Brown Advisory Funds NPORT-P Brown Advisory Tax-Exempt Sustainable Bond Fund (Sep 2024 report)

Brown Advisory Tax-Exempt Sustainable Bond Fund
Schedule of Investments
September 30, 2024 (Unaudited)
MUNICIPAL BONDS - 98.6%	Par		Value
Alabama - 1.2%
Auburn University, 4.00%, 06/01/2034	$	3,550,000	$	3,562,906
Alaska - 0.3%
Alaska Housing Finance Corp., 4.60%, 12/01/2042		890,000		919,516
Arizona - 2.7%
Arizona Industrial Development Authority, 4.00%, 07/01/2041		1,920,000		1,894,558
Peoria Arizona, 2.00%, 07/15/2038		3,375,000		2,566,433
Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036		3,280,000		3,387,177
				7,848,168
California - 13.5%
California Community Choice Financing Authority
5.00%, 09/01/2029		3,805,000		4,075,169
3.60% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052		5,900,000		5,537,083
5.50%, 05/01/2054 (a)		5,000,000		5,398,984
California Earthquake Authority, 5.60%, 07/01/2027		16,095,000		16,338,998
California Infrastructure & Economic Development Bank, 4.00%, 05/01/2046		2,000,000		2,012,531
California Municipal Finance Authority
5.00%, 11/01/2029 (b)		1,170,000		1,200,248
5.00%, 11/01/2049 (b)		1,575,000		1,476,644
California School Finance Authority, 5.00%, 07/01/2037 (b)		1,180,000		1,214,187
Fairfield California, 4.28%, 04/01/2038 (c)		3,845,000		2,376,870
				39,630,714
Colorado - 5.5%
Adams & Arapahoe Colorado Joint School District 28J Aurora, 5.00%, 12/01/2031		6,000,000		6,294,567
Colorado Health Facilities Authority, 4.00%, 12/01/2040		3,500,000		3,445,719
Colorado Housing and Finance Authority, 5.75%, 11/01/2053		5,925,000		6,411,412
				16,151,698
District of Columbia - 0.9%
District of Columbia Housing Finance Agency, 5.00%, 12/01/2026 (a)		2,500,000		2,551,952
Florida - 3.5%
Florida Development Finance Corp., 5.00%, 07/01/2044		5,500,000		5,797,230
Miami Beach Florida Health Facilities Authority, 5.00%, 11/15/2039		4,455,000		4,458,714
				10,255,944
Georgia - 0.8%
Cartersville Georgia, 2.00%, 10/01/2039		3,195,000		2,464,677
Illinois - 8.0%
Chicago Illinois Park District
4.00%, 01/01/2034		1,425,000		1,460,543
4.00%, 01/01/2036		2,930,000		3,003,162
4.00%, 01/01/2036		1,000,000		1,019,671
Du Page Illinois, 3.00%, 05/15/2047		7,495,000		6,048,661
Illinois Housing Development Authority, 4.85%, 10/01/2042		2,700,000		2,801,929
Illinois State, 5.00%, 02/01/2039		5,150,000		5,173,835
Metropolitan Pier & Exposition Authority
2.43%, 12/15/2031 (c)		135,000		105,377
3.02%, 06/15/2034 (c)		270,000		191,105
3.74%, 12/15/2038 (c)		1,175,000		682,935
4.21%, 12/15/2040 (c)		2,500,000		1,327,994
5.13%, 06/15/2046 (c)		3,300,000		1,326,038
3.49%, 12/15/2051 (c)		375,000		115,377
3.65%, 12/15/2052 (c)		590,000		172,782
				23,429,409
Indiana - 2.0%
Greenfield-Central Community School Corp., 5.00%, 01/15/2025		1,535,000		1,538,889
Indiana Housing & Community Development Authority, 5.00%, 10/01/2026 (a)		4,452,000		4,503,973
				6,042,862
Iowa - 2.5%
Bondurant-Farrar Iowa Community School District
2.00%, 06/01/2038		1,805,000		1,353,158
2.00%, 06/01/2039		2,555,000		1,857,050
Iowa Finance Authority, 3.88%, 01/01/2042 (a)		4,000,000		4,031,943
				7,242,151
Louisiana - 0.8%
Louisiana Housing Corp., 5.00%, 11/01/2026 (a)		2,300,000		2,343,959
Maine - 0.5%
Portland Maine General Airport Revenue, 4.00%, 01/01/2038		1,500,000		1,525,887
Maryland - 5.3%
Baltimore County Maryland
4.00%, 01/01/2039		1,000,000		1,005,401
4.00%, 01/01/2040		1,525,000		1,528,360
Maryland Community Development Administration, 2.41%, 07/01/2043		2,500,000		1,828,259
Maryland Economic Development Corp., 4.00%, 07/01/2040		1,275,000		1,258,489
Maryland Health & Higher Educational Facilities Authority, 5.00%, 08/15/2038		10,000,000		10,003,532
				15,624,041
Massachusetts - 0.3%
Massachusetts Development Finance Agency, 3.75% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049 (b)		1,000,000		999,962
Minnesota - 1.1%
Minnesota State, 1.75%, 08/01/2038		4,150,000		3,153,138
Missouri - 0.8%
Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038		2,880,916		2,243,926
Montana - 0.4%
Montana Board of Housing, 4.90%, 12/01/2042		1,000,000		1,051,616
Nebraska - 3.5%
Douglas County Nebraska, 3.68% (SIFMA Municipal Swap Index + 0.53%), 07/01/2035		7,775,000		7,731,348
Nebraska Investment Finance Authority, 4.35%, 09/01/2043		2,500,000		2,534,342
				10,265,690
Nevada - 0.9%
Nevada Housing Division, 5.00%, 12/01/2025 (a)		2,775,000		2,780,936
New Hampshire - 0.6%
New Hampshire Housing Finance Authority, 4.65%, 07/01/2047		1,800,000		1,826,344
New Jersey - 2.9%
New Jersey Economic Development Authority, 4.40% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025		6,910,000		6,915,156
New Jersey Housing & Mortgage Finance Agency, 1.60%, 10/01/2026		1,765,000		1,684,694
				8,599,850
New York - 12.6%
Buffalo New York Sewer Authority, 4.00%, 06/15/2051		750,000		749,524
Metropolitan Transportation Authority
3.58% (SIFMA Municipal Swap Index + 0.43%), 11/01/2031		12,500,000		12,479,782
5.00%, 11/15/2038		1,250,000		1,346,746
New York City New York Housing Development Corp., 2.60%, 11/01/2034		1,970,000		1,759,628
New York Liberty Development Corp., 3.13%, 09/15/2050		11,000,000		9,063,210
New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043		3,000,000		3,093,647
New York State Dormitory Authority
5.25%, 05/01/2040		1,205,000		1,355,330
5.50%, 05/01/2049		750,000		833,137
New York State Housing Finance Agency
1.60%, 11/01/2024		540,000		538,665
1.65%, 05/15/2039		1,240,691		1,011,737
New York State Transportation Development Corp., 5.00%, 07/01/2041		5,000,000		5,000,005
				37,231,411
North Carolina - 2.9%
North Carolina Housing Finance Agency
3.38%, 07/01/2048 (a)		4,000,000		3,999,481
3.20%, 07/01/2056 (a)		4,700,000		4,698,805
				8,698,286
North Dakota - 1.3%
North Dakota Housing Finance Agency, 4.60%, 07/01/2043		3,785,000		3,894,114
Ohio - 0.4%
American Municipal Power, Inc., 5.00%, 02/15/2036		1,000,000		1,074,391
Pennsylvania - 1.8%
Allegheny County Pennsylvania Hospital Development Authority, 3.73% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026		1,750,000		1,733,306
Lancaster County Pennsylvania Hospital Authority, 5.00%, 08/15/2042		2,380,000		2,434,141
Lancaster Municipal Authority, 5.00%, 05/01/2044		1,200,000		1,286,804
				5,454,251
Rhode Island - 1.1%
Rhode Island Housing & Mortgage Finance Corp., 3.60%, 10/01/2054 (a)		3,300,000		3,308,396
South Carolina - 2.8%
South Carolina Jobs-Economic Development Authority, 3.39%, 05/01/2061 (a)		1,000,000		1,000,000
York County South Carolina Fort Mill School District No. 4
1.88%, 03/01/2037		4,585,000		3,622,898
1.88%, 03/01/2038		4,675,000		3,616,936
				8,239,834
Tennessee - 2.1%
Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027 (a)		6,000,000		6,212,950
Texas - 2.4%
Arlington Higher Education Finance Corp.
5.00%, 06/15/2039		225,000		249,884
4.00%, 06/15/2044		400,000		401,128
4.00%, 06/15/2049		270,000		263,671
4.13%, 06/15/2054		460,000		451,823
Austin Texas, 7.88%, 09/01/2026		1,250,000		1,264,204
Clifton Texas Higher Education Finance Corp., 4.00%, 04/01/2040		2,450,000		2,484,556
Kilgore Independent School District, 2.00%, 02/15/2052 (a)		2,000,000		1,982,387
				7,097,653
Utah - 3.5%
Utah Housing Corp.
3.63%, 02/01/2026		1,957,000		1,966,532
3.00%, 01/21/2052		1,736,684		1,537,380
4.50%, 06/21/2052		4,391,938		4,349,660
5.00%, 10/21/2052		2,300,565		2,320,563
				10,174,135
Vermont - 0.5%
Vermont Educational & Health Buildings Financing Agency, 3.28%, 12/01/2030 (a)		1,450,000		1,450,000
Virginia - 0.8%
Virginia Small Business Financing Authority, 4.00%, 01/01/2036		2,250,000		2,248,944
Wisconsin - 8.4%
Calumet County Wisconsin
1.75%, 12/01/2037		1,035,000		756,180
1.88%, 12/01/2038		1,320,000		949,097
1.88%, 12/01/2039		2,650,000		1,846,538
New Glarus School District, 2.00%, 04/01/2039		1,510,000		1,130,199
Public Finance Authority, 4.00%, 08/01/2059		3,990,000		3,988,635
Westosha Wisconsin Central High School District
2.00%, 03/01/2038		1,000,000		762,135
2.00%, 03/01/2039		1,500,000		1,107,337
Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058 (a)		5,000,000		5,187,608
Wisconsin State, 3.57% (SIFMA Municipal Swap Index + 0.42%), 05/01/2025		8,955,000		8,954,903
				24,682,632
TOTAL MUNICIPAL BONDS (Cost $289,809,799)				290,282,343
SHORT-TERM INVESTMENTS - 4.2%
Money Market Funds - 4.2%	Shares
First American Government Obligations Fund - Class Z, 4.78% (d)		12,329,514		12,329,514
TOTAL SHORT-TERM INVESTMENTS (Cost $12,329,514)				12,329,514
TOTAL INVESTMENTS - 102.8% (Cost $302,139,313)				302,611,857
Liabilities in Excess of Other Assets - (2.8)%				(8,358,853	)
TOTAL NET ASSETS - 100.0%			$	294,253,004
Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

(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, 2024.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.
(c)	Zero-coupon bond. The rate shown is the effective yield as of September 30, 2024.
(d)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

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).

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	–	$	290,282,343	$	–	$	290,282,343
Money Market Funds		12,329,514		–		–		12,329,514
Total Investments	$	12,329,514	$	290,282,343	$	–	$	302,611,857