Brown Advisory Equity Income Fund | |||||||
Schedule of Investments | |||||||
September 30, 2022 (Unaudited) | |||||||
Shares | Security Description | Value $ | |||||
Common Stocks - 90.2% | |||||||
Communication Services - 2.0% | |||||||
48,183 | Comcast Corp. | 1,413,207 | |||||
Consumer Discretionary - 11.1% | |||||||
14,119 | Best Buy Co., Inc. | 894,298 | |||||
6,443 | Home Depot, Inc. | 1,777,881 | |||||
7,103 | Lowe's Companies, Inc. | 1,334,014 | |||||
8,643 | McDonald's Corp. | 1,994,286 | |||||
11,683 | Target Corp. | 1,733,640 | |||||
7,734,119 | |||||||
Consumer Staples - 4.4% | |||||||
15,474 | Procter & Gamble Co. | 1,953,593 | |||||
25,168 | Unilever PLC ADR | 1,103,365 | |||||
3,056,958 | |||||||
Energy - 3.4% | |||||||
41,791 | Baker Hughes Co. | 875,939 | |||||
89,017 | Kinder Morgan, Inc. | 1,481,243 | |||||
2,357,182 | |||||||
Financials - 14.4% | |||||||
9,730 | Ameriprise Financial, Inc. | 2,451,473 | |||||
49,076 | Bank of America Corp. | 1,482,095 | |||||
22,798 | Blackstone, Inc. | 1,908,193 | |||||
10,079 | Chubb Ltd. | 1,833,169 | |||||
14,232 | JPMorgan Chase & Co. | 1,487,244 | |||||
8,307 | T. Rowe Price Group, Inc. | 872,318 | |||||
10,034,492 | |||||||
Health Care - 20.4% | |||||||
16,742 | AbbVie, Inc. | 2,246,944 | |||||
23,820 | CVS Health Corp. | 2,271,713 | |||||
17,519 | Gilead Sciences, Inc. | 1,080,747 | |||||
7,051 | Johnson & Johnson | 1,151,851 | |||||
14,258 | Medtronic PLC | 1,151,333 | |||||
33,847 | Merck & Co., Inc. | 2,914,904 | |||||
19,291 | Novartis AG ADR | 1,466,309 | |||||
3,869 | UnitedHealth Group, Inc. | 1,954,000 | |||||
14,237,801 | |||||||
Industrials - 6.5% | |||||||
6,482 | Cummins, Inc. | 1,319,152 | |||||
3,804 | L3Harris Technologies, Inc. | 790,585 | |||||
11,761 | Otis Worldwide Corp. | 750,352 | |||||
10,493 | United Parcel Service, Inc. | 1,695,039 | |||||
4,555,128 | |||||||
Information Technology - 21.6% | |||||||
5,279 | Accenture PLC | 1,358,287 | |||||
9,419 | Analog Devices, Inc. | 1,312,443 | |||||
29,953 | Apple, Inc. | 4,139,505 | |||||
11,671 | Automatic Data Processing, Inc. | 2,639,863 | |||||
42,257 | Cisco Systems, Inc. | 1,690,280 | |||||
16,924 | Microsoft Corp. | 3,941,600 | |||||
15,081,978 | |||||||
Materials - 3.8% | |||||||
17,765 | Dow, Inc. | 780,417 | |||||
7,090 | Linde PLC | 1,911,393 | |||||
2,691,810 | |||||||
Utilities - 2.6% | |||||||
26,136 | Dominion Energy, Inc. | 1,806,259 | |||||
Total Common Stocks (Cost $37,715,706) | 62,968,934 | ||||||
Preferred Stocks - 1.4% | |||||||
Financials - 0.6% | |||||||
7,155 | KKR & Co., Inc. - Series C, 6.00% | 389,375 | |||||
Health Care - 0.8% | |||||||
12,214 | Becton, Dickinson & Co. Depositary Shares^ | 575,768 | |||||
Total Preferred Stocks (Cost $989,789) | 965,143 | ||||||
Real Estate Investment Trusts - 5.1% | |||||||
7,129 | American Tower Corp. | 1,530,596 | |||||
26,692 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 798,892 | |||||
17,454 | W.P. Carey, Inc. | 1,218,289 | |||||
Total Real Estate Investment Trusts (Cost $2,625,592) | 3,547,777 | ||||||
Short-Term Investments - 3.6% | |||||||
Money Market Funds - 3.6% | |||||||
2,511,824 | First American Government Obligations Fund - Class Z, 2.74%# | 2,511,824 | |||||
Total Short-Term Investments (Cost $2,511,824) | 2,511,824 | ||||||
Total Investments - 100.3% (Cost $43,842,911) | 69,993,678 | ||||||
Liabilities in Excess of Other Assets - (0.3)% | (185,323 | ) | |||||
NET ASSETS - 100.0% | $ | 69,808,355 |
ADR - American Depositary Receipt | ||||
^ Each depositary share represents 1/20th interest in a share of Becton, Dickinson and Co. 6.00% Mandatory Convertible Preferred Stock, Series B. Each outstanding depositary share will automatically convert on June 1, 2023 into a number of shares of common stock. Refer to the company's filings at sec.gov for additional information. | ||||
# Annualized seven-day yield as of the date of this report. | ||||
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). | ||||
As of the date of this report, all of the Fund's investments were categorized as Level 1 securities. | ||||
The Global Industry Classification Standard (GICS®) was developed by and 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 the Fund's Administrator, U.S. Bancorp Fund Services, LLC. | ||||