%** | **Georgia - 4.3%** | **Georgia - 4.3%** |
|  Clayton County Development Authority, 5.00%, 07/01/2032 | Clayton County Development Authority, 5.00%, 07/01/2032 | 12000000 | 12002303 |
| Main Street Natural Gas, Inc. | Main Street Natural Gas, Inc. | Main Street Natural Gas, Inc. | Main Street Natural Gas, Inc. |
| &nbsp;&nbsp; 4.47% (SOFR + 1.70%), 12/01/2053 | &nbsp;&nbsp; 4.47% (SOFR + 1.70%), 12/01/2053 | 28500000 | 28774492 |
| &nbsp;&nbsp; 5.00%, 12/01/2054 <sup>(a)</sup> | &nbsp;&nbsp; 5.00%, 12/01/2054 <sup>(a)</sup> | 5000000 | 5447284 |
|  |  |  | 46224079 |
| **Illinois - 6.8%** | **Illinois - 6.8%** | **Illinois - 6.8%** | **Illinois - 6.8%** |
| 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 | Chicago Illinois Board of Education Dedicated Capital Improvement Tax |
| &nbsp;&nbsp; 5.25%, 04/01/2036 | &nbsp;&nbsp; 5.25%, 04/01/2036 | 3200000 | 3439690 |
| &nbsp;&nbsp; 5.25%, 04/01/2037 | &nbsp;&nbsp; 5.25%, 04/01/2037 | 3700000 | 3943220 |
| &nbsp;&nbsp; 5.25%, 04/01/2039 | &nbsp;&nbsp; 5.25%, 04/01/2039 | 2250000 | 2362733 |
| &nbsp;&nbsp; 5.25%, 04/01/2040 | &nbsp;&nbsp; 5.25%, 04/01/2040 | 5250000 | 5475605 |
| &nbsp;&nbsp; 5.50%, 04/01/2042 | &nbsp;&nbsp; 5.50%, 04/01/2042 | 1000000 | 1043011 |
|  Chicago Illinois Park District, 5.00%, 01/01/2044<sup>(e)</sup> | Chicago Illinois Park District, 5.00%, 01/01/2044<sup>(e)</sup> | 9000000 | 9196397 |
|  Du Page County Illinois, 3.00%, 05/15/2047 | Du Page County Illinois, 3.00%, 05/15/2047 | 11095000 | 8127132 |
|  DuPage & Cook Counties Community Unit School District No 205 Elmhurst, 2.13%, 01/01/2040 | DuPage & Cook Counties Community Unit School District No 205 Elmhurst, 2.13%, 01/01/2040 | 1600000 | 1144054 |
| Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority |
| &nbsp;&nbsp; 4.80%, 12/01/2043 <sup>(a)(b)</sup> | &nbsp;&nbsp; 4.80%, 12/01/2043 <sup>(a)(b)</sup> | 6000000 | 6163129 |
| &nbsp;&nbsp; 4.13%, 12/01/2050 <sup>(a)(b)</sup> | &nbsp;&nbsp; 4.13%, 12/01/2050 <sup>(a)(b)</sup> | 6000000 | 5952634 |
| Illinois State | Illinois State | Illinois State | Illinois State |
| &nbsp;&nbsp; 4.00%, 10/01/2033 | &nbsp;&nbsp; 4.00%, 10/01/2033 | 1700000 | 1731577 |
| &nbsp;&nbsp; 6.73%, 04/01/2035 | &nbsp;&nbsp; 6.73%, 04/01/2035 | 5384615 | 5724425 |
| Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority | Metropolitan Pier & Exposition Authority |
| &nbsp;&nbsp; 5.43%, 12/15/2037 <sup>(c)</sup> | &nbsp;&nbsp; 5.43%, 12/15/2037 <sup>(c)</sup> | 20365000 | 12176504 |
| &nbsp;&nbsp; 4.96%, 12/15/2040 <sup>(c)</sup> | &nbsp;&nbsp; 4.96%, 12/15/2040 <sup>(c)</sup> | 12360000 | 6321362 |
|  |  |  | 72801473 |
| **Indiana - 1.3%** | **Indiana - 1.3%** | **Indiana - 1.3%** | **Indiana - 1.3%** |
|  Indiana Finance Authority, 5.00%, 10/01/2063 <sup>(a)</sup> | Indiana Finance Authority, 5.00%, 10/01/2063 <sup>(a)</sup> | 12000000 | 13376105 |
| **Iowa - 0.6%** | **Iowa - 0.6%** | **Iowa - 0.6%** | **Iowa - 0.6%** |
| Des Moines Iowa | Des Moines Iowa | Des Moines Iowa | Des Moines Iowa |
| &nbsp;&nbsp; 2.00%, 06/01/2039 | &nbsp;&nbsp; 2.00%, 06/01/2039 | 4635000 | 3394422 |
| &nbsp;&nbsp; 1.88%, 06/01/2040 | &nbsp;&nbsp; 1.88%, 06/01/2040 | 3575000 | 2386128 |
|  West Des Moines Iowa, 2.00%, 06/01/2040 | West Des Moines Iowa, 2.00%, 06/01/2040 | 1280000 | 905645 |
|  |  |  | 6686195 |
| **Kentucky - 3.0%** | **Kentucky - 3.0%** | **Kentucky - 3.0%** | **Kentucky - 3.0%** |
| Kentucky Public Energy Authority | Kentucky Public Energy Authority | Kentucky Public Energy Authority | Kentucky Public Energy Authority |
| &nbsp;&nbsp; 5.00%, 01/01/2055 <sup>(a)</sup> | &nbsp;&nbsp; 5.00%, 01/01/2055 <sup>(a)</sup> | 10000000 | 10840856 |
| &nbsp;&nbsp; 5.00%, 05/01/2055 <sup>(a)</sup> | &nbsp;&nbsp; 5.00%, 05/01/2055 <sup>(a)</sup> | 20000000 | 21206152 |
|  |  |  | 32047008 |
| **Louisiana - 0.2%** | **Louisiana - 0.2%** | **Louisiana - 0.2%** | **Louisiana - 0.2%** |
|  Terrebonne Parish Louisiana, 3.20%, 04/01/2036 <sup>(c)</sup> | Terrebonne Parish Louisiana, 3.20%, 04/01/2036 <sup>(c)</sup> | 3045000 | 2019271 |
| **Maine - 0.2%** | **Maine - 0.2%** | **Maine - 0.2%** | **Maine - 0.2%** |
| Lewiston Maine | Lewiston Maine | Lewiston Maine | Lewiston Maine |
| &nbsp;&nbsp; 1.75%, 02/15/2038 | &nbsp;&nbsp; 1.75%, 02/15/2038 | 1270000 | 903000 |
| &nbsp;&nbsp; 1.75%, 02/15/2039 | &nbsp;&nbsp; 1.75%, 02/15/2039 | 1270000 | 870905 |
|  |  |  | 1773905 |
| **Maryland - 0.6%** | **Maryland - 0.6%** | **Maryland - 0.6%** | **Maryland - 0.6%** |
|  Maryland Community Development Administration, 2.41%, 07/01/2043 | Maryland Community Development Administration, 2.41%, 07/01/2043 | 4992116 | 3501184 |
|  Maryland Economic Development Corp., 4.38%, 07/01/2036 | Maryland Economic Development Corp., 4.38%, 07/01/2036 | 3000000 | 2913584 |
|  |  |  | 6414768 |
| **Massachusetts - 1.8%** | **Massachusetts - 1.8%** | **Massachusetts - 1.8%** | **Massachusetts - 1.8%** |
| Commonwealth of Massachusetts | Commonwealth of Massachusetts | Commonwealth of Massachusetts | Commonwealth of Massachusetts |
| &nbsp;&nbsp; 2.00%, 03/01/2037 | &nbsp;&nbsp; 2.00%, 03/01/2037 | 2250000 | 1839277 |
| &nbsp;&nbsp; 4.00%, 10/01/2038 | &nbsp;&nbsp; 4.00%, 10/01/2038 | 6000000 | 6045474 |
|  Massachusetts Housing Finance Agency, 4.00%, 12/01/2033 | Massachusetts Housing Finance Agency, 4.00%, 12/01/2033 | 2540000 | 2540260 |
|  Milford Massachusetts, 2.00%, 12/01/2037 | Milford Massachusetts, 2.00%, 12/01/2037 | 3000000 | 2395087 |
| Waltham Massachusetts | Waltham Massachusetts | Waltham Massachusetts | Waltham Massachusetts |
| &nbsp;&nbsp; 2.13%, 10/15/2038 | &nbsp;&nbsp; 2.13%, 10/15/2038 | 3455000 | 2783177 |
| &nbsp;&nbsp; 2.13%, 10/15/2039 | &nbsp;&nbsp; 2.13%, 10/15/2039 | 4455000 | 3500826 |
|  |  |  | 19104101 |
| **Michigan - 0.2%** | **Michigan - 0.2%** | **Michigan - 0.2%** | **Michigan - 0.2%** |
|  Oakland-Macomb Interceptor Drain Drainage District, 2.00%, 07/01/2038 | Oakland-Macomb Interceptor Drain Drainage District, 2.00%, 07/01/2038 | 2500000 | 1865513 |
| **Missouri - 1.3%** | **Missouri - 1.3%** | **Missouri - 1.3%** | **Missouri - 1.3%** |
| 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 | Cass County Missouri Reorganized School District No R-2 |
| &nbsp;&nbsp; 2.00%, 03/01/2039 | &nbsp;&nbsp; 2.00%, 03/01/2039 | 3375000 | 2491170 |
| &nbsp;&nbsp; 2.00%, 03/01/2041 | &nbsp;&nbsp; 2.00%, 03/01/2041 | 2235000 | 1524952 |
|  Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038 | Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038 | 4701975 | 3638046 |
|  St Charles County Francis Howell R-III School District, 3.00%, 03/01/2033 | St Charles County Francis Howell R-III School District, 3.00%, 03/01/2033 | 6180000 | 6138789 |
|  |  |  | 13792957 |
| **Nebraska - 2.5%** | **Nebraska - 2.5%** | **Nebraska - 2.5%** | **Nebraska - 2.5%** |
| Central Plains Energy Project | Central Plains Energy Project | Central Plains Energy Project | Central Plains Energy Project |
| &nbsp;&nbsp; 4.97% (SOFR + 2.18%), 05/01/2053 | &nbsp;&nbsp; 4.97% (SOFR + 2.18%), 05/01/2053 | 10000000 | 10378807 |
| &nbsp;&nbsp; 5.00%, 05/01/2053 <sup>(a)</sup> | &nbsp;&nbsp; 5.00%, 05/01/2053 <sup>(a)</sup> | 7670000 | 8156774 |
|  Omaha Nebraska School District, 2.00%, 12/15/2039 | Omaha Nebraska School District, 2.00%, 12/15/2039 | 8010000 | 5981128 |
|  Sarpy County Nebraska, 1.75%, 06/01/2036 | Sarpy County Nebraska, 1.75%, 06/01/2036 | 2710000 | 2125895 |
|  |  |  | 26642604 |
| **Nevada - 1.7%** | **Nevada - 1.7%** | **Nevada - 1.7%** | **Nevada - 1.7%** |
|  Clark County Nevada, 2.10%, 06/01/2031 | Clark County Nevada, 2.10%, 06/01/2031 | 6460000 | 5879158 |
| Henderson Nevada | Henderson Nevada | Henderson Nevada | Henderson Nevada |
| &nbsp;&nbsp; 2.00%, 06/01/2038 | &nbsp;&nbsp; 2.00%, 06/01/2038 | 2830000 | 2222229 |
| &nbsp;&nbsp; 2.00%, 06/01/2039 | &nbsp;&nbsp; 2.00%, 06/01/2039 | 1585000 | 1209236 |
| Las Vegas Nevada Redevelopment Agency | Las Vegas Nevada Redevelopment Agency | Las Vegas Nevada Redevelopment Agency | Las Vegas Nevada Redevelopment Agency |
| &nbsp;&nbsp; 5.00%, 06/15/2026 | &nbsp;&nbsp; 5.00%, 06/15/2026 | 1000000 | 1010753 |
| &nbsp;&nbsp; 5.00%, 06/15/2028 | &nbsp;&nbsp; 5.00%, 06/15/2028 | 2280000 | 2305388 |
|  Washoe County School District/NV, 2.25%, 06/01/2045 | Washoe County School District/NV, 2.25%, 06/01/2045 | 7370000 | 4912195 |
|  |  |  | 17538959 |
| **New Jersey - 3.3%** | **New Jersey - 3.3%** | **New Jersey - 3.3%** | **New Jersey - 3.3%** |
| New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority | New Jersey Transportation Trust Fund Authority |
| &nbsp;&nbsp; 4.35%, 12/15/2037 <sup>(c)</sup> | &nbsp;&nbsp; 4.35%, 12/15/2037 <sup>(c)</sup> | 5050000 | 3148554 |
| &nbsp;&nbsp; 4.89%, 12/15/2039 <sup>(c)</sup> | &nbsp;&nbsp; 4.89%, 12/15/2039 <sup>(c)</sup> | 16355000 | 9127323 |
| &nbsp;&nbsp; 5.25%, 06/15/2041 | &nbsp;&nbsp; 5.25%, 06/15/2041 | 8750000 | 9568773 |
| &nbsp;&nbsp; 5.00%, 06/15/2042 | &nbsp;&nbsp; 5.00%, 06/15/2042 | 3500000 | 3724272 |
|  Tobacco Settlement Financing Corp., 5.25%, 06/01/2046 | Tobacco Settlement Financing Corp., 5.25%, 06/01/2046 | 5500000 | 5509336 |
|  West Windsor-Plainsboro Regional School District/NJ, 2.25%, 08/01/2033 | West Windsor-Plainsboro Regional School District/NJ, 2.25%, 08/01/2033 | 4570000 | 4142181 |
|  |  |  | 35220439 |
| **New Mexico - 1.3%** | **New Mexico - 1.3%** | **New Mexico - 1.3%** | **New Mexico - 1.3%** |
|  Farmington New Mexico, 1.80%, 04/01/2029 | Farmington New Mexico, 1.80%, 04/01/2029 | 15000000 | 14205654 |
| **New York - 9.4%** | **New York - 9.4%** | **New York - 9.4%** | **New York - 9.4%** |
|  Metropolitan Transportation Authority, 5.25%, 11/15/2031 | Metropolitan Transportation Authority, 5.25%, 11/15/2031 | 11540000 | 11576526 |
|  Mount Vernon City School District, 3.00%, 08/15/2031 | Mount Vernon City School District, 3.00%, 08/15/2031 | 4005000 | 3921209 |
|  New York City New York, 5.00%, 08/01/2038 | New York City New York, 5.00%, 08/01/2038 | 5500000 | 5549887 |
| New York Convention Center Development Corp. | 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 | &nbsp;&nbsp; 5.00%, 11/15/2028 | 8000000 | 8019045 |
| &nbsp;&nbsp; 5.00%, 11/15/2029 | &nbsp;&nbsp; 5.00%, 11/15/2029 | 5000000 | 5011846 |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | New York Liberty Development Corp., 3.13%, 09/15/2050 | 13735000 | 10243475 |
| New York Mortgage Agency Homeowner Mortgage Revenue | 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 | &nbsp;&nbsp; 4.70%, 04/01/2036 | 1745000 | 1768348 |
| &nbsp;&nbsp; 4.65%, 10/01/2043 | &nbsp;&nbsp; 4.65%, 10/01/2043 | 6380000 | 6420669 |
| New York Transportation Development Corp. | New York Transportation Development Corp. | New York Transportation Development Corp. | New York Transportation Development Corp. |
| &nbsp;&nbsp; 5.00%, 07/01/2041 | &nbsp;&nbsp; 5.00%, 07/01/2041 | 11775000 | 11774397 |
| &nbsp;&nbsp; 5.25%, 12/31/2054 | &nbsp;&nbsp; 5.25%, 12/31/2054 | 6700000 | 6830704 |
|  Port Authority of New York & New Jersey, 4.00%, 09/01/2043 | Port Authority of New York & New Jersey, 4.00%, 09/01/2043 | 2970000 | 2726365 |
|  Suffolk County Water Authority, 3.25%, 06/01/2042 | Suffolk County Water Authority, 3.25%, 06/01/2042 | 19000000 | 16506453 |
| TSASC, Inc. | TSASC, Inc. | TSASC, Inc. | TSASC, Inc. |
| &nbsp;&nbsp; 5.00%, 06/01/2030 | &nbsp;&nbsp; 5.00%, 06/01/2030 | 7960000 | 8178644 |
| &nbsp;&nbsp; 5.00%, 06/01/2031 | &nbsp;&nbsp; 5.00%, 06/01/2031 | 1070000 | 1097113 |
|  |  |  | 99624681 |
| **North Carolina - 2.4%** | **North Carolina - 2.4%** | **North Carolina - 2.4%** | **North Carolina - 2.4%** |
| Cary North Carolina | Cary North Carolina | Cary North Carolina | Cary North Carolina |
| &nbsp;&nbsp; 1.75%, 09/01/2037 | &nbsp;&nbsp; 1.75%, 09/01/2037 | 6250000 | 4718096 |
| &nbsp;&nbsp; 1.75%, 09/01/2038 | &nbsp;&nbsp; 1.75%, 09/01/2038 | 6250000 | 4552534 |
|  North Carolina State, 3.00%, 05/01/2032 | North Carolina State, 3.00%, 05/01/2032 | 16820000 | 16756732 |
|  |  |  | 26027362 |
| **Ohio - 2.6%** | **Ohio - 2.6%** | **Ohio - 2.6%** | **Ohio - 2.6%** |
| American Municipal Power, Inc. | American Municipal Power, Inc. | American Municipal Power, Inc. | American Municipal Power, Inc. |
| &nbsp;&nbsp; 4.00%, 02/15/2037 | &nbsp;&nbsp; 4.00%, 02/15/2037 | 5510000 | 5550293 |
| &nbsp;&nbsp; 4.00%, 02/15/2038 | &nbsp;&nbsp; 4.00%, 02/15/2038 | 5940000 | 5938475 |
|  Buckeye Ohio Tobacco Settlement Financing Authority, 4.00%, 06/01/2037 | Buckeye Ohio Tobacco Settlement Financing Authority, 4.00%, 06/01/2037 | 10325000 | 10116930 |
|  Columbus Ohio, 3.00%, 08/15/2030 | Columbus Ohio, 3.00%, 08/15/2030 | 4325000 | 4326010 |
|  Warren County Ohio, 5.00%, 05/15/2044 | Warren County Ohio, 5.00%, 05/15/2044 | 2000000 | 1988387 |
|  |  |  | 27920095 |
| **Oregon - 0.3%** | **Oregon - 0.3%** | **Oregon - 0.3%** | **Oregon - 0.3%** |
|  Seaside School District No 10, 5.39%, 06/15/2040 <sup>(c)</sup> | Seaside School District No 10, 5.39%, 06/15/2040 <sup>(c)</sup> | 6825000 | 3432528 |
| **Pennsylvania - 1.1%** | **Pennsylvania - 1.1%** | **Pennsylvania - 1.1%** | **Pennsylvania - 1.1%** |
|  Delaware Valley Regional Finance Authority, 3.29% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057 | Delaware Valley Regional Finance Authority, 3.29% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057 | 3000000 | 2991742 |
|  Lehigh County Pennsylvania, 3.99% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | Lehigh County Pennsylvania, 3.99% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 9265000 | 9143244 |
|  |  |  | 12134986 |
| **Puerto Rico - 1.3%** | **Puerto Rico - 1.3%** | **Puerto Rico - 1.3%** | **Puerto Rico - 1.3%** |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.67%, 07/01/2031 <sup>(c)</sup> | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.67%, 07/01/2031 <sup>(c)</sup> | 16249000 | 13314187 |
| **Rhode Island - 2.2%** | **Rhode Island - 2.2%** | **Rhode Island - 2.2%** | **Rhode Island - 2.2%** |
|  Tobacco Settlement Financing Corp., 5.00%, 06/01/2035 | Tobacco Settlement Financing Corp., 5.00%, 06/01/2035 | 23310000 | 23322559 |
| **South Carolina - 1.5%** | **South Carolina - 1.5%** | **South Carolina - 1.5%** | **South Carolina - 1.5%** |
|  South Carolina Public Service Authority, 5.00%, 12/01/2038 | South Carolina Public Service Authority, 5.00%, 12/01/2038 | 5890000 | 6419881 |
|  South Carolina State, 2.25%, 04/01/2029 | South Carolina State, 2.25%, 04/01/2029 | 9680000 | 9468971 |
|  |  |  | 15888852 |
| **Tennessee - 1.9%** | **Tennessee - 1.9%** | **Tennessee - 1.9%** | **Tennessee - 1.9%** |
|  Knox Tennesee, 3.05%, 06/01/2035 | Knox Tennesee, 3.05%, 06/01/2035 | 4905000 | 4687358 |
|  Metropolitan Nashville Airport Authority, 5.00%, 07/01/2040 | Metropolitan Nashville Airport Authority, 5.00%, 07/01/2040 | 1250000 | 1255212 |
|  Oak Ridge Tennessee, 2.00%, 06/01/2032 | Oak Ridge Tennessee, 2.00%, 06/01/2032 | 1865000 | 1704567 |
|  Rutherford Tennessee, 3.00%, 04/01/2036 | Rutherford Tennessee, 3.00%, 04/01/2036 | 5355000 | 5034296 |
|  Tennergy Corp., 5.00%, 10/01/2054 <sup>(a)</sup> | Tennergy Corp., 5.00%, 10/01/2054 <sup>(a)</sup> | 6500000 | 6966554 |
|  |  |  | 19647987 |
| **Texas - 11.3%** | **Texas - 11.3%** | **Texas - 11.3%** | **Texas - 11.3%** |
|  Austin Texas, 7.88%, 09/01/2026 | Austin Texas, 7.88%, 09/01/2026 | 925000 | 940162 |
|  Clifton Higher Education Finance Corp., 5.00%, 02/15/2032 | Clifton Higher Education Finance Corp., 5.00%, 02/15/2032 | 10000000 | 11165586 |
|  Dallas Fort Worth International Airport, 5.25%, 11/01/2041 | Dallas Fort Worth International Airport, 5.25%, 11/01/2041 | 9000000 | 9649667 |
| Del Valle Independent School District | Del Valle Independent School District | Del Valle Independent School District | Del Valle Independent School District |
| &nbsp;&nbsp; 2.00%, 06/15/2038 | &nbsp;&nbsp; 2.00%, 06/15/2038 | 10135000 | 7902268 |
| &nbsp;&nbsp; 2.00%, 06/15/2039 | &nbsp;&nbsp; 2.00%, 06/15/2039 | 3085000 | 2335727 |
|  Fort Worth Texas, 2.00%, 03/01/2039 | Fort Worth Texas, 2.00%, 03/01/2039 | 6475000 | 4799664 |
| Frisco Texas | Frisco Texas | Frisco Texas | Frisco Texas |
| &nbsp;&nbsp; 2.00%, 02/15/2039 | &nbsp;&nbsp; 2.00%, 02/15/2039 | 1710000 | 1292785 |
| &nbsp;&nbsp; 2.00%, 02/15/2040 | &nbsp;&nbsp; 2.00%, 02/15/2040 | 1745000 | 1266014 |
|  Joshua Texas Independent School District, 3.00%, 08/15/2035 | Joshua Texas Independent School District, 3.00%, 08/15/2035 | 3105000 | 2998059 |
|  Love Field Texas Airport Modernization Corp., 4.00%, 11/01/2036 | Love Field Texas Airport Modernization Corp., 4.00%, 11/01/2036 | 17720000 | 17550026 |
|  San Antonio Independent School District/TX, 3.00%, 08/15/2038 | San Antonio Independent School District/TX, 3.00%, 08/15/2038 | 3800000 | 3372294 |
|  San Marcos Texas, 2.00%, 08/15/2039 | San Marcos Texas, 2.00%, 08/15/2039 | 4265000 | 3116673 |
|  State of Texas, 4.50%, 08/01/2045 | State of Texas, 4.50%, 08/01/2045 | 5900000 | 5939598 |
|  Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 <sup>(a)</sup> | Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 <sup>(a)</sup> | 8210000 | 8834823 |
| Texas Municipal Gas Acquisition and Supply Corp. II | 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; 3.44% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027 | &nbsp;&nbsp; 3.44% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027 | 3845000 | 3825518 |
| &nbsp;&nbsp; 3.53% (3 mo. Term SOFR + 0.86%), 09/15/2027 | &nbsp;&nbsp; 3.53% (3 mo. Term SOFR + 0.86%), 09/15/2027 | 12840000 | 12839375 |
| &nbsp;&nbsp; 3.75% (3 mo. Term SOFR + 1.05%), 09/15/2027 | &nbsp;&nbsp; 3.75% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 7175000 | 7197796 |
| Texas Municipal Power Agency | Texas Municipal Power Agency | Texas Municipal Power Agency | Texas Municipal Power Agency |
| &nbsp;&nbsp; 3.00%, 09/01/2035 | &nbsp;&nbsp; 3.00%, 09/01/2035 | 1630000 | 1544791 |
| &nbsp;&nbsp; 3.00%, 09/01/2038 | &nbsp;&nbsp; 3.00%, 09/01/2038 | 3985000 | 3527471 |
| &nbsp;&nbsp; 3.00%, 09/01/2040 | &nbsp;&nbsp; 3.00%, 09/01/2040 | 3780000 | 3247466 |
|  Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041 | Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041 | 5035000 | 4159342 |
| Willis Texas Independent School District | Willis Texas Independent School District | Willis Texas Independent School District | Willis Texas Independent School District |
| &nbsp;&nbsp; 2.00%, 02/15/2038 | &nbsp;&nbsp; 2.00%, 02/15/2038 | 1525000 | 1208747 |
| &nbsp;&nbsp; 2.00%, 02/15/2039 | &nbsp;&nbsp; 2.00%, 02/15/2039 | 1500000 | 1153368 |
|  |  |  | 119867220 |
| **Multi-State - 0.4%** | **Multi-State - 0.4%** | **Multi-State - 0.4%** | **Multi-State - 0.4%** |
| FHLMC Multifamily VRD Certificates | FHLMC Multifamily VRD Certificates | FHLMC Multifamily VRD Certificates | FHLMC Multifamily VRD Certificates |
| &nbsp;&nbsp; Series 1, 2.63%, 08/15/2051 <sup>(a)</sup> | &nbsp;&nbsp; Series 1, 2.63%, 08/15/2051 <sup>(a)</sup> | 1909734 | 1897625 |
| &nbsp;&nbsp; Series 2, 2.63%, 08/15/2051 <sup>(a)</sup> | &nbsp;&nbsp; Series 2, 2.63%, 08/15/2051 <sup>(a)</sup> | 2769114 | 2723834 |
|  |  |  | 4621459 |
| **Utah - 1.5%** | **Utah - 1.5%** | **Utah - 1.5%** | **Utah - 1.5%** |
| Utah Housing Corp. | Utah Housing Corp. | Utah Housing Corp. | Utah Housing Corp. |
| &nbsp;&nbsp; 3.00%, 01/21/2052 | &nbsp;&nbsp; 3.00%, 01/21/2052 | 4919968 | 4273216 |
| &nbsp;&nbsp; 4.50%, 06/21/2052 | &nbsp;&nbsp; 4.50%, 06/21/2052 | 7993345 | 7882739 |
| &nbsp;&nbsp; 5.00%, 10/21/2052 | &nbsp;&nbsp; 5.00%, 10/21/2052 | 4145589 | 4222356 |
|  |  |  | 16378311 |
| **Vermont - 0.7%** | **Vermont - 0.7%** | **Vermont - 0.7%** | **Vermont - 0.7%** |
|  Vermont Student Assistance Corp., 5.43% (30 day avg SOFR US + 1.00%), 06/02/2042 | Vermont Student Assistance Corp., 5.43% (30 day avg SOFR US + 1.00%), 06/02/2042 | 7414647 | 7406123 |
| **Virginia - 1.2%** | **Virginia - 1.2%** | **Virginia - 1.2%** | **Virginia - 1.2%** |
|  Henrico County Virginia Economic Development Authority, 5.76%, 08/23/2027 <sup>(a)</sup> | Henrico County Virginia Economic Development Authority, 5.76%, 08/23/2027 <sup>(a)</sup> | 800000 | 800000 |
|  Newport News Economic Development Authority, 5.00%, 12/01/2038 | Newport News Economic Development Authority, 5.00%, 12/01/2038 | 4220000 | 4223264 |
|  Newport News Virginia Economic Development Authority, 5.00%, 12/01/2031 | Newport News Virginia Economic Development Authority, 5.00%, 12/01/2031 | 3375000 | 3382872 |
| Suffolk Virginia | Suffolk Virginia | Suffolk Virginia | Suffolk Virginia |
| &nbsp;&nbsp; 1.88%, 02/01/2038 | &nbsp;&nbsp; 1.88%, 02/01/2038 | 1645000 | 1232668 |
| &nbsp;&nbsp; 1.88%, 02/01/2040 | &nbsp;&nbsp; 1.88%, 02/01/2040 | 1385000 | 960707 |
|  Virginia Small Business Financing Authority, 4.00%, 12/01/2036 | Virginia Small Business Financing Authority, 4.00%, 12/01/2036 | 2560000 | 2541434 |
|  |  |  | 13140945 |
| **West Virginia - 0.4%** | **West Virginia - 0.4%** | **West Virginia - 0.4%** | **West Virginia - 0.4%** |
|  Tobacco Settlement Finance Authority, 2.55%, 06/01/2029 | Tobacco Settlement Finance Authority, 2.55%, 06/01/2029 | 4505000 | 4223780 |
| **Wisconsin - 7.8%** | **Wisconsin - 7.8%** | **Wisconsin - 7.8%** | **Wisconsin - 7.8%** |
|  Neenah Joint School District, 2.00%, 03/01/2034 | Neenah Joint School District, 2.00%, 03/01/2034 | 5590000 | 4816332 |
|  Oak Creek-Franklin Joint School District, 3.15%, 04/01/2028 | Oak Creek-Franklin Joint School District, 3.15%, 04/01/2028 | 5140000 | 5141246 |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |
| &nbsp;&nbsp; 4.00%, 01/01/2055 <sup>(a)(b)</sup> | &nbsp;&nbsp; 4.00%, 01/01/2055 <sup>(a)(b)</sup> | 10000000 | 10096702 |
| &nbsp;&nbsp; 4.75%, 08/01/2059 <sup>(a)(b)</sup> | &nbsp;&nbsp; 4.75%, 08/01/2059 <sup>(a)(b)</sup> | 10000000 | 9972551 |
| &nbsp;&nbsp; 6.50%, 06/30/2060 | &nbsp;&nbsp; 6.50%, 06/30/2060 | 10000000 | 10972560 |
| &nbsp;&nbsp; Series 2024-1, 4.00%, 08/01/2059 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-1, 4.00%, 08/01/2059 <sup>(a)</sup> | 13485105 | 13532567 |
| &nbsp;&nbsp; Series 2024-2, 4.00%, 08/01/2059 <sup>(a)</sup> | &nbsp;&nbsp; Series 2024-2, 4.00%, 08/01/2059 <sup>(a)</sup> | 21932205 | 22045092 |
|  Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058 <sup>(a)</sup> | Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058 <sup>(a)</sup> | 6000000 | 6093345 |
|  |  |  | 82670395 |
| **TOTAL MUNICIPAL BONDS** (Cost $1,041,199,669) | **TOTAL MUNICIPAL BONDS** (Cost $1,041,199,669) | **TOTAL MUNICIPAL BONDS** (Cost $1,041,199,669) | 1059221230 |
| **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **Shares** | **Value**  |
| **Money Market Funds - 2.3%** | **Money Market Funds - 2.3%** |  |  |
| First American Government Obligations Fund - Class Z, 4.01%<sup>(d)</sup> | First American Government Obligations Fund - Class Z, 4.01%<sup>(d)</sup> | 24850441 | 24850441 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,850,441) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,850,441) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $24,850,441) | 24850441 |
| **TOTAL INVESTMENTS - 101.9% (**Cost $1,066,050,110**)** | **TOTAL INVESTMENTS - 101.9% (**Cost $1,066,050,110**)** | **TOTAL INVESTMENTS - 101.9% (**Cost $1,066,050,110**)** | 1084071671 |
| **Floating Rate Note Obligations - (0.6)%** | **Floating Rate Note Obligations - (0.6)%** | **Floating Rate Note Obligations - (0.6)%** |  |
| Note with interest and fee rate of 3.54% 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 3.54% 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 3.54% as of the date of this report and contractual maturity of collateral of 01/01/2044 <sup>(f)</sup> | (6000000) |
| Liabilities in Excess of Other Assets - (1.3)% | Liabilities in Excess of Other Assets - (1.3)% | Liabilities in Excess of Other Assets - (1.3)% | (14102602) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $1063969069 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

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 September 30, 2025.

(b) 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.

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

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

(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 $9,196,397 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 September 30, 2025 (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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $1059221230 | $– | $1059221230 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 24850441 | – | – | 24850441 |
| Total Investments | $24850441 | $1059221230 | $– | $1084071671 |
| 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:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1094541406.92

**Total Liabilities:** $30752359.46

**Net Assets:** $1063789047.46

**Delayed Delivery Securities:** $20889532.00

**Cash Not Reported:** $1910022.23

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 51783.800000000000 | **1-Year:** 85803.830000000000 | **5-Year:** 251422.290000000000 | **10-Year:** 173737.700000000000 | **30-Year:** 41804.200000000000

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

- **3-Month:** 29.930000000000 | **1-Year:** 5081.150000000000 | **5-Year:** 16668.310000000000 | **10-Year:** 7477.940000000000 | **30-Year:** 1722.260000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116565 | 0.00%                | 0.99%                | 1.95%                |
| Class ID C000116566 | 0.11%                | 0.88%                | 1.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-35198.64               | $-2822918.93                               |
| Month 2  | $122877.24               | $5688788.23                                |
| Month 3  | $343275.81               | $16524952.75                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BENTONVILLE AR SCH DIST #6     | Bentonville School District No 6                                      | CUSIP: 0834192U4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2825000 | PA      | $1854621.26   | 0.17%             | 2043-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL  | Black Belt Energy Gas District                                        | CUSIP: 09182TAN7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  34250000 | PA      | $33818357.53  | 3.18%             | 2052-10-01      | Floating      | 3.24%                 | 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      | $5480213.50   | 0.52%             | 2055-12-01      | Variable      | 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      | $10116929.57  | 0.95%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                       | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9420714.00   | 0.89%             | 2052-02-01      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                       | CUSIP: 13013JCW4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4541983.08   | 0.43%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                       | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |  10330000 | PA      | $10466853.91  | 0.98%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN | California Pollution Control Financing Authority                      | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4996556.00   | 0.47%             | 2043-07-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CARY NC                        | Town of Cary NC                                                       | CUSIP: 147051YQ3<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $4718096.25   | 0.44%             | 2037-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CARY NC                        | Town of Cary NC                                                       | CUSIP: 147051YR1<br>LEI: 5493005EXXSJNCUZX878 | Long             | DBT              | MUN               | US        |   6250000 | PA      | $4552534.38   | 0.43%             | 2038-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CASS CNTY MO REORG SCH DIST #R | Cass County Reorganized School District No R-2/MO                     | CUSIP: 147879HN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $2491169.85   | 0.23%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CASS CNTY MO REORG SCH DIST #R | Cass County Reorganized School District No R-2/MO                     | CUSIP: 147879HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1524952.12   | 0.14%             | 2041-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                         | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   7670000 | PA      | $8156774.25   | 0.77%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G | Central Plains Energy Project                                         | CUSIP: 154871CV7<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10378807.00  | 0.98%             | 2053-05-01      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEV AUTH INDL | Chandler Industrial Development Authority                             | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7148653.40   | 0.67%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax          | CUSIP: 167510AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3439690.24   | 0.32%             | 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      | $3943220.24   | 0.37%             | 2037-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax          | CUSIP: 167510BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2362732.88   | 0.22%             | 2039-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax          | CUSIP: 167510BD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5475604.58   | 0.51%             | 2040-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU DEDICATE | Chicago Board of Education Dedicated Capital Improvement Tax          | CUSIP: 167510BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043011.10   | 0.10%             | 2042-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                 | CUSIP: 167615Z22<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9196397.10   | 0.86%             | 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      | $5879157.50   | 0.55%             | 2031-06-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| CLATSOP CNTY OR SCH DIST #10 S | Seaside School District No 10                                         | CUSIP: 182846BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6825000 | PA      | $3432527.96   | 0.32%             | 2040-06-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CLAYTON CNTY GA DEV AUTH       | Clayton County Development Authority                                  | CUSIP: 184150EC0<br>LEI: 549300MRIVF01QB6RF86 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12002302.80  | 1.13%             | 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      | $11165586.00  | 1.05%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BRD OF GOVERNORS U | Board of Governors of Colorado State University System                | CUSIP: 196707XN8<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   3255000 | PA      | $3286901.60   | 0.31%             | 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      | $4326009.89   | 0.41%             | 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        |   4992116 | PA      | $3501184.11   | 0.33%             | 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      | $9649666.80   | 0.91%             | 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      | $7902267.61   | 0.74%             | 2038-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOVE FIELD TX ARPT MODERNIZATI | Love Field Airport Modernization Corp                                 | CUSIP: 54714CCC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17720000 | PA      | $17550026.22  | 1.65%             | 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      | $2555901.35   | 0.24%             | 2036-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA | Main Street Natural Gas Inc                                           | CUSIP: 56035DGC0<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  28500000 | PA      | $28774492.05  | 2.70%             | 2053-12-01      | Floating      | 4.49%                 | 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      | $5447284.00   | 0.51%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ POLL CONTROLC | Maricopa County Pollution Control Corp                                | CUSIP: 566854EM3<br>LEI: 549300QPXP6T4Y6I1D83 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $5445246.95   | 0.51%             | 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        |  12555000 | PA      | $10517703.92  | 0.99%             | 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      | $10379466.30  | 0.98%             | 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      | $2913583.80   | 0.27%             | 2036-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                         | CUSIP: 57582R3X2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6045474.00   | 0.57%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST               | Commonwealth of Massachusetts                                         | CUSIP: 57582RM86<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1839276.90   | 0.17%             | 2037-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H | Massachusetts Housing Finance Agency                                  | CUSIP: 57586P5G7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2540260.10   | 0.24%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP | Metropolitan Nashville Airport Authority/The                          | CUSIP: 592190MR0<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1255211.50   | 0.12%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                              | CUSIP: 592247L32<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  20365000 | PA      | $12176504.35  | 1.14%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL  | Metropolitan Pier & Exposition Authority                              | CUSIP: 592248GM4<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |  12360000 | PA      | $6321362.56   | 0.59%             | 2040-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                 | CUSIP: 59259Y6F1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  11540000 | PA      | $11576526.41  | 1.09%             | 2031-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A | Metropolitan Washington Airports Authority Aviation Revenue           | CUSIP: 592647CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2701897.13   | 0.25%             | 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      | $3867379.60   | 0.36%             | 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      | $6425676.37   | 0.60%             | 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      | $10012044.00  | 0.94%             | 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      | $1050987.21   | 0.10%             | 2026-07-01      | Floating      | 5.45%                 | 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      | $18382449.73  | 1.73%             | 2029-07-01      | Floating      | 5.45%                 | 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      | $9338406.27   | 0.88%             | 2032-07-01      | Floating      | 5.45%                 | 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      | $4017906.00   | 0.38%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MILFORD MA                     | Town of Milford MA                                                    | CUSIP: 599496XV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2395086.60   | 0.23%             | 2037-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MOBILE AL INDL DEV BRD POLL CO | Industrial Development Board of the City of Mobile Alabama            | CUSIP: 607167DW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2506736.00   | 0.24%             | 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      | $3921208.99   | 0.37%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEENAH WI JT SCH DIST          | Neenah Joint School District                                          | CUSIP: 639905EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5590000 | PA      | $4816332.26   | 0.45%             | 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      | $9127323.17   | 0.86%             | 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      | $3148554.31   | 0.30%             | 2037-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                        | CUSIP: 64613CEV6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8750000 | PA      | $9568772.50   | 0.90%             | 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      | $3724272.30   | 0.35%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST CONVENTION CENTER  | New York Convention Center Development Corp                           | CUSIP: 649451CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8019044.80   | 0.75%             | 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      | $5011846.00   | 0.47%             | 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      | $10243475.10  | 0.96%             | 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      | $5549886.65   | 0.52%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER | State of New York Mortgage Agency Homeowner Mortgage Revenue          | CUSIP: 64988YSE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6380000 | PA      | $6420669.31   | 0.60%             | 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      | $1768347.58   | 0.17%             | 2036-04-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP | New York Transportation Development Corp                              | CUSIP: 650116AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11775000 | PA      | $11774397.12  | 1.11%             | 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      | $6830703.60   | 0.64%             | 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      | $3382871.85   | 0.32%             | 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      | $4223264.17   | 0.40%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST LTD OBLIG    | State of North Carolina                                               | CUSIP: 65829QBF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16820000 | PA      | $16756731.57  | 1.58%             | 2032-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OAK CREEK-FRANKLIN WI JT SCH D | Oak Creek-Franklin Joint School District/WI                           | CUSIP: 671130MC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5140000 | PA      | $5141245.42   | 0.48%             | 2028-04-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE     | Public Finance Authority                                              | CUSIP: 74442PR64<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10096702.00  | 0.95%             | 2055-01-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                              | CUSIP: 74448CAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  13485105 | PA      | $13532567.18  | 1.27%             | 2059-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                              | CUSIP: 74448HAA5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  21932205 | PA      | $22045092.25  | 2.07%             | 2059-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                              | CUSIP: 74448SAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9972551.00   | 0.94%             | 2059-08-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU | Public Finance Authority                                              | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10972560.00  | 1.03%             | 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      | $13314186.87  | 1.25%             | 2031-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RUTHERFORD CNTY TN             | County of Rutherford TN                                               | CUSIP: 783244GK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5355000 | PA      | $5034296.01   | 0.47%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES CNTY MO FRANCIS  | St Charles County Francis Howell R-III School District                | CUSIP: 7876426R3<br>LEI: 549300N738JKL2CGSO59 | Long             | DBT              | MUN               | US        |   6180000 | PA      | $6138788.67   | 0.58%             | 2033-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH M | Industrial Development Authority of the City of St Louis Missouri/The | CUSIP: 79165BAB6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   4701975 | PA      | $3638046.42   | 0.34%             | 2038-12-01      | Fixed         | 2.22%                 | 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      | $3372294.04   | 0.32%             | 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      | $1842868.58   | 0.17%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS TX                  | City of San Marcos TX                                                 | CUSIP: 798765LG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4265000 | PA      | $3116673.06   | 0.29%             | 2039-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NE                  | County of Sarpy NE                                                    | CUSIP: 80373FLL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2125894.73   | 0.20%             | 2036-06-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST              | State of South Carolina                                               | CUSIP: 83710RSH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9680000 | PA      | $9468971.16   | 0.89%             | 2029-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                               | CUSIP: 8371514N6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   5890000 | PA      | $6419880.89   | 0.60%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                     | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10565455.00  | 0.99%             | 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      | $4385414.53   | 0.41%             | 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      | $3304227.00   | 0.31%             | 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      | $13336023.60  | 1.25%             | 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      | $16506453.30  | 1.55%             | 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      | $960707.19    | 0.09%             | 2040-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SUFFOLK VA                     | City of Suffolk VA                                                    | CUSIP: 86481ACL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1232667.92   | 0.12%             | 2038-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY FL WTR REGL WTR SPLY | Tampa Bay Water                                                       | CUSIP: 875124GE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10800000 | PA      | $10153563.84  | 0.95%             | 2038-10-01      | Fixed         | 3.38%                 | 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      | $2335726.61   | 0.22%             | 2039-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VLY PA REGL FIN AUTH  | Delaware Valley Regional Finance Authority                            | CUSIP: 246579LN4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2991741.90   | 0.28%             | 2057-03-01      | Floating      | 3.29%                 | 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      | $3972508.38   | 0.37%             | 2041-05-15      | Fixed         | 4.00%                 | 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      | $1704566.55   | 0.16%             | 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      | $1865513.50   | 0.18%             | 2038-07-01      | Fixed         | 2.00%                 | 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      | $1001753.00   | 0.09%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE | Port Authority of New York & New Jersey                               | CUSIP: 73358W3K8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2970000 | PA      | $2726365.26   | 0.26%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                   | TSASC Inc/NY                                                          | CUSIP: 898526EY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7960000 | PA      | $8178643.69   | 0.77%             | 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      | $1097113.16   | 0.10%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                     | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   4919968 | PA      | $4273216.25   | 0.40%             | 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        |   7993345 | PA      | $7882738.48   | 0.74%             | 2052-06-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DES MOINES IA                  | City of Des Moines IA                                                 | CUSIP: 25009XQV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $2386127.67   | 0.22%             | 2040-06-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| DES MOINES IA                  | City of Des Moines IA                                                 | CUSIP: 25009XSV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4635000 | PA      | $3394422.32   | 0.32%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBIA HOSP REVE | District of Columbia                                                  | CUSIP: 254764JS3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509283.50   | 0.14%             | 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      | $5981127.88   | 0.56%             | 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      | $1144054.24   | 0.11%             | 2040-01-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL REVENUE        | County of Du Page IL                                                  | CUSIP: 262668AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11095000 | PA      | $8127131.88   | 0.76%             | 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      | $6029523.50   | 0.57%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV | City of Farmington NM                                                 | CUSIP: 311450FZ8<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14205654.00  | 1.34%             | 2029-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU | FHLMC Multifamily VRD Certificates                                    | CUSIP: 31397PPR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2769114 | PA      | $2723833.47   | 0.26%             | 2051-08-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU | FHLMC Multifamily VRD Certificates                                    | CUSIP: 31397PPW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1909734 | PA      | $1897625.33   | 0.18%             | 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        |  22940418 | NS      | $22940418.35  | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                      | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  17500000 | PA      | $17234974.75  | 1.62%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORT WORTH TX                  | City of Fort Worth TX                                                 | CUSIP: 349426DB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6475000 | PA      | $4799664.33   | 0.45%             | 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      | $1292784.62   | 0.12%             | 2039-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FRISCO TX                      | City of Frisco TX                                                     | CUSIP: 358776ZH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1266014.08   | 0.12%             | 2040-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HENDERSON NV                   | City of Henderson NV                                                  | CUSIP: 425201AR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $2222229.48   | 0.21%             | 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      | $1209235.81   | 0.11%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA INDL DEV AUTH  | Henrico County Economic Development Authority                         | CUSIP: 426063JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.08%             | 2027-08-23      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                            | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5952633.60   | 0.56%             | 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      | $6163128.60   | 0.58%             | 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      | $1731576.82   | 0.16%             | 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      | $5724425.32   | 0.54%             | 2035-04-01      | Fixed         | 6.72%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HLTH SYS R | Indiana Finance Authority                                             | CUSIP: 45470YGE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $13376104.80  | 1.26%             | 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      | $2998059.45   | 0.28%             | 2035-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN                   | County of Knox TN                                                     | CUSIP: 499513AT6<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |   4905000 | PA      | $4687358.28   | 0.44%             | 2035-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV REDEV AGY TAX INC | Las Vegas Redevelopment Agency                                        | CUSIP: 517732DE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010752.80   | 0.10%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV REDEV AGY TAX INC | Las Vegas Redevelopment Agency                                        | CUSIP: 517732DG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2305388.26   | 0.22%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA GEN PURPOSE HOS | County of Lehigh PA                                                   | CUSIP: 52480GDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9265000 | PA      | $9143244.00   | 0.86%             | 2038-08-15      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| LEWISTON ME                    | City of Lewiston ME                                                   | CUSIP: 52850CSP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $903000.73    | 0.08%             | 2038-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LEWISTON ME                    | City of Lewiston ME                                                   | CUSIP: 52850CSQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $870904.79    | 0.08%             | 2039-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A | City of Los Angeles Department of Airports                            | CUSIP: 544445C56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7950000 | PA      | $7481035.07   | 0.70%             | 2042-05-15      | 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      | $21206152.00  | 1.99%             | 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      | $10840856.00  | 1.02%             | 2055-01-01      | Variable      | 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      | $2541433.60   | 0.24%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WALTHAM MA                     | City of Waltham MA                                                    | CUSIP: 933254W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3455000 | PA      | $2783177.32   | 0.26%             | 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      | $3500825.87   | 0.33%             | 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      | $1988387.40   | 0.19%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC CONVENTION & SPO | Washington Convention & Sports Authority                              | CUSIP: 93878LBW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $3732659.45   | 0.35%             | 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      | $4912194.91   | 0.46%             | 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      | $905645.31    | 0.09%             | 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      | $4142180.82   | 0.39%             | 2033-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WILLIS TX INDEP SCH DIST       | Willis Independent School District                                    | CUSIP: 970667C25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1208747.48   | 0.11%             | 2038-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WILLIS TX INDEP SCH DIST       | Willis Independent School District                                    | CUSIP: 970667C33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1153367.55   | 0.11%             | 2039-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HSG & ECON DEV AU | Wisconsin Housing & Economic Development Authority                    | CUSIP: 97689REZ3<br>LEI: 549300AT0SEG8YQT2K79 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6093345.00   | 0.57%             | 2058-02-01      | Variable      | 5.00%                 | 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      | $5938474.61   | 0.56%             | 2038-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                     | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    925000 | PA      | $940161.86    | 0.09%             | 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      | $1872751.84   | 0.18%             | 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      | $1857361.28   | 0.17%             | 2042-06-01      | Fixed         | 2.12%                 | 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      | $5550293.53   | 0.52%             | 2037-02-15      | 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      | $586073.62    | 0.06%             | 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      | $598675.33    | 0.06%             | 2041-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT | City of Tampa FL                                                      | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $670119.03    | 0.06%             | 2045-09-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA VLY CA UNIF SCH DIST  | Temecula Valley Unified School District                               | CUSIP: 87970GQZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1535803.20   | 0.14%             | 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      | $6966554.40   | 0.65%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TERREBONNE PARISH LA SALES & U | Parish of Terrebonne LA Sales & Use Tax Revenue                       | CUSIP: 881250EN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $2019271.35   | 0.19%             | 2036-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                          | CUSIP: 882555ZT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $1544790.77   | 0.15%             | 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      | $3527470.59   | 0.33%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI PWR AGY REVENUE  | Texas Municipal Power Agency                                          | CUSIP: 882555ZY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3780000 | PA      | $3247466.04   | 0.31%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION  | Texas Municipal Gas Acquisition and Supply Corp II                    | CUSIP: 88255QAC3<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   7175000 | PA      | $7197796.41   | 0.68%             | 2027-09-15      | Floating      | 3.75%                 | 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      | $3825518.15   | 0.36%             | 2027-09-15      | Floating      | 3.44%                 | 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      | $12839374.69  | 1.21%             | 2027-09-15      | Floating      | 3.53%                 | 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      | $8834822.87   | 0.83%             | 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      | $5939597.85   | 0.56%             | 2045-08-01      | Fixed         | 4.50%                 | 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      | $5509335.70   | 0.52%             | 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      | $23322559.43  | 2.19%             | 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      | $4223779.88   | 0.40%             | 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      | $4159342.51   | 0.39%             | 2041-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                     | CUSIP: 91743PEK7<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   4145589 | PA      | $4222356.05   | 0.40%             | 2052-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST STUDENT ASSISTANCEC | Vermont Student Assistance Corp                                       | CUSIP: 92428CJN5<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   7414647 | PA      | $7406123.22   | 0.70%             | 2042-06-02      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer