Brown Advisory Sustainable Growth Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
COMMON STOCKS - 95.0% | Shares | Value | |||
Communication Services - 4.2% | |||||
Alphabet, Inc. - Class A (a) | 2,469,142 | $ | 22 | ||
Total Communication Services | 323,111,922 | ||||
Consumer Discretionary - 11.2% | |||||
Amazon.com, Inc. (a) | 2,973,207 | 377,954,074 | |||
Chipotle Mexican Grill, Inc. (a) | 94,567 | 173,230,667 | |||
Home Depot, Inc. | 432,924 | 130,812,316 | |||
NIKE, Inc. - Class B | 1,785,486 | 170,728,171 | |||
Total Consumer Discretionary | 852,725,228 | ||||
Financials - 9.8% | |||||
Blackstone, Inc. | 1,731,696 | 185,533,910 | |||
MSCI, Inc. | 416,326 | 213,608,544 | |||
Visa, Inc. - Class A | 1,508,727 | 347,022,297 | |||
Total Financials | 746,164,751 | ||||
Health Care - 21.3% | |||||
Bio-Rad Laboratories, Inc. (a) | 395,618 | 141,809,272 | |||
Danaher Corp. | 1,228,498 | 304,790,354 | |||
Edwards Lifesciences Corp. (a) | 2,427,638 | 168,186,761 | |||
IDEXX Laboratories, Inc. (a) | 432,924 | 189,304,677 | |||
Thermo Fisher Scientific, Inc. | 490,184 | 248,116,435 | |||
UnitedHealth Group, Inc. | 741,784 | 374,000,075 | |||
West Pharmaceutical Services, Inc. | 538,769 | 202,151,517 | |||
Total Health Care | 1,628,359,091 | ||||
Industrials - 8.2% | |||||
Fortive Corp. | 2,685,170 | 199,132,207 | |||
Uber Technologies, Inc. (a) | 3,561,302 | 163,784,279 | |||
Verisk Analytics, Inc. | 1,130,657 | 267,106,410 | |||
Total Industrials | 630,022,896 | ||||
Information Technology - 38.4% | |||||
Adobe, Inc. (a) | 361,782 | 184,472,642 | |||
Analog Devices, Inc. | 811,237 | 142,039,486 | |||
Atlassian Corp. (a) | 778,876 | 156,951,303 | |||
Cadence Design Systems, Inc. (a) | 943,227 | 220,998,086 | |||
Dynatrace, Inc. (a) | 3,580,516 | 167,317,513 | |||
Gartner, Inc. (a) | 469,295 | 161,254,455 | |||
Intuit, Inc. | 689,729 | 352,410,135 | |||
Marvell Technology, Inc. | 3,055,805 | 165,410,725 | |||
Microsoft Corp. | 1,427,838 | 450,839,848 | |||
Monolithic Power Systems, Inc. | 408,632 | 188,787,984 | |||
NVIDIA Corp. | 1,065,392 | 463,434,866 | |||
ServiceNow, Inc. (a) | 498,860 | 278,842,786 | |||
Total Information Technology | 2,932,759,829 | ||||
Materials - 1.9% | |||||
Ecolab, Inc. | 854,569 | 144,763,988 | |||
Total Materials | 144,763,988 | ||||
TOTAL COMMON STOCKS (Cost $5,131,294,151) | 7,257,907,705 | ||||
REAL ESTATE INVESTMENT TRUSTS - 3.1% | |||||
Real Estate - 3.1% | |||||
American Tower Corp. | 1,447,996 | 238,122,942 | |||
Total Real Estate | 238,122,942 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $307,167,156) | 238,122,942 | ||||
SHORT-TERM INVESTMENTS - 1.7% | |||||
Money Market Funds - 1.7% | |||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 129,766,797 | 129,766,797 | |||
Total Money Market Funds | 129,766,797 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $129,766,797) | 129,766,797 | ||||
TOTAL INVESTMENTS - 99.8% (Cost $5,568,228,104) | 7,625,797,444 | ||||
Other Assets in Excess of Liabilities - 0.2% | 12,309,611 | ||||
TOTAL NET ASSETS - 100.0% | $ | 7,638,107,055 | |||
Percentages are stated as a percent of net assets. |
REIT - Real Estate Investment Trust |
(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 | $ | 7,257,907,705 | $ | – | $ | – | |||||
Real Estate Investment Trusts | 238,122,942 | – | – | ||||||||
Total Equities | 7,496,030,647 | – | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 129,766,797 | – | – | ||||||||
Total Short-Term Investments | 129,766,797 | – | – | ||||||||
Total Investments in Securities | $ | 7,625,797,444 | $ | – | $ | – | |||||
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. |