NPORT-EX 2 sustainable-value.htm NPORT-EX

Brown Advisory Sustainable Value Fund
Schedule of Investments
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 95.0%
  
Shares
  
Value
Communication Services - 11.4%
Alphabet, Inc. - Class C (a)
  
7,914
  
$
  1,043,461
Comcast Corp.
  
52,218
  
   2,315,346
Nexstar Media Group, Inc.
  
5,530
  
   792,836
T-Mobile US, Inc.(a)
  
14,810
  
   2,074,141
Total Communication Services
      
   6,225,784
         
Consumer Discretionary - 6.1%
Best Buy Co., Inc.
  
10,773
  
   748,400
Expedia Group, Inc. (a)
  
8,764
  
   903,305
Wyndham Hotels & Resorts, Inc.
  
23,648
  
   1,644,483
Total Consumer Discretionary
      
   3,296,188
         
Consumer Staples - 5.8%
Kenvue, Inc.
  
43,052
  
   864,484
Unilever PLC - ADR
  
45,991
  
   2,271,955
Total Consumer Staples
      
   3,136,439
         
Energy - 7.2%
ChampionX Corp.
  
52,304
  
   1,863,068
Schlumberger NV
  
35,600
  
   2,075,480
Total Energy
      
   3,938,548
         
Financials - 15.3%
Ameriprise Financial, Inc.
  
2,765
  
   911,565
Assurant, Inc.
  
7,888
  
   1,132,559
Bank of America Corp.
  
65,334
  
   1,788,845
Charles Schwab Corp.
  
10,907
  
   598,794
Fidelity National Information Services, Inc.
  
34,307
  
   1,896,149
KKR & Co., Inc.
  
18,667
  
   1,149,887
Morgan Stanley
  
10,237
  
   836,056
Total Financials
      
   8,313,855
         
Health Care - 15.5%
AbbVie, Inc.
  
7,392
  
   1,101,852
Bio-Rad Laboratories, Inc. (a)
  
2,698
  
   967,098
Centene Corp. (a)
  
13,672
  
   941,727
Elevance Health, Inc.
  
2,096
  
   912,640
Gilead Sciences, Inc.
  
11,115
  
   832,958
Laboratory Corp. of America Holdings
  
4,627
  
   930,258
Medtronic PLC
  
19,483
  
   1,526,688
Merck & Co., Inc.
  
12,132
  
   1,248,990
Total Health Care
      
   8,462,211
         
Industrials - 13.2%
Ferguson PLC
  
14,650
  
   2,409,485
Lincoln Electric Holdings, Inc.
  
5,885
  
   1,069,835
Masco Corp.
  
18,941
  
   1,012,396
Trane Technologies PLC
  
7,981
  
   1,619,425
Waste Connections, Inc.
  
7,940
  
   1,066,342
Total Industrials
      
   7,177,483
         
Information Technology - 11.9%
Applied Materials, Inc.
  
4,741
  
   656,391
Cisco Systems, Inc.
  
34,562
  
   1,858,054
Cognizant Technology Solutions Corp. - Class A
  
11,489
  
   778,265
Micron Technology, Inc.
  
14,014
  
   953,372
NXP Semiconductors NV
  
5,417
  
   1,082,967
TD SYNNEX Corp.
  
11,335
  
   1,131,913
Total Information Technology
      
   6,460,962
         
Materials - 3.3%
CRH PLC
  
33,174
  
   1,815,613
Total Materials
      
   1,815,613
         
Real Estate - 1.5%
CBRE Group, Inc. (a)
  
10,799
  
   797,614
Total Real Estate
      
   797,614
         
Utilities - 3.8%
Constellation Energy Corp.
  
19,041
  
   2,076,992
Total Utilities
      
   2,076,992
TOTAL COMMON STOCKS (Cost $49,789,578)
      
 51,701,689
         
SHORT-TERM INVESTMENTS - 3.9%
        
Money Market Funds - 3.9%
      
 
First American Government Obligations Fund - Class Z, 5.22% (b)
  
2,115,407
  
   2,115,407
Total Money Market Funds
      
   2,115,407
TOTAL SHORT-TERM INVESTMENTS (Cost $2,115,407)
      
   2,115,407
         
TOTAL INVESTMENTS - 98.9% (Cost $51,904,985)
      
 53,817,096
Other Assets in Excess of Liabilities - 1.1%
      
609,162
TOTAL NET ASSETS - 100.0%
      
$
  54,426,258
 
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 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
  
$
51,701,689
    
$
–
    
$
–
Total Equities
    
51,701,689
      
–
      
–
                       
Short-Term Investments:
    
–
      
–
      
–
Money Market Funds
    
2,115,407
      
–
      
–
Total Short-Term Investments
    
2,115,407
      
–
      
–
                       
Total Investments in Securities
  
$
53,817,096
    
$
–
    
$
–
                       
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.