Brown Advisory Sustainable International Leaders Fund
  
Schedule of Investments
  
March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.1%
  
Shares
    
Value
  
Brazil - 3.0%
        
B3 S.A. - Brasil Bolsa Balcao
    
457,251
    
$
1,094,033
  
                 
Canada - 5.0%
          
Waste Connections, Inc.
    
10,834
      
1,862,548
  
                 
China - 2.6%
          
AIA Group, Ltd.
    
142,272
      
957,003
  
                 
Denmark - 2.1%
          
Coloplast A/S - Class B
    
5,684
      
767,437
  
                 
Finland - 3.0%
          
Kone Oyj - Class B
    
23,610
      
1,099,925
  
                 
France - 9.9%
          
LVMH Moet Hennessy Louis Vuitton SE
    
1,789
      
1,609,742
  
Safran S.A.
    
9,020
      
2,042,782
  
             
3,652,524
  
                 
Germany - 9.7%
          
CTS Eventim AG & Co. KGaA
    
21,630
      
1,923,192
  
Deutsche Boerse AG
    
8,133
      
1,665,562
  
             
3,588,754
  
                 
India - 6.1%
          
HDFC Bank, Ltd. - ADR
    
23,171
      
1,296,881
  
Tata Consultancy Services, Ltd.
    
20,269
      
945,994
  
             
2,242,875
  
                 
Indonesia - 3.2%
          
Bank Rakyat Indonesia Persero Tbk PT
    
3,098,163
      
1,184,660
  
                 
Japan - 4.8%
          
Keyence Corp.
    
2,288
      
1,062,229
  
Shimano, Inc.
    
4,716
      
701,569
  
             
1,763,798
  
                 
Netherlands - 6.3%
          
ASML Holding NV
    
923
      
894,816
  
Wolters Kluwer NV
    
9,242
      
1,447,208
  
             
2,342,024
  
                 
Sweden - 3.2%
          
Atlas Copco AB - Class B
    
78,907
      
1,165,453
  
                 
Switzerland - 6.0%
          
Roche Holding AG
    
3,956
      
1,010,042
  
Sika AG
    
4,091
      
1,217,279
  
             
2,227,321
  
                 
United Kingdom - 24.7%
          
Compass Group PLC
    
53,207
      
1,560,700
  
Diageo PLC
    
33,361
      
1,234,429
  
Experian PLC
    
34,992
      
1,524,702
  
Howden Joinery Group PLC
    
126,573
      
1,448,902
  
London Stock Exchange Group PLC
    
14,949
      
1,788,706
  
Rentokil Initial PLC
    
272,260
      
1,618,724
  
             
9,176,163
  
                 
United States - 7.5%
          
Booking Holdings, Inc.
    
332
      
1,204,456
  
NXP Semiconductors NV
    
6,168
      
1,528,245
  
             
2,732,701
  
TOTAL COMMON STOCKS (Cost $29,962,157)
      
35,857,219
  
                 
SHORT-TERM INVESTMENTS - 2.2%
                
Money Market Funds - 2.2%
                
First American Government Obligations Fund - Class Z, 5.19%(a)
    
809,848
      
809,848
  
TOTAL SHORT-TERM INVESTMENTS (Cost $809,848)
      
809,848
  
                 
TOTAL INVESTMENTS - 99.3% (Cost $30,772,005)
    
$
36,667,067
  
Other Assets in Excess of Liabilities - 0.7%
      
242,293
  
TOTAL NET ASSETS - 100.0%
          
$
36,909,360
  
               
Percentages are stated as a percent of net assets.
  
   
ADR - American Depositary Receipt
  
PLC - Public Limited Company
  

(a)
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
  
Common Stocks
  
$
6,986,163
    
$
28,871,056
    
$
–
  
Money Market Funds
    
809,848
      
–
      
–
  
                         
Total Investments
  
$
7,796,011
    
$
28,871,056
    
$
–