|
Brown Advisory Mid-Cap Growth Fund
|
|||||
|
Schedule of Investments
|
|||||
|
September 30, 2023 (Unaudited)
|
|||||
|
COMMON STOCKS - 94.0%
|
Shares
|
Value
|
|||
|
Communication Services - 3.7%
|
|||||
|
Match Group, Inc. (a)
|
37,365
|
$ |
1,463,774 | ||
|
Pinterest, Inc. (a)
|
61,841
|
1,671,562
|
|||
|
Total Communication Services
|
3,135,336
|
||||
|
Consumer Discretionary - 9.6%
|
|||||
|
Bright Horizons Family Solutions, Inc. (a)
|
14,690
|
1,196,647
|
|||
|
Chipotle Mexican Grill, Inc. (a)
|
629
|
1,152,221
|
|||
|
Five Below, Inc. (a)
|
5,967
|
960,090
|
|||
|
Lululemon Athletica, Inc. (a)
|
3,244
|
1,250,919
|
|||
|
Pool Corp.
|
3,859
|
1,374,190
|
|||
|
Ross Stores, Inc.
|
19,823
|
2,239,008
|
|||
|
Total Consumer Discretionary
|
8,173,075
|
||||
|
Consumer Staples - 3.6%
|
|||||
|
Casey’s General Stores, Inc.
|
3,878
|
1,052,955
|
|||
|
Church & Dwight Co., Inc.
|
9,420
|
863,155
|
|||
|
Kenvue, Inc.
|
57,447
|
1,153,535
|
|||
|
Total Consumer Staples
|
3,069,645
|
||||
|
Financials - 6.4%
|
|||||
|
Jack Henry & Associates, Inc.
|
6,921
|
1,046,040
|
|||
|
KKR & Co., Inc.
|
20,961
|
1,291,198
|
|||
|
Tradeweb Markets, Inc.
|
18,474
|
1,481,615
|
|||
|
WEX, Inc. (a)
|
8,903
|
1,674,565
|
|||
|
Total Financials
|
5,493,418
|
||||
|
Health Care - 21.3%
|
|||||
|
agilon health, Inc. (a)
|
35,786
|
635,559
|
|||
|
Align Technology, Inc. (a)
|
3,891
|
1,188,000
|
|||
|
Alnylam Pharmaceuticals, Inc. (a)
|
6,233
|
1,103,864
|
|||
|
argenx SE - ADR (a)
|
2,251
|
1,106,659
|
|||
|
Ascendis Pharma A/S - ADR (a)
|
7,434
|
696,120
|
|||
|
Bio-Rad Laboratories, Inc. (a)
|
3,440
|
1,233,068
|
|||
|
Bio-Techne Corp.
|
12,699
|
864,421
|
|||
|
Dexcom, Inc. (a)
|
26,003
|
2,426,080
|
|||
|
Edwards Lifesciences Corp. (a)
|
26,878
|
1,862,108
|
|||
|
HealthEquity, Inc. (a)
|
18,197
|
1,329,291
|
|||
|
IDEXX Laboratories, Inc. (a)
|
2,516
|
1,100,171
|
|||
|
Inari Medical, Inc. (a)
|
18,335
|
1,199,109
|
|||
|
Insulet Corp. (a)
|
2,805
|
447,369
|
|||
|
Veeva Systems, Inc. - Class A (a)
|
9,153
|
1,862,178
|
|||
|
West Pharmaceutical Services, Inc.
|
3,035
|
1,138,762
|
|||
|
Total Health Care
|
18,192,759
|
||||
|
Industrials - 24.1%
|
|||||
|
Booz Allen Hamilton Holding Corp.
|
13,381
|
1,462,142
|
|||
|
Carlisle Cos., Inc.
|
5,488
|
1,422,819
|
|||
|
Cintas Corp.
|
4,596
|
2,210,722
|
|||
|
Copart, Inc. (a)
|
51,445
|
2,216,764
|
|||
|
Equifax, Inc.
|
6,070
|
1,111,903
|
|||
|
Generac Holdings, Inc. (a)
|
3,433
|
374,060
|
|||
|
Genpact Ltd.
|
49,023
|
1,774,633
|
|||
|
IDEX Corp.
|
3,057
|
635,917
|
|||
|
Paycom Software, Inc.
|
5,548
|
1,438,430
|
|||
|
Rentokil Initial PLC - ADR
|
32,184
|
1,192,417
|
|||
|
SiteOne Landscape Supply, Inc. (a)
|
7,608
|
1,243,528
|
|||
|
Verisk Analytics, Inc.
|
8,880
|
2,097,811
|
|||
|
Waste Connections, Inc.
|
24,858
|
3,338,429
|
|||
|
Total Industrials
|
20,519,575
|
||||
|
Information Technology - 20.9%
|
|||||
|
Atlassian Corp. (a)
|
4,500
|
906,795
|
|||
|
Autodesk, Inc. (a)
|
3,214
|
665,009
|
|||
|
Cadence Design Systems, Inc. (a)
|
2,004
|
469,537
|
|||
|
Crowdstrike Holdings, Inc. (a)
|
13,065
|
2,186,820
|
|||
|
Dynatrace, Inc. (a)
|
35,669
|
1,666,812
|
|||
|
Elastic NV (a)
|
4,476
|
363,630
|
|||
|
Fair Isaac Corp. (a)
|
2,081
|
1,807,411
|
|||
|
Gartner, Inc. (a)
|
5,782
|
1,986,753
|
|||
|
Guidewire Software, Inc. (a)
|
4,765
|
428,850
|
|||
|
HubSpot, Inc. (a)
|
925
|
455,563
|
|||
|
Keysight Technologies, Inc. (a)
|
6,798
|
899,443
|
|||
|
KLA Corp.
|
2,073
|
950,802
|
|||
|
Klaviyo, Inc. (a)
|
13,305
|
459,023
|
|||
|
Marvell Technology, Inc.
|
28,991
|
1,569,283
|
|||
|
Monolithic Power Systems, Inc.
|
1,720
|
794,640
|
|||
|
NXP Semiconductors NV
|
5,332
|
1,065,974
|
|||
|
Workday, Inc. (a)
|
5,112
|
1,098,313
|
|||
|
Total Information Technology
|
17,774,658
|
||||
|
Materials - 2.2%
|
|||||
|
Vulcan Materials Co.
|
9,112
|
1,840,806
|
|||
|
Total Materials
|
1,840,806
|
||||
|
Real Estate - 2.2%
|
|||||
|
CoStar Group, Inc. (a)
|
23,901
|
1,837,748
|
|||
|
Total Real Estate
|
1,837,748
|
||||
|
TOTAL COMMON STOCKS (Cost $66,304,560)
|
80,037,020
|
||||
|
REAL ESTATE INVESTMENT TRUSTS - 1.7%
|
|||||
|
Real Estate - 1.7%
|
|||||
|
SBA Communications Corp.
|
7,253
|
1,451,833
|
|||
|
Total Real Estate
|
1,451,833
|
||||
|
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,418,648)
|
1,451,833
|
||||
|
SHORT-TERM INVESTMENTS - 4.0%
|
|||||
|
Money Market Funds - 4.0%
|
|
||||
|
First American Government Obligations Fund - Class Z, 5.22% (b)
|
3,427,464
|
3,427,464
|
|||
|
Total Money Market Funds
|
3,427,464
|
||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $3,427,464)
|
3,427,464
|
||||
|
TOTAL INVESTMENTS - 99.7% (Cost $71,150,672)
|
84,916,317
|
||||
|
Other Assets in Excess of Liabilities - 0.3%
|
273,450
|
||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
85,189,767 | |||
|
Percentages are stated as a percent of net assets.
|
|||||
|
ADR - American Depositary Receipt
|
|
PLC - Public Limited Company
|
|
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.
|
|
Level 1
|
Level 2
|
Level 3
|
|||||||||
|
Equities:
|
|||||||||||
|
Common Stocks
|
$
|
80,037,020
|
$
|
–
|
$
|
–
|
|||||
|
Real Estate Investment Trusts
|
1,451,833
|
–
|
–
|
||||||||
|
Total Equities
|
81,488,853
|
–
|
–
|
||||||||
|
Short-Term Investments:
|
–
|
–
|
–
|
||||||||
|
Money Market Funds
|
3,427,464
|
–
|
–
|
||||||||
|
Total Short-Term Investments
|
3,427,464
|
–
|
–
|
||||||||
|
Total Investments in Securities
|
$
|
84,916,317
|
$
|
–
|
$
|
–
|
|||||
|
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.
|
|||||||||||