Brown Advisory Tax-Exempt Sustainable Bond Fund
  
Schedule of Investments
  
March 31, 2024 (Unaudited)
  
   
MUNICIPAL BONDS - 95.7%
  
Par
    
Value
  
General Obligation Bonds - 20.9%
  
Adams & Arapahoe Colorado Joint School District 28J Aurora, 5.00%, 12/01/2031
  
$
6,000,000
    
$
6,291,263
  
Bondurant-Farrar Iowa Community School District
  
2.00%, 06/01/2038
    
1,805,000
      
1,321,499
  
2.00%, 06/01/2039
    
2,555,000
      
1,821,279
  
Calumet County Wisconsin
  
1.75%, 12/01/2037
    
1,035,000
      
724,991
  
1.88%, 12/01/2038
    
1,320,000
      
912,997
  
1.88%, 12/01/2039
    
2,650,000
      
1,775,641
  
Cartersville Georgia, 2.00%, 10/01/2039
    
3,195,000
      
2,340,811
  
Chicago Illinois Park District
  
4.00%, 01/01/2034
    
1,425,000
      
1,454,253
  
4.00%, 01/01/2036
    
2,930,000
      
2,986,277
  
4.00%, 01/01/2036
    
1,000,000
      
1,015,053
  
Fairfield California, 4.30%, 04/01/2038  (a)
    
3,845,000
      
2,221,081
  
Greenfield-Central Community School Corp., 5.00%, 01/15/2025
    
1,535,000
      
1,542,959
  
Illinois State, 5.00%, 02/01/2039
    
5,150,000
      
5,151,792
  
Kilgore Independent School District, 2.00%, 02/15/2052  (b)
    
2,000,000
      
1,959,514
  
New Glarus School District, 2.00%, 04/01/2039
    
1,510,000
      
1,108,990
  
Peoria Arizona, 2.00%, 07/15/2038
    
3,375,000
      
2,506,746
  
Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036
    
3,280,000
      
3,370,379
  
State of Minnesota, 1.75%, 08/01/2038
    
4,150,000
      
3,007,397
  
Westosha Wisconsin Central High School District
  
2.00%, 03/01/2038
    
1,000,000
      
744,928
  
2.00%, 03/01/2039
    
1,500,000
      
1,086,290
  
Wisconsin State, 4.06% (SIFMA Municipal Swap Index + 0.42%), 05/01/2025
    
10,000,000
      
9,949,612
  
York County South Carolina Fort Mill School District No. 4
  
1.88%, 03/01/2037
    
4,585,000
      
3,433,660
  
1.88%, 03/01/2038
    
4,675,000
      
3,391,773
  
           
60,119,185
  
Revenue Bonds - 74.8%
  
Alaska Housing Finance Corp., 4.60%, 12/01/2042
    
890,000
      
901,275
  
Allegheny County Pennsylvania Hospital Development Authority, 4.22% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026
    
1,750,000
      
1,730,694
  
American Municipal Power, Inc., 5.00%, 02/15/2036
    
1,000,000
      
1,078,473
  
Arizona Industrial Development Authority, 4.00%, 07/01/2041
    
1,200,000
      
1,120,578
  
Auburn University, 4.00%, 06/01/2034
    
3,550,000
      
3,559,659
  
Austin Texas, 7.88%, 09/01/2026
    
1,750,000
      
1,764,582
  
Baltimore County Maryland
  
4.00%, 01/01/2039
    
1,000,000
      
986,548
  
4.00%, 01/01/2040
    
1,525,000
      
1,489,135
  
Buffalo New York Sewer Authority, 4.00%, 06/15/2051
    
750,000
      
727,839
  
California Community Choice Financing Authority
  
4.09% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052
    
5,900,000
      
5,420,133
  
5.00%, 09/01/2029
    
3,805,000
      
4,018,629
  
5.50%, 05/01/2054  (b)
    
5,000,000
      
5,346,944
  
California Earthquake Authority, 5.60%, 07/01/2027
    
8,095,000
      
8,160,592
  
California Infrastructure & Economic Development Bank, 4.00%, 05/01/2046
    
2,000,000
      
1,974,877
  
California Municipal Finance Authority
  
5.00%, 11/01/2029  (c)
    
1,170,000
      
1,197,210
  
5.00%, 11/01/2049  (c)
    
1,575,000
      
1,454,318
  
California School Finance Authority, 5.00%, 07/01/2037  (c)
    
1,180,000
      
1,212,187
  
City of Houston TX Combined Utility System Revenue, 3.97%, 05/15/2034  (b)
    
4,000,000
      
4,000,000
  
Clifton Texas Higher Education Finance Corp., 4.00%, 04/01/2040
    
2,450,000
      
2,469,963
  
Colorado Health Facilities Authority, 4.00%, 12/01/2040
    
1,500,000
      
1,385,212
  
Colorado Housing and Finance Authority, 5.75%, 11/01/2053
    
6,000,000
      
6,390,347
  
District of Columbia Housing Finance Agency, 5.00%, 12/01/2026  (b)
    
2,500,000
      
2,537,294
  
Douglas County Nebraska, 4.17% (SIFMA Municipal Swap Index + 0.53%), 07/01/2035
    
7,855,000
      
7,744,639
  
Du Page Illinois, 3.00%, 05/15/2047
    
7,495,000
      
5,620,230
  
Florida Development Finance Corp., 4.00%, 11/15/2035
    
2,000,000
      
2,086,091
  
Grand Forks North Dakota
  
7.00%, 12/15/2043  (c)(d)
    
2,500,000
      
75,000
  
9.00%, 06/15/2044  (c)(d)
    
2,500,000
      
75,000
  
Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027  (b)
    
6,000,000
      
6,114,725
  
Houston Texas Airport System Revenue, 5.00%, 07/01/2036
    
2,000,000
      
2,154,867
  
Illinois Housing Development Authority, 4.85%, 10/01/2042
    
2,700,000
      
2,774,639
  
Indiana Housing & Community Development Authority, 5.00%, 10/01/2026  (b)
    
4,452,000
      
4,493,935
  
Industrial Development Authority of St Louis Missouri, 2.22%, 12/01/2038
    
2,904,891
      
2,202,684
  
Lancaster County Pennsylvania Hospital Authority, 5.00%, 08/15/2042
    
2,380,000
      
2,434,927
  
Los Angeles California Department of Airports, 5.00%, 05/15/2038
    
2,000,000
      
2,210,553
  
Maryland Community Development Administration, 2.41%, 07/01/2043
    
2,500,000
      
1,752,318
  
Maryland Economic Development Corp., 4.00%, 07/01/2040
    
1,275,000
      
1,213,996
  
Maryland Health & Higher Educational Facilities Authority, 5.00%, 08/15/2038
    
10,000,000
      
10,000,895
  
Massachusetts Development Finance Agency, 4.24% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049  (c)
    
1,000,000
      
996,636
  
Metropolitan Pier & Exposition Authority
  
2.38%, 12/15/2031  (a)
    
135,000
      
103,522
  
2.96%, 06/15/2034  (a)
    
270,000
      
187,770
  
2.99%, 06/15/2037  (a)
    
175,000
      
105,942
  
3.47%, 12/15/2051  (a)
    
375,000
      
102,206
  
3.63%, 12/15/2052  (a)
    
590,000
      
152,506
  
3.68%, 12/15/2038  (a)
    
1,175,000
      
655,470
  
4.19%, 12/15/2040  (a)
    
2,500,000
      
1,270,202
  
5.12%, 06/15/2046  (a)
    
3,300,000
      
1,209,450
  
Metropolitan Transportation Authority
  
4.07% (SIFMA Municipal Swap Index + 0.43%), 11/01/2031
    
12,500,000
      
12,398,268
  
5.00%, 11/15/2038
    
1,250,000
      
1,341,554
  
Miami Beach Florida Health Facilities Authority, 5.00%, 11/15/2039
    
4,455,000
      
4,473,317
  
Michigan Finance Authority, 5.00%, 07/01/2037
    
5,000,000
      
5,007,771
  
Montana Board of Housing, 4.90%, 12/01/2042
    
1,000,000
      
1,050,059
  
Nebraska Investment Finance Authority, 4.35%, 09/01/2043
    
2,500,000
      
2,455,913
  
Nevada Housing Division, 5.00%, 12/01/2025  (b)
    
2,775,000
      
2,786,739
  
New Hampshire Housing Finance Authority, 4.65%, 07/01/2047
    
1,800,000
      
1,806,633
  
New Hope Texas Cultural Education Facilities Finance Corp., 5.50%, 07/01/2046  (d)
    
2,075,000
      
726,250
  
New Jersey Economic Development Authority
  
3.47%, 06/15/2027
    
1,000,000
      
959,040
  
4.89% (SIFMA Municipal Swap Index + 1.25%), 09/01/2025
    
6,910,000
      
6,921,153
  
New Jersey Housing & Mortgage Finance Agency, 1.60%, 10/01/2026
    
1,765,000
      
1,620,229
  
New York City New York Housing Development Corp., 2.60%, 11/01/2034
    
1,970,000
      
1,719,590
  
New York Liberty Development Corp., 3.13%, 09/15/2050
    
11,000,000
      
8,685,196
  
New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043
    
3,000,000
      
3,050,932
  
New York State Housing Finance Agency
  
1.60%, 11/01/2024
    
910,000
      
896,277
  
1.65%, 05/15/2039
    
1,273,456
      
933,769
  
North Dakota Housing Finance Agency, 4.60%, 07/01/2043
    
2,285,000
      
2,317,565
  
Ohio Water Development Authority Water Pollution Control Loan Fund, 3.55%, 12/01/2036  (b)
    
2,500,000
      
2,500,000
  
Portland Maine General Airport Revenue, 4.00%, 01/01/2038
    
1,500,000
      
1,508,638
  
Public Finance Authority, 4.00%, 08/01/2059  (e)
    
4,000,000
      
3,951,665
  
San Francisco California Public Utilities Commission Wastewater Revenue, 5.00%, 10/01/2034
    
7,775,000
      
8,013,277
  
South Carolina Jobs-Economic Development Authority, 4.04%, 05/01/2061  (b)
    
1,000,000
      
1,000,000
  
Tampa Florida, 5.25%, 05/01/2043
    
5,000,000
      
5,304,207
  
Utah Housing Corp.
  
3.00%, 01/21/2052
    
1,823,779
      
1,603,345
  
4.50%, 06/21/2052
    
4,560,735
      
4,481,717
  
5.00%, 08/01/2025  (b)
    
1,957,000
      
1,960,331
  
5.00%, 10/21/2052
    
2,426,274
      
2,449,944
  
Vermont Educational & Health Buildings Financing Agency, 3.94%, 12/01/2030  (b)
    
1,450,000
      
1,450,000
  
Virginia Small Business Financing Authority, 4.00%, 01/01/2036
    
2,250,000
      
2,213,434
  
Wisconsin Housing & Economic Development Authority, 5.00%, 02/01/2058  (b)
    
5,000,000
      
5,126,517
  
           
215,378,022
  
TOTAL MUNICIPAL BONDS (Cost $285,634,504)
      
275,497,207
  
                 
SHORT-TERM INVESTMENTS - 1.2%
                
Money Market Funds - 1.2%
  
Shares
          
First American Government Obligations Fund - Class Z, 5.19%(f)
    
3,345,382
      
3,345,382
  
TOTAL SHORT-TERM INVESTMENTS (Cost $3,345,382)
      
3,345,382
  
                 
TOTAL INVESTMENTS - 96.9% (Cost $288,979,886)
    
$
278,842,589
  
Other Assets in Excess of Liabilities - 3.1%
      
9,018,224
  
TOTAL NET ASSETS - 100.0%
          
$
287,860,813
  
               
Percentages are stated as a percent of net assets.
          

(a)
Zero-coupon bond. The rate shown is the effective yield as of March 31, 2024.
(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 March 31, 2024.
(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)
Step coupon bond. The rate disclosed is as of March 31, 2024.
(f)
The rate shown represents the 7-day effective yield as of March 31, 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).

   
Level 1
    
Level 2
    
Level 3
  
Municipal Bonds
  
$
–
    
$
275,497,207
    
$
–
  
                         
Money Market Funds
    
3,345,382
      
–
      
–
  
                         
Total Investments
  
$
3,345,382
    
$
275,497,207
    
$
–