Brown Advisory - Beutel Goodman Large-Cap Value Fund
Schedule of Investments
September 30, 2023 (Unaudited)
COMMON STOCKS - 96.8%	Shares		Value
Communication Services - 10.4%
Comcast Corp.		1,197,795	$	53,110,230
Interpublic Group of Cos., Inc.		1,613,365		46,239,041
Omnicom Group, Inc.		884,802		65,900,053
Total Communication Services				165,249,324
Consumer Discretionary - 15.3%
eBay, Inc.		1,032,345		45,516,091
Gentex Corp.		1,352,180		43,999,937
Harley-Davidson, Inc.		1,688,164		55,810,702
Polaris, Inc.		485,550		50,565,177
Tempur Sealy International, Inc.		1,038,870		45,024,626
Total Consumer Discretionary				240,916,533
Consumer Staples - 10.1%
Campbell Soup Co.		1,161,620		47,719,350
Kellogg Co.		890,021		52,965,150
Kimberly-Clark Corp.		499,375		60,349,468
Total Consumer Staples				161,033,968
Financials - 15.6%
American Express Co.		417,420		62,274,890
Ameriprise Financial, Inc.		161,250		53,160,900
BlackRock, Inc.		74,765		48,334,825
Carlyle Group, Inc.		946,690		28,552,170
SEI Investments Co.		903,350		54,408,771
Total Financials				246,731,556
Health Care - 14.2%
Amgen, Inc.		327,785		88,095,497
Biogen, Inc. (a)		218,890		56,256,919
Cencora, Inc.		143,321		25,793,480
Merck & Co., Inc.		538,715		55,460,709
Total Health Care				225,606,605
Industrials - 13.9%
Cummins, Inc.		204,505		46,721,212
Flowserve Corp.		1,500,639		59,680,413
Masco Corp.		989,860		52,908,017
Parker-Hannifin Corp.		56,670		22,074,098
Westinghouse Air Brake Technologies Corp.		367,180		39,020,219
Total Industrials				220,403,959
Information Technology - 16.6%
Amdocs Ltd.		852,837		72,056,198
Gen Digital, Inc.		2,897,125		51,221,170
NetApp, Inc.		978,755		74,267,930
QUALCOMM, Inc.		607,240		67,440,074
Total Information Technology				264,985,372
Materials - 0.7%
PPG Industries, Inc.		90,540		11,752,092
Total Materials				11,752,092
TOTAL COMMON STOCKS (Cost $1,421,105,616)				1,536,679,409
SHORT-TERM INVESTMENTS - 3.0%
Money Market Funds - 3.0%
First American Government Obligations Fund - Class Z, 5.22% (b)		48,414,565		48,414,565
Total Money Market Funds				48,414,565
TOTAL SHORT-TERM INVESTMENTS (Cost $48,414,565)				48,414,565
TOTAL INVESTMENTS - 99.8% (Cost $1,469,520,181)				1,585,093,974
Other Assets in Excess of Liabilities - 0.2%				3,363,200
TOTAL NET ASSETS - 100.00%			$	1,588,457,174
Percentages are stated as a percent of net assets.

(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	$	1,536,679,409	$	–	$	–
Total Equities		1,536,679,409		–		–
Fixed Income Securities:
Short-Term Investments		48,414,565		–		–
Total Fixed Income Securities		48,414,565		–		–
Total Investments in Securities	$	1,585,093,974	$	–	$	–

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.