Brown Advisory Sustainable Growth Fund
Schedule of Investments
September 30, 2019 (Unaudited)
Shares		Security Description	Value $
Common Stocks - 92.6%
Communication Services - 3.8%
	52,463	Alphabet, Inc. - Class A*		64,064,668
Consumer Discretionary - 15.0%
	38,563	Amazon.com, Inc.*		66,941,897
	450,647	Aptiv PLC		39,395,561
	468,135	Etsy, Inc.*		26,449,628
	173,084	Home Depot, Inc.		40,158,950
	284,289	Marriott International, Inc.		35,357,023
	777,983	TJX Companies, Inc.		43,364,772
				251,667,831
Consumer Staples - 2.1%
	590,101	Unilever NV ADR		35,423,763
Health Care - 24.5%
	562,748	Danaher Corp.		81,277,694
	213,441	Edwards Lifesciences Corp.*		46,937,810
	153,803	IDEXX Laboratories, Inc.*		41,823,650
	148,870	Illumina, Inc.*		45,289,231
	38,563	Mettler-Toledo International, Inc.*		27,163,777
	227,341	Thermo Fisher Scientific, Inc.		66,217,613
	256,039	UnitedHealth Group, Inc.		55,642,395
	314,780	West Pharmaceutical Services, Inc.		44,642,100
				408,994,270
Industrials - 8.6%
	551,538	Fortive Corp.		37,813,445
	287,876	Nordson Corp.		42,104,744
	401,771	Verisk Analytics, Inc.		63,536,066
				143,454,255
Information Technology - 33.0%
	164,565	Adobe, Inc.*		45,461,081
	243,036	Analog Devices, Inc.		27,154,412
	318,368	Aspen Technology, Inc.*		39,184,733
	306,261	Autodesk, Inc.*		45,234,750
	263,214	Intuit, Inc.		69,999,131
	1,514,264	Marvell Technology Group, Ltd.		37,811,172
	606,692	Microsoft Corp.		84,348,389
	259,462	Monolithic Power Systems, Inc.		40,380,071
	292,808	salesforce.com, Inc.*		43,464,420
	172,331	Tyler Technologies, Inc.*		45,236,888
	423,743	Visa, Inc.		72,888,033
				551,163,080
Materials - 5.6%
	554,229	Ball Corp.		40,353,414
	271,733	Ecolab, Inc.		53,814,003
				94,167,417
Total Common Stocks (Cost $1,193,873,503)				1,548,935,284
Real Estate Investment Trusts - 4.7%
	356,482	American Tower Corp.		78,828,864
Total Real Estate Investment Trusts (Cost $52,182,933)				78,828,864
Short-Term Investments - 2.5%
Money Market Funds - 2.5%
	42,509,611	First American Government Obligations Fund - Class Z, 1.83%#		42,509,611
Total Short-Term Investments (Cost $42,509,611)				42,509,611
Total Investments - 99.8% (Cost $1,288,566,047)				1,670,273,759
Other Assets in Excess of Liabilities - 0.2%				2,822,160
NET ASSETS - 100.0%			$	1,673,095,919
* Non-Income Producing
# Annualized seven-day yield as of the date of this report.
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).
As of the date of this report, all of the Fund's investments were categorized as Level 1 securities.
The Global Industry Classification Standard (GICS®) was developed by and is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC ('S&P'). (GICS®) is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.