| Brown Advisory Growth Equity Fund | |
| Schedule of Investments | |
| September 30, 2024 (Unaudited) | |
| | |
| COMMON STOCKS - 97.3% | | Shares | | | Value | |
| Communication Services - 5.0% | | | | |
| Alphabet, Inc. - Class C | | | 266,276 | | | $ | 44,518,685 | |
Netflix, Inc. (a) | | | 15,571 | | | | 11,044,043 | |
| | | | | | | | 55,562,728 | |
| | | | | | | | | |
| Consumer Discretionary - 8.5% | | | | | |
Amazon.com, Inc. (a) | | | 276,005 | | | | 51,428,012 | |
| Hilton Worldwide Holdings, Inc. | | | 185,333 | | | | 42,719,256 | |
| | | | | | | | 94,147,268 | |
| | | | | | | | | |
| Consumer Staples - 4.4% | | | | | |
| Costco Wholesale Corp. | | | 54,791 | | | | 48,573,317 | |
| | | | | | | | | |
| Financials - 12.2% | | | | | |
| Mastercard, Inc. - Class A | | | 90,088 | | | | 44,485,454 | |
| Progressive Corp. | | | 184,457 | | | | 46,807,808 | |
| S&P Global, Inc. | | | 84,446 | | | | 43,626,493 | |
| | | | | | | | 134,919,755 | |
| | | | | | | | | |
| Health Care - 15.0% | | | | | |
Align Technology, Inc. (a) | | | 72,187 | | | | 18,358,598 | |
Intuitive Surgical, Inc. (a) | | | 92,229 | | | | 45,309,341 | |
| Thermo Fisher Scientific, Inc. | | | 43,001 | | | | 26,599,129 | |
Veeva Systems, Inc. - Class A (a) | | | 93,591 | | | | 19,641,943 | |
| West Pharmaceutical Services, Inc. | | | 54,384 | | | | 16,323,901 | |
| Zoetis, Inc. - Class A | | | 200,218 | | | | 39,118,593 | |
| | | | | | | | 165,351,505 | |
| | | | | | | | | |
| Industrials - 16.3% | | | | | |
| Cintas Corp. | | | 175,896 | | | | 36,213,468 | |
Generac Holdings, Inc. (a) | | | 108,086 | | | | 17,172,704 | |
| Trane Technologies PLC | | | 46,990 | | | | 18,266,423 | |
| TransDigm Group, Inc. | | | 25,489 | | | | 36,376,117 | |
Uber Technologies, Inc. (a) | | | 581,390 | | | | 43,697,272 | |
| Veralto Corp. | | | 247,694 | | | | 27,707,051 | |
| | | | | | | | 179,433,035 | |
| | | | | | | | | |
| Information Technology - 33.1% | | | | | |
Adobe, Inc. (a) | | | 49,130 | | | | 25,438,531 | |
Atlassian Corp. - Class A (a) | | | 36,106 | | | | 5,733,994 | |
Autodesk, Inc. (a) | | | 131,727 | | | | 36,288,154 | |
Cadence Design Systems, Inc. (a) | | | 91,937 | | | | 24,917,685 | |
| Intuit, Inc. | | | 65,377 | | | | 40,599,117 | |
| Marvell Technology, Inc. | | | 438,572 | | | | 31,629,813 | |
| Microsoft Corp. | | | 126,127 | | | | 54,272,448 | |
| NVIDIA Corp. | | | 426,995 | | | | 51,854,273 | |
| NXP Semiconductors NV | | | 81,527 | | | | 19,567,295 | |
ServiceNow, Inc. (a) | | | 48,741 | | | | 43,593,463 | |
Workday, Inc. - Class A (a) | | | 127,253 | | | | 31,101,906 | |
| | | | | | | | 364,996,679 | |
| | | | | | | | | |
| Real Estate - 2.8% | | | | | |
CoStar Group, Inc. (a) | | | 413,666 | | | | 31,206,963 | |
TOTAL COMMON STOCKS (Cost $527,774,146) | | | | 1,074,191,250 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.6% | | | | | | | | |
| Money Market Funds - 2.6% | | | | | | | | |
First American Government Obligations Fund - Class Z, 4.78% (b) | | | 28,591,218 | | | | 28,591,218 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $28,591,218) | | | | 28,591,218 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.9% (Cost $556,365,364) | | | | 1,102,782,468 | |
| Other Assets in Excess of Liabilities - 0.1% | | | | 1,428,245 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 1,104,210,713 | |
| | | | | | | | | |
| Percentages are stated as a percent of net assets. | | | | | |
| NV - Naamloze Vennootschap |
| PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized effective yield as of September 30, 2024. |
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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.
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).
| The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024: |
| | | Level 1 | | | Level 2 | | | Level 3 | |
| | | | | | | | | | |
| Common Stocks | | $ | 1,074,191,250 | | | $ | – | | | $ | – | |
| Money Market Funds | | | 28,591,218 | | | | – | | | | – | |
| Total Investments | | $ | 1,102,782,468 | | | $ | – | | | $ | – | |
