Freddie Mac Multifamily Structured Pass Through Certificates

Brown Advisory Mortgage Securities Fund
Schedule of Investments
March 31, 2023 (Unaudited)

Par Value		Security Description	Rate			Maturity	Value $
Mortgage Backed Securities - 92.2%
	2,360,765	Angel Oak Mortgage Trust, Series 2022-1 A1^+		2.88	%	12/25/2066		2,081,711
	3,063,994	Bayview MSR Opportunity Master Fund Trust INV2, Series 2022-2 A1#^		3.00	%	12/25/2051		2,601,797
	4,378,426	Bayview MSR Opportunity Master Fund Trust INV5, Series 2021-5 A2#^		2.50	%	11/25/2051		3,564,282
	4,568,356	Bayview MSR Opportunity Master Fund Trust INV6, Series 2021-6 A1#^		3.00	%	10/25/2051		3,879,230
	986,000	DBGS Mortgage Trust, Series 2018-C1 7EA^		4.64	%	10/17/2051		944,233
	36,157	FHLMC PC, Pool# N3-0530		5.50	%	01/01/2029		36,600
	49,327	FHLMC PC, Pool# C5-3878		5.50	%	12/01/2030		50,405
	109,322	FHLMC PC, Pool# C9-1366		4.50	%	04/01/2031		109,485
	50,170	FHLMC PC, Pool# C6-6421		6.50	%	02/01/2032		52,160
	160,910	FHLMC PC, Pool# N7-0078		5.50	%	01/01/2033		160,367
	40,686	FHLMC PC, Pool# A1-4256		5.50	%	10/01/2033		41,424
	125,760	FHLMC PC, Pool# G3-0932		4.50	%	03/01/2034		125,946
	395,574	FHLMC PC, Pool# C9-1826		3.00	%	05/01/2035		372,558
	19,332	FHLMC PC, Pool# 1J-0204 (12 Month LIBOR USD + 1.75%)		3.12	%	05/01/2035		18,942
	120,678	FHLMC PC, Pool# N7-0071		6.00	%	06/01/2035		121,587
	36,404	FHLMC PC, Pool# A4-6629		5.00	%	08/01/2035		37,165
	237,121	FHLMC PC, Pool# K9-3365		3.50	%	11/01/2035		229,642
	231,893	FHLMC PC, Pool# K9-3349		4.00	%	11/01/2035		226,848
	16,923	FHLMC PC, Pool# 1L-1263 (1 Year CMT Rate + 2.25%)		2.86	%	03/01/2036		17,280
	15,584	FHLMC PC, Pool# 1H-1348 (1 Year CMT Rate + 2.14%)		4.09	%	10/01/2036		15,926
	117,374	FHLMC PC, Pool# G2-0028		7.50	%	12/01/2036		121,440
	66,700	FHLMC PC, Pool# B3-1891		5.38	%	01/01/2037		67,904
	4,359	FHLMC PC, Pool# 84-7727 (12 Month LIBOR USD + 1.74%)		3.49	%	02/01/2037		4,285
	84,210	FHLMC PC, Pool# B3-1900		5.38	%	02/01/2037		85,782
	41,715	FHLMC PC, Pool# B3-1934		5.38	%	04/01/2037		42,493
	84,660	FHLMC PC, Pool# B3-1976		5.10	%	05/01/2037		85,532
	22,056	FHLMC PC, Pool# 1J-1681 (12 Month LIBOR USD + 1.98%)		3.73	%	06/01/2037		21,999
	49,083	FHLMC PC, Pool# U3-0653		5.13	%	07/01/2037		50,021
	201,680	FHLMC PC, Pool# U3-0681		5.10	%	09/01/2037		204,989
	62,242	FHLMC PC, Pool# U3-0606		5.10	%	09/01/2037		62,877
	44,253	FHLMC PC, Pool# 1G-2249 (12 Month LIBOR USD + 1.78%)		4.03	%	10/01/2037		43,374
	124,821	FHLMC PC, Pool# T3-0346		5.38	%	10/01/2037		127,448
	638,186	FHLMC PC, Pool# G3-1063		3.50	%	11/01/2037		616,467
	75,221	FHLMC PC, Pool# U3-0800		5.10	%	11/01/2037		75,997
	3,197,390	FHLMC PC, Pool# WA-3311		2.21	%	04/01/2038		2,407,834
	131,175	FHLMC PC, Pool# U3-1874		5.38	%	04/01/2038		133,848
	290,435	FHLMC PC, Pool# N7-0082		6.00	%	07/01/2038		293,678
	128,034	FHLMC PC, Pool# G0-4540		6.00	%	08/01/2038		135,466
	113,207	FHLMC PC, Pool# G0-4655		6.00	%	08/01/2038		119,831
	91,932	FHLMC PC, Pool# U3-2470		5.10	%	11/01/2038		92,879
	63,593	FHLMC PC, Pool# G0-8348		5.00	%	06/01/2039		65,081
	280,844	FHLMC PC, Pool# C0-3427		5.50	%	10/01/2039		292,153
	154,082	FHLMC PC, Pool# G0-8828		5.50	%	04/01/2048		156,016
	1,401,625	FHLMC PC, Pool# QC-5310		3.00	%	08/01/2051		1,260,327
	3,797,407	FHLMC PC, Pool# QD-5779		3.00	%	01/01/2052		3,412,013
	3,244,458	FHLMC PC, Pool# SD-0846		2.50	%	02/01/2052		2,819,156
	5,339,682	FHLMC PC, Pool# SD-8196		3.50	%	02/01/2052		4,970,298
	3,942,992	FHLMC PC, Pool# RA-6966		2.00	%	03/01/2052		3,273,621
	1,869,768	FHLMC PC, Pool# QD-7450		3.00	%	03/01/2052		1,684,809
	4,204,088	FHLMC PC, Pool# QD-7999		4.00	%	03/01/2052		4,026,480
	591,068	FHLMC PC, Pool# QE-0622		2.00	%	04/01/2052		493,905
	983,611	FHLMC PC, Pool# QE-0380		2.50	%	04/01/2052		854,058
	3,203,019	FHLMC PC, Pool# QD-9382		4.00	%	04/01/2052		3,067,702
	2,847,869	FHLMC PC, Pool# QD-9775		4.00	%	04/01/2052		2,727,102
	2,861,091	FHLMC PC, Pool# QE-0898		4.50	%	04/01/2052		2,805,769
	3,823,824	FHLMC PC, Pool# RA-7374		3.00	%	05/01/2052		3,438,023
	3,162,509	FHLMC PC, Pool# QE-2358		3.50	%	05/01/2052		2,943,402
	3,223,484	FHLMC PC, Pool# QE-3174		3.50	%	06/01/2052		2,999,468
	2,956,355	FHLMC PC, Pool# QF-0493		5.50	%	09/01/2052		3,025,419
	3,316,843	FHLMC PC, Pool# QF-0773		5.50	%	09/01/2052		3,368,427
	3,553,032	FHLMC PC, Pool# SD-1846		4.50	%	10/01/2052		3,492,316
	3,234	FHLMC REMIC, Series 1843 Z		7.00	%	04/15/2026		3,237
	44,311	FHLMC REMIC, Series 2517 Z		5.50	%	10/15/2032		43,391
	595,797	FHLMC REMIC, Series 2907 VZ		4.50	%	05/15/2034		584,759
	175,851	FHLMC REMIC, Series 2890 ZA		5.00	%	11/15/2034		178,653
	311,264	FHLMC REMIC, Series 3150 DZ		5.50	%	05/15/2036		320,356
	210,315	FHLMC REMIC, Series 3294 CB		5.50	%	03/15/2037		219,200
	247,795	FHLMC REMIC, Series 3830 NB		4.50	%	02/15/2039		246,481
	762,219	FHLMC REMIC, Series 4121 DH		2.00	%	10/15/2042		579,300
	437,838	FHLMC REMIC, Series 4872 AB		4.00	%	08/15/2047		430,916
	135,132	FHLMC REMIC, Series 4891 PA		3.50	%	07/15/2048		131,005
	705,402	FHLMC REMIC, Series 4888 AC		3.50	%	01/15/2049		653,988
	2,200,610	FHLMC REMIC, Series 5080 PB		1.25	%	03/25/2050		1,733,287
	2,763,333	FHLMC REMIC, Series 5083 UB		1.25	%	03/25/2051		2,181,788
	349,066	FHLMC SCRTT, Series 2017-1 M1#^		4.00	%	01/25/2056		344,308
	11,145,778	FHMS, Series K-035 X1#~		0.32	%	08/25/2023		9,602
	62,822,038	FHMS, Series K-C02 X1#~		0.38	%	03/25/2024		191,519
	19,179,907	FHMS, Series K-038 X1#~		1.08	%	03/25/2024		135,869
	40,913,085	FHMS, Series K-040 X1#~		0.69	%	09/25/2024		320,681
	16,934,656	FHMS, Series K-C03 X1#~		0.48	%	11/25/2024		145,508
	125,452,751	FHMS, Series K-047 X1#~		0.10	%	05/25/2025		314,209
	7,553,934	FHMS, Series Q-013 XPT1#~		1.66	%	05/25/2025		168,341
	14,119,167	FHMS, Series K-053 X1#~		0.88	%	12/25/2025		282,745
	8,823,716	FHMS, Series K-055 X1#~		1.34	%	03/25/2026		304,757
	5,777,294	FHMS, Series K-058 X1#~		0.91	%	08/25/2026		147,272
	6,202,722	FHMS, Series K-059 X1#~		0.30	%	09/25/2026		52,518
	26,354,687	FHMS, Series K-737 X1#~		0.64	%	10/25/2026		463,750
	53,034,168	FHMS, Series K-063 X1#~		0.28	%	01/25/2027		470,578
	20,791,162	FHMS, Series K-064 X1#~		0.60	%	03/25/2027		418,959
	5,580,518	FHMS, Series Q-013 XPT#~		1.81	%	05/25/2027		154,629
	5,250,330	FHMS, Series K-W03 X1#~		0.83	%	06/25/2027		124,942
	12,138,350	FHMS, Series K-068 X1#~		0.42	%	08/25/2027		194,607
	28,603,277	FHMS, Series K-069 X1#~		0.35	%	09/25/2027		397,869
	31,003,334	FHMS, Series K-072 X1#~		0.37	%	12/25/2027		457,606
	591,772	FHMS, Series Q-006 APT2#		2.76	%	10/25/2028		565,272
	24,714,448	FHMS, Series K-087 X1#~		0.36	%	12/25/2028		450,616
	17,891,441	FHMS, Series K-091 X1#~		0.56	%	03/25/2029		509,094
	12,603,056	FHMS, Series K-092 X1#~		0.71	%	04/25/2029		450,916
	6,243,479	FHMS, Series K-093 X1#~		0.95	%	05/25/2029		290,712
	10,928,891	FHMS, Series K-094 X1#~		0.88	%	06/25/2029		487,632
	14,453,547	FHMS, Series K-103 X1#~		0.64	%	11/25/2029		503,550
	65,391,385	FHMS, Series K-139 X1#~		0.09	%	01/25/2032		529,304
	364,311	FHMS, Series Q-004 A2H#		3.69	%	01/25/2046		362,054
	144,696	FHMS, Series Q-010 APT1#		4.34	%	04/25/2046		144,054
	832,144	FHMS, Series Q-004 A4H#		3.69	%	08/25/2046		827,669
	708,928	FHMS, Series Q-007 APT1#		4.73	%	10/25/2047		705,548
	809,149	FHS, Series 366 IO, Pool~		4.00	%	08/01/2049		142,384
	1,000,000	FNMA, Pool# AN9202		3.32	%	05/01/2025		971,970
	10,356	FNMA, Pool# 336422 (3 Year CMT Rate + 2.30%)		3.43	%	10/01/2025		10,263
	16,293	FNMA, Pool# 344903		5.50	%	10/01/2025		16,472
	37,494	FNMA, Pool# 356232		6.50	%	01/01/2026		38,713
	16,866	FNMA, Pool# 406521 (1 Year CMT Rate + 2.52%)		3.90	%	05/01/2026		16,426
	32,395	FNMA, Pool# 356329 (1 Year CMT Rate + 2.65%)		4.78	%	01/01/2027		31,750
	11,923	FNMA, Pool# 363850 (1 Year CMT Rate + 2.13%)		3.51	%	04/01/2027		11,749
	21,008	FNMA, Pool# 406380 (1 Year CMT Rate + 2.17%)		4.34	%	11/01/2027		20,725
	150,000	FNMA, Pool# AN8842		3.32	%	04/01/2028		143,491
	2,707,401	FNMA, Pool# BL0387		4.28	%	05/01/2028		2,700,944
	377,582	FNMA, Pool# 257203		5.00	%	05/01/2028		384,251
	773,466	FNMA, Pool# 958720		5.65	%	10/01/2028		827,327
	323,401	FNMA, Pool# 957502		3.98	%	07/01/2029		322,294
	28,521	FNMA, Pool# 520478 (1 Year CMT Rate + 2.10%)		4.22	%	11/01/2029		28,027
	63,790	FNMA, Pool# AL0898		5.00	%	02/01/2031		64,927
	1,214,081	FNMA, Pool# AI4717		4.50	%	07/01/2031		1,222,180
	28,520	FNMA, Pool# 656181 (1 Year CMT Rate + 2.16%)		4.35	%	08/01/2031		27,866
	2,150,000	FNMA, Pool# BL4313		2.31	%	09/01/2031		1,870,910
	29,821	FNMA, Pool# 723313 (1 Year CMT Rate + 2.54%)		4.54	%	09/01/2031		29,515
	8,266	FNMA, Pool# 642122 (1 Year CMT Rate + 2.27%)		3.40	%	03/01/2032		7,929
	794,066	FNMA, Pool# 470828		3.53	%	03/01/2032		764,732
	7,928	FNMA, Pool# 628837		6.50	%	03/01/2032		8,186
	12,965	FNMA, Pool# 640225 (1 Year CMT Rate + 2.27%)		3.40	%	04/01/2032		12,512
	32,612	FNMA, Pool# 662138 (1 Year CMT Rate + 2.30%)		4.30	%	09/01/2032		32,279
	26,065	FNMA, Pool# 668309 (1 Year CMT Rate + 2.02%)		4.02	%	11/01/2032		25,705
	24,856	FNMA, Pool# 696546 (6 Month LIBOR USD + 2.26%)		4.63	%	03/01/2033		24,181
	5,456	FNMA, Pool# 555819 (6 Month LIBOR USD + 1.03%)		3.28	%	07/01/2033		5,341
	27,098	FNMA, Pool# 744805 (6 Month LIBOR USD + 1.52%)		3.27	%	11/01/2033		26,439
	11,538	FNMA, Pool# 751498 (1 Year CMT Rate + 2.22%)		4.34	%	11/01/2033		11,318
	23,432	FNMA, Pool# 741373 (1 Year CMT Rate + 2.28%)		4.41	%	12/01/2033		23,086
	25,208	FNMA, Pool# 764342 (6 Month LIBOR USD + 1.52%)		3.90	%	02/01/2034		24,743
	25,428	FNMA, Pool# 774969 (1 Year CMT Rate + 2.28%)		3.28	%	04/01/2034		25,151
	101,905	FNMA, Pool# 783554 (1 Year CMT Rate + 2.21%)		4.21	%	07/01/2034		100,985
	2,861	FNMA, Pool# 819649 (12 Month LIBOR USD + 1.52%)		4.12	%	03/01/2035		2,808
	36,941	FNMA, Pool# 889829		5.00	%	07/01/2035		37,760
	30,069	FNMA, Pool# 830970 (12 Month LIBOR USD + 1.83%)		4.08	%	08/01/2035		29,603
	436,685	FNMA, Pool# AL7654		3.00	%	09/01/2035		411,153
	20,504	FNMA, Pool# 837329 (1 Year CMT Rate + 2.04%)		4.04	%	09/01/2035		20,297
	47,683	FNMA, Pool# 836715 (12 Month LIBOR USD + 1.77%)		4.02	%	10/01/2035		46,970
	110,302	FNMA, Pool# 842006		4.25	%	10/01/2035		109,787
	18,702	FNMA, Pool# 922680 (12 Month LIBOR USD + 1.91%)		3.85	%	11/01/2035		19,042
	232,353	FNMA, Pool# 850232		4.25	%	12/01/2035		231,514
	11,310	FNMA, Pool# 865849 (12 Month LIBOR USD + 1.54%)		3.94	%	03/01/2036		11,059
	212,096	FNMA, Pool# AB0577		4.00	%	03/01/2036		203,372
	9,953	FNMA, Pool# 877009 (12 Month LIBOR USD + 2.38%)		4.46	%	03/01/2036		9,988
	17,046	FNMA, Pool# 868568 (12 Month LIBOR USD + 1.74%)		4.07	%	04/01/2036		16,786
	34,450	FNMA, Pool# 882017 (6 Month LIBOR USD + 1.56%)		3.31	%	05/01/2036		33,590
	17,336	FNMA, Pool# 745626 (1 Year CMT Rate + 2.14%)		3.53	%	05/01/2036		17,095
	4,235	FNMA, Pool# 872895 (12 Month LIBOR USD + 1.88%)		4.13	%	06/01/2036		4,160
	15,666	FNMA, Pool# 886163 (12 Month LIBOR USD + 1.83%)		4.08	%	07/01/2036		15,452
	218,408	FNMA, Pool# 896838		5.45	%	07/01/2036		218,863
	71,969	FNMA, Pool# 745818		6.50	%	09/01/2036		74,922
	27,043	FNMA, Pool# 995521 (12 Month LIBOR USD + 1.82%)		3.32	%	05/01/2037		26,428
	26,519	FNMA, Pool# 941050 (12 Month LIBOR USD + 1.70%)		3.95	%	08/01/2037		26,064
	38,605	FNMA, Pool# 950382 (6 Month LIBOR USD + 1.10%)		5.40	%	08/01/2037		38,176
	30,739	FNMA, Pool# 952835 (1 Year CMT Rate + 2.32%)		4.35	%	09/01/2037		31,112
	1,448,674	FNMA, Pool# MA3208		4.50	%	10/01/2037		1,443,947
	68,452	FNMA, Pool# 955233		6.50	%	12/01/2037		71,818
	3,526	FNMA, Pool# 982237 (12 Month LIBOR USD + 1.84%)		3.59	%	05/01/2038		3,423
	213,362	FNMA, Pool# AD0100		7.00	%	12/01/2038		232,269
	84,534	FNMA, Pool# 930507		6.50	%	02/01/2039		88,056
	1,445,011	FNMA, Pool# AS2249		4.00	%	04/01/2039		1,415,577
	211,090	FNMA, Pool# AL0407		6.50	%	04/01/2039		219,054
	159,645	FNMA, Pool# AD0427		5.50	%	10/01/2039		165,896
	230,332	FNMA, Pool# AD0941		5.50	%	04/01/2040		240,272
	579,299	FNMA, Pool# 467095		5.90	%	01/01/2041		620,958
	278,899	FNMA, Pool# AH8447		5.50	%	04/01/2041		283,086
	899,547	FNMA, Pool# 469130		4.87	%	10/01/2041		880,131
	229,523	FNMA, Pool# BC1738		4.50	%	09/01/2043		229,107
	214,113	FNMA, Pool# AS1429		4.00	%	12/01/2043		210,467
	236,901	FNMA, Pool# AV7739		4.00	%	01/01/2044		235,053
	137,928	FNMA, Pool# AW6485		4.00	%	06/01/2044		136,041
	190,531	FNMA, Pool# AY0382		4.00	%	11/01/2044		185,331
	340,826	FNMA, Pool# AW9534		4.00	%	03/01/2045		338,167
	118,680	FNMA, Pool# AZ4154		4.00	%	06/01/2045		118,457
	948,469	FNMA, Pool# AZ7828		4.00	%	08/01/2045		925,602
	513,978	FNMA, Pool# BA3674		4.50	%	10/01/2045		514,683
	318,814	FNMA, Pool# BC6366		4.50	%	02/01/2046		317,823
	193,153	FNMA, Pool# BD1241		4.50	%	05/01/2046		192,164
	698,385	FNMA, Pool# BD5189		4.50	%	07/01/2046		698,372
	168,786	FNMA, Pool# BD8599		4.50	%	11/01/2046		168,481
	293,239	FNMA, Pool# BH7686		4.50	%	12/01/2047		291,256
	511,863	FNMA, Pool# BJ8287		4.50	%	01/01/2048		508,529
	351,763	FNMA, Pool# BK5105		5.50	%	05/01/2048		359,108
	379,707	FNMA, Pool# BK8032		5.50	%	06/01/2048		389,149
	1,000,000	FNMA, Pool# AN9931		4.24	%	08/01/2048		900,118
	183,113	FNMA, Pool# BN4936		5.50	%	12/01/2048		185,511
	105,579	FNMA, Pool# BN4921		5.50	%	01/01/2049		106,912
	2,670,629	FNMA, Pool# BP5419		3.00	%	05/01/2050		2,440,420
	2,908,555	FNMA, Pool# BQ3248		2.00	%	11/01/2050		2,415,120
	1,440,658	FNMA, Pool# BQ6307		2.00	%	11/01/2050		1,196,359
	1,012,699	FNMA, Pool# MA4208		2.00	%	12/01/2050		841,267
	850,049	FNMA, Pool# BR5634		2.00	%	03/01/2051		706,571
	3,826,269	FNMA, Pool# FM8754		3.00	%	09/01/2051		3,465,602
	469,801	FNMA, Pool# FS1480		2.50	%	11/01/2051		407,671
	5,268,149	FNMA, Pool# FM9760		3.50	%	11/01/2051		4,908,159
	1,190,066	FNMA, Pool# MA4492		2.00	%	12/01/2051		986,908
	3,399,299	FNMA, Pool# FS0348		2.00	%	01/01/2052		2,826,619
	3,149,881	FNMA, Pool# CB2548		2.50	%	01/01/2052		2,727,806
	3,175,028	FNMA, Pool# CB2539		2.50	%	01/01/2052		2,758,446
	1,111,838	FNMA, Pool# FS0731		2.00	%	02/01/2052		928,181
	2,759,561	FNMA, Pool# CB2909		3.50	%	02/01/2052		2,568,438
	4,091,046	FNMA, Pool# CB3103		2.50	%	03/01/2052		3,569,665
	2,907,902	FNMA, Pool# FS0832		3.50	%	03/01/2052		2,707,182
	1,461,433	FNMA, Pool# FS0922		3.50	%	03/01/2052		1,360,874
	2,003,789	FNMA, Pool# MA4565		3.50	%	03/01/2052		1,863,925
	2,700,504	FNMA, Pool# BV4532		3.50	%	03/01/2052		2,513,402
	4,324,745	FNMA, Pool# FS0945		4.00	%	03/01/2052		4,143,369
	3,819,537	FNMA, Pool# FS1521		3.00	%	04/01/2052		3,460,466
	755,135	FNMA, Pool# BW0025		4.00	%	07/01/2052		725,604
	14,894	FNMA REMIC Trust, Series 1996-23 G		6.50	%	07/25/2026		14,900
	1,993,561	FNMA REMIC Trust, Series 2017-T1 A		2.90	%	06/25/2027		1,879,927
	643,196	FNMA REMIC Trust, Series 2012-139 HI~		2.50	%	12/25/2027		24,693
	48,674	FNMA REMIC Trust, Series 2013-15 QI~		3.00	%	03/25/2028		2,303
	70,265	FNMA REMIC Trust, Series 2013-115 AI~		3.00	%	04/25/2031		282
	5,554,021	FNMA REMIC Trust, Series 2020-M15 X1#~		1.47	%	09/25/2031		318,265
	23,844,450	FNMA REMIC Trust, Series 2019-M23 X3#~		0.32	%	10/27/2031		418,706
	102,887	FNMA REMIC Trust, Series 2001-80 Z		6.00	%	01/25/2032		103,770
	152,060	FNMA REMIC Trust, Series 2006-M2 A2A#		5.27	%	10/25/2032		152,145
	276,346	FNMA REMIC Trust, Series 2003-71 MB		5.50	%	08/25/2033		284,151
	1,215,853	FNMA REMIC Trust, Series 2014-8 IQ~		4.00	%	03/25/2034		146,183
	6,842,007	FNMA REMIC Trust, Series 2021-95 WI#~		0.00	%	05/25/2035		185,416
	1,689,096	FNMA REMIC Trust, Series 2005-73 EZ		5.50	%	08/25/2035		1,721,428
	619,137	FNMA REMIC Trust, Series 2005-110 GL		5.50	%	12/25/2035		641,040
	280,077	FNMA REMIC Trust, Series 2006-21 Z		5.50	%	04/25/2036		287,098
	852,372	FNMA REMIC Trust, Series 2006-112 QC		5.50	%	11/25/2036		880,093
	397,916	FNMA REMIC Trust, Series 2007-22 A		5.50	%	03/25/2037		411,769
	418,000	FNMA REMIC Trust, Series 2008-2 PH		5.50	%	02/25/2038		436,177
	593,212	FNMA REMIC Trust, Series 2009-20 DA (1 Month LIBOR USD + 7.40%)~		2.55	%	04/25/2039		68,346
	1,003,776	FNMA REMIC Trust, Series 2012-65 HJ		5.00	%	07/25/2040		1,023,184
	784,797	FNMA REMIC Trust, Series 2012-27 PI~		4.50	%	02/25/2042		71,477
	51,841	FNMA REMIC Trust, Series 2012-10 UF (1 Month LIBOR USD + 0.55%)		5.40	%	02/25/2042		51,147
	298,124	FNMA REMIC Trust, Series 2013-34 IG~		3.00	%	05/25/2042		34,882
	6,523	FNMA REMIC Trust, Series 2003-W10 3A5		4.30	%	06/25/2043		6,258
	1,814	FNMA REMIC Trust, Series 2003-W12 1A9		4.48	%	06/25/2043		1,782
	10,885	FNMA REMIC Trust, Series 2003-W12 1A8		4.55	%	06/25/2043		10,647
	6,197	FNMA REMIC Trust, Series 2003-W12 2A7		4.68	%	06/25/2043		6,039
	7,230	FNMA REMIC Trust, Series 2003-W12 2A6		5.00	%	06/25/2043		7,153
	346,656	FNMA REMIC Trust, Series 2015-40 LI~		4.50	%	03/25/2045		66,005
	195,741	FNMA REMIC Trust, Series 2018-86 JA		4.00	%	05/25/2047		190,492
	897,106	FNMA REMIC Trust, Series 2019-37 IM~		5.00	%	07/25/2049		126,170
	4,729,144	FNMA REMIC Trust, Series 2021-47 IO~		2.50	%	07/25/2051		648,860
	24,700,000	FNMA, 2.00%, Due TBA April		2.00	%	04/15/2053		20,422,168
	1,500,000	FNMA, 2.50%, Due TBA April		2.50	%	04/15/2053		1,292,988
	13,650,000	FNMA, 3.50%, Due TBA April		3.50	%	04/15/2053		12,684,369
	19,450,000	FNMA, 4.00%, Due TBA April		4.00	%	04/15/2053		18,603,695
	628,638	FREMF Mortgage Trust, Series 2020-KF74 B (1 Month LIBOR USD + 2.15%)^		6.82	%	01/25/2027		614,788
	860,113	FREMF Mortgage Trust, Series 2019-KF73 B (1 Month LIBOR USD + 2.45%)^		7.12	%	11/25/2029		835,287
	700,000	FREMF Mortgage Trust, Series 2017-K68 B#^		3.84	%	10/25/2049		660,984
	8,389	GNMA, Pool# 783374X		5.50	%	04/15/2024		8,382
	27,658	GNMA, Pool# 728160X		5.25	%	11/15/2024		27,617
	158,377	GNMA, Pool# 623145X		5.50	%	10/15/2028		161,724
	752,771	GNMA, Pool# 589694X		4.50	%	08/15/2029		750,878
	26,457	GNMA, Pool# 728157X		3.75	%	11/15/2029		25,960
	227,089	GNMA, Pool# 770225C		4.25	%	08/20/2031		229,679
	262,893	GNMA, Pool# 003160M		6.00	%	11/20/2031		276,010
	359,028	GNMA, Pool# 003489M		6.00	%	12/20/2033		380,267
	190,172	GNMA, Pool# 782173M		5.50	%	05/20/2035		199,043
	685,954	GNMA, Pool# MA7106M		2.00	%	01/20/2036		621,020
	675,059	GNMA, Pool# MA7164M		2.00	%	02/20/2036		611,173
	45,143	GNMA, Pool# 784315X		6.00	%	06/15/2036		46,776
	223,408	GNMA, Pool# 770226C		4.75	%	09/20/2036		225,293
	116,100	GNMA, Pool# 004194M		5.50	%	07/20/2038		121,327
	613,767	GNMA, Pool#AC0521C		5.50	%	05/20/2042		645,874
	877,334	GNMA, Pool# BM9287C		4.00	%	08/20/2049		849,704
	390,612	GNMA, Pool# MA7834M		6.00	%	01/20/2052		411,728
	1,888,097	GNMA, Pool# CJ2171C		4.00	%	05/20/2052		1,812,983
	3,613,555	GNMA, Pool# CM0214H (1 Year CMT Rate + 2.09%)		7.11	%	02/20/2072		3,825,534
	3,275,013	GNMA, Pool# CM0231H (1 Year CMT Rate + 2.11%)		7.12	%	02/20/2072		3,471,604
	241,020	GNMA REMIC Trust, Series 2013-168 IA~		2.50	%	11/16/2028		9,067
	365,129	GNMA REMIC Trust, Series 2004-93 PD		5.00	%	11/16/2034		362,494
	65,114	GNMA REMIC Trust, Series 2006-40 B		6.00	%	08/20/2036		66,472
	395,537	GNMA REMIC Trust, Series 2012-52 WA#		6.19	%	04/20/2038		412,534
	680,435	GNMA REMIC Trust, Series 2016-012 KI~		5.00	%	09/20/2038		95,874
	404,799	GNMA REMIC Trust, Series 2017-083 ID~		7.00	%	01/20/2039		53,529
	472,086	GNMA REMIC Trust, Series 2011-2 DP#		5.46	%	03/20/2039		480,254
	659,600	GNMA REMIC Trust, Series 2010-105 IB~		4.50	%	01/16/2040		63,617
	478,317	GNMA REMIC Trust, Series 2016-68 IC#~		6.00	%	01/20/2040		70,131
	682,000	GNMA REMIC Trust, Series 2011-156 PM		2.00	%	04/20/2040		559,917
	831,742	GNMA REMIC Trust, Series 2017-083 IK~		6.00	%	05/20/2040		157,502
	236,512	GNMA REMIC Trust, Series 2016-112 AW#		7.01	%	12/20/2040		251,831
	1,086,960	GNMA REMIC Trust, Series 2012-143 IC~		5.00	%	10/16/2041		174,913
	831,612	GNMA REMIC Trust, Series 2012-97 GB		2.00	%	08/16/2042		692,944
	564,391	GNMA REMIC Trust, Series 2013-86 IA~		5.00	%	06/20/2043		66,258
	814,972	GNMA REMIC Trust, Series 2017-103 IM~		5.00	%	06/20/2043		111,389
	361,148	GNMA REMIC Trust, Series 2014-06 IG~		4.50	%	01/16/2044		44,113
	945,778	GNMA REMIC Trust, Series 2011-127 C#		3.50	%	03/16/2047		900,893
	303,722	GNMA REMIC Trust, Series 2018-127 PB		3.00	%	09/20/2047		287,101
	3,533	GNMA REMIC Trust, Series 2018-166 AB		4.00	%	10/20/2047		3,510
	2,014,508	GNMA REMIC Trust, Series 2017-167 SE (1 Month LIBOR USD + 6.20%)~		1.44	%	11/20/2047		245,027
	106,430	GNMA REMIC Trust, Series 2018-166 BA		3.50	%	11/20/2047		104,868
	2,043,042	GNMA REMIC Trust, Series 2018-036 LI~		5.00	%	03/20/2048		284,302
	517,526	GNMA REMIC Trust, Series 2018-153 QA		3.50	%	11/20/2048		498,563
	579,422	GNMA REMIC Trust, Series 2019-162 KB		2.00	%	12/20/2049		404,208
	552,000	GNMA REMIC Trust, Series 2021-050 PL		1.25	%	03/20/2051		273,373
	1,840,302	GNMA REMIC Trust, Series 2021-125 UL		1.50	%	07/20/2051		1,430,954
	1,049,804	GNMA REMIC Trust, Series 2021-160 DK		2.00	%	09/20/2051		755,716
	1,791,418	GNMA REMIC Trust, Series 2021-177 KD		2.00	%	10/20/2051		1,449,246
	2,808,508	GNMA REMIC Trust, Series 2022-009 CD		2.00	%	01/20/2052		2,323,898
	1,105,474	GNMA REMIC Trust, Series 2014-135 I0#~		0.43	%	01/16/2056		21,311
	1,121,034	GNMA REMIC Trust, Series 2015-172 I0#~		0.61	%	03/16/2057		24,256
	2,167,443	GNMA REMIC Trust, Series 2016-40 I0#~		0.62	%	07/16/2057		50,561
	1,459,294	GNMA REMIC Trust, Series 2016-56 I0#~		1.00	%	11/16/2057		60,526
	2,151,880	GNMA REMIC Trust, Series 2016-98 I0#~		0.86	%	05/16/2058		86,094
	3,727,503	GS Mortgage-Backed Securities Trust, Series 2022-LTV1 A8#^		3.00	%	06/25/2052		3,308,662
	4,339,691	JP Morgan Mortgage Trust, Series 2021-INV4 A2#^		3.00	%	01/25/2052		3,685,058
	3,346,833	JP Morgan Mortgage Trust, Series 2022-LTV2 A3#^		3.50	%	09/25/2052		2,965,425
	6,001,961	Mello Mortgage Capital Acceptance, Series 2021-INV4 A3#^		2.50	%	12/26/2051		4,885,929
	3,383,183	Mello Mortgage Capital Acceptance, Series 2022-INV2 A2#^		3.50	%	04/25/2052		2,980,782
	3,187,160	RCKT Mortgage Trust, Series 2021-6 A1#^		2.50	%	12/25/2051		2,594,525
	2,999,151	RCKT Mortgage Trust, Series 2022-1 A5#^		2.50	%	01/25/2052		2,601,470
	3,142,990	RCKT Mortgage Trust, Series 2022-4 A1#^		4.00	%	06/25/2052		2,875,959
	264,856	SBA, Pool# 522053 (PRIME + 0.61%)		8.11	%	05/25/2026		265,886
	2,064,911	Sequoia Mortgage Trust, Series 2021-1 A1#^		2.50	%	03/25/2051		1,691,236
Total Mortgage Backed Securities (Cost $297,825,531)								283,467,792

Asset Backed Securities - 6.2%
	3,500,000	American Express Credit Account Master Trust, Series 2022-2 A		3.39	%	05/17/2027		3,420,397
	1,877,073	American Homes 4 Rent Trust, Series 2014-SFR2 A^		3.79	%	10/17/2036		1,830,967
	2,130,000	American Homes 4 Rent Trust, Series 2014-SFR2 B^		4.29	%	10/17/2036		2,092,114
	2,303,017	American Homes 4 Rent Trust, Series 2014-SFR3 A^		3.68	%	12/18/2036		2,253,833
	311,032	American Homes 4 Rent Trust, Series 2015-SFR1 A^		3.47	%	04/18/2052		300,313
	213,730	American Homes 4 Rent Trust, Series 2015-SFR2 A^		3.73	%	10/18/2052		208,745
	250,000	American Homes 4 Rent Trust, Series 2015-SFR2 C^		4.69	%	10/18/2052		244,927
	1,404,000	AmeriCredit Automobile Receivables Trust, Series 2021-1 D		1.21	%	12/18/2026		1,278,941
	1,505,000	CarMax Auto Owner Trust, Series 2021-2 C		1.34	%	02/16/2027		1,390,291
	665,860	Dext ABS LLC, Series 2021-1 A^		1.12	%	02/15/2028		640,586
	380,000	Dext ABS LLC, Series 2021-1 B^		1.76	%	02/15/2028		345,809
	669,838	FHF Trust, Series 2021-2A A^		0.83	%	12/15/2026		638,107
	375,306	FHF Trust, Series 2021-1A A^		1.27	%	03/15/2027		360,560
	939,687	JPMorgan Chase Bank NA - CACLN, Series 2021-3 B^		0.76	%	02/25/2029		891,802
	410,000	Oportun Funding XIV LLC, Series 2021-A A^		1.21	%	03/08/2028		388,284
	1,505,000	PFS Financing Corp., Series 2021-A A^		0.71	%	04/15/2026		1,433,539
	1,500,000	Verizon Master Trust, Series 2022-4 A+		3.40	%	11/20/2028		1,464,849
Total Asset Backed Securities (Cost $19,969,820)								19,184,064

U.S. Treasury Notes - 0.7%
	1,040,000	United States Treasury Note		3.88	%	12/31/2027		1,051,151
	1,000,000	United States Treasury Note		2.88	%	05/15/2032		951,875
Total U.S. Treasury Notes (Cost $2,062,053)								2,003,026

Municipal Bonds - 0.2%
	505,000	Colorado Health Facilities Authority		2.80	%	12/01/2026		475,749
Total Municipal Bonds (Cost $505,000)								475,749

Shares
Short-Term Investments - 14.9%
Money Market Funds - 14.9%
	45,782,037	First American Government Obligations Fund - Class Z, 4.61%*						45,782,037
Total Short-Term Investments (Cost $45,782,037)								45,782,037
Total Investments - 114.2% (Cost $366,144,441)								350,912,668
Liabilities in Excess of Other Assets - (14.2)%								(43,599,430	)
NET ASSETS - 100.0%							$	307,313,238

# Variable rate security. Rate disclosed is as of the date of this report.
^ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
~ Interest only security
*Annualized seven-day yield as of the date of this report.
+ Step bond. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown is the rate in effect as of the date of this report.

Various inputs may be used to determine the value of the Fund's investments. These inputs are summarized in three broad levels. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

As of the date of this report, the Fund's investments in money market funds, with a total market value of $45,782,037 was categorized as Level 1, while the Fund's investments in mortgage backed securities, asset backed securities, U.S. Treasury Notes, and municipal bonds with a total market value of $305,130,631, were categorized as Level 2.

Futures Contracts - Long
The Brown Advisory Mortgage Securities Fund had the following open long futures contracts as of the date of this report:
Issue	Contracts		Expiration Date	Notional Amount		Notional Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 5-Year Note Futures		95	06/30/2023	$	10,309,380	$	10,403,243	$	93,863
U.S. Treasury 10-Year Note Futures		63	06/21/2023		7,129,908		7,240,078		110,170
U.S. 10-Year Ultra Futures		87	06/21/2023		10,340,801		10,539,234		198,433
				$	27,780,089	$	28,182,555	$	402,466
Futures Contracts - Short
The Brown Advisory Mortgage Securities Fund had the following open short futures contracts as of the date of this report:
Issue	Contracts		Expiration Date	Notional Amount		Notional Value		Unrealized Appreciation (Depreciation)
U.S. Treasury 2-Year Note Futures		(74)	06/30/2023	$	(15,122,457)	$	(15,277,531)	$	(155,074)
U.S. Treasury Long Futures		(11)	06/21/2023		(1,385,582)		(1,442,719)		(57,137)
U.S. Treasury Ultra Bond Futures		(6)	06/21/2023		(844,862)		(846,750)		(1,888)
				$	(17,352,901)	$	(17,567,000)	$	(214,099)

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.