|
Brown Advisory Tax-Exempt Bond Fund
|
||||||||
|
Schedule of Investments
|
||||||||
|
March 31, 2024 (Unaudited)
|
||||||||
|
MUNICIPAL BONDS - 97.9%
|
Par
|
Value
|
||||||
|
General Obligation Bonds – 16.0%
|
||||||||
|
Bentonville South Dakota School District No 6
|
||||||||
|
2.13%, 06/01/2041
|
$
|
2,680,000
|
$
|
1,905,293
|
||||
|
2.13%, 06/01/2042
|
2,750,000
|
1,913,722
|
||||||
|
2.13%, 06/01/2043
|
2,825,000
|
1,922,449
|
||||||
|
Cary North Carolina
|
||||||||
|
1.75%, 09/01/2037
|
6,250,000
|
4,587,035
|
||||||
|
1.75%, 09/01/2038
|
6,250,000
|
4,466,163
|
||||||
|
Cass County Missouri Reorganized School District No R-2/MO, 2.00%, 03/01/2039
|
3,375,000
|
2,485,422
|
||||||
|
Chicago Illinois Park District, 5.00%, 01/01/2044
|
9,000,000
|
9,417,625
|
||||||
|
City of Raleigh NC, 3.70%, 02/01/2034 (a)
|
1,270,000
|
1,270,000
|
||||||
|
Commonwealth of Massachusetts
|
||||||||
|
2.00%, 03/01/2037
|
2,250,000
|
1,790,289
|
||||||
|
4.00%, 10/01/2038
|
6,000,000
|
6,338,559
|
||||||
|
Del Valle Independent School District TX
|
||||||||
|
2.00%, 06/15/2038
|
10,135,000
|
7,553,841
|
||||||
|
2.00%, 06/15/2039
|
3,085,000
|
2,248,363
|
||||||
|
Des Moines Iowa
|
||||||||
|
2.00%, 06/01/2039
|
4,635,000
|
3,298,284
|
||||||
|
1.88%, 06/01/2040
|
3,575,000
|
2,426,248
|
||||||
|
Fort Worth Texas, 2.00%, 03/01/2039
|
6,475,000
|
4,682,044
|
||||||
|
Frisco Texas
|
||||||||
|
2.00%, 02/15/2039
|
1,710,000
|
1,241,071
|
||||||
|
2.00%, 02/15/2040
|
1,745,000
|
1,232,227
|
||||||
|
Henderson Nevada
|
||||||||
|
2.00%, 06/01/2038
|
2,830,000
|
2,124,505
|
||||||
|
2.00%, 06/01/2039
|
1,585,000
|
1,156,604
|
||||||
|
Illinois State
|
||||||||
|
5.00%, 11/01/2024
|
3,470,000
|
3,498,390
|
||||||
|
5.00%, 12/01/2025
|
4,050,000
|
4,153,323
|
||||||
|
5.25%, 02/01/2033
|
4,325,000
|
4,330,297
|
||||||
|
4.00%, 10/01/2033
|
1,700,000
|
1,747,996
|
||||||
|
6.73%, 04/01/2035
|
6,461,538
|
6,817,203
|
||||||
|
Joshua Texas Independent School District, 3.00%, 08/15/2035
|
3,105,000
|
2,947,490
|
||||||
|
Knox Tennesee, 3.05%, 06/01/2035
|
4,905,000
|
4,778,568
|
||||||
|
Lewiston Maine
|
||||||||
|
1.75%, 02/15/2038
|
1,270,000
|
902,422
|
||||||
|
1.75%, 02/15/2039
|
1,270,000
|
874,676
|
||||||
|
Madison Alabama, 3.00%, 02/01/2036
|
2,730,000
|
2,631,334
|
||||||
|
Milford Massachusetts, 2.00%, 12/01/2037
|
3,000,000
|
2,328,450
|
||||||
|
New York City New York, 5.00%, 08/01/2038
|
5,500,000
|
5,664,717
|
||||||
|
Omaha Nebraska School District, 2.00%, 12/15/2039
|
8,010,000
|
5,833,146
|
||||||
|
San Marcos Texas, 2.00%, 08/15/2039
|
4,265,000
|
3,025,371
|
||||||
|
Sarpy Nebraska, 1.75%, 06/01/2036
|
2,710,000
|
2,029,605
|
||||||
|
Seaside School District No 10, 5.45%, 06/15/2040 (b)
|
6,825,000
|
3,352,925
|
||||||
|
State of Texas, 4.00%, 10/01/2032
|
12,900,000
|
12,807,226
|
||||||
|
Suffolk Virginia
|
||||||||
|
1.88%, 02/01/2038
|
1,645,000
|
1,221,200
|
||||||
|
1.88%, 02/01/2040
|
1,385,000
|
972,255
|
||||||
|
Temecula Valley California Unified School District, 3.00%, 08/01/2047
|
2,000,000
|
1,634,310
|
||||||
|
Waltham Massachusetts
|
||||||||
|
2.13%, 10/15/2038
|
3,455,000
|
2,671,938
|
||||||
|
2.13%, 10/15/2039
|
4,455,000
|
3,394,095
|
||||||
|
West Des Moines Iowa, 2.00%, 06/01/2040
|
1,280,000
|
920,531
|
||||||
|
Willis Texas Independent School District
|
||||||||
|
2.00%, 02/15/2038
|
1,525,000
|
1,143,635
|
||||||
|
2.00%, 02/15/2039
|
1,500,000
|
1,089,994
|
||||||
|
142,830,841
|
||||||||
|
Revenue Bonds – 81.9%
|
||||||||
|
American Municipal Power, Inc.
|
||||||||
|
4.00%, 02/15/2037
|
5,310,000
|
5,491,580
|
||||||
|
4.00%, 02/15/2038
|
5,940,000
|
6,084,877
|
||||||
|
Austin Texas, 7.88%, 09/01/2026
|
3,225,000
|
3,251,872
|
||||||
|
Bartow County Georgia Development Authority, 3.95%, 12/01/2032 (a)
|
6,295,000
|
6,378,528
|
||||||
|
Black Belt Energy Gas District
|
||||||||
|
3.99% (SIFMA Municipal Swap Index + 0.35%), 10/01/2052
|
24,000,000
|
23,248,658
|
||||||
|
4.00%, 10/01/2052 (a)
|
7,000,000
|
7,038,473
|
||||||
|
Board of Governors of Colorado State University System, 4.00%, 03/01/2036
|
3,255,000
|
3,339,471
|
||||||
|
Buckeye Ohio Tobacco Settlement Financing Authority, 4.00%, 06/01/2037
|
10,325,000
|
10,495,388
|
||||||
|
California Community Choice Financing Authority
|
||||||||
|
5.00%, 03/01/2029
|
4,280,000
|
4,493,349
|
||||||
|
4.09% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052
|
5,000,000
|
4,593,333
|
||||||
|
California Earthquake Authority, 5.60%, 07/01/2027
|
10,000,000
|
10,081,028
|
||||||
|
Central Plains Energy Project
|
||||||||
|
5.76% (SOFR + 2.18%), 05/01/2053
|
10,000,000
|
10,272,938
|
||||||
|
5.00%, 05/01/2053 (a)
|
7,670,000
|
8,118,879
|
||||||
|
Chandler Industrial Development Authority, 5.00%, 06/01/2049 (a)
|
23,500,000
|
23,525,717
|
||||||
|
Chicago Illinois Board of Education Dedicated Capital Improvement Tax
|
||||||||
|
5.25%, 04/01/2036
|
3,200,000
|
3,614,762
|
||||||
|
5.25%, 04/01/2037
|
3,700,000
|
4,140,348
|
||||||
|
5.25%, 04/01/2040
|
3,250,000
|
3,565,664
|
||||||
|
Chicago Illinois Waterworks Revenue, 5.00%, 11/01/2044
|
4,095,000
|
4,112,565
|
||||||
|
City of Houston TX Combined Utility System Revenue, 3.97%, 05/15/2034 (a)
|
10,000,000
|
10,000,000
|
||||||
|
Clark County Nevada, 2.10%, 06/01/2031
|
4,960,000
|
4,278,620
|
||||||
|
Clayton County Development Authority, 5.00%, 07/01/2032
|
15,755,000
|
15,670,488
|
||||||
|
Colorado Health Facilities Authority, 5.00%, 12/01/2035
|
7,715,000
|
7,750,055
|
||||||
|
Connecticut State Health & Educational Facilities Authority, 3.35%, 07/01/2042 (a)
|
1,335,000
|
1,335,000
|
||||||
|
Delaware Valley Regional Finance Authority
|
||||||||
|
4.53% (1 mo. LIBOR US + 0.88%), 09/01/2048 (c)
|
5,000,000
|
5,000,000
|
||||||
|
4.04% (SIFMA Municipal Swap Index + 0.40%), 03/01/2057
|
3,000,000
|
2,940,998
|
||||||
|
Du Page Illinois, 3.00%, 05/15/2047
|
7,680,000
|
5,758,955
|
||||||
|
Durham Housing Authority, 3.92%, 12/01/2061 (a)
|
4,900,000
|
4,900,000
|
||||||
|
Farmington New Mexico, 1.80%, 04/01/2029
|
15,000,000
|
13,292,994
|
||||||
|
Gainesville Florida Utilities System Revenue, 4.00%, 10/01/2042 (a)
|
3,235,000
|
3,235,000
|
||||||
|
Grand Forks North Dakota
|
||||||||
|
6.63%, 12/15/2031 (d)(e)
|
5,000,000
|
150,000
|
||||||
|
9.00%, 06/15/2044 (d)(e)
|
2,500,000
|
75,000
|
||||||
|
Henrico County Virginia Economic Development Authority, 3.80%, 08/23/2027 (a)
|
750,000
|
750,000
|
||||||
|
Illinois State Toll Highway Authority
|
||||||||
|
5.00%, 01/01/2031
|
3,000,000
|
3,000,000
|
||||||
|
5.00%, 01/01/2038
|
14,150,000
|
14,150,000
|
||||||
|
Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038
|
4,825,156
|
3,658,759
|
||||||
|
Industrial Development Board of Mobile Alabama, 3.78%, 06/01/2034 (a)
|
2,500,000
|
2,502,778
|
||||||
|
JEA Electric System Revenue, 5.58%, 10/01/2027
|
5,690,000
|
5,748,254
|
||||||
|
Kentucky Public Energy Authority
|
||||||||
|
4.98% (V1 Month LIBOR USD + 1.30%), 12/01/2049 (c)
|
4,100,000
|
4,103,298
|
||||||
|
4.00%, 12/01/2049 (a)
|
1,585,000
|
1,591,115
|
||||||
|
Lancaster Ohio Port Authority, 5.00%, 08/01/2049 (a)
|
13,565,000
|
13,685,626
|
||||||
|
Las Vegas Nevada Redevelopment Agency
|
||||||||
|
5.00%, 06/15/2026
|
1,000,000
|
1,021,344
|
||||||
|
5.00%, 06/15/2028
|
2,280,000
|
2,334,682
|
||||||
|
Lehigh Pennsylvania, 4.74% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038
|
9,615,000
|
9,506,728
|
||||||
|
Los Angeles California Department of Airports
|
||||||||
|
4.00%, 05/15/2041
|
3,660,000
|
3,611,700
|
||||||
|
4.00%, 05/15/2042
|
7,950,000
|
7,834,675
|
||||||
|
Love Field Texas Airport Modernization Corp., 4.00%, 11/01/2036
|
17,720,000
|
17,918,719
|
||||||
|
Main Street Natural Gas, Inc.
|
||||||||
|
5.28% (SOFR + 1.70%), 12/01/2053
|
28,500,000
|
28,895,010
|
||||||
|
5.00%, 12/01/2054 (a)
|
5,000,000
|
5,370,829
|
||||||
|
Maricopa County Arizona Industrial Development Authority, 4.21% (SIFMA Municipal Swap Index +
0.57%), 01/01/2035
|
5,090,000
|
5,083,765
|
||||||
|
Maricopa County Pollution Control Corp., 2.40%, 06/01/2035
|
12,555,000
|
10,399,718
|
||||||
|
Maryland Community Development Administration, 2.41%, 07/01/2043
|
5,000,000
|
3,504,635
|
||||||
|
Maryland Economic Development Corp., 4.38%, 07/01/2036
|
3,000,000
|
2,938,761
|
||||||
|
Massachusetts Bay Transportation Authority Sales Tax Revenue, 4.00%, 07/01/2038
|
3,205,000
|
3,320,585
|
||||||
|
Massachusetts Health & Educational Facilities Authority, 3.30%, 07/01/2027 (a)
|
15,000,000
|
15,000,000
|
||||||
|
Massachusetts Housing Finance Agency, 4.00%, 12/01/2033
|
3,055,000
|
3,054,872
|
||||||
|
Metropolitan Pier & Exposition Authority
|
||||||||
|
5.79%, 06/15/2036 (b)
|
5,000,000
|
3,194,306
|
||||||
|
4.30%, 06/15/2037 (b)
|
10,165,000
|
6,153,711
|
||||||
|
5.17%, 12/15/2037 (b)
|
20,365,000
|
12,009,236
|
||||||
|
Metropolitan Transportation Authority
|
||||||||
|
5.00%, 11/15/2032
|
5,050,000
|
5,089,939
|
||||||
|
5.25%, 11/15/2044
|
5,000,000
|
5,015,507
|
||||||
|
Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032
|
2,660,000
|
2,749,396
|
||||||
|
Miami-Dade County Florida Expressway Authority
|
||||||||
|
6.49% (1 mo. Term SOFR + 1.05%), 07/01/2026
|
4,385,000
|
4,405,161
|
||||||
|
6.49% (1 mo. Term SOFR + 1.05%), 07/01/2029
|
5,260,000
|
5,289,514
|
||||||
|
6.49% (1 mo. Term SOFR + 1.05%), 07/01/2032
|
8,260,000
|
8,308,783
|
||||||
|
5.00%, 07/01/2040
|
4,000,000
|
4,012,344
|
||||||
|
Miami-Dade Florida Aviation Revenue
|
||||||||
|
5.00%, 10/01/2024
|
10,000,000
|
10,004,838
|
||||||
|
5.00%, 10/01/2036
|
3,595,000
|
3,607,482
|
||||||
|
New Hope Texas Cultural Education Facilities Finance Corp.
|
||||||||
|
5.00%, 07/01/2031 (d)
|
1,080,000
|
378,000
|
||||||
|
5.25%, 07/01/2036 (d)
|
1,750,000
|
612,500
|
||||||
|
5.00%, 07/01/2046 (d)
|
4,000,000
|
1,840,000
|
||||||
|
5.50%, 07/01/2046 (d)
|
250,000
|
87,500
|
||||||
|
5.75%, 07/01/2051 (d)
|
2,000,000
|
700,000
|
||||||
|
New Jersey Transportation Trust Fund Authority
|
||||||||
|
5.75%, 12/15/2028
|
11,000,000
|
11,102,395
|
||||||
|
2.24%, 12/15/2035 (b)
|
1,000,000
|
676,909
|
||||||
|
4.27%, 12/15/2037 (b)
|
10,050,000
|
6,120,898
|
||||||
|
5.18%, 12/15/2038 (b)
|
5,000,000
|
2,879,147
|
||||||
|
4.66%, 12/15/2039 (b)
|
21,355,000
|
11,711,817
|
||||||
|
New York City Municipal Water Finance Authority, 3.95%, 06/15/2048 (a)
|
8,000,000
|
8,000,000
|
||||||
|
New York City Transitional Finance Authority, 4.15%, 11/01/2042 (a)
|
7,000,000
|
7,000,000
|
||||||
|
New York City Water & Sewer System, 4.05%, 06/15/2043 (a)
|
11,075,000
|
11,075,000
|
||||||
|
New York Convention Center Development Corp.
|
||||||||
|
4.26%, 11/15/2035 (b)
|
8,730,000
|
5,575,971
|
||||||
|
3.83%, 11/15/2037 (b)
|
5,750,000
|
3,293,903
|
||||||
|
New York Liberty Development Corp., 3.13%, 09/15/2050
|
13,735,000
|
10,844,653
|
||||||
|
New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043
|
6,380,000
|
6,488,315
|
||||||
|
New York State Dormitory Authority, 4.00%, 03/15/2038
|
1,715,000
|
1,775,609
|
||||||
|
New York State Mortgage Agency Homeowner Mortgage Revenue, 4.70%, 04/01/2036
|
1,745,000
|
1,808,902
|
||||||
|
New York State Transportation Development Corp., 5.00%, 07/01/2041
|
5,500,000
|
5,463,277
|
||||||
|
New York State Urban Development Corp., 4.00%, 03/15/2037
|
13,800,000
|
14,311,369
|
||||||
|
Newport News Virginia Economic Development Authority, 5.00%, 12/01/2031
|
3,375,000
|
3,435,710
|
||||||
|
Niagara County New York Tobacco Asset Securitization Corp., 5.00%, 05/15/2024
|
1,760,000
|
1,761,890
|
||||||
|
North Texas Tollway Authority, 5.00%, 01/01/2035
|
1,350,000
|
1,363,224
|
||||||
|
Park Creek Metropolitan District, 5.00%, 12/01/2034
|
1,000,000
|
1,017,010
|
||||||
|
Philadelphia Pennsylvania Authority for Industrial Development, 5.00%, 04/01/2032
|
3,000,000
|
3,036,292
|
||||||
|
Port Authority of New York & New Jersey
|
||||||||
|
5.00%, 09/01/2028
|
2,630,000
|
2,642,961
|
||||||
|
4.00%, 09/01/2043
|
2,970,000
|
2,888,992
|
||||||
|
Public Finance Authority, 4.00%, 08/01/2059 (f)
|
8,500,000
|
8,397,288
|
||||||
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, 5.77%, 07/01/2031 (b)
|
16,249,000
|
12,293,148
|
||||||
|
San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032
|
3,550,000
|
3,575,598
|
||||||
|
Tampa Florida
|
||||||||
|
4.64%, 09/01/2039 (b)
|
1,100,000
|
557,148
|
||||||
|
4.73%, 09/01/2041 (b)
|
1,280,000
|
581,976
|
||||||
|
3.75%, 09/01/2045 (b)
|
1,850,000
|
674,037
|
||||||
|
TerrebonneParish Louisiana, 3.17%, 04/01/2036 (b)
|
3,045,000
|
1,962,125
|
||||||
|
Texas Municipal Gas Acquisition and Supply Corp. II
|
||||||||
|
4.38% (3 mo. Term SOFR + 0.86%), 09/15/2027
|
12,970,000
|
12,917,034
|
||||||
|
4.62% (3 mo. Term SOFR + 1.05%), 09/15/2027
|
12,670,000
|
12,675,546
|
||||||
|
4.19% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027
|
6,655,000
|
6,515,630
|
||||||
|
Texas Municipal Power Agency, 3.00%, 09/01/2035
|
1,630,000
|
1,547,380
|
||||||
|
Tobacco Settlement Authority, 5.25%, 06/01/2032
|
460,000
|
460,006
|
||||||
|
Tobacco Settlement Finance Authority, 2.55%, 06/01/2029
|
4,505,000
|
3,907,084
|
||||||
|
Tobacco Settlement Financing Corp.
|
||||||||
|
5.00%, 06/01/2035
|
23,310,000
|
23,685,326
|
||||||
|
5.25%, 06/01/2046
|
5,000,000
|
5,213,837
|
||||||
|
TSASC, Inc.
|
||||||||
|
5.00%, 06/01/2030
|
7,960,000
|
8,325,391
|
||||||
|
5.00%, 06/01/2031
|
1,070,000
|
1,117,952
|
||||||
|
Utah Housing Corp.
|
||||||||
|
3.00%, 01/21/2052
|
5,471,337
|
4,810,036
|
||||||
|
4.50%, 06/21/2052
|
9,120,943
|
8,962,917
|
||||||
|
5.00%, 10/21/2052
|
4,852,548
|
4,899,888
|
||||||
|
Vermont Student Assistance Corp., 6.44% (30 day avg SOFR US + 1.00%), 06/02/2042
|
10,599,308
|
10,604,843
|
||||||
|
Virginia Small Business Financing Authority, 4.00%, 12/01/2036
|
1,230,000
|
1,227,523
|
||||||
|
Wilson County Sports Authority, 3.68%, 09/01/2029 (a)
|
3,410,000
|
3,410,000
|
||||||
|
Wisconsin Health & Educational Facilities Authority, 5.00%, 05/01/2027
|
1,610,000
|
1,611,357
|
||||||
|
Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058 (a)
|
6,000,000
|
6,151,821
|
||||||
|
729,037,745
|
||||||||
|
TOTAL MUNICIPAL BONDS (Cost
$866,126,820)
|
871,868,586
|
|||||||
|
SHORT-TERM INVESTMENTS - 1.4%
|
||||||||
|
Money Market Funds - 1.4%
|
Shares
|
|||||||
|
First American Government Obligations Fund - Class Z, 5.19%(g)
|
12,129,750
|
12,129,750
|
||||||
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,129,750)
|
12,129,750
|
|||||||
|
TOTAL INVESTMENTS - 99.3% (Cost
$878,256,570)
|
$
|
883,998,336
|
||||||
|
Other Assets in Excess of Liabilities - 0.7%
|
6,194,923
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
890,193,259
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
(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 March 31, 2024.
|
|
(b)
|
Zero-coupon bond. The rate shown is the effective yield as of March 31, 2024.
|
|
(c)
|
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon
reset date.
|
|
(d)
|
Security is in default and missed all or a portion of its last payment of interest as of the date of this report.
|
|
(e)
|
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.
|
|
(f)
|
Step coupon bond. The rate disclosed is as of March 31, 2024.
|
|
(g)
|
The rate shown represents the 7-day effective yield as of March 31, 2024.
|
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
|
Municipal Bonds
|
$
|
–
|
$
|
871,868,586
|
$
|
–
|
||||||
|
Money Market Funds
|
12,129,750
|
–
|
–
|
|||||||||
|
Total Investments
|
$
|
12,129,750
|
$
|
871,868,586
|
$
|
–
|
||||||