Brown Advisory Equity Income Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
COMMON STOCKS - 94.0% | Shares | Value | |||
Communication Services - 4.8% | |||||
Cogent Communications Holdings, Inc. | 22,573 | $ | 1,397,269 | ||
Comcast Corp. | 41,087 | 1,821,797 | |||
Total Communication Services | 3,219,066 | ||||
Consumer Discretionary - 8.6% | |||||
Best Buy Co., Inc. | 12,081 | 839,267 | |||
Home Depot, Inc. | 5,494 | 1,660,067 | |||
Lowe’s Cos., Inc. | 6,057 | 1,258,887 | |||
McDonald’s Corp. | 7,370 | 1,941,553 | |||
Total Consumer Discretionary | 5,699,774 | ||||
Consumer Staples - 7.8% | |||||
Kenvue, Inc. | 30,695 | 616,355 | |||
Procter & Gamble Co. | 13,195 | 1,924,623 | |||
Target Corp. | 9,963 | 1,101,609 | |||
Unilever PLC - ADR | 31,510 | 1,556,594 | |||
Total Consumer Staples | 5,199,181 | ||||
Energy - 3.8% | |||||
Baker Hughes Co. | 35,636 | 1,258,664 | |||
Kinder Morgan, Inc. | 75,907 | 1,258,538 | |||
Total Energy | 2,517,202 | ||||
Financials - 15.1% | |||||
Ameriprise Financial, Inc. | 6,223 | 2,051,598 | |||
Bank of America Corp. | 48,710 | 1,333,680 | |||
Blackstone, Inc. | 15,601 | 1,671,491 | |||
Chubb Ltd. | 8,595 | 1,789,307 | |||
JPMorgan Chase & Co. | 12,136 | 1,759,963 | |||
KKR & Co., Inc. | 7,138 | 439,701 | |||
Truist Financial Corp. | 34,533 | 987,989 | |||
Total Financials | 10,033,729 | ||||
Health Care - 18.7% | |||||
AbbVie, Inc. | 14,277 | 2,128,129 | |||
Becton Dickinson & Co. | 2,063 | 533,347 | |||
CVS Health Corp. | 20,312 | 1,418,184 | |||
Gilead Sciences, Inc. | 14,939 | 1,119,529 | |||
Medtronic PLC | 16,406 | 1,285,575 | |||
Merck & Co., Inc. | 25,596 | 2,635,108 | |||
Novartis AG - ADR | 16,450 | 1,675,597 | |||
UnitedHealth Group, Inc. | 3,299 | 1,663,323 | |||
Total Health Care | 12,458,792 | ||||
Industrials - 8.9% | |||||
Automatic Data Processing, Inc. | 9,952 | 2,394,252 | |||
Cummins, Inc. | 5,528 | 1,262,927 | |||
Otis Worldwide Corp. | 10,029 | 805,429 | |||
United Parcel Service, Inc. - Class B | 9,334 | 1,454,891 | |||
Total Industrials | 5,917,499 | ||||
Information Technology - 20.0% | |||||
Accenture PLC - Class A | 4,501 | 1,382,302 | |||
Analog Devices, Inc. | 8,948 | 1,566,705 | |||
Apple, Inc. | 24,648 | 4,219,984 | |||
Cisco Systems, Inc. | 29,932 | 1,609,145 | |||
Microsoft Corp. | 14,431 | 4,556,588 | |||
Total Information Technology | 13,334,724 | ||||
Materials - 4.6% | |||||
Dow, Inc. | 15,148 | 781,031 | |||
Linde PLC | 6,046 | 2,251,228 | |||
Total Materials | 3,032,259 | ||||
Utilities - 1.7% | |||||
Dominion Energy, Inc. | 25,960 | 1,159,633 | |||
Total Utilities | 1,159,633 | ||||
TOTAL COMMON STOCKS (Cost $34,842,625) | 62,571,859 | ||||
REAL ESTATE INVESTMENT TRUSTS - 4.3% | |||||
Financials - 0.7% | |||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 22,761 | 482,533 | |||
Total Financials | 482,533 | ||||
Real Estate - 3.6% | |||||
American Tower Corp. | 7,635 | 1,255,576 | |||
WP Carey, Inc. | 20,576 | 1,112,750 | |||
Total Real Estate | 2,368,326 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,875,998) | 2,850,859 | ||||
SHORT-TERM INVESTMENTS - 2.0% | |||||
Money Market Funds - 2.0% | |||||
First American Government Obligations Fund - Class Z, 5.22% (a) | 1,299,275 | 1,299,275 | |||
Total Money Market Funds | 1,299,275 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,299,275) | 1,299,275 | ||||
TOTAL INVESTMENTS - 100.3% (Cost $39,017,898) | 66,721,993 | ||||
Liabilities in Excess of Other Assets - (0.3)% | (179,470) | ||||
TOTAL NET ASSETS - 100.00% | $ | 66,542,523 | |||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
REIT - Real Estate Investment Trust |
(a) | 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 | $ | 62,571,859 | $ | – | $ | – | |||||
Real Estate Investment Trusts | 2,850,859 | – | – | ||||||||
Total Equities | 65,422,718 | – | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 1,299,275 | – | – | ||||||||
Total Short-Term Investments | 1,299,275 | – | – | ||||||||
Total Investments in Securities | $ | 66,721,993 | $ | – | $ | – | |||||
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.