|
Brown Advisory Tax-Exempt Bond Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
September 30, 2023 (Unaudited)
|
||||||||
|
MUNICIPAL BONDS - 97.9%
|
Principal Amount
|
Value
|
||||||
|
General Obligation Bonds - 11.8%
|
||||||||
|
Chicago Illinois Park District
|
$
|
–
|
||||||
|
5.00%, 01/01/2044
|
9,000,000
|
9,055,063
|
||||||
|
Comal Texas Independent School District
|
$
|
–
|
||||||
|
2.50%, 02/01/2038
|
5,000,000
|
3,702,800
|
||||||
|
Des Moines Iowa
|
$
|
–
|
||||||
|
1.75%, 06/01/2038
|
3,365,000
|
2,136,958
|
||||||
|
2.00%, 06/01/2038
|
4,545,000
|
3,037,454
|
||||||
|
Fort Worth Texas
|
$
|
–
|
||||||
|
2.00%, 03/01/2038
|
6,475,000
|
4,286,218
|
||||||
|
Frisco Texas
|
$
|
–
|
||||||
|
2.00%, 02/15/2038
|
4,740,000
|
3,185,634
|
||||||
|
2.00%, 02/15/2038
|
1,675,000
|
1,125,725
|
||||||
|
Hempstead New York
|
$
|
–
|
||||||
|
2.13%, 06/15/2037
|
6,580,000
|
4,713,243
|
||||||
|
2.13%, 06/15/2038
|
6,720,000
|
4,679,668
|
||||||
|
Henderson Nevada
|
$
|
–
|
||||||
|
2.00%, 06/01/2038
|
2,830,000
|
1,850,754
|
||||||
|
2.00%, 06/01/2039
|
1,585,000
|
1,010,201
|
||||||
|
Illinois State
|
$
|
–
|
||||||
|
5.00%, 11/01/2024
|
3,470,000
|
3,498,845
|
||||||
|
5.00%, 12/01/2025
|
4,050,000
|
4,121,815
|
||||||
|
4.00%, 10/01/2033
|
1,700,000
|
1,643,407
|
||||||
|
5.00%, 05/01/2039
|
8,980,000
|
8,635,572
|
||||||
|
King Washington
|
$
|
–
|
||||||
|
3.80%, 01/01/2046 (a)
|
5,000,000
|
5,000,000
|
||||||
|
Lewiston Maine
|
$
|
–
|
||||||
|
1.75%, 02/15/2038
|
1,270,000
|
791,112
|
||||||
|
1.75%, 02/15/2039
|
1,270,000
|
766,115
|
||||||
|
Madison Wisconsin Metropolitan School District
|
$
|
–
|
||||||
|
1.88%, 03/01/2038
|
5,810,000
|
3,702,730
|
||||||
|
Massachusetts, Commonwealth of
|
$
|
–
|
||||||
|
2.00%, 03/01/2038
|
2,250,000
|
1,543,924
|
||||||
|
New York City New York
|
$
|
–
|
||||||
|
4.17%, 04/01/2042 (a)
|
10,000,000
|
10,000,000
|
||||||
|
Omaha Nebraska School District
|
$
|
–
|
||||||
|
1.88%, 12/15/2038
|
7,875,000
|
5,098,725
|
||||||
|
Rutherford Tennessee
|
$
|
–
|
||||||
|
1.88%, 04/01/2039
|
5,870,000
|
3,775,256
|
||||||
|
Somerville Massachusetts
|
$
|
–
|
||||||
|
2.00%, 10/15/2038
|
4,455,000
|
3,015,336
|
||||||
|
Suffolk Virginia
|
$
|
–
|
||||||
|
1.88%, 02/01/2038
|
1,645,000
|
1,074,449
|
||||||
|
1.88%, 02/01/2040
|
1,385,000
|
857,039
|
||||||
|
West Des Moines Iowa
|
$
|
–
|
||||||
|
2.00%, 06/01/2039
|
1,235,000
|
810,788
|
||||||
|
Willis Texas Independent School District
|
$
|
–
|
||||||
|
2.00%, 02/15/2038
|
1,525,000
|
1,033,395
|
||||||
|
2.00%, 02/15/2039
|
1,500,000
|
991,099
|
||||||
|
Total General Obligation Bonds
|
95,143,325
|
|||||||
|
Revenue Bonds - 86.1%
|
||||||||
|
American Municipal Power, Inc.
|
$
|
–
|
||||||
|
4.00%, 02/15/2037
|
5,310,000
|
4,920,376
|
||||||
|
4.00%, 02/15/2038
|
5,940,000
|
5,405,428
|
||||||
|
Austin Texas
|
$
|
–
|
||||||
|
7.88%, 09/01/2026
|
3,225,000
|
3,246,182
|
||||||
|
Bartow County Georgia Development Authority
|
$
|
–
|
||||||
|
3.95%, 12/01/2032 (a)
|
6,295,000
|
6,082,141
|
||||||
|
Black Belt Energy Gas District
|
$
|
–
|
||||||
|
4.00%, 12/01/2048 (a)
|
17,000,000
|
17,000,102
|
||||||
|
4.60% (SIFMA Municipal Swap Index + 0.62%), 12/01/2048
|
11,685,000
|
11,681,519
|
||||||
|
4.33% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052
|
24,000,000
|
23,372,818
|
||||||
|
5.25%, 01/01/2054 (a)
|
7,670,000
|
7,747,503
|
||||||
|
Buckeye Ohio Tobacco Settlement Financing Authority
|
$
|
–
|
||||||
|
4.00%, 06/01/2037
|
10,325,000
|
9,909,094
|
||||||
|
California Community Choice Financing Authority
|
$
|
–
|
||||||
|
5.00%, 03/01/2029
|
4,280,000
|
4,351,109
|
||||||
|
4.43% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052
|
5,000,000
|
4,647,362
|
||||||
|
California Earthquake Authority
|
$
|
–
|
||||||
|
5.60%, 07/01/2027
|
10,000,000
|
9,940,543
|
||||||
|
California Infrastructure & Economic Development Bank
|
$
|
–
|
||||||
|
4.33% (SIFMA Municipal Swap Index + 0.35%), 08/01/2047
|
1,050,000
|
1,040,112
|
||||||
|
3.65%, 01/01/2050 (a)(b)
|
10,400,000
|
10,336,801
|
||||||
|
Central Plains Energy Project
|
$
|
–
|
||||||
|
5.00%, 03/01/2050 (a)
|
7,150,000
|
7,174,316
|
||||||
|
Chicago Illinois Board of Education Dedicated Capital Improvement Tax
|
$
|
–
|
||||||
|
5.25%, 04/01/2036
|
3,200,000
|
3,377,042
|
||||||
|
5.25%, 04/01/2037
|
3,700,000
|
3,867,170
|
||||||
|
5.25%, 04/01/2040
|
3,250,000
|
3,340,530
|
||||||
|
Chicago Illinois Midway International Airport
|
$
|
–
|
||||||
|
5.00%, 01/01/2035
|
3,000,000
|
2,999,764
|
||||||
|
Chicago Illinois Waterworks Revenue
|
$
|
–
|
||||||
|
5.00%, 11/01/2044
|
4,095,000
|
3,950,862
|
||||||
|
Colorado Health Facilities Authority
|
$
|
–
|
||||||
|
5.00%, 12/01/2035
|
7,715,000
|
7,493,446
|
||||||
|
Delaware Valley Regional Finance Authority
|
$
|
–
|
||||||
|
4.38% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057
|
3,000,000
|
2,966,470
|
||||||
|
Du Page Illinois
|
$
|
–
|
||||||
|
3.00%, 05/15/2047
|
7,680,000
|
4,930,946
|
||||||
|
Farmington New Mexico
|
$
|
–
|
||||||
|
1.80%, 04/01/2029
|
20,000,000
|
16,465,250
|
||||||
|
Gainesville Florida Utilities System Revenue
|
$
|
–
|
||||||
|
3.85%, 10/01/2042 (a)
|
11,875,000
|
11,875,000
|
||||||
|
Grand Forks North Dakota
|
$
|
–
|
||||||
|
6.63%, 12/15/2031 (b) (c)
|
5,000,000
|
2,500,000
|
||||||
|
9.00%, 06/15/2044 (b) (c)
|
2,500,000
|
1,250,000
|
||||||
|
Harris County Texas Sports Authority
|
$
|
–
|
||||||
|
4.51%, 11/15/2034 (d)
|
4,050,000
|
2,241,852
|
||||||
|
Henrico County Virginia Economic Development Authority
|
$
|
–
|
||||||
|
3.87%, 08/23/2027 (a)
|
800,000
|
800,000
|
||||||
|
Illinois State
|
$
|
–
|
||||||
|
3.00%, 06/15/2031
|
10,335,000
|
9,224,425
|
||||||
|
Illinois State Toll Highway Authority
|
$
|
–
|
||||||
|
5.00%, 01/01/2031
|
3,000,000
|
3,001,898
|
||||||
|
5.00%, 01/01/2038
|
14,150,000
|
14,149,809
|
||||||
|
Industrial Development Authority of St Louis Missouri
|
$
|
–
|
||||||
|
2.22%, 12/01/2038
|
4,865,317
|
3,375,100
|
||||||
|
Industrial Development Board of Mobile Alabama
|
$
|
–
|
||||||
|
3.78%, 06/01/2034 (a)
|
2,500,000
|
2,456,712
|
||||||
|
Kentucky Public Energy Authority
|
$
|
–
|
||||||
|
4.00%, 12/01/2049 (a)
|
1,585,000
|
1,561,723
|
||||||
|
4.95% (1 mo. LIBOR US + 1.30%), 12/01/2049
|
4,100,000
|
4,097,169
|
||||||
|
Las Vegas Nevada Redevelopment Agency
|
$
|
–
|
||||||
|
5.00%, 06/15/2028
|
2,280,000
|
2,308,504
|
||||||
|
Lehigh Pennsylvania
|
$
|
–
|
||||||
|
5.07% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038
|
9,615,000
|
9,502,596
|
||||||
|
Los Angeles California Department of Airports
|
$
|
–
|
||||||
|
4.00%, 05/15/2042
|
7,950,000
|
7,160,300
|
||||||
|
Louisville/Jefferson County Kentucky Metropolitan Government
|
$
|
–
|
||||||
|
5.75%, 10/01/2042
|
5,000,000
|
5,000,000
|
||||||
|
Love Field Texas Airport Modernization Corp.
|
$
|
–
|
||||||
|
4.00%, 11/01/2036
|
17,720,000
|
16,582,030
|
||||||
|
Main Street Natural Gas, Inc.
|
$
|
–
|
||||||
|
4.48% (1 mo. LIBOR US + 0.83%), 08/01/2048
|
17,000,000
|
17,022,578
|
||||||
|
4.55% (SIFMA Municipal Swap Index + 0.57%), 08/01/2048
|
5,000,000
|
4,998,426
|
||||||
|
5.26% (SOFR + 1.70%), 12/01/2053
|
28,500,000
|
28,316,907
|
||||||
|
Maricopa County Arizona Industrial Development Authority
|
$
|
–
|
||||||
|
4.55% (SIFMA Municipal Swap Index + 0.57%), 01/01/2035
|
5,290,000
|
5,277,669
|
||||||
|
Maryland Community Development Administration
|
$
|
–
|
||||||
|
2.41%, 07/01/2043
|
5,000,000
|
3,276,836
|
||||||
|
Maryland Economic Development Corp.
|
$
|
–
|
||||||
|
4.38%, 07/01/2036
|
3,000,000
|
2,750,241
|
||||||
|
Massachusetts Housing Finance Agency
|
$
|
–
|
||||||
|
4.00%, 12/01/2033
|
3,055,000
|
2,850,990
|
||||||
|
Metropolitan Pier & Exposition Authority
|
$
|
–
|
||||||
|
2.45%, 12/15/2033 (d)
|
1,495,000
|
936,337
|
||||||
|
5.71%, 06/15/2036 (d)
|
5,000,000
|
2,734,497
|
||||||
|
4.27%, 06/15/2037 (d)
|
10,165,000
|
5,204,234
|
||||||
|
5.10%, 12/15/2037 (d)
|
20,365,000
|
10,096,776
|
||||||
|
Metropolitan Transportation Authority
|
$
|
–
|
||||||
|
3.19%, 11/15/2029 (d)
|
1,705,000
|
1,297,593
|
||||||
|
5.00%, 11/15/2032
|
5,050,000
|
5,064,290
|
||||||
|
3.58%, 11/15/2033 (d)
|
6,000,000
|
3,739,802
|
||||||
|
5.00%, 11/15/2038
|
5,000,000
|
4,963,072
|
||||||
|
5.00%, 11/15/2038
|
5,835,000
|
5,791,905
|
||||||
|
5.00%, 11/15/2038
|
17,590,000
|
17,460,087
|
||||||
|
5.00%, 11/15/2038
|
15,000,000
|
14,889,216
|
||||||
|
5.25%, 11/15/2044
|
5,000,000
|
4,984,691
|
||||||
|
Miami-Dade County Florida Expressway Authority
|
$
|
–
|
||||||
|
6.49% (1 mo Term SOFR + 1.05%), 07/01/2026
|
4,385,000
|
4,458,829
|
||||||
|
6.49% (1 mo Term SOFR + 1.05%), 07/01/2029
|
5,260,000
|
5,312,883
|
||||||
|
6.49% (1 mo Term SOFR + 1.05%), 07/01/2032
|
8,260,000
|
8,280,613
|
||||||
|
Miami-Dade Florida Aviation Revenue
|
$
|
–
|
||||||
|
5.00%, 10/01/2024
|
10,000,000
|
10,008,235
|
||||||
|
5.00%, 10/01/2036
|
3,595,000
|
3,591,719
|
||||||
|
New Hope Texas Cultural Education Facilities Finance Corp.
|
$
|
–
|
||||||
|
5.00%, 07/01/2031 (c)
|
1,080,000
|
486,000
|
||||||
|
5.25%, 07/01/2036 (c)
|
1,750,000
|
787,500
|
||||||
|
5.00%, 07/01/2046
|
4,000,000
|
2,000,000
|
||||||
|
5.50%, 07/01/2046 (c)
|
250,000
|
112,500
|
||||||
|
5.75%, 07/01/2051 (c)
|
2,000,000
|
900,000
|
||||||
|
New Jersey Economic Development Authority
|
$
|
–
|
||||||
|
7.43%, 02/15/2029
|
12,745,000
|
13,469,307
|
||||||
|
New Jersey Transportation Trust Fund Authority
|
$
|
–
|
||||||
|
5.75%, 12/15/2028
|
11,000,000
|
11,026,891
|
||||||
|
2.22%, 12/15/2035 (d)
|
1,000,000
|
571,524
|
||||||
|
4.24%, 12/15/2037 (d)
|
10,050,000
|
5,017,333
|
||||||
|
5.16%, 12/15/2038 (d)
|
5,000,000
|
2,345,478
|
||||||
|
4.64%, 12/15/2039 (d)
|
21,355,000
|
9,490,777
|
||||||
|
New Mexico Municipal Energy Acquisition Authority
|
$
|
–
|
||||||
|
5.00%, 11/01/2039 (a)
|
13,565,000
|
13,574,803
|
||||||
|
New York Convention Center Development Corp.
|
$
|
–
|
||||||
|
3.93%, 11/15/2032 (d)
|
2,000,000
|
1,323,420
|
||||||
|
4.29%, 11/15/2035 (d)
|
8,730,000
|
4,938,723
|
||||||
|
3.84%, 11/15/2037 (d)
|
5,750,000
|
2,853,212
|
||||||
|
New York Liberty Development Corp.
|
$
|
–
|
||||||
|
3.00%, 09/15/2043
|
6,700,000
|
4,828,895
|
||||||
|
New York State Mortgage Agency Homeowner Mortgage Revenue
|
$
|
–
|
||||||
|
4.70%, 04/01/2036
|
1,745,000
|
1,637,441
|
||||||
|
New York State Transportation Development Corp.
|
$
|
–
|
||||||
|
5.00%, 07/01/2041
|
5,500,000
|
5,359,099
|
||||||
|
Newport News Virginia Economic Development Authority
|
$
|
–
|
||||||
|
5.00%, 12/01/2031
|
3,375,000
|
3,385,048
|
||||||
|
Niagara County New York Tobacco Asset Securitization Corp.
|
$
|
–
|
||||||
|
5.00%, 05/15/2024
|
1,760,000
|
1,762,975
|
||||||
|
Park Creek Metropolitan District
|
$
|
–
|
||||||
|
5.00%, 12/01/2034
|
1,000,000
|
1,007,063
|
||||||
|
Patriots Energy Group Financing Agency
|
$
|
–
|
||||||
|
4.51% (1 mo. LIBOR US + 0.86%), 10/01/2048
|
10,000,000
|
9,988,552
|
||||||
|
Philadelphia Pennsylvania Authority for Industrial Development
|
$
|
–
|
||||||
|
5.00%, 04/01/2032
|
3,000,000
|
3,031,135
|
||||||
|
Port Authority of New York & New Jersey
|
$
|
–
|
||||||
|
5.00%, 12/01/2033
|
2,250,000
|
2,253,741
|
||||||
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
|
$
|
–
|
||||||
|
5.80%, 07/01/2031 (d)
|
16,249,000
|
11,531,553
|
||||||
|
San Diego California Tobacco Settlement Revenue Funding Corp.
|
$
|
–
|
||||||
|
4.00%, 06/01/2032
|
3,675,000
|
3,544,219
|
||||||
|
Tampa Florida
|
$
|
–
|
||||||
|
4.65%, 09/01/2039 (d)
|
1,100,000
|
452,659
|
||||||
|
4.74%, 09/01/2041 (d)
|
1,280,000
|
462,699
|
||||||
|
3.75%, 09/01/2045 (d)
|
1,850,000
|
515,628
|
||||||
|
TerrebonneParish Louisiana
|
$
|
–
|
||||||
|
3.17%, 04/01/2036 (d)
|
3,045,000
|
1,699,608
|
||||||
|
Texas Municipal Gas Acquisition and Supply Corp. II
|
$
|
–
|
||||||
|
3.90% (3 mo Term SOFR + 0.86%), 09/15/2027
|
12,970,000
|
12,656,708
|
||||||
|
4.13% (3 mo Term SOFR + 1.05%), 09/15/2027
|
12,670,000
|
12,440,990
|
||||||
|
4.90% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027
|
6,655,000
|
6,553,567
|
||||||
|
Texas Municipal Power Agency
|
$
|
–
|
||||||
|
3.00%, 09/01/2035
|
1,630,000
|
1,361,860
|
||||||
|
Tobacco Settlement Authority
|
$
|
–
|
||||||
|
5.25%, 06/01/2032
|
460,000
|
443,229
|
||||||
|
Tobacco Settlement Finance Authority
|
$
|
–
|
||||||
|
2.55%, 06/01/2029
|
4,505,000
|
3,824,439
|
||||||
|
Tobacco Settlement Financing Corp.
|
$
|
–
|
||||||
|
5.00%, 06/01/2035
|
23,310,000
|
23,482,706
|
||||||
|
5.25%, 06/01/2046
|
5,000,000
|
5,028,360
|
||||||
|
TSASC, Inc.
|
$
|
–
|
||||||
|
5.00%, 06/01/2030
|
7,960,000
|
8,204,264
|
||||||
|
5.00%, 06/01/2031
|
1,070,000
|
1,101,231
|
||||||
|
Utah Housing Corp.
|
$
|
–
|
||||||
|
3.00%, 01/21/2052
|
5,585,455
|
4,544,815
|
||||||
|
4.50%, 06/21/2052
|
9,193,014
|
8,588,264
|
||||||
|
5.00%, 10/21/2052
|
4,938,871
|
4,643,331
|
||||||
|
Utility Debt Securitization Authority
|
$
|
–
|
||||||
|
5.00%, 12/15/2030
|
10,000,000
|
10,012,502
|
||||||
|
Vermont Student Assistance Corp.
|
$
|
–
|
||||||
|
5.85% (30 day avg SOFR US + 1.00%), 06/02/2042
|
11,840,226
|
11,820,205
|
||||||
|
Virginia Small Business Financing Authority
|
$
|
–
|
||||||
|
4.00%, 12/01/2036
|
1,230,000
|
1,100,281
|
||||||
|
Washington Health Care Facilities Authority
|
$
|
–
|
||||||
|
5.00%, 10/01/2033
|
2,540,000
|
2,540,062
|
||||||
|
Wisconsin Health & Educational Facilities Authority
|
$
|
–
|
||||||
|
5.00%, 05/01/2027
|
1,610,000
|
1,613,829
|
||||||
|
Total Revenue Bonds
|
686,960,856
|
|||||||
|
TOTAL MUNICIPAL BONDS (Cost $814,965,848)
|
782,104,181
|
|||||||
|
SHORT-TERM INVESTMENTS - 1.3%
|
||||||||
|
Money Market Funds - 1.3%
|
Shares
|
|||||||
|
First American Government Obligations Fund - Class Z, 5.22%(e)
|
10,552,341
|
10,552,341
|
||||||
|
Total Money Market Funds
|
10,552,341
|
|||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $10,552,341)
|
10,552,341
|
|||||||
|
TOTAL INVESTMENTS - 99.2% (Cost $825,518,189)
|
792,656,522
|
|||||||
|
Other Assets in Excess of Liabilities - 0.8%
|
6,474,075
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
799,130,597
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
LIBOR - London Interbank Offered Rate
|
|
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.
|
|
(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.
|
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
|
Fixed Income Securities:
|
|||||||||||
|
Municipal Bonds
|
$
|
–
|
$
|
782,104,181
|
$
|
–
|
|||||
|
Total Fixed Income Securities
|
–
|
782,104,181
|
–
|
||||||||
|
Short-Term Investments:
|
–
|
–
|
–
|
||||||||
|
Money Market Funds
|
10,552,341
|
–
|
–
|
||||||||
|
Total Short-Term Investments
|
10,552,341
|
–
|
–
|
||||||||
|
Total Investments in Securities
|
$
|
10,552,341
|
$
|
782,104,181
|
$
|
–
|
|||||