NPORT-EX 2 maryland-bond.htm NPORT-EX

Brown Advisory Maryland Bond Fund
  
Schedule of Investments
  
September 30, 2023 (Unaudited)
  
   
MUNICIPAL BONDS - 96.0%
  
Principal Amount
    
Value
  
General Obligation Bonds - 19.3%
  
Baltimore County Maryland
        
$
–
  
5.00%, 08/01/2028
    
1,650,000
      
1,665,584
  
4.00%, 02/01/2033
    
1,520,000
      
1,509,215
  
Frederick County Maryland
          
$
–
  
1.88%, 10/01/2038
    
8,755,000
      
5,719,862
  
Howard County Maryland
          
$
–
  
1.75%, 08/15/2036
    
7,875,000
      
5,419,999
  
Maryland State
          
$
–
  
5.00%, 08/01/2025
    
1,000,000
      
1,022,094
  
Montgomery County Maryland
          
$
–
  
3.00%, 10/01/2034
    
3,370,000
      
2,990,676
  
3.80%, 11/01/2037 (a)
    
7,780,000
      
7,780,000
  
Prince George’s County Maryland
          
$
–
  
5.00%, 10/01/2024
    
1,350,000
      
1,365,296
  
5.00%, 10/01/2025
    
1,500,000
      
1,533,893
  
5.00%, 10/01/2026
    
1,550,000
      
1,605,564
  
St Mary’s County Maryland
          
$
–
  
5.00%, 05/01/2028
    
1,290,000
      
1,372,421
  
Total General Obligation Bonds
            
31,984,604
  
                 
Revenue Bonds - 76.7%
  
Austin Texas
          
$
–
  
7.88%, 09/01/2026
    
750,000
      
754,926
  
Baltimore Maryland
          
$
–
  
5.00%, 06/15/2030
    
520,000
      
522,858
  
3.25%, 06/01/2031 (b)
    
225,000
      
195,176
  
4.50%, 06/01/2033
    
1,550,000
      
1,469,789
  
5.00%, 06/15/2033
    
670,000
      
673,651
  
3.50%, 06/01/2039 (b)
    
1,260,000
      
993,467
  
California Municipal Finance Authority
          
$
–
  
5.00%, 11/01/2039 (b)
    
1,750,000
      
1,599,821
  
Cedar Rapids Iowa
          
$
–
  
7.72%, 08/15/2029 (a)
    
875,000
      
875,000
  
Dallas Fort Worth Texas International Airport
          
$
–
  
5.25%, 11/01/2027
    
1,860,000
      
1,860,725
  
Franklin Ohio
          
$
–
  
5.00%, 11/15/2034
    
1,550,000
      
1,533,000
  
Frederick County Maryland
          
$
–
  
5.00%, 07/01/2029
    
1,990,000
      
2,078,486
  
5.00%, 07/01/2030
    
1,390,000
      
1,456,613
  
3.75%, 07/01/2039
    
1,410,000
      
1,160,615
  
Gaithersburg Maryland
          
$
–
  
5.00%, 01/01/2028
    
1,000,000
      
990,517
  
5.00%, 01/01/2033
    
2,000,000
      
1,946,464
  
Lehigh Pennsylvania
          
$
–
  
5.07% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038
    
2,600,000
      
2,569,605
  
Main Street Natural Gas, Inc.
          
$
–
  
5.26% (SOFR + 1.70%), 12/01/2053
    
5,500,000
      
5,464,666
  
Maryland Community Development Administration
          
$
–
  
5.00%, 09/01/2030
    
1,245,000
      
1,291,790
  
5.00%, 09/01/2031
    
1,030,000
      
1,066,539
  
4.60%, 03/01/2042
    
3,930,000
      
3,791,383
  
2.41%, 07/01/2043
    
2,660,000
      
1,743,276
  
Maryland Community Development Administration Local Government Infrastructure
          
$
–
  
4.00%, 06/01/2035
    
1,140,000
      
1,146,710
  
Maryland Economic Development Corp.
          
$
–
  
5.00%, 07/01/2028
    
1,000,000
      
1,041,010
  
5.00%, 07/01/2029
    
750,000
      
784,580
  
4.10%, 10/01/2036 (a)
    
2,600,000
      
2,593,658
  
4.00%, 07/01/2040
    
1,500,000
      
1,335,830
  
4.06%, 02/15/2043 (a)
    
1,200,000
      
1,200,000
  
4.50%, 07/01/2044
    
4,500,000
      
3,936,857
  
Maryland Health & Higher Educational Facilities Authority
          
$
–
  
5.00%, 07/01/2026
    
420,000
      
427,383
  
5.00%, 08/15/2027
    
4,000,000
      
4,043,879
  
5.00%, 07/01/2029
    
2,000,000
      
2,056,749
  
4.00%, 10/01/2030
    
100,000
      
99,895
  
4.00%, 10/01/2031
    
300,000
      
298,385
  
5.00%, 08/15/2033
    
1,250,000
      
1,263,070
  
5.00%, 07/01/2034
    
1,955,000
      
1,987,177
  
Series A, 3.92%, 04/01/2035 (a)
    
5,000,000
      
5,000,000
  
5.00%, 05/15/2037
    
5,000,000
      
5,048,783
  
5.00%, 07/01/2037
    
1,200,000
      
1,207,124
  
5.00%, 07/01/2038
    
1,500,000
      
1,492,151
  
5.00%, 05/15/2042
    
4,335,000
      
4,315,430
  
4.26% (SIFMA Municipal Swap Index + 0.28%), 07/01/2042
    
2,450,000
      
2,443,596
  
5.00%, 07/01/2043
    
1,310,000
      
1,262,140
  
5.00%, 07/01/2045 (a)
    
4,000,000
      
4,108,958
  
Maryland Stadium Authority
          
$
–
  
1.42%, 05/01/2025
    
1,100,000
      
1,033,058
  
5.00%, 05/01/2030
    
3,000,000
      
3,082,637
  
4.00%, 06/01/2037
    
1,000,000
      
973,117
  
5.00%, 09/01/2037
    
1,000,000
      
1,064,387
  
5.00%, 05/01/2038
    
5,000,000
      
5,137,083
  
Maryland Stadium Authority Built to Learn Revenue
          
$
–
  
4.00%, 06/01/2035
    
1,340,000
      
1,312,029
  
Maryland State Department of Transportation
          
$
–
  
0.91%, 08/01/2026
    
1,500,000
      
1,327,554
  
5.00%, 10/01/2027
    
1,715,000
      
1,787,502
  
4.00%, 12/01/2029
    
1,260,000
      
1,264,612
  
5.00%, 08/01/2033
    
1,000,000
      
1,040,439
  
4.00%, 08/01/2038
    
1,150,000
      
1,059,755
  
Maryland State Transportation Authority
          
$
–
  
5.00%, 07/01/2025
    
1,510,000
      
1,543,000
  
5.00%, 07/01/2025
    
3,000,000
      
3,065,563
  
5.00%, 07/01/2028
    
4,420,000
      
4,646,102
  
Maryland State Transportation Authority Passenger Facility Charge Revenue
          
$
–
  
4.00%, 06/01/2035
    
4,330,000
      
4,079,346
  
Metropolitan Washington DC Airports Authority Aviation Revenue
          
$
–
  
5.00%, 10/01/2040
    
1,500,000
      
1,497,886
  
Miami-Dade County Florida Expressway Authority
          
$
–
  
6.49% (1 mo Term SOFR + 1.05%), 07/01/2032
    
5,000,000
      
5,012,478
  
New Hope Texas Cultural Education Facilities Finance Corp.
          
$
–
  
5.50%, 07/01/2046 (c)
    
365,000
      
164,250
  
5.75%, 07/01/2051 (c)
    
820,000
      
369,000
  
New Jersey Transportation Trust Fund Authority
          
$
–
  
4.58%, 12/15/2038 (d)
    
6,760,000
      
3,138,351
  
Newport News Virginia Economic Development Authority
          
$
–
  
5.00%, 12/01/2031
    
2,000,000
      
2,005,954
  
St Mary’s College of Maryland
          
$
–
  
4.00%, 09/01/2024
    
1,000,000
      
997,471
  
Total Revenue Bonds
            
126,733,306
  
TOTAL MUNICIPAL BONDS (Cost $169,767,000)
            
158,717,910
  
                 
SHORT-TERM INVESTMENTS - 2.9%
                
Money Market Funds - 2.9%
  
Shares
          
First American Government Obligations Fund - Class Z, 5.22%(e)
    
4,751,169
      
4,751,169
  
Total Money Market Funds
            
4,751,169
  
TOTAL SHORT-TERM INVESTMENTS (Cost $4,751,169)
            
4,751,169
  
                 
TOTAL INVESTMENTS - 98.9% (Cost $174,518,169)
            
163,469,079
  
Other Assets in Excess of Liabilities - 1.1%
            
1,764,763
  
TOTAL NET ASSETS - 100.0%
          
$
165,233,842
  
   
Percentages are stated as a percent of net assets.
  

SOFR - Secured Overnight Financing Rate

(a)
Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2023.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)
Security is in default and missed all or a portion of its last payment of interest as of the date of this report.
(d)
Zero-coupon bond. The rate shown is the effective yield as of September 30, 2023.
(e)
The rate shown represents the 7-day effective yield as of September 30, 2023.


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).

   
Level 1
    
Level 2
    
Level 3
Fixed Income Securities:
                
Municipal Bonds
  
$
–
    
$
158,717,910
    
$
–
Total Fixed Income Securities
    
–
      
158,717,910
      
–
                       
Short-Term Investments:
    
–
      
–
      
–
Money Market Funds
    
4,751,169
      
–
      
–
Total Short-Term Investments
    
4,751,169
      
–
      
–
                       
Total Investments in Securities
  
$
4,751,169
    
$
158,717,910
    
$
–