Brown Advisory Sustainable International Leaders Fund | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 97.6% | Shares | Value | ||||||
Brazil - 3.5% | ||||||||
B3 S.A. - Brasil Bolsa Balcao | 372,211 | $ | 908,581 | |||||
Total Brazil | 908,581 | |||||||
Canada - 4.6% | ||||||||
Waste Connections, Inc. | 8,812 | 1,183,173 | ||||||
Total Canada | 1,183,173 | |||||||
China - 3.6% | ||||||||
AIA Group, Ltd. | 114,474 | 925,768 | ||||||
Total China | 925,768 | |||||||
Denmark - 3.8% | ||||||||
Coloplast A/S - Class B | 9,440 | 998,912 | ||||||
Total Denmark | 998,912 | |||||||
Finland - 2.7% | ||||||||
Kone Oyj | 16,605 | 699,736 | ||||||
Total Finland | 699,736 | |||||||
France - 8.4% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,203 | 908,061 | ||||||
Safran S.A. | 8,185 | 1,282,665 | ||||||
Total France | 2,190,726 | |||||||
Germany - 7.8% | ||||||||
CTS Eventim AG & Co. KGaA | 15,402 | 874,273 | ||||||
Deutsche Boerse AG | 6,616 | 1,142,562 | ||||||
Total Germany | 2,016,835 | |||||||
India - 6.8% | ||||||||
HDFC Bank, Ltd. - ADR | 16,553 | 976,793 | ||||||
Tata Consultancy Services Ltd. | 18,562 | 785,956 | ||||||
Total India | 1,762,749 | |||||||
Indonesia - 3.2% | ||||||||
Bank Rakyat Indonesia Persero Tbk PT | 2,481,697 | 838,151 | ||||||
Total Indonesia | 838,151 | |||||||
Japan - 2.7% | ||||||||
Keyence Corp. | 1,888 | 698,231 | ||||||
Total Japan | 698,231 | |||||||
Mexico - 2.3% | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV | 36,295 | 595,902 | ||||||
Total Mexico | 595,902 | |||||||
Netherlands - 6.7% | ||||||||
ASML Holding NV | 1,098 | 646,448 | ||||||
Wolters Kluwer NV | 8,995 | 1,089,074 | ||||||
Total Netherlands | 1,735,522 | |||||||
Sweden - 3.9% | ||||||||
Atlas Copco AB | 85,744 | 1,002,781 | ||||||
Total Sweden | 1,002,781 | |||||||
Switzerland - 7.1% | ||||||||
Roche Holding AG | 3,216 | 877,972 | ||||||
Sika AG | 3,739 | 947,317 | ||||||
Total Switzerland | 1,825,289 | |||||||
United Kingdom - 24.0% | ||||||||
Compass Group PLC | 43,303 | 1,054,071 | ||||||
Experian PLC | 28,477 | 931,419 | ||||||
Howden Joinery Group PLC | 103,029 | 921,862 | ||||||
London Stock Exchange Group PLC | 11,192 | 1,121,735 | ||||||
Rentokil Initial PLC | 195,415 | 1,450,889 | ||||||
Unilever PLC | 15,193 | 751,554 | ||||||
Total United Kingdom | 6,231,530 | |||||||
United States - 6.5% | ||||||||
Booking Holdings, Inc. (a) | 314 | 968,360 | ||||||
NXP Semiconductors NV | 3,635 | 726,709 | ||||||
Total United States | 1,695,069 | |||||||
TOTAL COMMON STOCKS (Cost $24,458,627) | 25,308,955 | |||||||
SHORT-TERM INVESTMENTS - 4.3% | ||||||||
Money Market Funds - 4.3% | Shares | |||||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 1,127,870 | 1,127,870 | ||||||
Total Money Market Funds | 1,127,870 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,127,870) | 1,127,870 | |||||||
TOTAL INVESTMENTS - 101.9% (Cost $25,586,497) | 26,436,825 | |||||||
Liabilities in Excess of Other Assets - (1.9)% | (499,836 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 25,936,989 |
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 | $ | 5,359,518 | $ | 19,949,437 | $ | – | |||||
Total Equities | 5,359,518 | 19,949,437 | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 1,127,870 | – | – | ||||||||
Total Short-Term Investments | 1,127,870 | – | – | ||||||||
Total Investments in Securities | $ | 6,487,388 | $ | 19,949,437 | $ | – | |||||
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. |