Brown Advisory Funds NPORTP Brown Advisory Small-Cap Fundamental Value Fund (Sep 2024 report)

Brown Advisory Small-Cap Fundamental Value Fund
Schedule of Investments
September 30, 2024 (Unaudited)

COMMON STOCKS - 88.0%	Shares		Value
Communication Services - 5.2%
Cable One, Inc.		49,908	$	17,457,319
IAC, Inc. ^(a)		245,242		13,198,925
Nexstar Media Group, Inc.		167,901		27,762,430
Shutterstock, Inc.		549,315		19,429,272
				77,847,946

Consumer Discretionary - 10.9%
La-Z-Boy, Inc.		422,067		18,119,336
Modine Manufacturing Co. ^(a)		373,812		49,638,495
Monarch Casino & Resort, Inc.		136,833		10,846,752
Monro, Inc.		443,220		12,791,329
Murphy USA, Inc.		27,102		13,357,763
Signet Jewelers Ltd.		390,655		40,292,157
Vista Outdoor, Inc. ^(a)		442,228		17,326,493
				162,372,325

Consumer Staples - 3.3%
Nomad Foods Ltd.		1,452,708		27,688,614
TreeHouse Foods, Inc. ^(a)		513,466		21,555,303
				49,243,917

Energy - 5.8%
Bristow Group, Inc. ^(a)		537,416		18,642,961
Expro Group Holdings NV ^(a)		501,257		8,606,583
Oceaneering International, Inc. ^(a)		981,064		24,399,062
REX American Resources Corp. ^(a)		377,036		17,452,996
Sitio Royalties Corp. - Class A		794,557		16,558,568
				85,660,170

Financials - 27.5%
Amalgamated Financial Corp.		504,034		15,811,547
Assured Guaranty Ltd.		332,498		26,440,241
Bancorp, Inc. ^(a)		943,269		50,464,891
Dime Community Bancshares, Inc.		597,679		17,213,155
Eastern Bankshares, Inc.		1,718,344		28,163,658
First Interstate BancSystem, Inc.		496,433		15,230,564
Hanover Insurance Group, Inc.		173,851		25,749,072
Horace Mann Educators Corp.		564,519		19,729,939
MGIC Investment Corp.		1,108,876		28,387,226
NCR Atleos Corp. ^(a)		1,412,288		40,292,577
Old National Bancorp		1,405,165		26,220,379
Pacific Premier Bancorp, Inc.		906,601		22,810,081
Peapack-Gladstone Financial Corp.		306,717		8,407,113
Peoples Bancorp, Inc.		472,305		14,211,657
Seacoast Banking Corp. of Florida		580,383		15,467,207
Virtus Investment Partners, Inc.		51,230		10,730,123
White Mountains Insurance Group Ltd.		12,229		20,742,830
WSFS Financial Corp.		440,906		22,481,797
				408,554,057

Health Care - 3.0%
Avanos Medical, Inc. ^(a)		1,026,908		24,676,599
Patterson Cos., Inc.		943,949		20,615,846
				45,292,445

Industrials - 13.8%
Albany International Corp. - Class A		254,166		22,582,649
Curtiss-Wright Corp.		81,637		26,833,266
EnPro Industries, Inc.		171,206		27,766,189
Kadant, Inc.		69,739		23,571,782
Leonardo DRS, Inc. ^(a)		387,907		10,946,736
Mueller Water Products, Inc. - Class A		734,734		15,943,728
Sensata Technologies Holding PLC		802,907		28,792,245
Tennant Co.		316,537		30,400,213
Thermon Group Holdings, Inc. ^(a)		615,418		18,364,073
				205,200,881

Information Technology - 6.1%
Bel Fuse, Inc. - Class A		108,943		10,832,202
Crane NXT Co.		318,285		17,855,789
CTS Corp.		442,756		21,420,535
NCR Voyix Corp. ^(a)		2,489,766		33,786,125
PC Connection, Inc.		83,951		6,332,424
				90,227,075

Materials - 6.3%
Eagle Materials, Inc.		182,774		52,574,941
Ingevity Corp. ^(a)		390,999		15,248,961
Orion S.A.		1,419,229		25,276,469
				93,100,371

Utilities - 6.1%
Portland General Electric Co.		403,889		19,346,283
Star Group L.P.		617,328		7,247,431
Talen Energy Corp. ^(a)		356,911		63,615,816
				90,209,530
TOTAL COMMON STOCKS (Cost $965,485,578)				1,307,708,717

REAL ESTATE INVESTMENT TRUSTS - 8.8%
Equity Commonwealth ^(a)		1,616,546		32,169,266
Essential Properties Realty Trust, Inc.		855,041		29,199,650
Getty Realty Corp.		384,388		12,227,382
Global Medical REIT, Inc.		832,896		8,253,999
Global Net Lease, Inc.		1,501,527		12,642,857
Ladder Capital Corp. - Class A		1,843,940		21,389,704
SITE Centers Corp.		239,209		14,472,145
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $106,335,630)				130,355,003

SHORT-TERM INVESTMENTS - 3.3%
Money Market Funds - 3.3%
First American Government Obligations Fund - Class Z, 4.78% ^(b)		48,940,436		48,940,436
TOTAL SHORT-TERM INVESTMENTS (Cost $48,940,436)				48,940,436

TOTAL INVESTMENTS - 100.1% (Cost $1,120,761,644)				1,487,004,156
Liabilities in Excess of Other Assets - (0.1)%				(807,496	)
TOTAL NET ASSETS - 100.0%			$	1,486,196,660

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

(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	$	1,307,708,717	$	–	$	–
Real Estate Investment Trusts		130,355,003		–		–
Money Market Funds		48,940,436		–		–
Total Investments	$	1,487,004,156	$	–	$	–

Brown Advisory Funds NPORT-PBrown Advisory Small-Cap Fundamental Value Fund (Sep 2024 report)