# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015729
**Filing Date:** 2025-11
**Character Count:** 74589
**Document Hash:** 1da0e6376414af28aa6c6ddae8aac1ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015729.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015729

**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:** 251527276

**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 Sustainable Bond Fund (Series ID: S000067228)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216254 | Investor Shares | BITEX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Brown Advisory Tax-Exempt Sustainable Bond Fund** | **Brown Advisory Tax-Exempt Sustainable Bond Fund** | **Brown Advisory Tax-Exempt Sustainable Bond Fund** | **Brown Advisory Tax-Exempt Sustainable 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 - 97.3%** | **MUNICIPAL BONDS - 97.3%** | **Par** | **Value**  |
| **Alaska - 0.3%** | **Alaska - 0.3%** | **Alaska - 0.3%** | **Alaska - 0.3%** |
|  Alaska Housing Finance Corp., 4.60%, 12/01/2042 | Alaska Housing Finance Corp., 4.60%, 12/01/2042 | $890000 | $900605 |
| **Arizona - 2.5%** | **Arizona - 2.5%** | **Arizona - 2.5%** | **Arizona - 2.5%** |
|  Arizona Industrial Development Authority, 4.00%, 07/01/2041 | Arizona Industrial Development Authority, 4.00%, 07/01/2041 | 1920000 | 1715843 |
|  Peoria Arizona, 2.00%, 07/15/2038 | Peoria Arizona, 2.00%, 07/15/2038 | 3375000 | 2602828 |
|  Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036 | Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036 | 3280000 | 3314549 |
|  |  |  | 7633220 |
| **California - 16.4%** | **California - 16.4%** | **California - 16.4%** | **California - 16.4%** |
| California Community Choice Financing Authority | California Community Choice Financing Authority | California Community Choice Financing Authority | California Community Choice Financing Authority |
| &nbsp;&nbsp; Series A, 5.00%, 01/01/2056 <sup>(a)</sup> | &nbsp;&nbsp; Series A, 5.00%, 01/01/2056 <sup>(a)</sup> | 5000000 | 5359047 |
| &nbsp;&nbsp; Series B2, 3.34% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | &nbsp;&nbsp; Series B2, 3.34% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5900000 | 5558221 |
| &nbsp;&nbsp; Series D, 5.50%, 05/01/2054 <sup>(a)</sup> | &nbsp;&nbsp; Series D, 5.50%, 05/01/2054 <sup>(a)</sup> | 5000000 | 5340460 |
| &nbsp;&nbsp; Series E1, 5.00%, 09/01/2029 | &nbsp;&nbsp; Series E1, 5.00%, 09/01/2029 | 3805000 | 4069371 |
| &nbsp;&nbsp; Series H, 5.00%, 01/01/2056 <sup>(a)</sup> | &nbsp;&nbsp; Series H, 5.00%, 01/01/2056 <sup>(a)</sup> | 5000000 | 5581712 |
|  California Earthquake Authority, 5.60%, 07/01/2027 | California Earthquake Authority, 5.60%, 07/01/2027 | 10885000 | 11029207 |
| California Municipal Finance Authority | California Municipal Finance Authority | California Municipal Finance Authority | California Municipal Finance Authority |
| &nbsp;&nbsp; 5.00%, 11/01/2029 <sup>(b)</sup> | &nbsp;&nbsp; 5.00%, 11/01/2029 <sup>(b)</sup> | 1020000 | 1043761 |
| &nbsp;&nbsp; 5.00%, 11/01/2049 <sup>(b)</sup> | &nbsp;&nbsp; 5.00%, 11/01/2049 <sup>(b)</sup> | 1575000 | 1410883 |
|  California School Finance Authority, 5.00%, 07/01/2037 <sup>(b)</sup> | California School Finance Authority, 5.00%, 07/01/2037 <sup>(b)</sup> | 1180000 | 1196757 |
|  Los Angeles Department of Water & Power, 1.40%, 07/01/2051 <sup>(a)</sup> | Los Angeles Department of Water & Power, 1.40%, 07/01/2051 <sup>(a)</sup> | 5000000 | 5000000 |
|  San Joaquin Valley Clean Energy Authority, 5.50%, 01/01/2056 <sup>(a)</sup> | San Joaquin Valley Clean Energy Authority, 5.50%, 01/01/2056 <sup>(a)</sup> | 4000000 | 4594109 |
|  |  |  | 50183528 |
| **Colorado - 3.8%** | **Colorado - 3.8%** | **Colorado - 3.8%** | **Colorado - 3.8%** |
|  Adams & Arapahoe Colorado Joint School District 28J Aurora, 5.00%, 12/01/2031 | Adams & Arapahoe Colorado Joint School District 28J Aurora, 5.00%, 12/01/2031 | 3000000 | 3070243 |
|  Colorado Health Facilities Authority, 4.00%, 12/01/2040 | Colorado Health Facilities Authority, 4.00%, 12/01/2040 | 3500000 | 3280075 |
|  Colorado Housing and Finance Authority, 5.75%, 11/01/2053 | Colorado Housing and Finance Authority, 5.75%, 11/01/2053 | 5020000 | 5380385 |
|  |  |  | 11730703 |
| **District of Columbia - 0.8%** | **District of Columbia - 0.8%** | **District of Columbia - 0.8%** | **District of Columbia - 0.8%** |
|  District of Columbia Housing Finance Agency, 5.00%, 12/01/2026 <sup>(a)</sup> | District of Columbia Housing Finance Agency, 5.00%, 12/01/2026 <sup>(a)</sup> | 2500000 | 2507761 |
| **Florida - 3.2%** | **Florida - 3.2%** | **Florida - 3.2%** | **Florida - 3.2%** |
|  Florida Development Finance Corp., 5.25%, 07/01/2047 | Florida Development Finance Corp., 5.25%, 07/01/2047 | 5500000 | 5416707 |
|  Miami Beach Florida Health Facilities Authority, 5.00%, 11/15/2039 | Miami Beach Florida Health Facilities Authority, 5.00%, 11/15/2039 | 4455000 | 4457221 |
|  |  |  | 9873928 |
| **Georgia - 3.1%** | **Georgia - 3.1%** | **Georgia - 3.1%** | **Georgia - 3.1%** |
|  Atlanta Georgia Department of Aviation, 5.25%, 07/01/2041 | Atlanta Georgia Department of Aviation, 5.25%, 07/01/2041 | 3750000 | 4043659 |
|  Cartersville Georgia, 2.00%, 10/01/2039 | Cartersville Georgia, 2.00%, 10/01/2039 | 3195000 | 2356148 |
|  Decatur Housing Authority, 3.25%, 09/01/2028 <sup>(a)</sup> | Decatur Housing Authority, 3.25%, 09/01/2028 <sup>(a)</sup> | 2250000 | 2268040 |
|  Development Authority for Fulton County, 5.00%, 06/01/2029 | Development Authority for Fulton County, 5.00%, 06/01/2029 | 700000 | 761965 |
|  |  |  | 9429812 |
| **Illinois - 6.8%** | **Illinois - 6.8%** | **Illinois - 6.8%** | **Illinois - 6.8%** |
| Chicago Illinois Park District | Chicago Illinois Park District | Chicago Illinois Park District | Chicago Illinois Park District |
| &nbsp;&nbsp; Series C, 4.00%, 01/01/2036 | &nbsp;&nbsp; Series C, 4.00%, 01/01/2036 | 1000000 | 995193 |
| &nbsp;&nbsp; Series D, 4.00%, 01/01/2036 | &nbsp;&nbsp; Series D, 4.00%, 01/01/2036 | 2930000 | 2934719 |
| &nbsp;&nbsp; Series F2, 4.00%, 01/01/2034 | &nbsp;&nbsp; Series F2, 4.00%, 01/01/2034 | 1425000 | 1441968 |
|  Du Page County Illinois, 3.00%, 05/15/2047 | Du Page County Illinois, 3.00%, 05/15/2047 | 7495000 | 5490117 |
| Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority |
| &nbsp;&nbsp; 4.04% (SOFR + 1.15%), 11/01/2034 | &nbsp;&nbsp; 4.04% (SOFR + 1.15%), 11/01/2034 | 2500000 | 2498387 |
| &nbsp;&nbsp; 4.80%, 12/01/2043 <sup>(a)(b)</sup> | &nbsp;&nbsp; 4.80%, 12/01/2043 <sup>(a)(b)</sup> | 2000000 | 2054376 |
| &nbsp;&nbsp; 4.13%, 12/01/2050 <sup>(a)(b)</sup> | &nbsp;&nbsp; 4.13%, 12/01/2050 <sup>(a)(b)</sup> | 2500000 | 2480264 |
|  Illinois Housing Development Authority, 4.85%, 10/01/2042 | Illinois Housing Development Authority, 4.85%, 10/01/2042 | 2700000 | 2771422 |
|  |  |  | 20666446 |
| **Indiana - 3.2%** | **Indiana - 3.2%** | **Indiana - 3.2%** | **Indiana - 3.2%** |
|  Indiana Housing & Community Development Authority, 5.00%, 10/01/2026 <sup>(a)</sup> | Indiana Housing & Community Development Authority, 5.00%, 10/01/2026 <sup>(a)</sup> | 4452000 | 4452000 |
|  Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/01/2049 | Indianapolis Local Public Improvement Bond Bank, 5.00%, 02/01/2049 | 5050000 | 5209866 |
|  |  |  | 9661866 |
| **Iowa - 1.5%** | **Iowa - 1.5%** | **Iowa - 1.5%** | **Iowa - 1.5%** |
| Bondurant-Farrar Iowa Community School District | Bondurant-Farrar Iowa Community School District | Bondurant-Farrar Iowa Community School District | Bondurant-Farrar Iowa Community School District |
| &nbsp;&nbsp; 2.00%, 06/01/2038 | &nbsp;&nbsp; 2.00%, 06/01/2038 | 1805000 | 1302612 |
| &nbsp;&nbsp; 2.00%, 06/01/2039 | &nbsp;&nbsp; 2.00%, 06/01/2039 | 2555000 | 1773778 |
|  Iowa Finance Authority, 3.88%, 01/01/2042 <sup>(a)</sup> | Iowa Finance Authority, 3.88%, 01/01/2042 <sup>(a)</sup> | 1655000 | 1652175 |
|  |  |  | 4728565 |
| **Louisiana - 0.7%** | **Louisiana - 0.7%** | **Louisiana - 0.7%** | **Louisiana - 0.7%** |
|  Louisiana Housing Corp., 5.00%, 11/01/2026 <sup>(a)</sup> | Louisiana Housing Corp., 5.00%, 11/01/2026 <sup>(a)</sup> | 2300000 | 2303508 |
| **Maine - 0.5%** | **Maine - 0.5%** | **Maine - 0.5%** | **Maine - 0.5%** |
|  Portland Maine General Airport Revenue, 4.00%, 01/01/2038 | Portland Maine General Airport Revenue, 4.00%, 01/01/2038 | 1500000 | 1497847 |
| **Maryland - 5.6%** | **Maryland - 5.6%** | **Maryland - 5.6%** | **Maryland - 5.6%** |
| Baltimore County Maryland | Baltimore County Maryland | Baltimore County Maryland | Baltimore County Maryland |
| &nbsp;&nbsp; 4.00%, 01/01/2039 | &nbsp;&nbsp; 4.00%, 01/01/2039 | 1000000 | 970347 |
| &nbsp;&nbsp; 4.00%, 01/01/2040 | &nbsp;&nbsp; 4.00%, 01/01/2040 | 1525000 | 1448620 |
|  Maryland Community Development Administration, 2.41%, 07/01/2043 | Maryland Community Development Administration, 2.41%, 07/01/2043 | 2496058 | 1750592 |
|  Maryland Economic Development Corp., 4.00%, 07/01/2040 | Maryland Economic Development Corp., 4.00%, 07/01/2040 | 1275000 | 1187334 |
| Maryland Health & Higher Educational Facilities Authority | Maryland Health & Higher Educational Facilities Authority | Maryland Health & Higher Educational Facilities Authority | Maryland Health & Higher Educational Facilities Authority |
| &nbsp;&nbsp; 5.00%, 08/15/2038 | &nbsp;&nbsp; 5.00%, 08/15/2038 | 10000000 | 10004593 |
| &nbsp;&nbsp; 2.70%, 07/01/2041 <sup>(a)</sup> | &nbsp;&nbsp; 2.70%, 07/01/2041 <sup>(a)</sup> | 1800000 | 1800000 |
|  |  |  | 17161486 |
| **Massachusetts - 0.3%** | **Massachusetts - 0.3%** | **Massachusetts - 0.3%** | **Massachusetts - 0.3%** |
|  Massachusetts Development Finance Agency, 3.49% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049 <sup>(b)</sup> | Massachusetts Development Finance Agency, 3.49% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049 <sup>(b)</sup> | 1000000 | 999970 |
| **Michigan - 0.3%** | **Michigan - 0.3%** | **Michigan - 0.3%** | **Michigan - 0.3%** |
|  Wayne County Airport Authority, 5.75%, 12/01/2050 | Wayne County Airport Authority, 5.75%, 12/01/2050 | 750000 | 816222 |
| **Missouri - 1.1%** | **Missouri - 1.1%** | **Missouri - 1.1%** | **Missouri - 1.1%** |
|  Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038 | Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038 | 2821185 | 2182828 |
|  North Kansas City School District No 74, 2.00%, 03/01/2036 | North Kansas City School District No 74, 2.00%, 03/01/2036 | 1500000 | 1209763 |
|  |  |  | 3392591 |
| **Montana - 0.3%** | **Montana - 0.3%** | **Montana - 0.3%** | **Montana - 0.3%** |
|  Montana Board of Housing, 4.90%, 12/01/2042 | Montana Board of Housing, 4.90%, 12/01/2042 | 1000000 | 1034834 |
| **New Hampshire - 0.6%** | **New Hampshire - 0.6%** | **New Hampshire - 0.6%** | **New Hampshire - 0.6%** |
|  New Hampshire Housing Finance Authority, 4.65%, 07/01/2047 | New Hampshire Housing Finance Authority, 4.65%, 07/01/2047 | 1800000 | 1813166 |
| **New Jersey - 0.6%** | **New Jersey - 0.6%** | **New Jersey - 0.6%** | **New Jersey - 0.6%** |
|  New Jersey Housing & Mortgage Finance Agency, 1.60%, 10/01/2026 | New Jersey Housing & Mortgage Finance Agency, 1.60%, 10/01/2026 | 1765000 | 1725730 |
| **New York - 12.0%** | **New York - 12.0%** | **New York - 12.0%** | **New York - 12.0%** |
|  Buffalo New York Sewer Authority, 4.00%, 06/15/2051 | Buffalo New York Sewer Authority, 4.00%, 06/15/2051 | 750000 | 686361 |
|  Build NYC Resource Corp., 5.00%, 09/01/2030 | Build NYC Resource Corp., 5.00%, 09/01/2030 | 1200000 | 1314499 |
|  Metropolitan Transportation Authority, 5.00%, 11/15/2030 | Metropolitan Transportation Authority, 5.00%, 11/15/2030 | 1885000 | 1932769 |
|  New York City Municipal Water Finance Authority, 2.50%, 06/15/2033 <sup>(a)</sup> | New York City Municipal Water Finance Authority, 2.50%, 06/15/2033 <sup>(a)</sup> | 1240000 | 1240000 |
|  New York City New York Housing Development Corp., 2.60%, 11/01/2034 | New York City New York Housing Development Corp., 2.60%, 11/01/2034 | 1970000 | 1788984 |
|  New York Energy Finance Development Corp., 5.00%, 07/01/2056 <sup>(a)</sup> | New York Energy Finance Development Corp., 5.00%, 07/01/2056 <sup>(a)</sup> | 5000000 | 5346359 |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | New York Liberty Development Corp., 3.13%, 09/15/2050 | 11000000 | 8203730 |
|  New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043 | New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043 | 3000000 | 3019123 |
| New York State Dormitory Authority | New York State Dormitory Authority | New York State Dormitory Authority | New York State Dormitory Authority |
| &nbsp;&nbsp; 5.25%, 05/01/2040 | &nbsp;&nbsp; 5.25%, 05/01/2040 | 1205000 | 1261829 |
| &nbsp;&nbsp; 5.50%, 05/01/2049 | &nbsp;&nbsp; 5.50%, 05/01/2049 | 750000 | 768586 |
|  New York State Housing Finance Agency, 1.65%, 05/15/2039 | New York State Housing Finance Agency, 1.65%, 05/15/2039 | 1173557 | 974607 |
| 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 | 5000000 | 4999744 |
| &nbsp;&nbsp; 5.25%, 12/31/2054 | &nbsp;&nbsp; 5.25%, 12/31/2054 | 5000000 | 5097540 |
|  |  |  | 36634131 |
| **North Carolina - 1.5%** | **North Carolina - 1.5%** | **North Carolina - 1.5%** | **North Carolina - 1.5%** |
|  North Carolina Housing Finance Agency, 3.20%, 07/01/2056 <sup>(a)</sup> | North Carolina Housing Finance Agency, 3.20%, 07/01/2056 <sup>(a)</sup> | 4700000 | 4700260 |
| **North Dakota - 1.9%** | **North Dakota - 1.9%** | **North Dakota - 1.9%** | **North Dakota - 1.9%** |
|  North Dakota Housing Finance Agency, 4.60%, 07/01/2043 | North Dakota Housing Finance Agency, 4.60%, 07/01/2043 | 5660000 | 5682862 |
| **Ohio - 0.3%** | **Ohio - 0.3%** | **Ohio - 0.3%** | **Ohio - 0.3%** |
|  American Municipal Power, Inc., 5.00%, 02/15/2036 | American Municipal Power, Inc., 5.00%, 02/15/2036 | 1000000 | 1048651 |
| **Oregon - 0.4%** | **Oregon - 0.4%** | **Oregon - 0.4%** | **Oregon - 0.4%** |
|  Port of Portland OR Airport Revenue, 5.00%, 07/01/2042 | Port of Portland OR Airport Revenue, 5.00%, 07/01/2042 | 1305000 | 1310742 |
| **Pennsylvania - 3.1%** | **Pennsylvania - 3.1%** | **Pennsylvania - 3.1%** | **Pennsylvania - 3.1%** |
|  Allegheny County Pennsylvania Hospital Development Authority, 3.47% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026 | Allegheny County Pennsylvania Hospital Development Authority, 3.47% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026 | 1750000 | 1739071 |
|  Lancaster County Pennsylvania Hospital Authority, 5.00%, 08/15/2042 | Lancaster County Pennsylvania Hospital Authority, 5.00%, 08/15/2042 | 2380000 | 2393342 |
|  Lancaster Municipal Authority, 5.00%, 05/01/2044 | Lancaster Municipal Authority, 5.00%, 05/01/2044 | 1200000 | 1207891 |
|  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 | 4070000 | 4016514 |
|  |  |  | 9356818 |
| **Rhode Island - 1.1%** | **Rhode Island - 1.1%** | **Rhode Island - 1.1%** | **Rhode Island - 1.1%** |
|  Rhode Island Housing & Mortgage Finance Corp., 3.60%, 10/01/2054 <sup>(a)</sup> | Rhode Island Housing & Mortgage Finance Corp., 3.60%, 10/01/2054 <sup>(a)</sup> | 3300000 | 3311241 |
| **South Carolina - 2.3%** | **South Carolina - 2.3%** | **South Carolina - 2.3%** | **South Carolina - 2.3%** |
| York County South Carolina Fort Mill School District No. 4 | York County South Carolina Fort Mill School District No. 4 | York County South Carolina Fort Mill School District No. 4 | York County South Carolina Fort Mill School District No. 4 |
| &nbsp;&nbsp; 1.88%, 03/01/2037 | &nbsp;&nbsp; 1.88%, 03/01/2037 | 4585000 | 3528664 |
| &nbsp;&nbsp; 1.88%, 03/01/2038 | &nbsp;&nbsp; 1.88%, 03/01/2038 | 4675000 | 3474640 |
|  |  |  | 7003304 |
| **Tennessee - 2.0%** | **Tennessee - 2.0%** | **Tennessee - 2.0%** | **Tennessee - 2.0%** |
|  Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027 <sup>(a)</sup> | Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027 <sup>(a)</sup> | 6000000 | 6091317 |
| **Texas - 7.1%** | **Texas - 7.1%** | **Texas - 7.1%** | **Texas - 7.1%** |
|  Alvin Independent School District/TX, 3.00%, 02/15/2039 | Alvin Independent School District/TX, 3.00%, 02/15/2039 | 2850000 | 2508211 |
| Arlington Higher Education Finance Corp. | Arlington Higher Education Finance Corp. | Arlington Higher Education Finance Corp. | Arlington Higher Education Finance Corp. |
| &nbsp;&nbsp; 5.00%, 06/15/2039 | &nbsp;&nbsp; 5.00%, 06/15/2039 | 225000 | 243389 |
| &nbsp;&nbsp; 4.00%, 06/15/2044 | &nbsp;&nbsp; 4.00%, 06/15/2044 | 400000 | 383132 |
| &nbsp;&nbsp; 4.00%, 06/15/2049 | &nbsp;&nbsp; 4.00%, 06/15/2049 | 270000 | 246328 |
| &nbsp;&nbsp; 4.13%, 06/15/2054 | &nbsp;&nbsp; 4.13%, 06/15/2054 | 460000 | 422593 |
| Austin Texas | Austin Texas | Austin Texas | Austin Texas |
| &nbsp;&nbsp; 7.88%, 09/01/2026 | &nbsp;&nbsp; 7.88%, 09/01/2026 | 500000 | 508196 |
| &nbsp;&nbsp; 4.25%, 11/01/2032 <sup>(b)</sup> | &nbsp;&nbsp; 4.25%, 11/01/2032 <sup>(b)</sup> | 470000 | 470194 |
| &nbsp;&nbsp; 5.00%, 11/01/2044 <sup>(b)</sup> | &nbsp;&nbsp; 5.00%, 11/01/2044 <sup>(b)</sup> | 1126000 | 1081373 |
| &nbsp;&nbsp; 5.25%, 11/01/2053 <sup>(b)</sup> | &nbsp;&nbsp; 5.25%, 11/01/2053 <sup>(b)</sup> | 750000 | 719805 |
| Clifton Texas Higher Education Finance Corp. | Clifton Texas Higher Education Finance Corp. | Clifton Texas Higher Education Finance Corp. | Clifton Texas Higher Education Finance Corp. |
| &nbsp;&nbsp; 5.00%, 02/15/2036 | &nbsp;&nbsp; 5.00%, 02/15/2036 | 5000000 | 5530820 |
| &nbsp;&nbsp; 4.00%, 04/01/2040 | &nbsp;&nbsp; 4.00%, 04/01/2040 | 5000 | 4852 |
|  Houston Texas Combined Utility System Revenue, 3.12% (SIFMA Municipal Swap Index + 0.01%), 05/15/2034 | Houston Texas Combined Utility System Revenue, 3.12% (SIFMA Municipal Swap Index + 0.01%), 05/15/2034 | 2000000 | 2000000 |
|  Northside Independent School District, 3.55%, 06/01/2050 <sup>(a)</sup> | Northside Independent School District, 3.55%, 06/01/2050 <sup>(a)</sup> | 7500000 | 7608204 |
|  |  |  | 21727097 |
| **Utah - 3.1%** | **Utah - 3.1%** | **Utah - 3.1%** | **Utah - 3.1%** |
| Utah Housing Corp. | Utah Housing Corp. | Utah Housing Corp. | Utah Housing Corp. |
| &nbsp;&nbsp; 3.63%, 02/01/2026 | &nbsp;&nbsp; 3.63%, 02/01/2026 | 1957000 | 1960805 |
| &nbsp;&nbsp; 3.00%, 01/21/2052 | &nbsp;&nbsp; 3.00%, 01/21/2052 | 1639989 | 1424405 |
| &nbsp;&nbsp; 4.50%, 06/21/2052 | &nbsp;&nbsp; 4.50%, 06/21/2052 | 3996903 | 3941597 |
| &nbsp;&nbsp; 5.00%, 10/21/2052 | &nbsp;&nbsp; 5.00%, 10/21/2052 | 2072794 | 2111178 |
|  |  |  | 9437985 |
| **Virginia - 3.7%** | **Virginia - 3.7%** | **Virginia - 3.7%** | **Virginia - 3.7%** |
|  Harrisonburg Virginia, 1.88%, 07/15/2038 | Harrisonburg Virginia, 1.88%, 07/15/2038 | 4150000 | 3047944 |
|  Newport News Economic Development Authority, 5.00%, 12/01/2038 | Newport News Economic Development Authority, 5.00%, 12/01/2038 | 6000000 | 6004641 |
|  Virginia Small Business Financing Authority, 4.00%, 01/01/2036 | Virginia Small Business Financing Authority, 4.00%, 01/01/2036 | 2250000 | 2256927 |
|  |  |  | 11309512 |
| **Wisconsin - 7.2%** | **Wisconsin - 7.2%** | **Wisconsin - 7.2%** | **Wisconsin - 7.2%** |
| Calumet County Wisconsin | Calumet County Wisconsin | Calumet County Wisconsin | Calumet County Wisconsin |
| &nbsp;&nbsp; 1.75%, 12/01/2037 | &nbsp;&nbsp; 1.75%, 12/01/2037 | 1035000 | 732572 |
| &nbsp;&nbsp; 1.88%, 12/01/2038 | &nbsp;&nbsp; 1.88%, 12/01/2038 | 1320000 | 911617 |
| &nbsp;&nbsp; 1.88%, 12/01/2039 | &nbsp;&nbsp; 1.88%, 12/01/2039 | 2650000 | 1757356 |
|  New Glarus School District, 2.00%, 04/01/2039 | New Glarus School District, 2.00%, 04/01/2039 | 1510000 | 1089931 |
| Public Finance Authority | Public Finance Authority | Public Finance Authority | Public Finance Authority |
| &nbsp;&nbsp; 5.00%, 06/01/2030 | &nbsp;&nbsp; 5.00%, 06/01/2030 | 750000 | 787351 |
| &nbsp;&nbsp; 5.00%, 06/01/2035 | &nbsp;&nbsp; 5.00%, 06/01/2035 | 1100000 | 1165204 |
| &nbsp;&nbsp; 4.00%, 08/01/2059 | &nbsp;&nbsp; 4.00%, 08/01/2059 | 3719745 | 3732837 |
| &nbsp;&nbsp; 4.75%, 08/01/2059 <sup>(a)(b)</sup> | &nbsp;&nbsp; 4.75%, 08/01/2059 <sup>(a)(b)</sup> | 5000000 | 4986275 |
| Westosha Wisconsin Central High School District | Westosha Wisconsin Central High School District | Westosha Wisconsin Central High School District | Westosha Wisconsin Central High School District |
| &nbsp;&nbsp; 2.00%, 03/01/2038 | &nbsp;&nbsp; 2.00%, 03/01/2038 | 1000000 | 745101 |
| &nbsp;&nbsp; 2.00%, 03/01/2039 | &nbsp;&nbsp; 2.00%, 03/01/2039 | 1500000 | 1088643 |
|  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> | 5000000 | 5077787 |
|  |  |  | 22074674 |
| **TOTAL MUNICIPAL BONDS** (Cost $300,837,804) | **TOTAL MUNICIPAL BONDS** (Cost $300,837,804) | **TOTAL MUNICIPAL BONDS** (Cost $300,837,804) | 297750382 |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** | **Shares** | **Value**  |
| **Money Market Funds – 1.7%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(c)</sup> | **Money Market Funds – 1.7%**<br> First American Government Obligations Fund - Class Z, 4.01%<sup>(c)</sup> | 5056196 | 5056196 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,056,196) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,056,196) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,056,196) | 5056196 |
| **TOTAL INVESTMENTS - 99.0% (**Cost $305,894,000**)** | **TOTAL INVESTMENTS - 99.0% (**Cost $305,894,000**)** | **TOTAL INVESTMENTS - 99.0% (**Cost $305,894,000**)** | 302806578 |
| Other Assets in Excess of Liabilities - 1.0% | Other Assets in Excess of Liabilities - 1.0% | Other Assets in Excess of Liabilities - 1.0% | 2913320 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $305719898 |
| 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. | –% |

---

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)

Brown Advisory Tax-Exempt Sustainable Bond Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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 | $– | $297750382 | $– | $297750382 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5056196 | – | – | 5056196 |
| Total Investments | $5056196 | $297750382 | $– | $302806578 |
| 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 Sustainable Bond Fund

- **b. EDGAR series identifier (if any):** S000067228

- **c. LEI of Series:** 254900HWGI5UFLQ48283

**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:** $306052437.58

**Total Liabilities:** $1041417.74

**Net Assets:** $305011019.84

**Cash Not Reported:** $767376.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 4344.000000000000 | **1-Year:** 29241.550000000000 | **5-Year:** 79034.140000000000 | **10-Year:** 47793.000000000000 | **30-Year:** 13527.700000000000

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

- **3-Month:** 16.180000000000 | **1-Year:** 447.080000000000 | **5-Year:** 7111.730000000000 | **10-Year:** 3250.250000000000 | **30-Year:** 861.130000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000216254 | -0.14%               | 0.76%                | 1.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39426.98               | $-1476789.93                               |
| Month 2  | $49595.05                | $1299476.13                                |
| Month 3  | $-32051.31               | $4800378.03                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN MUNI PWR OH INC SOLAR | American Municipal Power Inc                                                   | CUSIP: 02765MAS1<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048650.60   | 0.34%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R | Arizona Industrial Development Authority                                       | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1715843.14   | 0.56%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $243389.18    | 0.08%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $383132.00    | 0.13%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS CO JT S | Adams & Arapahoe Counties Joint School District 28J Aurora                     | CUSIP: 0054823B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3070242.90   | 1.01%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTOSHA CENTRL WI HIGH SCH DI | Westosha Central High School District                                          | CUSIP: 961205EK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1088642.70   | 0.36%             | 2039-03-01      | 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        |   5000000 | PA      | $5077787.50   | 1.66%             | 2058-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| YORK CNTY SC SCH DIST #4 FORT  | Fort Mill School District No 4                                                 | CUSIP: 986525A37<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   4585000 | PA      | $3528663.68   | 1.16%             | 2037-03-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| YORK CNTY SC SCH DIST #4 FORT  | Fort Mill School District No 4                                                 | CUSIP: 986525A45<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |   4675000 | PA      | $3474639.99   | 1.14%             | 2038-03-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP MTGE RE | Alaska Housing Finance Corp                                                    | CUSIP: 01170RNR9<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    890000 | PA      | $900605.15    | 0.30%             | 2042-12-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUT | Allegheny County Hospital Development Authority                                | CUSIP: 01728A5U6<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1739071.25   | 0.57%             | 2026-11-15      | Floating      | 3.47%                 | No            |                  2 | On Loan: No      |
| ALVIN TX INDEP SCH DIST        | Alvin Independent School District/TX                                           | CUSIP: 022447V37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2508210.62   | 0.82%             | 2039-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP MF REVENUE    | Utah Housing Corp                                                              | CUSIP: 917434DE9<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1957000 | PA      | $1960805.00   | 0.64%             | 2026-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                              | CUSIP: 91743PED3<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   3996903 | PA      | $3941596.65   | 1.29%             | 2052-06-21      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                              | CUSIP: 91743PEK7<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   2072794 | PA      | $2111177.93   | 0.69%             | 2052-10-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN | Virginia Small Business Financing Authority                                    | CUSIP: 928104MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2256926.85   | 0.74%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                                 | CUSIP: 944514U89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $816221.63    | 0.27%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WESTOSHA CENTRL WI HIGH SCH DI | Westosha Central High School District                                          | CUSIP: 961205EJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $745101.50    | 0.24%             | 2038-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EARTHQUAKE AUTH  | California Earthquake Authority                                                | CUSIP: 13017HAP1<br>LEI: 254900P2MGLOUH3QS859 | Long             | DBT              | MUN               | US        |  10885000 | PA      | $11029206.66  | 3.62%             | 2027-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                         | CUSIP: 13048VMY1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1043760.90   | 0.34%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE | California Municipal Finance Authority                                         | CUSIP: 13048VNA2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1410882.95   | 0.46%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALUMET CNTY WI                | County of Calumet WI                                                           | CUSIP: 131420GA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $732571.55    | 0.24%             | 2037-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                          | CUSIP: 167615B69<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2930000 | PA      | $2934719.06   | 0.96%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                          | CUSIP: 167615G31<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1441968.05   | 0.47%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                          | CUSIP: 167615U84<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995192.60    | 0.33%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                          | CUSIP: 187145RY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $4851.59      | 0.00%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED | Clifton Higher Education Finance Corp                                          | CUSIP: 187145VE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5530820.50   | 1.81%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV | Colorado Health Facilities Authority                                           | CUSIP: 19648FRV8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3280075.40   | 1.08%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REVE | Maryland Community Development Administration                                  | CUSIP: 20364NAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2496058 | PA      | $1750592.06   | 0.57%             | 2043-07-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                      | CUSIP: 574218NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10004593.00  | 3.28%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R | Massachusetts Development Finance Agency                                       | CUSIP: 57584YPF0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999970.30    | 0.33%             | 2049-07-01      | Floating      | 3.49%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TN HLTH EDUCTNL & HSG  | Health Educational and Housing Facility Board of the City of Memphis/the       | CUSIP: 586169GB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6091317.00   | 2.00%             | 2027-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP   | New York Energy Finance Development Corp                                       | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5346359.00   | 1.75%             | 2056-07-01      | Variable      | 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        |  11000000 | PA      | $8203729.60   | 2.69%             | 2050-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY        | New York State Housing Finance Agency                                          | CUSIP: 64987D4F8<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1173557 | PA      | $974607.24    | 0.32%             | 2039-05-15      | Fixed         | 1.65%                 | 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        |   3000000 | PA      | $3019123.50   | 0.99%             | 2043-10-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                             | CUSIP: 65000B4T2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1261829.37   | 0.41%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                             | CUSIP: 65000B4Y1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $768585.68    | 0.25%             | 2049-05-01      | Fixed         | 5.50%                 | 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        |   5000000 | PA      | $4999744.00   | 1.64%             | 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        |   5000000 | PA      | $5097540.00   | 1.67%             | 2054-12-31      | Fixed         | 5.25%                 | 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        |   6000000 | PA      | $6004641.00   | 1.97%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HSG FIN AGY HOM | North Carolina Housing Finance Agency                                          | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   4700000 | PA      | $4700260.38   | 1.54%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $246328.34    | 0.08%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                        | CUSIP: 041807KY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $422593.40    | 0.14%             | 2054-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REVENUE        | City of Atlanta GA Department of Aviation                                      | CUSIP: 04780M2X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4043658.75   | 1.33%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466AE9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508195.60    | 0.17%             | 2026-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466BB4<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    470000 | PA      | $470193.64    | 0.15%             | 2032-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466BC2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1126000 | PA      | $1081373.47   | 0.35%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX SPL ASSMNT REVENUE   | City of Austin TX                                                              | CUSIP: 052466BD0<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    750000 | PA      | $719805.08    | 0.24%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE      | County of Baltimore MD                                                         | CUSIP: 059151DG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970347.40    | 0.32%             | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD REVENUE      | County of Baltimore MD                                                         | CUSIP: 059151DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1448619.77   | 0.47%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BONDURANT-FARRAR IA CMNTY SCH  | Bondurant-Farrar Community School Dist Infrastructure Sales Services & Use Tax | CUSIP: 098059JA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1302611.82   | 0.43%             | 2038-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BONDURANT-FARRAR IA CMNTY SCH  | Bondurant-Farrar Community School Dist Infrastructure Sales Services & Use Tax | CUSIP: 098059JB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $1773777.58   | 0.58%             | 2039-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BUFFALO NY SWR AUTH SWR ENVRNM | Buffalo Sewer Authority                                                        | CUSIP: 119732AS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $686361.38    | 0.23%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV | Build NYC Resource Corp                                                        | CUSIP: 12008EVG8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1314498.60   | 0.43%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JAR7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5900000 | PA      | $5558221.26   | 1.82%             | 2052-02-01      | Floating      | 3.34%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JCS3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5340460.50   | 1.75%             | 2054-05-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JCX2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3805000 | PA      | $4069371.40   | 1.33%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5581711.50   | 1.83%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A | California Community Choice Financing Authority                                | CUSIP: 13013JFX9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5359046.50   | 1.76%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA | California School Finance Authority                                            | CUSIP: 13059TEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1196757.30   | 0.39%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALUMET CNTY WI                | County of Calumet WI                                                           | CUSIP: 131420GB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $911616.82    | 0.30%             | 2038-12-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CALUMET CNTY WI                | County of Calumet WI                                                           | CUSIP: 131420GC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $1757355.72   | 0.58%             | 2039-12-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CARTERSVILLE GA                | City of Cartersville GA                                                        | CUSIP: 146441CU2<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   3195000 | PA      | $2356148.60   | 0.77%             | 2039-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH     | Colorado Housing and Finance Authority                                         | CUSIP: 19648GAV4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   5020000 | PA      | $5380385.30   | 1.76%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DECATUR GA HSG AUTH MF HSG REV | Decatur Housing Authority                                                      | CUSIP: 24311PAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2268039.60   | 0.74%             | 2028-09-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA HSG FIN AGY M | District of Columbia Housing Finance Agency                                    | CUSIP: 25477PPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2507760.75   | 0.82%             | 2026-12-01      | Variable      | 5.00%                 | 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        |   7495000 | PA      | $5490117.48   | 1.80%             | 2047-05-15      | 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        |   4288820 | NS      | $4288819.69   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORIDA ST DEV FIN CORP        | Florida Development Finance Corp                                               | CUSIP: 340618DW4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5416706.35   | 1.78%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU | Development Authority for Fulton County                                        | CUSIP: 36005FNJ0<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    700000 | PA      | $761964.84    | 0.25%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRISONBURG VA                | City of Harrisonburg VA                                                        | CUSIP: 415666RZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4150000 | PA      | $3047943.85   | 1.00%             | 2038-07-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE | City of Houston TX Combined Utility System Revenue                             | CUSIP: 44244CRZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 0.66%             | 2034-05-15      | Floating      | 3.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN | Illinois Housing Development Authority                                         | CUSIP: 45203MJZ5<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2771422.29   | 0.91%             | 2042-10-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH SURFACE FREI | Illinois Finance Authority                                                     | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2480264.00   | 0.81%             | 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        |   2000000 | PA      | $2054376.20   | 0.67%             | 2043-12-01      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                     | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2498386.50   | 0.82%             | 2034-11-01      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT | Indiana Housing & Community Development Authority                              | CUSIP: 454808AD8<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   4452000 | PA      | $4452000.00   | 1.46%             | 2026-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I | Indianapolis Local Public Improvement Bond Bank                                | CUSIP: 45528VCY3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   5050000 | PA      | $5209866.34   | 1.71%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SOL WST FACS  | Iowa Finance Authority                                                         | CUSIP: 46246YAB8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1652175.25   | 0.54%             | 2042-01-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH    | Lancaster County Hospital Authority/PA                                         | CUSIP: 514045M26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2393341.33   | 0.78%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA MUNI AUTH HLTHCAR | Lancaster Municipal Authority                                                  | CUSIP: 514350AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1207891.08   | 0.40%             | 2044-05-01      | 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        |   4070000 | PA      | $4016514.10   | 1.32%             | 2038-08-15      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P | Los Angeles Department of Water & Power                                        | CUSIP: 544532BR4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 1.64%             | 2051-07-01      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP MF HSG R | Louisiana Housing Corp                                                         | CUSIP: 54627CBR3<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2303507.96   | 0.76%             | 2026-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD | Maryland Economic Development Corp                                             | CUSIP: 57420VRK1<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1187333.42   | 0.39%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL | Maryland Health & Higher Educational Facilities Authority                      | CUSIP: 574217V28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800000.00   | 0.59%             | 2041-07-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE  | Metropolitan Transportation Authority                                          | CUSIP: 59261AJQ1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1885000 | PA      | $1932769.29   | 0.63%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH  | Miami Beach Health Facilities Authority                                        | CUSIP: 593211EW1<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   4455000 | PA      | $4457221.26   | 1.46%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG SF MTGE  | Montana Board of Housing                                                       | CUSIP: 61212WST3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034833.80   | 0.34%             | 2042-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEW GLARUS WI SCH DIST         | New Glarus School District                                                     | CUSIP: 644503FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1089930.84   | 0.36%             | 2039-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH  | New Hampshire Housing Finance Authority                                        | CUSIP: 64469MNF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1813166.10   | 0.59%             | 2047-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A | New Jersey Housing & Mortgage Finance Agency                                   | CUSIP: 64613ADE9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1725730.16   | 0.57%             | 2026-10-01      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP  | New York City Housing Development Corp                                         | CUSIP: 64972ELA5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1788983.79   | 0.59%             | 2034-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN  | New York City Municipal Water Finance Authority                                | CUSIP: 64972GZW7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1240000.00   | 0.41%             | 2033-06-15      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY    | North Dakota Housing Finance Agency                                            | CUSIP: 658909X43<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   5660000 | PA      | $5682862.44   | 1.86%             | 2043-07-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| NORTH KANSAS CITY MO SCH DIST  | North Kansas City School District No 74                                        | CUSIP: 660266JU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1209763.05   | 0.40%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TX INDEP SCH DIST    | Northside Independent School District                                          | CUSIP: 66702RR79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7608204.00   | 2.49%             | 2050-06-01      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| PEORIA AZ                      | City of Peoria AZ                                                              | CUSIP: 712838UF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $2602828.35   | 0.85%             | 2038-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ UNIF SCH DIST #20 | Pima County Unified School District No 20 Vail                                 | CUSIP: 721893GD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3314548.57   | 1.09%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVEN | Port of Portland OR Airport Revenue                                            | CUSIP: 735240M83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1310741.61   | 0.43%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE       | City of Portland ME General Airport Revenue                                    | CUSIP: 736564EP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497847.20   | 0.49%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG | Public Finance Authority                                                       | CUSIP: 74439YGD7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $787351.20    | 0.26%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG | Public Finance Authority                                                       | CUSIP: 74439YGE5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1165204.26   | 0.38%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TAX EXEMPT  | Public Finance Authority                                                       | CUSIP: 74448CAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3719745 | PA      | $3732837.01   | 1.22%             | 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        |   5000000 | PA      | $4986275.50   | 1.63%             | 2059-08-01      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HSG & MTGE FIN | Rhode Island Housing & Mortgage Finance Corp                                   | CUSIP: 76221SEX5<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3311240.79   | 1.09%             | 2054-10-01      | Variable      | 3.60%                 | 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        |   2821185 | PA      | $2182827.75   | 0.72%             | 2038-12-01      | Fixed         | 2.22%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VLY CLEAN ENERGY A | San Joaquin Valley Clean Energy Authority                                      | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4594109.20   | 1.51%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP               | Utah Housing Corp                                                              | CUSIP: 91743PDY8<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |   1639989 | PA      | $1424405.40   | 0.47%             | 2052-01-21      | Fixed         | 3.00%                 | 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