Brown Advisory Total Return Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Par Value		Security Description	Rate			Maturity	Value $
Mortgage Backed Securities - 30.6%
	4,378,426	Bayview MSR Opportunity Master Fund Trust INV5, Series 2021-5 A2#^		2.50	%	11/25/2051		3,564,281
	4,568,356	Bayview MSR Opportunity Master Fund Trust INV6, Series 2021-6 A1#^		3.00	%	10/25/2051		3,879,230
	4,000,000	DBGS Mortgage Trust, Series 2018-C1 7EA^		4.64	%	10/17/2051		3,830,560
	638,186	FHLMC PC, Pool# G3-1063		3.50	%	11/01/2037		616,467
	1,830,698	FHLMC PC, Pool# QD-7054		3.00	%	02/01/2052		1,646,657
	1,893,139	FHLMC PC, Pool# RA-6699		3.50	%	02/01/2052		1,762,459
	1,958,072	FHLMC PC, Pool# QD-5888		3.50	%	02/01/2052		1,822,924
	1,869,768	FHLMC PC, Pool# QD-7450		3.00	%	03/01/2052		1,684,809
	167,934	FHLMC PC, Pool# QE-0380		2.50	%	04/01/2052		145,815
	314,823	FHLMC REMIC, Series 4094 NI~		2.50	%	03/15/2027		5,295
	1,608,247	FHLMC REMIC, Series 4107 LI~		3.00	%	08/15/2027		120,870
	1,224,123	FHLMC REMIC, Series 4143 IA~		3.50	%	09/15/2042		106,395
	104,720	FHLMC SCRTT, Series 2017-1 M1#^		4.00	%	01/25/2056		103,293
	8,774,807	FHMS, Series K-C02 X1#~		0.38	%	03/25/2024		26,751
	4,169,545	FHMS, Series K-038 X1#~		1.08	%	03/25/2024		29,537
	60,503,752	FHMS, Series K-047 X1#~		0.10	%	05/25/2025		151,538
	7,137,372	FHMS, Series Q-013 XPT1#~		1.66	%	05/25/2025		159,058
	641,922	FHMS, Series K-058 X1#~		0.91	%	08/25/2026		16,364
	5,519,988	FHMS, Series Q-013 XPT2#~		1.81	%	05/25/2027		152,952
	1,262,749	FHMS, Series K-W03 X1#~		0.83	%	06/25/2027		30,050
	4,942,890	FHMS, Series K-087 X1#~		0.36	%	12/25/2028		90,123
	3,975,637	FHMS, Series K-092 X1#~		0.71	%	04/25/2029		142,242
	3,522,992	FHMS, Series K-094 X1#~		0.88	%	06/25/2029		157,191
	4,485,584	FHMS, Series K-103 X1#~		0.64	%	11/25/2029		156,274
	86,818	FHMS, Series Q-010 APT1#		4.34	%	04/25/2046		86,432
	452,661	FNMA, Pool# MA2897		3.00	%	02/01/2037		424,734
	248,271	FNMA, Pool# 467095		5.90	%	01/01/2041		266,125
	163,554	FNMA, Pool# 469130		4.87	%	10/01/2041		160,024
	98,165	FNMA, Pool# BH7686		4.50	%	12/01/2047		97,501
	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
	640,332	FNMA, Pool# FS1480		2.50	%	11/01/2051		555,650
	1,111,838	FNMA, Pool# FS0731		2.00	%	02/01/2052		928,181
	1,839,707	FNMA, Pool# CB2909		3.50	%	02/01/2052		1,712,292
	1,845,027	FNMA, Pool# BV4532		3.50	%	03/01/2052		1,717,195
	19,258,979	FNMA REMIC Trust, Series 2019-M23 X3#~		0.32	%	10/27/2031		338,186
	5,321,562	FNMA REMIC Trust, Series 2021-95 WI#~		0.00	%	05/25/2035		144,212
	200,755	FNMA REMIC Trust, Series 2012-65 HJ		5.00	%	07/25/2040		204,637
	3,103,501	FNMA REMIC Trust, Series 2021-47 IO~		2.50	%	07/25/2051		425,814
	25,660,000	FNMA, 2.00%, Due TBA April		2.00	%	04/15/2053		21,215,904
	15,145,000	FNMA, 2.50%, Due TBA April		2.50	%	04/15/2053		13,054,872
	900,000	FNMA, 3.00%, Due TBA April		3.00	%	04/15/2053		807,604
	6,350,000	FNMA, 3.50%, Due TBA April		3.50	%	04/15/2053		5,900,787
	24,700,000	FNMA, 4.00%, Due TBA April		4.00	%	04/15/2053		23,625,258
	7,200,000	FNMA, 4.50%, Due TBA April		4.50	%	04/15/2053		7,055,092
	2,500,000	GNMA, 2.50%, Due TBA April		2.50	%	04/15/2053		2,200,293
	4,006,304	GNMA, Pool# CM0214H (1 Year CMT Rate + 2.09%)		6.21	%	02/20/2072		4,241,322
	3,669,262	GNMA, Pool# CM0231H (1 Year CMT Rate + 2.12%)		6.24	%	02/20/2072		3,889,519
	248,652	GNMA, Pool# 723334X		5.00	%	09/15/2039		256,635
	2,014,508	GNMA REMIC Trust, Series 2017-167 SE (1 Month LIBOR USD + 6.20%)~		1.44	%	11/20/2047		245,027
	918,714	GNMA REMIC Trust, Series 2022-009 CD		2.00	%	01/20/2052		760,189
	374,601	GNMA REMIC Trust, Series 2014-45 B1#~		0.55	%	07/16/2054		4,150
	232,731	GNMA REMIC Trust, Series 2014-135 I0#~		0.43	%	01/16/2056		4,486
	236,007	GNMA REMIC Trust, Series 2015-172 I0#~		0.61	%	03/16/2057		5,107
	445,113	GNMA REMIC Trust, Series 2016-40 I0#~		0.62	%	07/16/2057		10,383
	299,251	GNMA REMIC Trust, Series 2016-56 I0#~		1.00	%	11/16/2057		12,412
	453,027	GNMA REMIC Trust, Series 2016-98 I0#~		0.86	%	05/16/2058		18,125
	4,534,689	GNMA REMIC Trust, Series 2021-084 ED		1.00	%	07/16/2060		3,520,127
	1,863,751	GS Mortgage-Backed Securities Trust, Series 2022-LTV1 A8# ^		3.00	%	06/25/2052		1,654,331
	1,912,476	JP Morgan Mortgage Trust, Series 2022-LTV2 A3# ^		3.50	%	09/25/2052		1,694,529
	2,045,293	RCKT Mortgage Trust, Series 2022-1 A5#^		2.50	%	01/25/2052		1,774,091
Total Mortgage Backed Securities (Cost $125,432,950)								122,343,162
Corporate Bonds & Notes - 18.3%
	4,695,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust		3.00	%	10/29/2028		4,102,260
	3,990,000	Alexandria Real Estate Equities, Inc.		4.90	%	12/15/2030		3,884,707
	4,630,000	Aptiv PLC		3.25	%	03/01/2032		4,036,715
	3,990,000	AT&T, Inc.		4.35	%	03/01/2029		3,908,332
	3,905,000	CaixaBank S.A. (Fixed until 01/18/2028, then SOFR + 2.70%)^		6.21	%	01/18/2029		3,932,468
	4,475,000	Crown Castle, Inc.		3.30	%	07/01/2030		4,037,959
	4,335,000	Equinix, Inc.		3.20	%	11/18/2029		3,872,637
	2,535,000	Ford Motor Co.		3.25	%	02/12/2032		1,995,974
	4,325,000	Fortis, Inc.		3.06	%	10/04/2026		4,062,455
	3,984,000	Marvell Technology, Inc.		4.88	%	06/22/2028		3,916,660
	3,985,000	NatWest Group PLC (Fixed until 03/22/2024, then 3 Month LIBOR USD + 1.76%)		4.27	%	03/22/2025		3,912,321
	4,177,000	NXP BV		3.88	%	06/18/2026		4,036,220
	1,250,000	Oracle Corp.		6.15	%	11/09/2029		1,332,001
	2,658,000	Oracle Corp.		4.65	%	05/06/2030		2,588,977
	4,990,000	PerkinElmer, Inc.		2.25	%	09/15/2031		3,998,967
	4,890,000	Physicians Realty L.P.		2.63	%	11/01/2031		3,857,498
	4,445,000	Societe Generale S.A. (Fixed until 01/19/2027, then 1 Year CMT  Rate + 1.30%)^		2.80	%	01/19/2028		3,929,078
	3,760,000	Sprint LLC		7.63	%	02/15/2025		3,902,376
	3,825,000	Trimble, Inc.		6.10	%	03/15/2033		3,865,711
	4,955,000	VMware, Inc.		2.20	%	08/15/2031		3,925,889
Total Corporate Bonds & Notes (Cost $78,220,423)								73,099,205
Asset Backed Securities - 4.3%
	540,000	American Homes 4 Rent, Series 2014-SFR2 D^		5.15	%	10/17/2036		534,241
	520,000	American Homes 4 Rent, Series 2015-SFR1 D^		4.41	%	04/18/2052		510,581
	1,000,000	AmeriCredit Automobile Receivables Trust, Series 2020-2 C		1.48	%	02/18/2026		959,603
	2,255,000	CarMax Auto Owner Trust, Series 2021-2 C		1.34	%	02/16/2027		2,083,127
	500,000	CNH Equipment Trust, Series 2020-A A4		1.51	%	04/15/2027		484,759
	147,569	Dext ABS LLC, Series 2020-1 A^		1.46	%	02/16/2027		146,165
	952,038	Dext ABS LLC, Series 2021-1 A^		1.12	%	02/15/2028		915,902
	540,000	Dext ABS LLC, Series 2021-1 B^		1.76	%	02/15/2028		491,414
	768,279	Drive Auto Receivables Trust, Series 2019-3 D		3.18	%	10/15/2026		763,337
	1,238,608	Drive Auto Receivables Trust, Series 2020-1 D		2.70	%	05/15/2027		1,217,148
	564,620	FHF Trust, Series 2021-1A A^		1.27	%	03/15/2027		542,435
	1,000,000	GM Financial Automobile Leasing Trust, Series 2021-2 C		1.01	%	05/20/2025		967,846
	772,494	HPEFS Equipment Trust, Series 2020-1A D^		2.26	%	02/20/2030		770,984
	1,380,000	HPEFS Equipment Trust, Series 2021-1 TR^		1.03	%	03/20/2031		1,320,679
	1,364,270	JPMorgan Chase Bank NA - CACLN, Series 2021-3 B^		0.76	%	02/25/2029		1,294,749
	802,880	MVW Owner Trust, Series 2017-1A A^		2.42	%	12/20/2034		790,966
	326,214	Newtek Small Business Loan Trust, Series 2018-1 A (PRIME + -0.55%)^		7.45	%	02/25/2044		321,965
	640,000	Oportun Funding XIV LLC, Series 2021-A A^		1.21	%	03/08/2028		606,102
	218,954	Santander Drive Auto Receivables Trust, Series 2019-3 D		2.68	%	10/15/2025		217,919
	2,180,000	Tesla Auto Lease Trust, Series 2021-A C^		1.18	%	03/20/2025		2,099,673
Total Asset Backed Securities (Cost $17,765,981)								17,039,595
Municipal Bonds - 0.3%
	230,000	American Municipal Power, Inc.		6.05	%	02/15/2043		254,147
	1,200,000	Health Care Authority for Baptist Health		5.50	%	11/15/2043		1,135,498
Total Municipal Bonds (Cost $1,521,928)								1,389,645
U.S. Treasury Notes - 38.9%
	21,490,000	United States Treasury Note		2.75	%	04/30/2023		21,457,060
	31,580,000	United States Treasury Note		1.25	%	07/31/2023		31,215,362
	2,809,000	United States Treasury Note		2.50	%	04/30/2024		2,747,258
	4,040,000	United States Treasury Note		1.75	%	07/31/2024		3,903,019
	8,040,000	United States Treasury Note		2.63	%	04/15/2025		7,815,445
	8,389,500	United States Treasury Note		2.75	%	05/15/2025		8,171,734
	5,815,000	United States Treasury Note		4.25	%	10/15/2025		5,861,111
	14,570,000	United States Treasury Note		4.00	%	12/15/2025		14,628,906
	3,850,000	United States Treasury Note		4.00	%	02/15/2026		3,866,393
	18,275,000	United States Treasury Note		2.75	%	04/30/2027		17,617,885
	2,365,000	United States Treasury Note		3.25	%	06/30/2027		2,324,813
	1,515,000	United States Treasury Note		3.88	%	12/31/2027		1,531,245
	12,185,000	United States Treasury Note		2.88	%	05/15/2028		11,757,335
	3,800,000	United States Treasury Note		2.88	%	04/30/2029		3,649,410
	7,115,000	United States Treasury Note		0.88	%	11/15/2030		5,892,248
	14,990,000	United States Treasury Note		1.88	%	02/15/2032		13,160,166
Total U.S. Treasury Notes (Cost $156,884,390)								155,599,390
Shares/Par Value
Short-Term Investments - 24.3%
Money Market Funds - 19.1%
	76,658,346	First American Government Obligations Fund - Class Z, 4.61%#						76,658,346
U.S. Treasury Bill - 5.2%
	1,800,000	United States Treasury Bill, 04/13/2023, 4.54%†						1,797,693
	19,165,000	United States Treasury Bill, 04/20/2023, 4.57%+						19,122,985
								20,920,678
Total Short-Term Investments (Cost $97,574,869)								97,579,024
Total Investments - 116.7% (Cost $477,400,541)								467,050,021
Liabilities in Excess of Other Assets - (16.7)%								(66,723,480	)
NET ASSETS - 100.0%							$	400,326,541

# 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.

+ Zero coupon bond. Rate disclosed is calculated 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

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 $76,658,346 were categorized as Level 1, while the Fund's investments in corporate bonds & notes,  mortgage backed securities, asset backed securities, U.S. Treasury Notes and Bills, and municipal bonds, with a total market value of $390,391,675 were categorized as Level 2.

Futures Contracts - Long
The Brown Advisory Total Return 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*		53	06/21/2023	$	4,776,975	$	4,947,451		$	170,476
U.S. Treasury 5-Year Note Futures		376	06/30/2023		41,364,683		41,174,938			(189,745)
U.S. Treasury Long Bond Futures		61	06/21/2023		7,684,724		8,000,531			315,807
U.S. Treasury 10-Year Ultra Futures		91	06/21/2023		10,579,164		11,023,796			444,632
U.S. Treasury 10-Year Ultra Bond Futures		302	06/21/2023		41,006,090		42,619,750			1,613,660
Australian 10-Year Bond Futures^		59	06/15/2023		4,705,513		4,846,456			140,943
				$	110,117,149	$	112,612,922		$	2,495,773
Futures Contracts - Short
The Brown Advisory Total Return 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		(96)	06/30/2023	$	(19,764,134)	$	(19,819,500	)	$	(55,366)
U.S. Treasury 10-Year Note Futures		(82)	06/21/2023		(9,132,331)		(9,423,594	)		(291,263)
				$	(28,896,465)	$	(29,243,094	)	$	(346,629)
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.