| Brown Advisory Sustainable Small-Cap Core Fund | ||||||||
| Schedule of Investments | ||||||||
| September 30, 2024 (Unaudited) | ||||||||
| COMMON STOCKS - 91.2% | Shares | Value | ||||||
| Communication Services - 2.7% | ||||||||
| Cable One, Inc. | 2,725 | $ | 953,178 | |||||
| Nexstar Media Group, Inc. | 8,524 | 1,409,443 | ||||||
2,362,621 | ||||||||
| Consumer Discretionary - 7.8% | ||||||||
Bright Horizons Family Solutions, Inc. (a) | 18,130 | 2,540,557 | ||||||
First Watch Restaurant Group, Inc. (a) | 47,007 | 733,309 | ||||||
TopBuild Corp. (a) | 3,479 | 1,415,292 | ||||||
Vista Outdoor, Inc. (a) | 19,676 | 770,906 | ||||||
| Wyndham Hotels & Resorts, Inc. | 16,410 | 1,282,277 | ||||||
6,742,341 | ||||||||
| Consumer Staples - 3.1% | ||||||||
| Nomad Foods Ltd. | 76,696 | 1,461,826 | ||||||
TreeHouse Foods, Inc. (a) | 29,283 | 1,229,300 | ||||||
2,691,126 | ||||||||
| Energy - 1.1% | ||||||||
| ChampionX Corp. | 32,298 | 973,785 | ||||||
| Financials - 20.6% | ||||||||
| Assurant, Inc. | 3,576 | 711,123 | ||||||
| Assured Guaranty Ltd. | 21,261 | 1,690,675 | ||||||
Bancorp, Inc. (a) | 47,892 | 2,562,222 | ||||||
| DigitalBridge Group, Inc. | 61,909 | 874,774 | ||||||
| Eastern Bankshares, Inc. | 100,586 | 1,648,605 | ||||||
| Horace Mann Educators Corp. | 32,395 | 1,132,205 | ||||||
| MGIC Investment Corp. | 82,591 | 2,114,330 | ||||||
NCR Atleos Corp. (a) | 55,550 | 1,584,841 | ||||||
| Old National Bancorp | 55,415 | 1,034,044 | ||||||
| Pacific Premier Bancorp, Inc. | 43,702 | 1,099,542 | ||||||
| Prosperity Bancshares, Inc. | 10,940 | 788,446 | ||||||
WEX, Inc. (a) | 7,287 | 1,528,302 | ||||||
| WSFS Financial Corp. | 20,720 | 1,056,513 | ||||||
17,825,622 | ||||||||
| Health Care - 18.0% | ||||||||
Accolade, Inc. (a) | 56,459 | 217,367 | ||||||
Ascendis Pharma A/S - ADR (a) | 7,712 | 1,151,479 | ||||||
BioAge Labs, Inc. (a) | 9,608 | 199,846 | ||||||
Biohaven Ltd. (a) | 11,327 | 566,010 | ||||||
Blueprint Medicines Corp. (a) | 9,490 | 877,825 | ||||||
Charles River Laboratories International, Inc. (a) | 2,861 | 563,531 | ||||||
Cytokinetics, Inc. (a) | 15,386 | 812,381 | ||||||
| Encompass Health Corp. | 18,981 | 1,834,324 | ||||||
Haemonetics Corp. (a) | 4,813 | 386,869 | ||||||
HealthEquity, Inc. (a) | 19,928 | 1,631,107 | ||||||
Immunome, Inc. (a) | 17,202 | 251,493 | ||||||
Inari Medical, Inc. (a) | 21,300 | 878,412 | ||||||
LifeStance Health Group, Inc. (a) | 77,353 | 541,471 | ||||||
NeoGenomics, Inc. (a) | 93,009 | 1,371,883 | ||||||
Neurocrine Biosciences, Inc. (a) | 6,836 | 787,644 | ||||||
OrthoPediatrics Corp. (a) | 24,064 | 652,375 | ||||||
Phreesia, Inc. (a) | 71,612 | 1,632,038 | ||||||
SI-BONE, Inc. (a) | 34,347 | 480,171 | ||||||
Vaxcyte, Inc. (a) | 6,978 | 797,376 | ||||||
15,633,602 | ||||||||
| Industrials - 19.1% | ||||||||
| Applied Industrial Technologies, Inc. | 5,431 | 1,211,819 | ||||||
AZEK Co., Inc. (a) | 31,138 | 1,457,259 | ||||||
| EnPro Industries, Inc. | 9,993 | 1,620,665 | ||||||
| Kadant, Inc. | 5,586 | 1,888,068 | ||||||
| Mueller Water Products, Inc. - Class A | 39,740 | 862,358 | ||||||
| Sensata Technologies Holding PLC | 32,955 | 1,181,766 | ||||||
SiteOne Landscape Supply, Inc. (a) | 5,934 | 895,500 | ||||||
SPX Technologies, Inc. (a) | 12,564 | 2,003,456 | ||||||
| Tennant Co. | 14,999 | 1,440,504 | ||||||
| Valmont Industries, Inc. | 6,475 | 1,877,426 | ||||||
| Woodward, Inc. | 4,581 | 785,687 | ||||||
| Zurn Elkay Water Solutions Corp. | 36,860 | 1,324,748 | ||||||
16,549,256 | ||||||||
| Information Technology - 13.7% | ||||||||
BlackLine, Inc. (a) | 3,112 | 171,596 | ||||||
| CTS Corp. | 30,887 | 1,494,313 | ||||||
Dynatrace, Inc. (a) | 14,899 | 796,650 | ||||||
| Entegris, Inc. | 6,836 | 769,255 | ||||||
Envestnet, Inc. (a) | 19,000 | 1,189,780 | ||||||
Infinera Corp. (a) | 167,598 | 1,131,286 | ||||||
| Littelfuse, Inc. | 4,562 | 1,210,070 | ||||||
NCR Voyix Corp. (a) | 67,457 | 915,391 | ||||||
Onto Innovation, Inc. (a) | 7,403 | 1,536,567 | ||||||
| Power Integrations, Inc. | 12,544 | 804,321 | ||||||
SiTime Corp. (a) | 3,421 | 586,736 | ||||||
Workiva, Inc. (a) | 16,217 | 1,283,089 | ||||||
11,889,054 | ||||||||
| Materials - 3.0% | ||||||||
| HB Fuller Co. | 20,952 | 1,663,170 | ||||||
Ingevity Corp. (a) | 24,895 | 970,905 | ||||||
2,634,075 | ||||||||
| Utilities - 2.1% | ||||||||
Talen Energy Corp. (a) | 10,399 | 1,853,518 | ||||||
TOTAL COMMON STOCKS (Cost $67,782,929) | 79,155,000 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 5.6% | ||||||||
| EastGroup Properties, Inc. | 7,190 | 1,343,236 | ||||||
Equity Commonwealth (a) | 63,011 | 1,253,919 | ||||||
| Essential Properties Realty Trust, Inc. | 40,880 | 1,396,052 | ||||||
| SITE Centers Corp. | 14,322 | 866,481 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,221,762) | 4,859,688 | |||||||
| SHORT-TERM INVESTMENTS - 3.2% | ||||||||
| Money Market Funds - 3.2% | ||||||||
First American Government Obligations Fund - Class Z, 4.78% (b) | 2,777,890 | 2,777,890 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,777,890) | 2,777,890 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $74,782,581) | 86,792,578 | |||||||
Liabilities in Excess of Other Assets - (0.0)% (c) | (38,700 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 86,753,878 | ||||||
| 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 annualized effective yield as of September 30, 2024. |
| (c) | Represents less than 0.05% of net assets. |
Level 1 | Level 2 | Level 3 | ||||||||||
| Common Stocks | $ | 79,155,000 | $ | – | $ | – | ||||||
| Real Estate Investment Trusts | 4,859,688 | – | – | |||||||||
| Money Market Funds | 2,777,890 | – | – | |||||||||
| Total Investments | $ | 86,792,578 | $ | – | $ | – | ||||||
