Brown Financial Advisory Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPYM	SPDR SERIES TRUST	1,056,203 (+3.0%)	$84,729 (+5.4%)	42.8%	$50.39	—	STATE STREET SPD	78464A854
DEXC	DIMENSIONAL ETF TRUST	369,748 (+2.7%)	$22,377 (+9.9%)	11.3%	$48.55	—	EMERGING MRKTETS	25434V534
VB	VANGUARD INDEX FDS	124,007 (+3.8%)	$31,988 (+5.3%)	16.2%	$211.48	—	SMALL CP ETF	922908751
MSFT	MICROSOFT CORP	3,330 (+1.5%)	$1,611 (-5.2%)	0.8%	$420.60	+19.0%	COM	594918104
HD	HOME DEPOT INC	1,311 (+6.1%)	$451 (-9.9%)	0.2%	$376.24	-3.1%	COM	437076102
VOE	VANGUARD INDEX FDS	1,527 (+4.4%)	$271 (+6.1%)	0.1%	$164.98	—	MCAP VL IDXVIP	922908512
SPHY	SPDR SERIES TRUST	42,978 (+1.5%)	$1,017 (+0.4%)	0.5%	$23.41	—	STATE STREET SPD	78468R606

Exited Positions (1)

HYS PIMCO ETF TR 0.1%

Value ($000) $206 Shares 2,158 Est. Cost $95.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYS	PIMCO ETF TR	2,158	$206	0.1%	$95.00	—	—	72201R783

Decreased Positions (9)

DFAR DIMENSIONAL ETF TRUST 1.4%

Value ($000) $2,744 (-20.9%) Shares 119,825 (-17.7%) Est. Cost $21.46 Unrealized —

SPDW SPDR INDEX SHS FDS 4.6%

Value ($000) $9,158 (-2.8%) Shares 206,217 (-6.3%) Est. Cost $33.04 Unrealized —

IWB ISHARES TR 5.3%

Value ($000) $10,478 (-2.0%) Shares 28,058 (-4.0%) Est. Cost $211.84 Unrealized —

IWD ISHARES TR 0.4%

Value ($000) $835 (-19.3%) Shares 3,970 (-21.9%) Est. Cost $136.75 Unrealized —

IWF ISHARES TR 1.0%

Value ($000) $2,067 (-8.6%) Shares 4,367 (-9.6%) Est. Cost $271.49 Unrealized —

VTI VANGUARD INDEX FDS 0.3%

Value ($000) $674 (-11.5%) Shares 2,009 (-13.4%) Est. Cost $231.00 Unrealized —

USRT ISHARES TR 0.1%

Value ($000) $228 (-9.1%) Shares 4,003 (-6.3%) Est. Cost $48.36 Unrealized —

XMHQ INVESCO EXCHANGE TRADED FD T 0.2%

Value ($000) $389 (-3.9%) Shares 3,798 (-1.5%) Est. Cost $92.82 Unrealized —

IVV ISHARES TR 0.8%

Value ($000) $1,600 (+0.7%) Shares 2,336 (-1.6%) Est. Cost $376.34 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DFAR	DIMENSIONAL ETF TRUST	119,825 (-17.7%)	$2,744 (-20.9%)	1.4%	$21.46	—	US REAL ESTATE E	25434V823
SPDW	SPDR INDEX SHS FDS	206,217 (-6.3%)	$9,158 (-2.8%)	4.6%	$33.04	—	PORTFOLIO DEVLPD	78463X889
IWB	ISHARES TR	28,058 (-4.0%)	$10,478 (-2.0%)	5.3%	$211.84	—	RUS 1000 ETF	464287622
IWD	ISHARES TR	3,970 (-21.9%)	$835 (-19.3%)	0.4%	$136.75	—	RUS 1000 VAL ETF	464287598
IWF	ISHARES TR	4,367 (-9.6%)	$2,067 (-8.6%)	1.0%	$271.49	—	RUS 1000 GRW ETF	464287614
VTI	VANGUARD INDEX FDS	2,009 (-13.4%)	$674 (-11.5%)	0.3%	$231.00	—	TOTAL STK MKT	922908769
USRT	ISHARES TR	4,003 (-6.3%)	$228 (-9.1%)	0.1%	$48.36	—	CRE U S REIT ETF	464288521
XMHQ	INVESCO EXCHANGE TRADED FD T	3,798 (-1.5%)	$389 (-3.9%)	0.2%	$92.82	—	S&P MDCP QUALITY	46137V472
IVV	ISHARES TR	2,336 (-1.6%)	$1,600 (+0.7%)	0.8%	$376.34	—	CORE S&P500 ETF	464287200

Unchanged Positions (38)

AAPL APPLE INC 0.8%

Value ($000) $1,519 Shares 5,587 Est. Cost $207.46 Unrealized +29.3%

AVDE AMERICAN CENTY ETF TR 1.1%

Value ($000) $2,108 Shares 25,603 Est. Cost $60.43 Unrealized —

VONE VANGUARD SCOTTSDALE FDS 1.8%

Value ($000) $3,650 Shares 11,810 Est. Cost $167.68 Unrealized —

WMT WALMART INC 0.3%

Value ($000) $582 Shares 5,226 Est. Cost $94.22 Unrealized +13.8%

CAT CATERPILLAR INC 0.1%

Value ($000) $261 Shares 456 Est. Cost $425.39 Unrealized +30.6%

AMZN AMAZON COM INC 0.3%

Value ($000) $587 Shares 2,541 Est. Cost $206.86 Unrealized +10.6%

SO SOUTHERN CO 0.1%

Value ($000) $265 Shares 3,043 Est. Cost $83.81 Unrealized +8.5%

FNDX SCHWAB STRATEGIC TR 0.3%

Value ($000) $643 Shares 23,647 Est. Cost $23.92 Unrealized —

VYM VANGUARD WHITEHALL FDS 0.6%

Value ($000) $1,184 Shares 8,250 Est. Cost $129.93 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.2%

Value ($000) $494 Shares 7,903 Est. Cost $42.62 Unrealized —

L LOEWS CORP 0.2%

Value ($000) $356 Shares 3,377 Est. Cost $57.39 Unrealized +79.9%

MGC VANGUARD WORLD FD 0.3%

Value ($000) $586 Shares 2,334 Est. Cost $212.86 Unrealized —

ABT ABBOTT LABS 0.1%

Value ($000) $226 Shares 1,804 Est. Cost $107.37 Unrealized +18.6%

VNQ VANGUARD INDEX FDS 0.2%

Value ($000) $450 Shares 5,087 Est. Cost $75.66 Unrealized —

ABBV ABBVIE INC 0.4%

Value ($000) $848 Shares 3,713 Est. Cost $158.09 Unrealized +43.9%

AVEM AMERICAN CENTY ETF TR 0.2%

Value ($000) $428 Shares 5,559 Est. Cost $54.73 Unrealized —

IQLT ISHARES TR 0.2%

Value ($000) $372 Shares 8,179 Est. Cost $40.14 Unrealized —

SPY SPDR S&P 500 ETF TR 0.3%

Value ($000) $522 Shares 765 Est. Cost $425.72 Unrealized —

JPM JPMORGAN CHASE & CO. 0.2%

Value ($000) $393 Shares 1,219 Est. Cost $252.62 Unrealized +22.5%

USMV ISHARES TR 0.4%

Value ($000) $792 Shares 8,412 Est. Cost $93.71 Unrealized —

IWM ISHARES TR 0.2%

Value ($000) $446 Shares 1,811 Est. Cost $195.22 Unrealized —

SPSM SPDR SERIES TRUST 0.3%

Value ($000) $632 Shares 13,495 Est. Cost $35.80 Unrealized —

SCHG SCHWAB STRATEGIC TR 0.1%

Value ($000) $269 Shares 8,240 Est. Cost $29.21 Unrealized —

MGV VANGUARD WORLD FD 0.1%

Value ($000) $224 Shares 1,587 Est. Cost $131.20 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.1%

Value ($000) $2,179 Shares 4,336 Est. Cost $256.83 Unrealized +93.7%

VTWO VANGUARD SCOTTSDALE FDS 0.1%

Value ($000) $293 Shares 2,947 Est. Cost $96.85 Unrealized —

QUS SPDR SERIES TRUST 0.1%

Value ($000) $261 Shares 1,501 Est. Cost $156.70 Unrealized —

FBND FIDELITY MERRIMACK STR TR 0.3%

Value ($000) $658 Shares 14,285 Est. Cost $45.66 Unrealized —

SPAB SPDR SERIES TRUST 0.2%

Value ($000) $406 Shares 15,755 Est. Cost $25.61 Unrealized —

VGSH VANGUARD SCOTTSDALE FDS 0.2%

Value ($000) $353 Shares 6,015 Est. Cost $58.70 Unrealized —

SXT SENSIENT TECHNOLOGIES CORP 0.3%

Value ($000) $618 Shares 6,579 Est. Cost $72.51 Unrealized +30.1%

BSCR INVESCO EXCH TRD SLF IDX FD 0.2%

Value ($000) $425 Shares 21,549 Est. Cost $19.61 Unrealized —

BSCS INVESCO EXCH TRD SLF IDX FD 0.2%

Value ($000) $427 Shares 20,734 Est. Cost $20.39 Unrealized —

BSCT INVESCO EXCH TRD SLF IDX FD 0.2%

Value ($000) $428 Shares 22,730 Est. Cost $18.58 Unrealized —

VXF VANGUARD INDEX FDS 0.2%

Value ($000) $311 Shares 1,487 Est. Cost $172.31 Unrealized —

NVDA NVIDIA CORPORATION 0.3%

Value ($000) $615 Shares 3,298 Est. Cost $126.47 Unrealized +47.2%

USFR WISDOMTREE TR 0.1%

Value ($000) $208 Shares 4,127 Est. Cost $50.31 Unrealized —

SPEM SPDR INDEX SHS FDS 0.9%

Value ($000) $1,767 Shares 37,742 Est. Cost $40.10 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	5,587	$1,519	0.8%	$207.46	+29.3%	COM	037833100
AVDE	AMERICAN CENTY ETF TR	25,603	$2,108	1.1%	$60.43	—	INTL EQT ETF	025072703
VONE	VANGUARD SCOTTSDALE FDS	11,810	$3,650	1.8%	$167.68	—	VNG RUS1000IDX	92206C730
WMT	WALMART INC	5,226	$582	0.3%	$94.22	+13.8%	COM	931142103
CAT	CATERPILLAR INC	456	$261	0.1%	$425.39	+30.6%	COM	149123101
AMZN	AMAZON COM INC	2,541	$587	0.3%	$206.86	+10.6%	COM	023135106
SO	SOUTHERN CO	3,043	$265	0.1%	$83.81	+8.5%	COM	842587107
FNDX	SCHWAB STRATEGIC TR	23,647	$643	0.3%	$23.92	—	FUNDAMENTAL US L	808524771
VYM	VANGUARD WHITEHALL FDS	8,250	$1,184	0.6%	$129.93	—	HIGH DIV YLD	921946406
VEA	VANGUARD TAX-MANAGED FDS	7,903	$494	0.2%	$42.62	—	VAN FTSE DEV MKT	921943858
L	LOEWS CORP	3,377	$356	0.2%	$57.39	+79.9%	COM	540424108
MGC	VANGUARD WORLD FD	2,334	$586	0.3%	$212.86	—	MEGA CAP INDEX	921910873
ABT	ABBOTT LABS	1,804	$226	0.1%	$107.37	+18.6%	COM	002824100
VNQ	VANGUARD INDEX FDS	5,087	$450	0.2%	$75.66	—	REAL ESTATE ETF	922908553
ABBV	ABBVIE INC	3,713	$848	0.4%	$158.09	+43.9%	COM	00287Y109
AVEM	AMERICAN CENTY ETF TR	5,559	$428	0.2%	$54.73	—	AVANTIS EMGMKT	025072604
IQLT	ISHARES TR	8,179	$372	0.2%	$40.14	—	MSCI INTL QUALTY	46434V456
SPY	SPDR S&P 500 ETF TR	765	$522	0.3%	$425.72	—	TR UNIT	78462F103
JPM	JPMORGAN CHASE & CO.	1,219	$393	0.2%	$252.62	+22.5%	COM	46625H100
USMV	ISHARES TR	8,412	$792	0.4%	$93.71	—	MSCI USA MIN VOL	46429B697
IWM	ISHARES TR	1,811	$446	0.2%	$195.22	—	RUSSELL 2000 ETF	464287655
SPSM	SPDR SERIES TRUST	13,495	$632	0.3%	$35.80	—	STATE STREET SPD	78468R853
SCHG	SCHWAB STRATEGIC TR	8,240	$269	0.1%	$29.21	—	US LCAP GR ETF	808524300
MGV	VANGUARD WORLD FD	1,587	$224	0.1%	$131.20	—	MEGA CAP VAL ETF	921910840
BRK/B	BERKSHIRE HATHAWAY INC DEL	4,336	$2,179	1.1%	$256.83	+93.7%	CL B NEW	084670702
VTWO	VANGUARD SCOTTSDALE FDS	2,947	$293	0.1%	$96.85	—	VNG RUS2000IDX	92206C664
QUS	SPDR SERIES TRUST	1,501	$261	0.1%	$156.70	—	STATE STREET SPD	78468R812
FBND	FIDELITY MERRIMACK STR TR	14,285	$658	0.3%	$45.66	—	TOTAL BD ETF	316188309
SPAB	SPDR SERIES TRUST	15,755	$406	0.2%	$25.61	—	STATE STREET SPD	78464A649
VGSH	VANGUARD SCOTTSDALE FDS	6,015	$353	0.2%	$58.70	—	SHORT TERM TREAS	92206C102
SXT	SENSIENT TECHNOLOGIES CORP	6,579	$618	0.3%	$72.51	+30.1%	COM	81725T100
BSCR	INVESCO EXCH TRD SLF IDX FD	21,549	$425	0.2%	$19.61	—	BULSHS 2027 CB	46138J783
BSCS	INVESCO EXCH TRD SLF IDX FD	20,734	$427	0.2%	$20.39	—	INVSCO BLSH 28	46138J643
BSCT	INVESCO EXCH TRD SLF IDX FD	22,730	$428	0.2%	$18.58	—	BULETSHS 2029	46138J577
VXF	VANGUARD INDEX FDS	1,487	$311	0.2%	$172.31	—	EXTEND MKT ETF	922908652
NVDA	NVIDIA CORPORATION	3,298	$615	0.3%	$126.47	+47.2%	COM	67066G104
USFR	WISDOMTREE TR	4,127	$208	0.1%	$50.31	—	FLOATNG RAT TREA	97717Y527
SPEM	SPDR INDEX SHS FDS	37,742	$1,767	0.9%	$40.10	—	PORTFOLIO EMG MK	78463X509