# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016024
**Filing Date:** 2026-5
**Character Count:** 74009
**Document Hash:** b1e8228f07772fc0d81abb0d9cab5ce9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016024.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016024

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 261024357

**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 Intermediate Income Fund (Series ID: S000038487)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000118736 | Investor Shares | BIAIX           |
| C000118738 | Advisor Shares  | BAIAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Intermediate Income Fund** | **Brown Advisory Intermediate Income Fund** | **Brown Advisory Intermediate Income Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 30.6%** | **Par**  | **Value**  |
| United States Treasury Note | United States Treasury Note | United States Treasury Note |
| &nbsp;&nbsp; 4.38%, 08/15/2026 | 5000000 | $5011131 |
| &nbsp;&nbsp; 3.75%, 08/31/2026 | 4600000 | 4599743 |
| &nbsp;&nbsp; 3.75%, 08/15/2027 | 7600000 | 7591242 |
| &nbsp;&nbsp; 2.88%, 05/15/2028 | 5395000 | 5293422 |
| &nbsp;&nbsp; 3.13%, 11/15/2028 | 2800000 | 2751766 |
| &nbsp;&nbsp; 3.50%, 12/15/2028 | 2100000 | 2082897 |
| &nbsp;&nbsp; 3.25%, 06/30/2029 | 3180000 | 3122797 |
| &nbsp;&nbsp; 0.88%, 11/15/2030 | 4350000 | 3792316 |
| &nbsp;&nbsp; 1.88%, 02/15/2032 | 5250000 | 4656607 |
| &nbsp;&nbsp; 4.38%, 05/15/2034 | 1850000 | 1869765 |
| &nbsp;&nbsp; 4.63%, 02/15/2035 | 3350000 | 3437741 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $44,796,335) | **TOTAL U.S. TREASURY SECURITIES** (Cost $44,796,335) | 44209427 |
| **CORPORATE BONDS - 29.9%** | **Par**  | **Value**  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1545000 | 1403737 |
|  American Tower Corp., 3.60%, 01/15/2028 | 725000 | 714433 |
|  AT&T, Inc., 5.40%, 02/15/2034 | 1375000 | 1406504 |
|  Biogen, Inc., 5.75%, 05/15/2035 | 1355000 | 1401757 |
|  Brookfield Asset Management Ltd., 4.65%, 11/15/2030 | 1430000 | 1418074 |
|  CF Industries, Inc., 5.30%, 11/26/2035 | 1420000 | 1414806 |
|  Citigroup, Inc., 3.20%, 10/21/2026 | 1445000 | 1437220 |
|  Comcast Corp., 5.30%, 05/15/2035 | 1380000 | 1405672 |
|  Credit Agricole SA, 4.66% to 01/12/2031 then SOFR + 1.17%, 01/12/2032 <sup>(a)</sup> | 1435000 | 1415794 |
|  Dollar Tree, Inc., 4.20%, 05/15/2028 | 1435000 | 1425559 |
|  Dominion Energy, Inc., 5.45%, 03/15/2035 | 700000 | 705616 |
|  Eastman Chemical Co., 5.63%, 02/20/2034 | 1380000 | 1399845 |
|  Expedia Group, Inc., 2.95%, 03/15/2031 | 1560000 | 1431367 |
|  Ferguson Finance PLC, 4.65%, 04/20/2032 <sup>(a)</sup> | 1435000 | 1411208 |
|  Goldman Sachs Group, Inc., 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 | 1405000 | 1422150 |
|  JB Hunt Transport Services, Inc., 4.90%, 03/15/2030 | 1400000 | 1417200 |
|  Keysight Technologies, Inc., 4.60%, 04/06/2027 | 1435000 | 1436830 |
|  Kroger Co., 5.00%, 09/15/2034 | 1420000 | 1402533 |
|  Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | 1395000 | 1416114 |
|  MSCI, Inc., 3.88%, 02/15/2031 <sup>(a)</sup> | 750000 | 709402 |
|  National Grid PLC, 5.42%, 01/11/2034 | 1385000 | 1411921 |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 1270000 | 1403475 |
|  PPG Industries, Inc., 4.38%, 03/15/2031 | 1435000 | 1413654 |
|  Prologis LP, 5.00%, 03/15/2034 | 1405000 | 1408778 |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 1600000 | 1418621 |
|  Revvity, Inc., 2.25%, 09/15/2031 | 810000 | 707812 |
|  Societe Generale SA, 5.34% (SOFR + 1.66%), 01/19/2028 <sup>(a)</sup> | 1430000 | 1440847 |
|  Takeoff Merger Sub, Inc., 4.40%, 03/24/2028 <sup>(a)</sup> | 1440000 | 1432781 |
|  US Bancorp, 5.05% to 02/12/2030 then SOFR + 1.06%, 02/12/2031 | 1400000 | 1420781 |
|  VeriSign, Inc., 5.25%, 06/01/2032 | 1410000 | 1420766 |
|  Vertiv Holdings Co., 4.85%, 03/15/2036 | 1455000 | 1415406 |
|  Wells Fargo & Co., 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 | 1395000 | 1419093 |
|  Yara International ASA, 7.38%, 11/14/2032 <sup>(a)</sup> | 630000 | 703567 |
| **TOTAL CORPORATE BONDS** (Cost $43,520,572) | **TOTAL CORPORATE BONDS** (Cost $43,520,572) | 43213323 |
| **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 28.0%** | **Par**  | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Pool QE0622, 2.00%, 04/01/2052 | 669814 | 549744 |
| &nbsp;&nbsp; Pool QF0492, 5.50%, 09/01/2052 | 591203 | 601927 |
| &nbsp;&nbsp; Pool RA7784, 4.50%, 08/01/2052 | 353592 | 343061 |
| &nbsp;&nbsp; Pool RA7927, 4.50%, 09/01/2052 | 1045444 | 1015829 |
| &nbsp;&nbsp; Pool RC3538, 5.50%, 06/01/2040 | 196016 | 201423 |
| &nbsp;&nbsp; Pool RJ6332, 5.00%, 03/01/2056 | 290000 | 286250 |
| &nbsp;&nbsp; Pool SB1179, 5.50%, 05/01/2039 | 460725 | 474124 |
| &nbsp;&nbsp; Pool SD0913, 2.50%, 02/01/2052 | 1201059 | 1027242 |
| &nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | 1396155 | 1183708 |
| &nbsp;&nbsp; Pool SD3475, 5.50%, 08/01/2053 | 1038279 | 1054450 |
| &nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | 408855 | 429811 |
| &nbsp;&nbsp; Pool SD3840, 5.50%, 09/01/2053 | 558293 | 569616 |
| &nbsp;&nbsp; Pool SD4697, 6.00%, 02/01/2054 | 1340630 | 1384459 |
| &nbsp;&nbsp; Pool SD5573, 3.00%, 08/01/2052 | 1141605 | 1014687 |
| &nbsp;&nbsp; Pool SD8315, 5.00%, 04/01/2053 | 468273 | 464286 |
| &nbsp;&nbsp; Pool SL1677, 4.50%, 05/01/2053 | 918486 | 890467 |
| &nbsp;&nbsp; Pool SL4197, 5.00%, 02/01/2056 | 227017 | 224960 |
| &nbsp;&nbsp; Series 4634, Class MA, 4.50%, 11/15/2054 | 615198 | 612021 |
| &nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049 | 356637 | 284754 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; 2.00%, 04/15/2056 <sup>(b)</sup> | 430000 | 346452 |
| &nbsp;&nbsp; 3.00%, 04/15/2056 <sup>(b)</sup> | 2134000 | 1874702 |
| &nbsp;&nbsp; Pool 628837, 6.50%, 03/01/2032 | 5955 | 6159 |
| &nbsp;&nbsp; Pool 663238, 5.50%, 09/01/2032 | 6510 | 6733 |
| &nbsp;&nbsp; Pool 741373, 6.16% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 4743 | 4867 |
| &nbsp;&nbsp; Pool 764342, 5.52% (RFUCCT6M + 1.52%), 02/01/2034 | 15070 | 15287 |
| &nbsp;&nbsp; Pool BQ1226, 2.00%, 09/01/2050 | 1156437 | 943369 |
| &nbsp;&nbsp; Pool BQ3248, 2.00%, 11/01/2050 | 1249479 | 1016807 |
| &nbsp;&nbsp; Pool BW0025, 4.00%, 07/01/2052 | 544528 | 518606 |
| &nbsp;&nbsp; Pool CA3823, 4.00%, 07/01/2049 | 1747127 | 1676339 |
| &nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | 1114810 | 951929 |
| &nbsp;&nbsp; Pool CB2859, 2.50%, 02/01/2052 | 439184 | 375581 |
| &nbsp;&nbsp; Pool CB3853, 4.00%, 06/01/2052 | 311428 | 297718 |
| &nbsp;&nbsp; Pool CB5497, 6.50%, 01/01/2053 | 449683 | 470430 |
| &nbsp;&nbsp; Pool CB7235, 5.00%, 10/01/2053 | 246088 | 243690 |
| &nbsp;&nbsp; Pool FA1423, 4.50%, 04/01/2054 | 1118687 | 1085138 |
| &nbsp;&nbsp; Pool FA2599, 2.00%, 05/01/2052 | 722908 | 585239 |
| &nbsp;&nbsp; Pool FA2601, 2.00%, 08/01/2051 | 539114 | 438582 |
| &nbsp;&nbsp; Pool FA2647, 5.50%, 08/01/2055 | 912000 | 927154 |
| &nbsp;&nbsp; Pool FA3407, 2.00%, 04/01/2052 | 530573 | 437691 |
| &nbsp;&nbsp; Pool FA3849, 2.50%, 04/01/2052 | 718999 | 613805 |
| &nbsp;&nbsp; Pool FA4232, 5.50%, 04/01/2055 | 386676 | 389862 |
| &nbsp;&nbsp; Pool FM6555, 2.00%, 04/01/2051 | 854833 | 699853 |
| &nbsp;&nbsp; Pool FM9973, 3.00%, 08/01/2051 | 1114792 | 995997 |
| &nbsp;&nbsp; Pool FS0348, 2.00%, 01/01/2052 | 1236089 | 1012584 |
| &nbsp;&nbsp; Pool FS3239, 3.50%, 08/01/2050 | 1077276 | 1000412 |
| &nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | 1303224 | 1106098 |
| &nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | 1470375 | 1492208 |
| &nbsp;&nbsp; Pool FS7276, 5.00%, 09/01/2053 | 1536184 | 1524599 |
| &nbsp;&nbsp; Pool FS7744, 6.50%, 04/01/2054 | 442658 | 467116 |
| &nbsp;&nbsp; Pool FS8384, 3.50%, 02/01/2051 | 1654561 | 1548624 |
| &nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | 1078600 | 1100615 |
| &nbsp;&nbsp; Pool FS9203, 6.00%, 09/01/2054 | 385818 | 394325 |
| &nbsp;&nbsp; Pool FS9366, 2.50%, 04/01/2052 | 416987 | 353324 |
| &nbsp;&nbsp; Pool MA2998, 3.50%, 04/01/2032 | 191935 | 188288 |
| &nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/2050 | 638827 | 520601 |
| &nbsp;&nbsp; Pool MA4492, 2.00%, 12/01/2051 | 989335 | 801961 |
| &nbsp;&nbsp; Pool MA5496, 5.00%, 10/01/2054 | 122713 | 121193 |
| &nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | 1222898 | 1207246 |
|  Ginnie Mae I, Pool 781186, 9.00%, 06/15/2030 | 3899 | 3973 |
| **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $41,066,176) | **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $41,066,176) | 40377976 |
| **ASSET-BACKED SECURITIES - 5.7%** | **Par**  | **Value**  |
| AutoNation Finance Trust | AutoNation Finance Trust | AutoNation Finance Trust |
| &nbsp;&nbsp; Series 2026-1A, Class A4, 4.18%, 06/11/2031 <sup>(a)</sup> | 978000 | 974681 |
| &nbsp;&nbsp; Series 2026-1A, Class B, 4.42%, 06/11/2031 <sup>(a)</sup> | 1001000 | 996037 |
|  CarMax Auto Owner Trust, Series 2025-3, Class B, 4.68%, 03/17/2031 | 670000 | 675528 |
| CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
| &nbsp;&nbsp; Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 5202 | 5205 |
| &nbsp;&nbsp; Series 2026-A, Class A2A, 4.03%, 12/17/2029 | 465000 | 464846 |
|  FHF Trust, Series 2024-3A, Class A2, 4.94%, 11/15/2030 <sup>(a)</sup> | 493958 | 492958 |
|  Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030 | 730000 | 741970 |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
| &nbsp;&nbsp; Series 2025-B, Class B, 4.72%, 07/15/2030 | 565000 | 570026 |
| &nbsp;&nbsp; Series 2025-C, Class B, 4.13%, 01/15/2032 | 390000 | 387555 |
| Kubota Credit Owner Trust | Kubota Credit Owner Trust | Kubota Credit Owner Trust |
| &nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029 <sup>(a)</sup> | 380000 | 381243 |
| &nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030 <sup>(a)</sup> | 390000 | 393590 |
| &nbsp;&nbsp; Series 2026-1A, Class A4, 3.98%, 01/15/2032 <sup>(a)</sup> | 390000 | 385294 |
|  Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 488012 | 491268 |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032 <sup>(a)</sup> | 1306000 | 1333708 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $8,276,358) | **TOTAL ASSET-BACKED SECURITIES** (Cost $8,276,358) | 8293909 |
| **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.4%** | **Par**  | **Value**  |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp; Series Q006, Class APT2, 2.69%, 09/25/2026 <sup>(c)</sup> | 53989 | 54109 |
| &nbsp;&nbsp; Series Q007, Class APT1, 6.15%, 10/25/2047 <sup>(c)</sup> | 44308 | 44282 |
| &nbsp;&nbsp; Series Q010, Class APT1, 6.19%, 04/25/2046 <sup>(c)</sup> | 19749 | 19850 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp; Pool BS9669, 4.72%, 10/01/2028 | 1060000 | 1073250 |
| &nbsp;&nbsp; Pool BZ4643, 4.21%, 08/01/2030 | 635000 | 634412 |
| &nbsp;&nbsp; Pool BZ4911, 4.24%, 09/01/2032 | 240000 | 238480 |
| &nbsp;&nbsp; Pool BZ5076, 4.23%, 10/01/2030 | 1300000 | 1300461 |
|  FREMF Mortgage Trust, Series 2020-KF74, Class B, 5.93% (30 day avg SOFR US + 2.26%), 01/25/2027 <sup>(a)</sup> | 148475 | 147636 |
| **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $3,534,073) | **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $3,534,073) | 3512480 |
| **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.4%** | **Par**  | **Value**  |
|  BX Trust, Series 2025-VLT6, Class A, 5.12% (1 mo. Term SOFR + 1.44%), 03/15/2042 <sup>(a)</sup> | 605000 | 601713 |
| **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $603,488) | **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** (Cost $603,488) | 601713 |
| **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.4%** | **Par**  | **Value**  |
|  JP Morgan Mortgage Trust, Series 2020-LTV2, Class A15, 3.00%, 11/25/2050 <sup>(a)(c)</sup> | 578017 | 522189 |
| **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $547,310) | **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** (Cost $547,310) | 522189 |
| **SHORT-TERM INVESTMENTS - 5.5%** | **Shares**  | **Value**  |
| **Money Market Funds - 5.5%** |  |  |
| First American Government Obligations Fund - Class Z, 3.54% <sup>(d)</sup> | 7888606 | 7888606 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $7,888,606) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $7,888,606) | 7888606 |
| **TOTAL INVESTMENTS - 102.9% (**Cost $150,232,918**)** | **TOTAL INVESTMENTS - 102.9% (**Cost $150,232,918**)** | 148619623 |
| Liabilities in Excess of Other Assets - (2.9)% | Liabilities in Excess of Other Assets - (2.9)% | (4235976) |
| **TOTAL NET ASSETS - 100.0%** |  | $144383647 |
| 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. |  |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| RFUCCT6M - Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Months |
| SOFR - Secured Overnight Financing Rate |

---

(a) 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.

(b) To-be-announced security.

(c) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2026.

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

------

---

| |
|:---|
| **Brown Advisory Intermediate Income Fund** |
| **Schedule of Futures Contracts** |
| **March 31, 2026 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Amount** | **Notional Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| 10 Year U.S. Ultra Treasury Notes | 2 | 06/18/2026 | $227441 | $227031 | $(410) |
| U.S. Treasury 10 Year Notes | 19 | 06/18/2026 | 2130602 | 2109890 | (20712) |
| U.S. Treasury 2 Year Notes | 36 | 06/30/2026 | 7520646 | 7468031 | (52615) |
| U.S. Treasury 5 Year Notes | 62 | 06/30/2026 | 6795752 | 6707141 | (88611) |
|  |  |  | $16674441 | $16512093 | $(162348) |
|  |  |  |  |  | – |
| **Description** | **Contracts Sold** | **Expiration Date** | **Notional Amount** | **Notional Value** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| U.S. Treasury Long Bonds | (8) | 06/18/2026 | $(936921) | $(911000) | $25921 |
| U.S. Treasury Ultra Bonds | (10) | 06/18/2026 | (1199084) | (1165625) | 33459 |
|  |  |  | $(2136005) | $(2076625) | $59380 |
| **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** |  |  |  | $(102968) |

---

There is no variation margin due to or from the Fund as of the date of this report. The Fund's investments in futures contracts were valued using Level 1 inputs as of the date of this report.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Brown Advisory Intermediate Income Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $– | $44209427 | $– | $44209427 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 43213323 | – | 43213323 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Residential Mortgage-Backed Securities | – | 40377976 | – | 40377976 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | – | 8293909 | – | 8293909 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Agency Commercial Mortgage-Backed Securities | – | 3512480 | – | 3512480 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Commercial Mortgage-Backed Securities | – | 601713 | – | 601713 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Non-Agency Residential Mortgage-Backed Securities | – | 522189 | – | 522189 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 7888606 | – | – | 7888606 |
| Total Investments | $7888606 | $140731017 | $– | $148619623 |

---

## 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 Intermediate Income Fund

- **b. EDGAR series identifier (if any):** S000038487

- **c. LEI of Series:** 549300564DM50DQH8E44

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $152068563.15

**Total Liabilities:** $7750373.17

**Net Assets:** $144318189.98

**Delayed Delivery Securities:** $7163960.27

**Cash Not Reported:** $1480629.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1845.560000000000 | **1-Year:** 6195.240000000000 | **5-Year:** 18603.900000000000 | **10-Year:** 14891.150000000000 | **30-Year:** 16693.420000000000

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

- **3-Month:** 2.810000000000 | **1-Year:** 9.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118736 | 0.19%                | 1.29%                | -1.47%               |
| Class ID C000118738 | 0.28%                | 1.20%                | -1.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9961.51                 | $-40246.42                                 |
| Month 2  | $-2261.81                | $1207229.16                                |
| Month 3  | $-108851.02              | $-2297256.18                               |

**Designated Index Information**

- **Index Name:** Bloomberg Intermediate US Aggregate Bond Index

- **Index Identifier:** LC08TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Government National Mortgage A | Ginnie Mae I Pool                                            | CUSIP: 36225BJ74<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3899 | PA      | $3973.02      | 0.00%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                  | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1422150.19   | 0.99%             | 2030-07-23      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-C                        | CUSIP: 44935JAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $387555.13    | 0.27%             | 2032-01-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-B                        | CUSIP: 44935XAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    565000 | PA      | $570026.35    | 0.39%             | 2030-07-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| AutoNation Finance Trust 2025- | AutoNation Finance Trust 2026-1                              | CUSIP: 05330WAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    978000 | PA      | $974681.25    | 0.68%             | 2031-06-11      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| AutoNation Finance Trust 2025- | AutoNation Finance Trust 2026-1                              | CUSIP: 05330WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1001000 | PA      | $996036.44    | 0.69%             | 2031-06-11      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                     | Biogen Inc                                                   | CUSIP: 09062XAL7<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |   1355000 | PA      | $1401757.51   | 0.97%             | 2035-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD ASSET MANAGEM       | Brookfield Asset Management Ltd                              | CUSIP: 113004AB1<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |   1430000 | PA      | $1418074.19   | 0.98%             | 2030-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| BX Trust                       | BX Trust 2025-VLT6                                           | CUSIP: 12433KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    605000 | PA      | $601712.67    | 0.42%             | 2042-03-15      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| CF INDUSTRIES INC              | CF Industries Inc                                            | CUSIP: 12527GAL7<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1414805.97   | 0.98%             | 2035-11-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust        | Carmax Auto Owner Trust 2025-3                               | CUSIP: 14290FAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    670000 | PA      | $675527.70    | 0.47%             | 2031-03-17      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus | CarMax Select Receivables Trust 2026-A                       | CUSIP: 142929AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    465000 | PA      | $464845.62    | 0.32%             | 2029-12-17      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| CarMax Select Receivables Trus | Carmax Select Receivables Trust 2024-A                       | CUSIP: 14319FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5202 | PA      | $5204.95      | 0.00%             | 2027-09-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                                                | CUSIP: 172967KY6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1437219.63   | 1.00%             | 2026-10-21      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp                                                 | CUSIP: 20030NEP2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1405672.40   | 0.97%             | 2035-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA             | Credit Agricole SA                                           | CUSIP: 22535WAT4<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1435000 | PA      | $1415793.89   | 0.98%             | 2032-01-12      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| DOLLAR TREE INC                | Dollar Tree Inc                                              | CUSIP: 256746AH1<br>LEI: 549300PMSTQITB1WHR43 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1425559.38   | 0.99%             | 2028-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC            | Dominion Energy Inc                                          | CUSIP: 25746UDX4<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    700000 | PA      | $705615.56    | 0.49%             | 2035-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| EASTMAN CHEMICAL CO            | Eastman Chemical Co                                          | CUSIP: 277432AY6<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1399844.77   | 0.97%             | 2034-02-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust           | FREMF 2020-KF74 Mortgage Trust                               | CUSIP: 30313MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    148475 | PA      | $147635.84    | 0.10%             | 2027-01-25      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137BSSL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    615198 | PA      | $612021.01    | 0.42%             | 2054-11-15      | Fixed         | 4.50%                 | 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        |     19749 | PA      | $19849.57     | 0.01%             | 2046-04-25      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac REMICS                                           | CUSIP: 3137H23U6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    356637 | PA      | $284753.82    | 0.20%             | 2049-09-25      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 31427N2K4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    918486 | PA      | $890466.92    | 0.62%             | 2053-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 31427RUX6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    227017 | PA      | $224959.76    | 0.16%             | 2056-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3142GXBA4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    290000 | PA      | $286249.63    | 0.20%             | 2056-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F020646<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    430000 | PA      | $346452.34    | 0.24%             | 2056-09-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XPCN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1536184 | PA      | $1524599.19   | 1.06%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XPTA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    442658 | PA      | $467115.62    | 0.32%             | 2054-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XQJ65<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1654561 | PA      | $1548623.88   | 1.07%             | 2051-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XQXV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1078600 | PA      | $1100614.94   | 0.76%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XRGM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    385818 | PA      | $394324.88    | 0.27%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XRMQ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    416986 | PA      | $353324.01    | 0.24%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418CKL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    191935 | PA      | $188288.30    | 0.13%             | 2032-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418D7E6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    989335 | PA      | $801961.33    | 0.56%             | 2051-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418DVA7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    638827 | PA      | $520601.30    | 0.36%             | 2050-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31418FDA2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    122713 | PA      | $121192.92    | 0.08%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac      | Fannie Mae or Freddie Mac                                    | CUSIP: 01F030645<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2134000 | PA      | $1874701.82   | 1.30%             | 2056-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FCL69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53989 | PA      | $54109.43     | 0.04%             | 2026-09-25      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC           | Ferguson Finance PLC                                         | CUSIP: 314890AD6<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |   1435000 | PA      | $1411207.64   | 0.98%             | 2032-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| First Help Financial LLC       | FHF Issuer Trust 2024-3                                      | CUSIP: 30339EAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    493958 | PA      | $492957.49    | 0.34%             | 2030-11-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132CXJY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    460725 | PA      | $474124.49    | 0.33%             | 2039-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DNAN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1201059 | PA      | $1027242.11   | 0.71%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQ2G0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1038279 | PA      | $1054449.88   | 0.73%             | 2053-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQ2J4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    408855 | PA      | $429811.42    | 0.30%             | 2053-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DQSX5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1396155 | PA      | $1183707.60   | 0.82%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DSGE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1340630 | PA      | $1384458.51   | 0.96%             | 2054-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DTFN5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1141605 | PA      | $1014687.04   | 0.70%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132DWGY3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    468273 | PA      | $464285.90    | 0.32%             | 2053-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3132E0HR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    558293 | PA      | $569616.50    | 0.39%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FHQB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44308 | PA      | $44282.30     | 0.03%             | 2047-10-25      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund                   | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6518709 | NS      | $6518708.56   | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Credit Auto Owner Trust   | Ford Credit Auto Owner Trust 2024-B                          | CUSIP: 34531QAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    730000 | PA      | $741970.39    | 0.51%             | 2030-05-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC              | Expedia Group Inc                                            | CUSIP: 30212PBH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1431367.45   | 0.99%             | 2031-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31389LS26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5955 | PA      | $6158.84      | 0.00%             | 2032-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3138MTKD8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1222898 | PA      | $1207245.98   | 0.84%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31391CZB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6510 | PA      | $6732.64      | 0.00%             | 2032-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31402XT63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4743 | PA      | $4866.81      | 0.00%             | 2033-12-01      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 31404CEP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15070 | PA      | $15286.84     | 0.01%             | 2034-02-01      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140KLLG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1156437 | PA      | $943368.65    | 0.65%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140KNTE8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1249479 | PA      | $1016807.31   | 0.70%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140LLW72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1060000 | PA      | $1073250.06   | 0.74%             | 2028-10-01      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140MRA31<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    544528 | PA      | $518605.91    | 0.36%             | 2052-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140Q0ER9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    635000 | PA      | $634412.52    | 0.44%             | 2030-08-01      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140Q0N57<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240000 | PA      | $238480.26    | 0.17%             | 2032-09-01      | Fixed         | 4.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140Q0UA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1300000 | PA      | $1300460.56   | 0.90%             | 2030-10-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2751765.63   | 1.91%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4350000 | PA      | $3792316.43   | 2.63%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5250000 | PA      | $4656606.47   | 3.23%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3180000 | PA      | $3122797.27   | 2.16%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CHU8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5011130.65   | 3.47%             | 2026-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1850000 | PA      | $1869764.64   | 1.30%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7600000 | PA      | $7591242.22   | 5.26%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CLH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4600000 | PA      | $4599743.27   | 3.19%             | 2026-08-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3350000 | PA      | $3437741.22   | 2.38%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 91282CPP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2100000 | PA      | $2082896.49   | 1.44%             | 2028-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                   | VeriSign Inc                                                 | CUSIP: 92343EAQ5<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1420765.77   | 0.98%             | 2032-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust           | Verizon Master Trust Series 2024-5                           | CUSIP: 92348KDB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1306000 | PA      | $1333708.10   | 0.92%             | 2032-06-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERTIV HOLDINGS CO             | Vertiv Holdings Co                                           | CUSIP: 92537NAA6<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1415405.61   | 0.98%             | 2036-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY          | Wells Fargo & Co                                             | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1419092.78   | 0.98%             | 2031-04-23      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| YARA INTERNATIONAL ASA         | Yara International ASA                                       | CUSIP: 984851AH8<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | DBT              | CORP              | NO        |    630000 | PA      | $703566.63    | 0.49%             | 2032-11-14      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TAKEOFF MERGER SUB INC         | Takeoff Merger Sub Inc                                       | CUSIP: 873923AA4<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1432780.63   | 0.99%             | 2028-03-24      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner  | Toyota Auto Receivables 2024-C Owner Trust                   | CUSIP: 89237QAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    488012 | PA      | $491268.02    | 0.34%             | 2029-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                                   | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1420780.72   | 0.98%             | 2031-02-12      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                             | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5395000 | PA      | $5293422.29   | 3.67%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133B9VP6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    669814 | PA      | $549744.48    | 0.38%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133BMRM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    591203 | PA      | $601926.68    | 0.42%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KPUH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    353592 | PA      | $343060.88    | 0.24%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133KPYY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1045444 | PA      | $1015828.89   | 0.70%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                    | Freddie Mac Pool                                             | CUSIP: 3133L94X8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    196016 | PA      | $201423.40    | 0.14%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AT&T INC                       | AT&T Inc                                                     | CUSIP: 00206RMT6<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1406504.55   | 0.97%             | 2034-02-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA       | AerCap Ireland Capital DAC / AerCap Global Aviation Trust    | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1545000 | PA      | $1403736.91   | 0.97%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QBG93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1747127 | PA      | $1676338.73   | 1.16%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QMZN7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1114810 | PA      | $951929.39    | 0.66%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QNE99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    439184 | PA      | $375580.73    | 0.26%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QPH75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    311428 | PA      | $297717.85    | 0.21%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QRDB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    449683 | PA      | $470430.11    | 0.33%             | 2053-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140QTBD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    246088 | PA      | $243690.26    | 0.17%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W1SM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1118687 | PA      | $1085137.56   | 0.75%             | 2054-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W23H2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    722908 | PA      | $585238.86    | 0.41%             | 2052-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W23K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    539114 | PA      | $438582.47    | 0.30%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W25H0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    912000 | PA      | $927154.46    | 0.64%             | 2055-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W3YD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    530573 | PA      | $437691.27    | 0.30%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W4H34<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    718999 | PA      | $613805.33    | 0.43%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140W4V20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    386676 | PA      | $389862.40    | 0.27%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp                                          | CUSIP: 03027XAR1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    725000 | PA      | $714433.12    | 0.50%             | 2028-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| JB HUNT TRANSPRT SVCS          | JB Hunt Transport Services Inc                               | CUSIP: 445658CG0<br>LEI: 549300XCD1MPI1C5GK90 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1417200.22   | 0.98%             | 2030-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XAH96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    854833 | PA      | $699852.54    | 0.48%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XECK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1114792 | PA      | $995996.75    | 0.69%             | 2051-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XFL66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1236089 | PA      | $1012584.43   | 0.70%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XJS53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1077276 | PA      | $1000411.60   | 0.69%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XLML9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1303224 | PA      | $1106097.70   | 0.77%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                     | Fannie Mae Pool                                              | CUSIP: 3140XN2U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1470375 | PA      | $1492207.90   | 1.03%             | 2053-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust       | JP Morgan Mortgage Trust 2020-LTV2                           | CUSIP: 46653LBT2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    578017 | PA      | $522188.91    | 0.36%             | 2050-11-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES          | Keysight Technologies Inc                                    | CUSIP: 49338LAE3<br>LEI: 549300GLKVIO8YRCYN02 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1436830.49   | 1.00%             | 2027-04-06      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| KROGER CO                      | Kroger Co/The                                                | CUSIP: 501044DV0<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1402532.89   | 0.97%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2025-2                             | CUSIP: 50117LAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    380000 | PA      | $381242.90    | 0.26%             | 2029-09-17      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2025-2                             | CUSIP: 50117LAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $393590.11    | 0.27%             | 2030-11-15      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2026-1                             | CUSIP: 50118HAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    390000 | PA      | $385294.22    | 0.27%             | 2032-01-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| MSCI INC                       | MSCI Inc                                                     | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    750000 | PA      | $709402.52    | 0.49%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                 | Morgan Stanley                                               | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1416113.81   | 0.98%             | 2031-04-17      | Variable      | 5.19%                 | No            |                  2 | On Loan: No      |
| NATIONAL GRID PLC              | National Grid PLC                                            | CUSIP: 636274AF9<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | DBT              | CORP              | GB        |   1385000 | PA      | $1411920.74   | 0.98%             | 2034-01-11      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The                         | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1403475.35   | 0.97%             | 2034-10-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| PPG INDUSTRIES INC             | PPG Industries Inc                                           | CUSIP: 693506BY2<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1413654.16   | 0.98%             | 2031-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REVVITY INC                    | Revvity Inc                                                  | CUSIP: 714046AN9<br>LEI: 549300IKL1SDPFI7N655 | Long             | DBT              | CORP              | US        |    810000 | PA      | $707812.07    | 0.49%             | 2031-09-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                    | Prologis LP                                                  | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1408777.81   | 0.98%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGENERON PHARMACEUTICAL       | Regeneron Pharmaceuticals Inc                                | CUSIP: 75886FAE7<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1418621.10   | 0.98%             | 2030-09-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE               | Societe Generale SA                                          | CUSIP: 83368RBU5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1430000 | PA      | $1440846.88   | 1.00%             | 2028-01-19      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| N/A                            | US 5YR NOTE (CBT) Jun26                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        62 | NC      | $-88611.09    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 2YR NOTE (CBT) Jun26                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        36 | NC      | $-52615.24    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)Jun26                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         9 | NC      | $-19285.01    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US LONG BOND(CBT) Jun26                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -8 | NC      | $25920.78     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10yr Ultra Fut Jun26                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -4 | NC      | $9991.92      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US ULTRA BOND CBT Jun26                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -12 | NC      | $40151.11     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer