Brown Advisory Sustainable Value Fund
  
Schedule of Investments
  
March 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.1%
  
Shares
    
Value
  
Communication Services - 9.9%
        
Alphabet, Inc. - Class C(a)
    
7,089
    
$
1,079,371
  
Comcast Corp. - Class A
    
69,877
      
3,029,168
  
Nexstar Media Group, Inc.
    
6,933
      
1,194,487
  
T-Mobile US, Inc.
    
18,567
      
3,030,505
  
             
8,333,531
  
                 
Consumer Discretionary - 5.2%
          
Best Buy Co., Inc.
    
14,502
      
1,189,599
  
Expedia Group, Inc.(a)
    
9,700
      
1,336,175
  
Wyndham Hotels & Resorts, Inc.
    
23,819
      
1,828,108
  
             
4,353,882
  
                 
Consumer Staples - 4.7%
          
Kenvue, Inc.
    
60,641
      
1,301,356
  
Unilever PLC - ADR
    
53,293
      
2,674,776
  
             
3,976,132
  
                 
Energy - 6.5%
          
ChampionX Corp.
    
71,994
      
2,583,865
  
Schlumberger NV
    
51,710
      
2,834,225
  
             
5,418,090
  
                 
Financials - 18.2%
          
American International Group, Inc.
    
33,117
      
2,588,756
  
Ameriprise Financial, Inc.
    
2,566
      
1,125,037
  
Assurant, Inc.
    
5,439
      
1,023,837
  
Bank of America Corp.
    
77,590
      
2,942,213
  
Fidelity National Information Services, Inc.
    
45,450
      
3,371,481
  
KKR & Co., Inc.
    
19,444
      
1,955,678
  
Morgan Stanley
    
10,421
      
981,241
  
Willis Towers Watson PLC
    
4,434
      
1,219,350
  
             
15,207,593
  
                 
Health Care - 16.7%
          
AbbVie, Inc.
    
6,536
      
1,190,206
  
Bio-Rad Laboratories, Inc. - Class A(a)
    
3,383
      
1,170,078
  
Cardinal Health, Inc.
    
21,782
      
2,437,405
  
Centene Corp.(a)
    
15,680
      
1,230,566
  
Elevance Health, Inc.
    
3,811
      
1,976,156
  
Gilead Sciences, Inc.
    
13,934
      
1,020,666
  
Laboratory Corp. of America Holdings
    
7,580
      
1,655,927
  
Medtronic PLC
    
20,352
      
1,773,677
  
Merck & Co., Inc.
    
12,182
      
1,607,415
  
             
14,062,096
  
                 
Industrials - 13.1%
          
Ferguson PLC
    
18,366
      
4,011,685
  
Masco Corp.
    
23,037
      
1,817,159
  
Pentair PLC
    
11,528
      
984,952
  
Trane Technologies PLC
    
9,238
      
2,773,248
  
Waste Connections, Inc.
    
8,351
      
1,436,456
  
             
11,023,500
  
                 
Information Technology - 10.7%
          
Applied Materials, Inc.
    
5,943
      
1,225,625
  
Cisco Systems, Inc.
    
23,105
      
1,153,171
  
Dell Technologies, Inc. - Class C
    
14,917
      
1,702,179
  
Micron Technology, Inc.
    
12,598
      
1,485,178
  
NXP Semiconductors NV
    
6,791
      
1,682,606
  
TD SYNNEX Corp.
    
15,375
      
1,738,912
  
             
8,987,671
  
                 
Materials - 4.5%
          
CRH PLC
    
44,063
      
3,800,874
  
                 
Real Estate - 1.6%
          
CBRE Group, Inc. - Class A(a)
    
13,539
      
1,316,532
  
                 
Utilities - 5.0%
          
Constellation Energy Corp.
    
22,763
      
4,207,741
  
TOTAL COMMON STOCKS (Cost $64,750,230)
      
80,687,642
  
                 
SHORT-TERM INVESTMENTS - 3.8%
                
Money Market Funds - 3.8%
                
First American Government Obligations Fund - Class Z, 5.19%(b)
    
3,205,782
      
3,205,782
  
TOTAL SHORT-TERM INVESTMENTS (Cost $3,205,782)
      
3,205,782
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $67,956,012)
    
$
83,893,424
  
Other Assets in Excess of Liabilities - 0.1%
      
117,226
  
TOTAL NET ASSETS - 100.0%
          
$
84,010,650
  
               
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
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).

Brown Advisory Sustainable Value Fund
  
   
Level 1
    
Level 2
    
Level 3
  
                   
  Common Stocks
    
80,687,642
      
–
      
–
  
  Money Market Funds
    
3,205,782
      
–
      
–
  
Total Investments
    
83,893,424
      
–
      
–
  
                         
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.