Brown Advisory Sustainable Bond Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Par Value		Security Description	Rate			Maturity	Value $
Mortgage Backed Securities - 28.1%
	1,099,219	FHLMC, Pool# QC-5510		3.50	%	07/01/2051		1,024,017
	5,132,712	FHLMC, Pool# RA-6064		2.50	%	09/01/2051		4,512,556
	84,941	FHLMC STACR, Series 2015-HQ2 M3 (1 Month LIBOR USD + 3.25%)		8.10	%	05/27/2025		85,906
	541,178	FHMS, Series K-W03 X1#~		0.83	%	06/25/2027		12,878
	300,000	FHMS, Series K-W03 A2		3.02	%	06/25/2027		285,075
	86,818	FHMS, Series Q-010 APT1#		4.34	%	04/25/2046		86,432
	149,244	FHMS, Series Q-007 APT1#		4.73	%	10/25/2047		148,533
	1,620,000	FNMA, Pool# BS4700		2.43	%	02/01/2032		1,356,178
	71,730	FNMA, Pool# BK5105		5.50	%	05/01/2048		73,228
	107,210	FNMA, Pool# BK8032		5.50	%	06/01/2048		109,876
	73,264	FNMA, Pool# BN4936		5.50	%	12/01/2048		74,224
	73,346	FNMA, Pool# BN4921		5.50	%	01/01/2049		74,272
	2,869,702	FNMA, Pool# FM8754		3.00	%	09/01/2051		2,599,201
	2,130,133	FNMA, Pool# BT7699		4.00	%	09/01/2051		2,100,556
	2,815,157	FNMA, Pool# FS0491		3.50	%	01/01/2052		2,622,653
	2,550,276	FNMA, Pool# MA4565		3.50	%	03/01/2052		2,372,268
	582,979	GNMA, Pool# 781950X		4.50	%	07/15/2035		584,933
	685,954	GNMA, Pool# MA7106M		2.00	%	01/20/2036		621,020
	675,059	GNMA, Pool# MA7164M		2.00	%	02/20/2036		611,173
	2,837,534	GNMA, Pool# 783467X		4.00	%	10/15/2041		2,750,737
	1,100,129	GNMA, Pool# MA2754M		3.50	%	04/20/2045		1,049,435
	3,322,101	GNMA, Pool# 784507X		4.00	%	12/20/2047		3,219,071
	307,871	GNMA, Pool# MA7774M		6.00	%	11/20/2051		325,988
	18,785,000	GNMA, 2.00%, Due TBA April		2.00	%	04/15/2053		15,960,130
	14,300,000	GNMA, 2.50%, Due TBA April		2.50	%	04/15/2053		12,585,677
	8,800,000	GNMA, 3.00%, Due TBA April		3.00	%	04/15/2053		8,016,197
	5,350,000	GNMA, 3.50%, Due TBA April		3.50	%	04/15/2053		5,015,834
	14,434,000	GNMA, 4.00%, Due TBA April		4.00	%	04/15/2053		13,897,291
	4,915,000	GNMA, 4.50%, Due TBA April		4.50	%	04/15/2053		4,841,423
	1,250,000	GNMA, 5.00%, Due TBA April		5.00	%	04/15/2053		1,251,660
	513,203	GNMA REMIC Trust, Series 2020-167 EC		1.00	%	02/20/2049		415,083
	2,283,986	GNMA REMIC Trust, Series 2021-015 GC		1.00	%	01/20/2051		1,821,119
	920,151	GNMA REMIC Trust, Series 2021-125 UL		1.50	%	07/20/2051		715,477
	1,343,418	GNMA REMIC Trust, Series 2021-158 JD		1.50	%	09/20/2051		1,040,092
	2,104,659	GNMA REMIC Trust, Series 2021-160 DK		2.00	%	09/20/2051		1,515,068
	1,383,690	GNMA REMIC Trust, Series 2021-177 KD		2.00	%	10/20/2051		1,119,397
	1,837,427	GNMA REMIC Trust, Series 2022-009 CD		2.00	%	01/20/2052		1,520,378
	3,973,032	GNMA REMIC Trust, Series 2021-084 ED		1.00	%	07/16/2060		3,084,131
Total Mortgage Backed Securities (Cost $103,500,563)								99,499,167
Foreign Government Bonds - 24.8%
	10,200,000	Asian Development Bank		1.88	%	03/15/2029		9,208,668
	9,100,000	Council Of Europe Development Bank		3.00	%	06/16/2025		8,888,953
	3,150,000	European Investment Bank		2.88	%	08/15/2023		3,126,427
	24,655,000	European Investment Bank		1.38	%	03/15/2027		22,542,763
	19,550,000	Inter-American Development Bank		0.50	%	05/24/2023		19,431,912
	10,625,000	Inter-American Development Bank (SOFR + 0.28%)		3.97	%	04/12/2027		10,628,277
	14,700,000	International Bank for Reconstruction & Development		0.63	%	04/22/2025		13,704,227
Total Foreign Government Bonds (Cost $89,112,160)								87,531,227
Corporate Bonds & Notes - 19.6%
	3,955,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		3.00	%	10/29/2028		3,455,684
	3,530,000	Alexandria Real Estate Equities, Inc.		4.90	%	12/15/2030		3,436,846
	3,870,000	Amphenol Corp.		2.80	%	02/15/2030		3,474,442
	3,990,000	Aptiv PLC		3.25	%	03/01/2032		3,478,724
	3,535,000	AT&T, Inc.		4.35	%	03/01/2029		3,462,645
	3,460,000	CaixaBank S.A. (Fixed until 1/18/2028, then SOFR + 2.70%)^		6.21	%	01/18/2029		3,484,338
	1,875,000	Consolidated Edison Co. of New York, Inc.		3.35	%	04/01/2030		1,728,988
	3,840,000	Crown Castle, Inc.		3.30	%	07/01/2030		3,464,974
	3,835,000	Equinix, Inc.		3.20	%	11/18/2029		3,425,966
	2,235,000	Ford Motor Co.		3.25	%	02/12/2032		1,759,764
	3,655,000	Fortis, Inc.		3.06	%	10/04/2026		3,433,126
	3,525,000	Marvell Technology, Inc.		4.88	%	06/22/2028		3,465,418
	3,530,000	NatWest Group PLC (Fixed until 03/22/2024, then 3 Month LIBOR USD + 1.76%)		4.27	%	03/22/2025		3,465,619
	3,555,000	NXP BV		3.88	%	06/18/2026		3,435,184
	1,010,000	Oracle Corp.		6.15	%	11/09/2029		1,076,257
	2,447,000	Oracle Corp.		4.65	%	05/06/2030		2,383,457
	4,330,000	PerkinElmer, Inc.		2.25	%	09/15/2031		3,470,046
	4,335,000	Physicians Realty L.P.		2.63	%	11/01/2031		3,419,684
	3,935,000	Societe Generale S.A. (Fixed until 01/19/2027, then 1 Year CMT  Rate + 1.30%)^		2.80	%	01/19/2028		3,478,273
	3,330,000	Sprint LLC		7.63	%	02/15/2025		3,456,094
	3,385,000	Trimble, Inc.		6.10	%	03/15/2033		3,421,028
	4,090,000	VMware, Inc.		1.80	%	08/15/2028		3,456,203
Total Corporate Bonds & Notes (Cost $74,193,741)								69,132,760
Asset Backed Securities - 3.4%
	500,000	CNH Equipment Trust, Series 2020-A A4		1.51	%	04/15/2027		484,759
	2,650,000	CNH Equipment Trust, Series 2021-C B		1.41	%	04/16/2029		2,426,712
	71,052	Dext ABS LLC, Series 2020-1 A^		1.46	%	02/16/2027		70,376
	583,690	Dext ABS LLC, Series 2021-1 A^		1.12	%	02/15/2028		561,535
	330,000	Dext ABS LLC, Series 2021-1 B^		1.76	%	02/15/2028		300,308
	557,047	FHF Trust, Series 2021-2A A^		0.83	%	12/15/2026		530,659
	267,364	FHF Trust, Series 2021-1A A^		1.27	%	03/15/2027		256,859
	34,686	FREED ABS Trust, Series 2021-1CP B^		1.41	%	03/20/2028		34,615
	1,975,000	HPEFS Equipment Trust, Series 2021-2 B^		0.61	%	09/20/2028		1,920,033
	772,494	HPEFS Equipment Trust, Series 2020-1A D^		2.26	%	02/20/2030		770,984
	620,000	HPEFS Equipment Trust, Series 2021-1 TR^		1.03	%	03/20/2031		593,348
	326,214	Newtek Small Business Loan Trust, Series 2018-1 A (PRIME + -0.55%)^		7.45	%	02/25/2044		321,965
	182,388	Oportun Funding XIII LLC, Series 2019-A A^		3.08	%	08/08/2025		177,514
	305,000	Oportun Funding XIV LLC, Series 2021-A A^		1.21	%	03/08/2028		288,846
	1,075,000	PFS Financing Corp., Series 2021-A A^		0.71	%	04/15/2026		1,023,957
	238,380	SoFi Consumer Loan Program Trust, Series 2021-1 A^		0.49	%	09/25/2030		233,305
	1,540,000	SoFi Consumer Loan Program Trust, Series 2021-1 B^		1.30	%	09/25/2030		1,459,771
	220,616	Tesla Auto Lease Trust, Series 2020-A C^		1.68	%	02/20/2024		220,137
	525,000	Tesla Auto Lease Trust, Series 2021-A C^		1.18	%	03/20/2025		505,655
Total Asset Backed Securities (Cost $12,770,077)								12,181,338
Municipal Bonds - 2.9%
	2,650,000	California Health Facilities Financing Authority		3.03	%	06/01/2034		2,241,645
	1,325,000	Colorado Health Facilities Authority		3.36	%	12/01/2030		1,173,912
	100,000	Honolulu, City & County Hawaii		3.00	%	09/01/2027		94,757
	30,000	Los Angeles California Community College District		6.60	%	08/01/2042		37,427
	430,000	Los Angeles California Wastewater System Revenue		3.49	%	06/01/2029		405,983
	15,000	Maryland Community Development Administration		3.24	%	09/01/2048		14,557
	2,175,000	Metropolitan Atlanta Georgia Rapid Transit Authority		2.41	%	07/01/2033		1,800,513
	3,300,000	Metropolitan Pier & Exposition Authority		3.96	%	12/15/2026		3,143,890
	1,000,000	New York City Housing Development Corp.		2.71	%	08/01/2031		841,030
	355,000	University of California		2.99	%	05/15/2026		340,395
	25,000	University of North Texas System		3.69	%	04/15/2030		23,656
Total Municipal Bonds (Cost $11,381,676)								10,117,765
U.S. Treasury Notes - 10.1%
	3,560,000	United States Treasury Note		2.63	%	04/15/2025		3,460,570
	3,550,000	United States Treasury Note		2.75	%	05/15/2025		3,457,853
	9,750,000	United States Treasury Note		4.00	%	12/15/2025		9,789,418
	7,200,000	United States Treasury Note		2.75	%	04/30/2027		6,941,109
	3,525,000	United States Treasury Note		3.25	%	06/30/2027		3,465,103
	930,000	United States Treasury Note		3.88	%	12/31/2027		939,972
	4,200,000	United States Treasury Note		0.88	%	11/15/2030		3,478,207
	4,955,000	United States Treasury Note		1.88	%	02/15/2032		4,350,142
Total U.S. Treasury Notes (Cost $36,204,242)								35,882,374
Shares/Par Value
Short-Term Investments - 26.8%
Money Market Funds - 26.7%
	94,278,256	First American Government Obligations Fund - Class Z, 4.61%#						94,278,256
U.S. Treasury Bills - 0.1%
	250,000	United States Treasury Bill, 04/13/2023, 4.54%†						249,680
Total Short-Term Investments (Cost $94,527,882)								94,527,936
Total Investments - 115.7% (Cost $421,690,341)								408,872,567
Liabilities in Excess of Other Assets - (15.7)%								(55,630,701	)
NET ASSETS - 100.0%							$	353,241,866

# 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.

† This security is pledged as collateral in connection with open futures contracts. Rate disclosed is yield to maturity 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

risk, etc.).

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 money market fund, with a total market value of $94,278,256, was categorized as Level 1, while the Fund's investments in mortgage backed securities,

foreign government bonds, corporate bonds & notes, asset backed securities, municipal bonds and U.S. Treasury Notes and Bills, with a total market value of $314,594,311, were categorized as Level 2.

Futures Contracts - Long
The Brown Advisory Sustainable Bond 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)
Canadian 10-Year Bond Futures*		43	06/21/2023	$	3,875,659	$	4,013,970		$	138,311
U.S. Treasury 5-Year Note Futures		265	06/30/2023		29,169,157		29,019,570			(149,587)
U.S. Treasury Long Bond Futures		66	06/21/2023		8,302,730		8,656,313			353,583
U.S. Treasury 10-Year Ultra Futures		113	06/21/2023		13,141,953		13,688,891			546,938
U.S. Treasury 10-Year Ultra Bond Futures		284	06/21/2023		38,562,925		40,079,500			1,516,575
Australian 10-Year Bond Futures^		53	06/15/2023		4,226,987		4,353,597			126,610
				$	97,279,411	$	99,811,841		$	2,532,430
Futures Contracts - Short
The Brown Advisory Sustainable Bond 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		(114)	06/30/2023	$	(23,469,909)	$	(23,535,656	)	$	(65,747)
U.S. Treasury 10-Year Note Futures		(114)	06/21/2023		(12,700,513)		(13,101,094	)		(400,581)
				$	(36,170,422)	$	(36,636,750	)	$	(466,328)
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.
*These futures contracts are denominated in Canadian Dollars. Notional Amount, Notional Value, and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of the date of this report.
^These futures contracts are denominated in Australian Dollars. Notional Amount, Notional Value, and Unrealized Appreciation (Depreciation) have been translated into U.S. Dollars as of the date of this report.