# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010501
**Filing Date:** 2023-2
**Character Count:** 55490
**Document Hash:** b9d662d2c0d1bee27a04e6ba1b1802bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010501.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010501

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 23671994

**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 Total Return Fund (Series ID: S000047213)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000147943 | Institutional Shares | BAFTX           |
| C000147944 | Investor Shares      | BIATX           |

## 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 Total Return Fund

- **b. EDGAR series identifier (if any):** S000047213

- **c. LEI of Series:** 549300W366CRCHWXV755

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $442173843.91

**Total Liabilities:** $74103938.92

**Net Assets:** $368069904.99

**Delayed Delivery Securities:** $73574277.11

**Cash Not Reported:** $2453446.08

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 67828.460000000000 | **1-Year:** 8114.830000000000 | **5-Year:** 37428.430000000000 | **10-Year:** 34817.600000000000 | **30-Year:** 19820.380000000000

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

- **3-Month:** 3.520000000000 | **1-Year:** 670.730000000000 | **5-Year:** 496.510000000000 | **10-Year:** 5333.270000000000 | **30-Year:** 39311.020000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000147943 | -1.78%               | 3.16%                | -0.10%               |
| Class ID C000147944 | -1.90%               | 3.16%                | 0.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3902878.00             | $198256.13                                 |
| Month 2  | $-1196193.61             | $8983876.02                                |
| Month 3  | $2616274.50              | $-3147250.58                               |

**Designated Index Information**

- **Index Name:** Bloomberg US Agg Total Return Value Unhedged USD

- **Index Identifier:** LBUSTRUU

### Schedule of Portfolio Investments

| Name                           | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust    | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   4695000 | PA      | $3949872.75   | 1.07%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E       | Alexandria Real Estate Equities Inc                          | CUSIP: 015271AU3<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |   3990000 | PA      | $3905613.89   | 1.06%             | 2030-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F020612<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  25660000 | PA      | $20923751.87  | 5.68%             | 2053-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F022618<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  15145000 | PA      | $12849542.02  | 3.49%             | 2053-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F030611<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |    900000 | PA      | $791337.20    | 0.21%             | 2053-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F032617<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   6350000 | PA      | $5778293.50   | 1.57%             | 2053-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F040610<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |  24700000 | PA      | $23197766.01  | 6.30%             | 2053-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F042616<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | DBT              | USGA              | US        |   7200000 | PA      | $6937875.00   | 1.88%             | 2053-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent          | American Homes 4 Rent 2014-SFR2 Trust                        | CUSIP: 02665UAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $520639.06    | 0.14%             | 2036-10-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent          | American Homes 4 Rent 2015-SFR1 Trust                        | CUSIP: 02666AAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    520000 | PA      | $497068.83    | 0.14%             | 2052-04-17      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC OH  | American Municipal Power Inc                                 | CUSIP: 02765UCR3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    230000 | PA      | $242210.65    | 0.07%             | 2043-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receiva | AmeriCredit Automobile Receivables Trust 2020-2              | CUSIP: 03066EAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $948358.40    | 0.26%             | 2026-02-18      | Fixed         | 1.48%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun | Bayview Opportunity Master Fund VI Trust 2021-INV6           | CUSIP: 07335UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4613163 | PA      | $3873302.23   | 1.05%             | 2051-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fun | Bayview MSR Opportunity Master Fund Trust 2021-INV5          | CUSIP: 07336JAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4440887 | PA      | $3603551.14   | 0.98%             | 2051-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BOOKING HOLDINGS INC           | Booking Holdings Inc                                         | CUSIP: 09857LAR9<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |   3965000 | PA      | $3848890.49   | 1.05%             | 2030-04-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2021-SDMF                                           | CUSIP: 12434CAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3445000 | PA      | $3250738.52   | 0.88%             | 2034-09-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| CNH Equipment Trust            | CNH Equipment Trust 2020-A                                   | CUSIP: 12597PAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $475560.70    | 0.13%             | 2027-04-15      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust        | CarMax Auto Owner Trust 2021-2                               | CUSIP: 14314QAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2255000 | PA      | $2041036.13   | 0.55%             | 2027-02-16      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| COLONIAL ENTERPRISES INC       | Colonial Enterprises Inc                                     | CUSIP: 19565CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4380000 | PA      | $3807545.83   | 1.03%             | 2030-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae                                                   | CUSIP: 21H022614<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGSE             | US        |   2500000 | PA      | $2170695.88   | 0.59%             | 2051-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC               | Crown Castle Inc                                             | CUSIP: 22822VAR2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   4475000 | PA      | $3930722.71   | 1.07%             | 2030-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| DBGS Mortgage Trust            | DBGS 2018-C1 Mortgage Trust                                  | CUSIP: 23307DBF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3804542.40   | 1.03%             | 2031-09-15      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Dext ABS                       | Dext ABS 2021-1 LLC                                          | CUSIP: 23345CAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1082793 | PA      | $1035810.12   | 0.28%             | 2028-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Dext ABS                       | Dext ABS 2021-1 LLC                                          | CUSIP: 23345CAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    540000 | PA      | $494832.89    | 0.13%             | 2028-02-15      | Fixed         | 1.76%                 | No            |                  2 | On Loan: No      |
| Dext ABS 2020-1, LLC           | Dext ABS 2020-1 LLC                                          | CUSIP: 25216AAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224520 | PA      | $221508.33    | 0.06%             | 2027-02-16      | Fixed         | 1.46%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust   | Drive Auto Receivables Trust 2020-1                          | CUSIP: 26208QAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1295809.55   | 0.35%             | 2027-05-17      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust   | Drive Auto Receivables Trust 2019-3                          | CUSIP: 26209WAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    967619 | PA      | $956255.50    | 0.26%             | 2026-10-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                    | Equinix Inc                                                  | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   4015000 | PA      | $3509128.55   | 0.95%             | 2029-11-18      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| FHF Trust 2021-1               | FHF Trust 2021-1                                             | CUSIP: 30260WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    661349 | PA      | $633960.27    | 0.17%             | 2027-03-15      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Gold Pool                                        | CUSIP: 3132J4MM8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    657456 | PA      | $630669.11    | 0.17%             | 2037-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B3RH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1967227 | PA      | $1794115.11   | 0.49%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B4ZT5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1852820 | PA      | $1631597.42   | 0.44%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B5H39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1911165 | PA      | $1686245.09   | 0.46%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B9M50<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    170633 | PA      | $145771.35    | 0.04%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KNNQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1901812 | PA      | $1734439.96   | 0.47%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                            | CUSIP: 3136A6YL2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    206691 | PA      | $206555.58    | 0.06%             | 2040-07-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                 | Fannie Mae-Aces                                              | CUSIP: 3136B6XV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  19263104 | PA      | $340729.64    | 0.09%             | 2031-10-25      | Variable      | 0.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                            | CUSIP: 3136BH2W8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3159488 | PA      | $440696.07    | 0.12%             | 2051-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae REMICS                                            | CUSIP: 3136BKUT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5640234 | PA      | $127901.90    | 0.03%             | 2035-02-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137ASUT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    368497 | PA      | $7210.31      | 0.00%             | 2027-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137AUGA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1608247 | PA      | $130763.99    | 0.04%             | 2027-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137AXA60<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1268445 | PA      | $116485.89    | 0.03%             | 2042-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BBBE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4198432 | PA      | $40236.09     | 0.01%             | 2024-03-25      | Variable      | 1.08%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BKRK8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |  60854976 | PA      | $168915.16    | 0.05%             | 2025-05-25      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XCWQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2884476 | PA      | $2557219.27   | 0.69%             | 2051-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XFY54<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1122992 | PA      | $924586.65    | 0.25%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XGUE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    655586 | PA      | $559917.40    | 0.15%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418CGF5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    465096 | PA      | $432615.49    | 0.12%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                   | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  75734077 | NS      | $75734076.55  | 20.58%            |  |  |  | No            |                  1 | On Loan: No      |
| FORD MOTOR COMPANY             | Ford Motor Co                                                | CUSIP: 345370DA5<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   2280000 | PA      | $1714173.08   | 0.47%             | 2032-02-12      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FORTIS INC                     | Fortis Inc/Canada                                            | CUSIP: 349553AM9<br>LEI: 549300MQYQ9Y065XPR71 | Long             | DBT              | CORP              | CA        |   4325000 | PA      | $4022643.32   | 1.09%             | 2026-10-04      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - SCRT             | Seasoned Credit Risk Transfer Trust Series 2017-1            | CUSIP: 35563PAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    117335 | PA      | $115763.97    | 0.03%             | 2056-01-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 3617YKGX8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4013083 | PA      | $4252693.21   | 1.16%             | 2072-02-20      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae II Pool                                           | CUSIP: 3617YKHG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3818568 | PA      | $4052607.22   | 1.10%             | 2072-02-20      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Ginnie Mae I Pool                                            | CUSIP: 3620A9SX0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    257301 | PA      | $262934.92    | 0.07%             | 2039-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities  | GS Mortgage-Backed Securities Trust 2022-LTV2                | CUSIP: 36266VAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1886443 | PA      | $1696472.61   | 0.46%             | 2052-06-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin | GM Financial Automobile Leasing Trust 2021-2                 | CUSIP: 380144AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $956634.40    | 0.26%             | 2025-05-20      | Fixed         | 1.01%                 | No            |                  2 | On Loan: No      |
| GoodLeap Sustainable Home Impr | GoodLeap Sustainable Home Solutions Trust 2021-5             | CUSIP: 38237HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2112102 | PA      | $1542385.28   | 0.42%             | 2048-10-20      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38378NT52<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    415542 | PA      | $5571.80      | 0.00%             | 2054-07-16      | Variable      | 0.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38378XPE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    236256 | PA      | $4311.28      | 0.00%             | 2056-01-16      | Variable      | 0.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379K7D4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    237493 | PA      | $5327.61      | 0.00%             | 2057-03-16      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379UMP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    447981 | PA      | $10311.71     | 0.00%             | 2057-07-16      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379UQN9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    301102 | PA      | $12567.86     | 0.00%             | 2057-11-16      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38379UXP6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    455276 | PA      | $18452.59     | 0.01%             | 2058-05-16      | Variable      | 0.87%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38380H3F7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2063868 | PA      | $228470.17    | 0.06%             | 2047-11-20      | Floating      | 1.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38381DFG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4559022 | PA      | $3565372.32   | 0.97%             | 2060-07-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A | Government National Mortgage Association                     | CUSIP: 38383FP31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    925147 | PA      | $784609.24    | 0.21%             | 2052-01-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust          | HPEFS Equipment Trust 2020-1                                 | CUSIP: 40438FAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    302718 | PA      | $301501.85    | 0.08%             | 2030-02-20      | Fixed         | 2.03%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                     | CUSIP: 00206RHJ4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   3780000 | PA      | $3617209.05   | 0.98%             | 2029-03-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| APTIV PLC / APTIV CORP         | Aptiv PLC / Aptiv Corp                                       | CUSIP: 00217GAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   4630000 | PA      | $3815656.25   | 1.04%             | 2032-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BSP98<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    645577 | PA      | $17546.26     | 0.00%             | 2026-08-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FAQF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1268921 | PA      | $32059.41     | 0.01%             | 2027-06-25      | Variable      | 0.83%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FHQ30<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   8800909 | PA      | $35651.60     | 0.01%             | 2024-03-25      | Variable      | 0.38%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FKUR5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4949878 | PA      | $93168.09     | 0.03%             | 2028-12-25      | Variable      | 0.36%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FLYX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3978086 | PA      | $146017.65    | 0.04%             | 2029-04-25      | Variable      | 0.71%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FMU26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3526506 | PA      | $159282.75    | 0.04%             | 2029-06-25      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Banc of California Multifamily | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FMUJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     91829 | PA      | $92098.60     | 0.03%             | 2046-04-25      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FQKQ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4488283 | PA      | $158904.50    | 0.04%             | 2029-11-25      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FWGK0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   7163091 | PA      | $171362.62    | 0.05%             | 2025-05-25      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FWGL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5578280 | PA      | $158942.21    | 0.04%             | 2027-05-25      | Variable      | 1.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31381P3C0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    249900 | PA      | $261045.21    | 0.07%             | 2041-01-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31381SEB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    164686 | PA      | $159724.75    | 0.04%             | 2041-10-01      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140GWRG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     98667 | PA      | $96101.99     | 0.03%             | 2047-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140HJU74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     72034 | PA      | $73128.09     | 0.02%             | 2048-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140HM4S0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    107746 | PA      | $109624.34    | 0.03%             | 2048-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140JMPF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73626 | PA      | $74114.36     | 0.02%             | 2049-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140JMPW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     73566 | PA      | $74073.49     | 0.02%             | 2048-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140MJBA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1853561 | PA      | $1690247.63   | 0.46%             | 2052-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QNGT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1855637 | PA      | $1691854.04   | 0.46%             | 2052-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust          | HPEFS Equipment Trust 2020-1                                 | CUSIP: 40438FAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $989952.90    | 0.27%             | 2030-02-20      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust          | HPEFS Equipment Trust 2021-1                                 | CUSIP: 40440YAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1380000 | PA      | $1302534.25   | 0.35%             | 2031-03-20      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| HLTH CARE AUTH FOR BAPTIST HLT | Health Care Authority for Baptist Health/The                 | CUSIP: 42219UBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1073766.36   | 0.29%             | 2043-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes | JPMorgan Chase Bank NA - CACLN                               | CUSIP: 46591HCD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1582276 | PA      | $1491882.82   | 0.41%             | 2029-02-26      | Fixed         | 0.76%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | J.P. Morgan Mortgage Trust 2022-LTV2                         | CUSIP: 46655LAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1926556 | PA      | $1712177.50   | 0.47%             | 2052-09-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW Owner Trust 2017-1                                       | CUSIP: 553896AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    892893 | PA      | $872831.59    | 0.24%             | 2034-12-20      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC         | Marvell Technology Inc                                       | CUSIP: 573874AN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3984000 | PA      | $3811396.39   | 1.04%             | 2028-06-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA         | NXP BV / NXP Funding LLC / NXP USA Inc                       | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4177000 | PA      | $3985445.29   | 1.08%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Newtek Small Business Loan Tru | Newtek Small Business Loan Trust 2018-1                      | CUSIP: 65252MAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    346698 | PA      | $341142.29    | 0.09%             | 2044-02-25      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Oportun Funding LLC            | Oportun Funding XIV LLC                                      | CUSIP: 68377BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $596253.38    | 0.16%             | 2028-03-08      | Fixed         | 1.21%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp                                                  | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1303444.83   | 0.35%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| PERKINELMER INC                | PerkinElmer Inc                                              | CUSIP: 714046AN9<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |   4990000 | PA      | $3936587.75   | 1.07%             | 2031-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PHYSICIANS REALTY LP           | Physicians Realty LP                                         | CUSIP: 71951QAC6<br>LEI: 549300P6Q1UMT0X60U20 | Long             | DBT              | CORP              | US        |   4890000 | PA      | $3842113.15   | 1.04%             | 2031-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Woodward Capital Management    | RCKT Mortgage Trust 2022-1                                   | CUSIP: 74938FAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2075806 | PA      | $1791592.50   | 0.49%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ROPER TECHNOLOGIES INC         | Roper Technologies Inc                                       | CUSIP: 776743AL0<br>LEI: 54930003T4SXCIWVXY35 | Long             | DBT              | CORP              | US        |   2435000 | PA      | $1887777.90   | 0.51%             | 2031-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl | Santander Drive Auto Receivables Trust 2019-3                | CUSIP: 80286HAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    386274 | PA      | $384501.63    | 0.10%             | 2025-10-15      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE               | Societe Generale SA                                          | CUSIP: 83368RBH4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   4200000 | PA      | $3686045.71   | 1.00%             | 2028-01-19      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                     | Sprint LLC                                                   | CUSIP: 85207UAJ4<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |   3415000 | PA      | $3533657.59   | 0.96%             | 2025-02-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust         | Tesla Auto Lease Trust 2021-A                                | CUSIP: 88161FAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2180000 | PA      | $2071907.53   | 0.56%             | 2025-03-20      | Fixed         | 1.18%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                  | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20192000 | PA      | $19929043.82  | 5.41%             | 2023-04-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                  | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1800000 | PA      | $1798439.62   | 0.49%             | 2023-01-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128284L1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19295000 | PA      | $19187526.46  | 5.21%             | 2023-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11910000 | PA      | $11261463.34  | 3.06%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 912828Y87<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1914062.50   | 0.52%             | 2024-07-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7115000 | PA      | $5706452.34   | 1.55%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CBG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  32025000 | PA      | $31928608.27  | 8.67%             | 2023-01-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14990000 | PA      | $12763750.86  | 3.47%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6955000 | PA      | $6700164.49   | 1.82%             | 2025-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2809000 | PA      | $2730216.31   | 0.74%             | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3800000 | PA      | $3567472.64   | 0.97%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17945000 | PA      | $17035132.51  | 4.63%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEQ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8389500 | PA      | $8097178.36   | 2.20%             | 2025-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2365000 | PA      | $2290724.22   | 0.62%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CFP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5350000 | PA      | $5350835.94   | 1.45%             | 2025-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VMWARE INC                     | VMware Inc                                                   | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   4675000 | PA      | $3570365.01   | 0.97%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| N/A                            | CAN 10YR BOND FUT Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CA        |        53 | NC      | $-160599.79   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       113 | NC      | $427.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | LONG GILT FUTURE  Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |       -45 | NC      | $216890.73    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 2YR NOTE (CBT) Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -116 | NC      | $110351.26    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -44 | NC      | $45975.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -110 | NC      | $73767.70     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        61 | NC      | $3677.08      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10yr Ultra Fut Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -78 | NC      | $12568.34     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US ULTRA BOND CBT Mar23                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       347 | NC      | $272649.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer