NPORT-EX 2 taxexempt-bond.htm NPORT-EX

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.


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
  
$
–
    
$
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
    
$
–