Brown Advisory Tax-Exempt Sustainable Bond Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
MUNICIPAL BONDS - 95.4% | Principal Amount | Value | |||
General Obligation Bonds - 14.5% | |||||
Bondurant-Farrar Iowa Community School District | $– | ||||
2.00%, 06/01/2038 | 1,805,000 | 1,152,037 | |||
2.00%, 06/01/2039 | 2,555,000 | 1,591,844 | |||
Calumet County Wisconsin | $– | ||||
1.75%, 12/01/2037 | 1,035,000 | 661,597 | |||
1.88%, 12/01/2038 | 1,320,000 | 836,124 | |||
1.88%, 12/01/2039 | 2,650,000 | 1,621,698 | |||
Cartersville Georgia | $– | ||||
2.00%, 10/01/2039 | 3,195,000 | 2,065,670 | |||
Chicago Illinois Park District | $– | ||||
4.00%, 01/01/2034 | 2,425,000 | 2,273,462 | |||
4.00%, 01/01/2036 | 2,930,000 | 2,708,140 | |||
Fairfield California | $– | ||||
4.32%, 04/01/2038 (a) | 3,845,000 | 1,893,744 | |||
Illinois State | $– | ||||
5.00%, 02/01/2039 | 4,950,000 | 4,770,883 | |||
New Glarus School District | $– | ||||
2.00%, 04/01/2039 | 1,510,000 | 983,792 | |||
Peoria Arizona | $– | ||||
2.00%, 07/15/2038 | 3,375,000 | 2,266,816 | |||
Westosha Wisconsin Central High School District | $– | ||||
2.00%, 03/01/2038 | 1,000,000 | 666,713 | |||
2.00%, 03/01/2039 | 1,500,000 | 972,959 | |||
Wisconsin State | $– | ||||
4.40% (SIFMA Municipal Swap Index + 0.42%), 05/01/2025 | 10,000,000 | 9,979,757 | |||
York County South Carolina Fort Mill School District No. 4 | $– | ||||
1.88%, 03/01/2037 | 4,585,000 | 3,123,117 | |||
1.88%, 03/01/2038 | 4,675,000 | 3,053,488 | |||
Total General Obligation Bonds | 40,621,841 | ||||
Revenue Bonds - 80.9% | |||||
Alabama Housing Finance Authority | $– | ||||
5.00%, 09/01/2024 (b) | 5,410,000 | 5,413,009 | |||
Alaska Housing Finance Corp. | $– | ||||
4.60%, 12/01/2042 | 890,000 | 858,281 | |||
Allegheny County Pennsylvania Hospital Development Authority | $– | ||||
4.56% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026 | 1,750,000 | 1,728,423 | |||
American Municipal Power, Inc. | $– | ||||
5.00%, 02/15/2036 | 1,000,000 | 1,032,881 | |||
Arizona Industrial Development Authority | $– | ||||
4.00%, 07/01/2041 | 1,200,000 | 1,013,021 | |||
Austin Texas | $– | ||||
7.88%, 09/01/2026 | 1,750,000 | 1,761,494 | |||
Baltimore County Maryland | $– | ||||
4.00%, 01/01/2039 | 1,000,000 | 873,804 | |||
4.00%, 01/01/2040 | 1,525,000 | 1,316,406 | |||
Buffalo New York Sewer Authority | $– | ||||
4.00%, 06/15/2051 | 750,000 | 630,248 | |||
California Community Choice Financing Authority | $– | ||||
5.00%, 09/01/2029 | 3,805,000 | 3,872,366 | |||
4.43% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5,000,000 | 4,647,362 | |||
5.50%, 05/01/2054 (b) | 5,000,000 | 5,147,578 | |||
California Earthquake Authority | $– | ||||
5.60%, 07/01/2027 | 8,095,000 | 8,046,869 | |||
California Infrastructure & Economic Development Bank | $– | ||||
4.00%, 05/01/2046 | 2,000,000 | 1,710,895 | |||
4.33% (SIFMA Municipal Swap Index + 0.35%), 08/01/2047 | 4,360,000 | 4,318,942 | |||
3.65%, 01/01/2050 (b)(c) | 6,800,000 | 6,758,678 | |||
California Municipal Finance Authority | $– | ||||
5.00%, 11/01/2029 (c) | 1,170,000 | 1,167,276 | |||
5.00%, 11/01/2049 (c) | 1,575,000 | 1,319,982 | |||
California School Finance Authority | $– | ||||
5.00%, 07/01/2037 (c) | 1,180,000 | 1,184,199 | |||
Clifton Texas Higher Education Finance Corp. | $– | ||||
4.00%, 04/01/2040 | 2,450,000 | 2,180,118 | |||
Colorado Health Facilities Authority | $– | ||||
4.00%, 12/01/2040 | 1,500,000 | 1,234,208 | |||
Colorado Housing and Finance Authority | $– | ||||
5.75%, 11/01/2053 | 6,000,000 | 6,199,663 | |||
District of Columbia Housing Finance Agency | $– | ||||
5.00%, 12/01/2026 (b) | 2,500,000 | 2,518,433 | |||
Douglas County Nebraska | $– | ||||
4.51% (SIFMA Municipal Swap Index + 0.53%), 07/01/2035 | 7,855,000 | 7,748,705 | |||
Du Page Illinois | $– | ||||
3.00%, 05/15/2047 | 7,495,000 | 4,812,167 | |||
Fairfax County Virginia Redevelopment & Housing Authority | $– | ||||
5.00%, 01/01/2025 (b) | 2,722,000 | 2,722,089 | |||
Florida Development Finance Corp. | $– | ||||
4.00%, 11/15/2035 | 2,000,000 | 1,847,886 | |||
Grand Forks North Dakota | $– | ||||
7.00%, 12/15/2043 (c)(d) | 2,500,000 | 1,250,000 | |||
9.00%, 06/15/2044 (c)(d) | 2,500,000 | 1,250,000 | |||
Health Educational and Housing Facility Board of Memphis Tennessee | $– | ||||
5.00%, 07/01/2027 (b) | 6,000,000 | 6,039,119 | |||
Illinois Housing Development Authority | $– | ||||
4.85%, 10/01/2042 | 2,700,000 | 2,662,525 | |||
Indiana Housing & Community Development Authority | $– | ||||
5.00%, 10/01/2026 (b) | 4,452,000 | 4,460,969 | |||
Industrial Development Authority of St Louis Missouri | $– | ||||
2.22%, 12/01/2038 | 2,432,659 | 1,687,550 | |||
Lakeland Florida | $– | ||||
5.00%, 11/15/2045 | 9,000,000 | 8,321,877 | |||
Lancaster County Pennsylvania Hospital Authority | $– | ||||
5.00%, 08/15/2042 | 2,380,000 | 2,389,705 | |||
Los Angeles California Department of Airports | $– | ||||
5.00%, 05/15/2038 | 2,000,000 | 2,043,958 | |||
Maryland Community Development Administration | $– | ||||
2.41%, 07/01/2043 | 2,500,000 | 1,638,418 | |||
Maryland Economic Development Corp. | $– | ||||
4.00%, 07/01/2040 | 1,275,000 | 1,135,455 | |||
Maryland Health & Higher Educational Facilities Authority | $– | ||||
5.00%, 08/15/2038 | 10,000,000 | 10,000,119 | |||
Metropolitan Pier & Exposition Authority | $– | ||||
2.33%, 12/15/2031 (a) | 135,000 | 93,129 | |||
2.90%, 06/15/2034 (a) | 270,000 | 164,999 | |||
2.97%, 06/15/2037 (a) | 175,000 | 89,596 | |||
3.61%, 12/15/2038 (a) | 1,175,000 | 547,928 | |||
5.10%, 06/15/2046 (a) | 3,300,000 | 1,009,028 | |||
3.45%, 12/15/2051 (a) | 375,000 | 84,719 | |||
3.61%, 12/15/2052 (a) | 590,000 | 126,026 | |||
Metropolitan Transportation Authority | $– | ||||
4.41% (SIFMA Municipal Swap Index + 0.43%), 11/01/2031 | 12,500,000 | 12,330,662 | |||
5.00%, 11/15/2033 | 5,000,000 | 5,000,341 | |||
5.00%, 11/15/2038 | 5,000,000 | 4,963,072 | |||
5.00%, 11/15/2038 | 1,250,000 | 1,287,404 | |||
5.00%, 11/15/2042 | 1,870,000 | 1,844,193 | |||
Miami Beach Florida Health Facilities Authority | $– | ||||
5.00%, 11/15/2039 | 4,455,000 | 4,373,017 | |||
Montana Board of Housing | $– | ||||
4.90%, 12/01/2042 | 1,000,000 | 991,577 | |||
Nebraska Investment Finance Authority | $– | ||||
4.35%, 09/01/2043 | 2,500,000 | 2,307,042 | |||
Nevada Housing Division | $– | ||||
5.00%, 12/01/2025 (b) | 2,775,000 | 2,785,831 | |||
New Hampshire Housing Finance Authority | $– | ||||
4.65%, 07/01/2047 | 1,800,000 | 1,671,871 | |||
New Hope Texas Cultural Education Facilities Finance Corp. | $– | ||||
5.50%, 07/01/2046 (d) | 2,075,000 | 933,750 | |||
New Jersey Economic Development Authority | $– | ||||
5.23% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025 | 6,910,000 | 6,926,945 | |||
3.47%, 06/15/2027 | 1,000,000 | 936,682 | |||
New Jersey Housing & Mortgage Finance Agency | $– | ||||
1.60%, 10/01/2026 | 1,765,000 | 1,614,104 | |||
New York City New York Housing Development Corp. | $– | ||||
2.60%, 11/01/2034 | 1,975,000 | 1,608,971 | |||
New York Liberty Development Corp. | $– | ||||
3.00%, 09/15/2043 | 6,340,000 | 4,569,432 | |||
3.13%, 09/15/2050 | 4,660,000 | 3,191,910 | |||
New York State Housing Finance Agency | $– | ||||
1.60%, 11/01/2024 | 1,950,000 | 1,884,763 | |||
1.65%, 05/15/2039 | 1,305,687 | 876,412 | |||
North Dakota Housing Finance Agency | $– | ||||
4.60%, 07/01/2043 | 2,285,000 | 2,158,737 | |||
Portland Maine General Airport Revenue | $– | ||||
4.00%, 01/01/2038 | 1,500,000 | 1,389,940 | |||
San Francisco California Airport Commission-San Francisco International Airport | $– | ||||
5.00%, 05/01/2038 | 6,220,000 | 6,356,357 | |||
Seattle Washington Municipal Light & Power Revenue | $– | ||||
4.47% (SIFMA Municipal Swap Index + 0.49%), 11/01/2046 | 7,000,000 | 6,998,566 | |||
Tampa Bay Florida Water | $– | ||||
5.00%, 10/01/2038 | 10,000,000 | 10,000,000 | |||
Utah Housing Corp. | $– | ||||
5.00%, 08/01/2025 (b) | 1,957,000 | 1,963,152 | |||
3.00%, 01/21/2052 | 1,861,818 | 1,514,938 | |||
4.50%, 06/21/2052 | 4,596,772 | 4,294,380 | |||
5.00%, 10/21/2052 | 2,469,435 | 2,321,666 | |||
Virginia Small Business Financing Authority | $– | ||||
4.00%, 01/01/2036 | 2,250,000 | 2,042,851 | |||
Total Revenue Bonds | 226,198,669 | ||||
TOTAL MUNICIPAL BONDS (Cost $288,333,094) | 266,820,510 | ||||
SHORT-TERM INVESTMENTS - 3.8% | |||||
Money Market Funds - 3.8% | Shares | ||||
First American Government Obligations Fund - Class Z, 5.22%(e) | 10,713,646 | 10,713,646 | |||
Total Money Market Funds | 10,713,646 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,713,646) | 10,713,646 | ||||
TOTAL INVESTMENTS - 99.2% (Cost $299,046,740) | 277,534,156 | ||||
Other Assets in Excess of Liabilities - 0.8% | 2,110,905 | ||||
TOTAL NET ASSETS - 100.0% | $ | 279,645,061 | |||
Percentages are stated as a percent of net assets. |
(a) | Zero-coupon bond. The rate shown is the effective yield as of September 30, 2023. |
(b) | 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. |
(c) | 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. |
(d) | Security is in default and missed all or a portion of its last payment of interest. |
(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 | $ | – | $ | 266,820,510 | $ | – | |||||
Total Fixed Income Securities | – | 266,820,510 | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 10,713,646 | – | – | ||||||||
Total Short-Term Investments | 10,713,646 | – | – | ||||||||
Total Investments in Securities | $ | 10,713,646 | $ | 266,820,510 | $ | – | |||||