Brown Advisory Sustainable Growth Fund
Schedule of Investments
September 30, 2024 (Unaudited)
COMMON STOCKS - 98.8%	Shares		Value
Communication Services - 3.7%
Alphabet, Inc. - Class A		2,226,951	$	369,339,824
Consumer Discretionary - 10.6%
Airbnb, Inc. - Class A (a)		1,831,080		232,199,255
Amazon.com, Inc. (a)		3,382,765		630,310,602
Chipotle Mexican Grill, Inc. (a)		3,383,611		194,963,666
				1,057,473,523
Financials - 18.3%
Ares Management Corp.		1,275,593		198,788,413
Arthur J Gallagher & Co.		982,879		276,552,664
KKR & Co., Inc.		3,055,919		399,041,903
MSCI, Inc. - Class A		343,591		200,289,502
Progressive Corp.		1,433,547		363,776,887
Visa, Inc. - Class A		1,435,241		394,619,513
				1,833,068,882
Health Care - 12.8%
Agilent Technologies, Inc.		1,089,767		161,808,604
Danaher Corp.		1,221,860		339,701,517
IDEXX Laboratories, Inc. (a)		367,489		185,662,793
Intuitive Surgical, Inc (a)		219,337		107,753,688
Thermo Fisher Scientific, Inc.		444,544		274,981,582
West Pharmaceutical Services, Inc.		706,189		211,969,690
				1,281,877,874
Industrials - 10.8%
Fortive Corp.		3,514,858		277,427,742
General Electric Co.		564,133		106,384,201
Uber Technologies, Inc. (a)		4,094,034		307,707,595
Veralto Corp.		1,817,971		203,358,236
Verisk Analytics, Inc.		705,131		188,946,903
				1,083,824,677
Information Technology - 40.6%
Cadence Design Systems, Inc. (a)		866,225		234,772,962
Dynatrace, Inc. (a)		4,380,236		234,211,219
Gartner, Inc. (a)		339,547		172,068,838
Intuit, Inc.		707,036		439,069,356
KLA Corp.		275,211		213,126,150
Marvell Technology, Inc.		4,252,939		306,721,961
Microsoft Corp.		1,651,162		710,495,009
Monolithic Power Systems, Inc.		369,183		341,309,683
NVIDIA Corp.		6,337,044		769,570,623
ServiceNow, Inc. (a)		486,442		435,068,860
Workday, Inc. - Class A (a)		804,824		196,707,034
				4,053,121,695
Materials - 2.0%
Ecolab, Inc.		764,965		195,318,514
TOTAL COMMON STOCKS (Cost $5,842,098,411)				9,874,024,989
SHORT-TERM INVESTMENTS - 0.9%
Money Market Funds - 0.9%
First American Government Obligations Fund - Class Z, 4.78% (b)		90,976,543		90,976,543
TOTAL SHORT-TERM INVESTMENTS (Cost $90,976,543)				90,976,543
TOTAL INVESTMENTS - 99.7% (Cost $5,933,074,954)				9,965,001,532
Other Assets in Excess of Liabilities - 0.3%				31,045,196
TOTAL NET ASSETS - 100.0%			$	9,996,046,728
Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

The Global Industry Classification Standard ("GICS^®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") 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.

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).

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

	Level 1		Level 2		Level 3
Common Stocks	$	9,874,024,989	$	–	$	–
Money Market Funds		90,976,543		–		–
Total Investments	$	9,965,001,532	$	–	$	–