Brown Advisory Global Leaders Fund | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 99.0% | Shares | Value | ||||||
Brazil - 1.8% | ||||||||
B3 S.A. - Brasil Bolsa Balcao | 10,335,993 | $ | 25,230,553 | |||||
Total Brazil | 25,230,553 | |||||||
China - 2.8% | ||||||||
AIA Group, Ltd. | 4,963,644 | 40,141,719 | ||||||
Total China | 40,141,719 | |||||||
Denmark - 2.4% | ||||||||
Coloplast A/S - Class A | 322,212 | 34,095,512 | ||||||
Total Denmark | 34,095,512 | |||||||
France - 3.4% | ||||||||
Safran S.A. | 311,691 | 48,844,860 | ||||||
Total France | 48,844,860 | |||||||
Germany - 6.0% | ||||||||
CTS Eventim AG & Co. KGaA | 514,626 | 29,212,015 | ||||||
Deutsche Boerse AG | 335,725 | 57,978,631 | ||||||
Total Germany | 87,190,646 | |||||||
India - 3.1% | ||||||||
HDFC Bank, Ltd. | 2,449,332 | 44,920,541 | ||||||
Total India | 44,920,541 | |||||||
Indonesia - 2.4% | ||||||||
Bank Rakyat Indonesia Persero Tbk PT | 100,586,264 | 33,971,292 | ||||||
Total Indonesia | 33,971,292 | |||||||
Netherlands - 4.7% | ||||||||
ASML Holding NV | 54,742 | 32,224,426 | ||||||
Wolters Kluwer NV | 296,720 | 35,925,531 | ||||||
Total Netherlands | 68,149,957 | |||||||
Sweden - 1.8% | ||||||||
Atlas Copco AB | 2,170,465 | 25,383,701 | ||||||
Total Sweden | 25,383,701 | |||||||
�� | ||||||||
Switzerland - 3.0% | ||||||||
Roche Holding AG | 158,706 | 43,326,915 | ||||||
Total Switzerland | 43,326,915 | |||||||
Taiwan - 3.1% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 498,442 | 43,314,610 | ||||||
Total Taiwan | 43,314,610 | |||||||
United Kingdom - 7.7% | ||||||||
London Stock Exchange Group PLC | 513,189 | 51,435,156 | ||||||
Unilever PLC | 1,187,064 | 58,720,614 | ||||||
Total United Kingdom | 110,155,770 | |||||||
United States - 56.8% | ||||||||
Communication Services - 4.8% | ||||||||
Alphabet, Inc. - Class C(a) | 517,200 | 68,192,820 | ||||||
$ | – | |||||||
Consumer Discretionary - 4.8% | ||||||||
Booking Holdings, Inc.(a) | 10,389 | 32,039,157 | ||||||
TJX Cos., Inc. | 407,551 | 36,223,132 | ||||||
68,262,289 | ||||||||
Consumer Staples - 2.2% | ||||||||
Estee Lauder Cos., Inc. | 216,343 | 31,272,381 | ||||||
$ | – | |||||||
Financials - 13.7% | ||||||||
Charles Schwab Corp. | 610,732 | 33,529,187 | ||||||
Mastercard, Inc. - Class A | 150,350 | 59,525,069 | ||||||
Moody's Corp. | 125,446 | 39,662,262 | ||||||
Visa, Inc. - Class A | 276,473 | 63,591,554 | ||||||
196,308,072 | ||||||||
Health Care - 2.2% | ||||||||
Edwards Lifesciences Corp.(a) | 452,755 | 31,366,866 | ||||||
$ | – | |||||||
Industrials - 8.0% | ||||||||
Allegion PLC | 291,980 | 30,424,316 | ||||||
Ferguson PLC | 198,292 | 32,613,085 | ||||||
General Electric Co. | 460,106 | 50,864,718 | ||||||
113,902,119 | ||||||||
Information Technology - 18.8% | ||||||||
Adobe, Inc.(a) | 70,197 | 35,793,450 | ||||||
Autodesk, Inc.(a) | 146,526 | 30,317,695 | ||||||
Intuit, Inc. | 91,366 | 46,682,544 | ||||||
Marvell Technology, Inc. | 699,925 | 37,886,940 | ||||||
Microsoft Corp. | 377,252 | 119,117,320 | ||||||
269,797,949 | ||||||||
Materials - 2.3% | ||||||||
Sherwin-Williams Co. | 131,748 | 33,602,327 | ||||||
Total United States | 812,704,823 | |||||||
TOTAL COMMON STOCKS (Cost $1,115,941,902) | 1,417,430,899 | |||||||
SHORT-TERM INVESTMENTS - 1.4% | ||||||||
Money Market Funds - 1.4% | ||||||||
First American Government Obligations Fund - Class Z, 5.22%(b) | 20,603,855 | 20,603,855 | ||||||
Total Money Market Funds | 20,603,855 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $20,603,855) | 20,603,855 | |||||||
TOTAL INVESTMENTS - 100.4% (Cost $1,136,545,757) | 1,438,034,754 | |||||||
Liabilities in Excess of Other Assets - (0.4)% | (5,343,955 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 1,432,690,799 | ||||||
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 September 30, 2023. |
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 | |||||||||
Equities: | |||||||||||
Common Stocks | $ | 913,474,412 | $ | 503,956,487 | $ | – | |||||
Total Equities | 913,474,412 | 503,956,487 | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 20,603,855 | – | – | ||||||||
Total Short-Term Investments | 20,603,855 | – | – | ||||||||
Total Investments in Securities | $ | 934,078,267 | $ | 503,956,487 | $ | – | |||||
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 and S&P and has been licensed for use by U.S. Bank Global Fund Services. | |||||||||||