NPORT-EX 2 sustainable-smallcap.htm NPORT-EX

Brown Advisory Sustainable Small-Cap Core Fund
Schedule of Investments
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 89.0%
  
Shares
  
Value
Communication Services - 4.2%
Angi, Inc. (a)
  
90,810
  
$
  179,804
Cable One, Inc.
  
1,955
  
   1,203,576
Nexstar Media Group, Inc.
  
6,724
  
   964,020
Total Communication Services
      
   2,347,400
         
Consumer Discretionary - 7.0%
Bright Horizons Family Solutions, Inc. (a)
  
16,063
  
   1,308,492
Choice Hotels International, Inc.
  
4,130
  
   505,966
First Watch Restaurant Group, Inc. (a)
  
29,133
  
   503,710
TopBuild Corp. (a)
  
4,011
  
   1,009,168
Wyndham Hotels & Resorts, Inc.
  
8,580
  
   596,653
Total Consumer Discretionary
      
   3,923,989
         
Consumer Staples - 3.1%
Sprouts Farmers Market, Inc. (a)
  
14,043
  
   601,040
TreeHouse Foods, Inc. (a)
  
25,800
  
   1,124,364
Total Consumer Staples
      
   1,725,404
         
Financials - 18.2%
Assurant, Inc.
  
6,285
  
   902,400
Assured Guaranty Ltd.
  
18,138
  
   1,097,712
AvidXchange Holdings, Inc. (a)
  
75,525
  
   715,977
Bancorp, Inc. (a)
  
37,912
  
   1,307,964
Eastern Bankshares, Inc.
  
87,030
  
   1,091,356
MGIC Investment Corp.
  
73,310
  
   1,223,544
Pacific Premier Bancorp, Inc.
  
27,377
  
   595,724
Primerica, Inc.
  
3,292
  
   638,681
Prosperity Bancshares, Inc.
  
8,620
  
   470,480
UMB Financial Corp.
  
5,886
  
   365,226
WEX, Inc. (a)
  
5,747
  
   1,080,953
WSFS Financial Corp.
  
16,342
  
   596,483
Total Financials
      
 10,086,500
         
Health Care - 17.3%
Abcam PLC - ADR (a)
  
39,309
  
   889,563
Accolade, Inc. (a)
  
44,517
  
   470,990
Alignment Healthcare, Inc. (a)
  
46,313
  
   321,412
Arvinas, Inc. (a)
  
4,011
  
   78,776
Ascendis Pharma A/S - ADR (a)
  
6,086
  
   569,893
Blueprint Medicines Corp. (a)
  
7,483
  
   375,796
Charles River Laboratories International, Inc. (a)
  
2,255
  
   441,935
Encompass Health Corp.
  
14,107
  
   947,426
HealthEquity, Inc. (a)
  
16,502
  
   1,205,472
Inari Medical, Inc. (a)
  
12,232
  
   799,973
Karuna Therapeutics, Inc. (a)
  
2,434
  
   411,565
LifeStance Health Group, Inc. (a)
  
41,504
  
   285,132
NeoGenomics, Inc. (a)
  
62,675
  
   770,903

Neurocrine Biosciences, Inc. (a)
  
5,208
  
   585,900
OrthoPediatrics Corp. (a)
  
15,444
  
   494,208
Phreesia, Inc. (a)
  
25,980
  
   485,306
SI-BONE, Inc. (a)
  
27,077
  
   575,115
Total Health Care
      
   9,709,365
         
Industrials - 20.1%
AZEK Co., Inc. (a)
  
32,864
  
   977,375
Comfort Systems USA, Inc.
  
4,504
  
   767,527
EnPro Industries, Inc.
  
7,882
  
   955,220
Federal Signal Corp.
  
24,290
  
   1,450,842
Genpact Ltd.
  
14,666
  
   530,909
John Bean Technologies Corp.
  
1,417
  
   148,983
Kadant, Inc.
  
4,410
  
   994,676
Mueller Water Products, Inc.
  
95,698
  
   1,213,451
SiteOne Landscape Supply, Inc. (a)
  
2,774
  
   453,410
SPX Technologies, Inc. (a)
  
18,757
  
   1,526,819
Valmont Industries, Inc.
  
2,813
  
   675,711
Woodward, Inc.
  
5,507
  
   684,300
Zurn Elkay Water Solutions Corp.
  
26,918
  
   754,242
Total Industrials
      
 11,133,465
         
Information Technology - 13.9%
Aspen Technology, Inc. (a)
  
1,756
  
   358,681
BlackLine, Inc. (a)
  
10,895
  
   604,346
CTS Corp.
  
24,344
  
   1,016,119
Dynatrace, Inc. (a)
  
11,794
  
   551,134
Entegris, Inc.
  
3,039
  
   285,392
Envestnet, Inc. (a)
  
6,864
  
   302,222
Infinera Corp. (a)
  
99,629
  
   416,449
Littelfuse, Inc.
  
2,694
  
   666,280
Onto Innovation, Inc. (a)
  
14,666
  
   1,870,207
Power Integrations, Inc.
  
7,343
  
   560,344
Workiva, Inc. (a)
  
10,675
  
   1,081,805
Total Information Technology
      
   7,712,979
         
Materials - 3.7%
HB Fuller Co.
  
16,522
  
   1,133,575
Ingevity Corp. (a)
  
19,635
  
   934,822
Total Materials
      
   2,068,397
         
Real Estate - 1.5%
DigitalBridge Group, Inc.
  
48,807
  
   858,027
Total Real Estate
      
   858,027
TOTAL COMMON STOCKS (Cost $48,056,864)
      
 49,565,526
         
REAL ESTATE INVESTMENT TRUSTS - 3.7%
        
Financials - 0.7%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
  
19,315
  
   409,478
Total Financials
      
   409,478
         
Real Estate - 3.0%
EastGroup Properties, Inc.
  
5,168
  
   860,627
Essential Properties Realty Trust, Inc.
  
25,900
  
   560,217
W.P. Carey, Inc.
  
4,210
  
   227,677
Total Real Estate
      
   1,648,521
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,333,669)
      
   2,057,999
         
SHORT-TERM INVESTMENTS - 7.8%
        
Money Market Funds - 7.8%
      
 
First American Government Obligations Fund - Class Z, 5.22% (b)
  
4,329,874
  
   4,329,874
Total Money Market Funds
      
   4,329,874
TOTAL SHORT-TERM INVESTMENTS (Cost $4,329,874)
      
   4,329,874
         
TOTAL INVESTMENTS - 100.5% (Cost $54,720,407)
      
 55,953,399
Liabilities in Excess of Other Assets - (0.5)%
      
(265,734)
TOTAL NET ASSETS - 100.0%
      
$
 55,687,665
 
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.


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
  
$
49,565,526
    
$
–
    
$
–
Real Estate Investment Trusts
    
2,057,999
      
–
      
–
Total Equities
    
51,623,525
      
–
      
–
                       
Short-Term Investments:
    
–
      
–
      
–
Money Market Funds
    
4,329,874
      
–
      
–
Total Short-Term Investments
    
4,329,874
      
–
      
–
                       
Total Investments in Securities
  
$
55,953,399
    
$
–
    
$
–
                       

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.