NPORT-EX 2 mortgagesecurities-nport.htm NPORT-EX

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.