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

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

COMMON STOCKS - 96.7%	Shares		Value
Communication Services - 3.2%
Cogent Communications Holdings, Inc.		360,978	$	27,405,450
Take-Two Interactive Software, Inc. ^(a)		148,661		22,850,682
				50,256,132

Consumer Discretionary - 6.9%
Bright Horizons Family Solutions, Inc. ^(a)		515,710		72,266,442
First Watch Restaurant Group, Inc. ^(a)		494,431		7,713,124
Mister Car Wash, Inc. ^(a)		3,501,669		22,795,865
TopBuild Corp. ^(a)		14,934		6,075,301
				108,850,732

Consumer Staples - 2.5%
Casey's General Stores, Inc.		104,714		39,342,097

Energy - 4.0%
Cactus, Inc. - Class A		154,435		9,215,136
ChampionX Corp.		1,252,024		37,748,524
Oceaneering International, Inc. ^(a)		674,479		16,774,293
				63,737,953

Financials - 5.8%
DigitalBridge Group, Inc.		619,680		8,756,079
Houlihan Lokey, Inc.		57,662		9,111,749
Prosperity Bancshares, Inc.		671,176		48,371,654
WEX, Inc. ^(a)		118,927		24,942,560
				91,182,042

Health Care - 25.0%
Accolade, Inc. ^(a)		1,442,847		5,554,961
Ascendis Pharma A/S - ADR ^(a)		111,210		16,604,765
BioAge Labs, Inc. ^(a)		95,480		1,985,984
Biohaven Ltd. ^(a)		242,921		12,138,762
Bio-Techne Corp.		294,310		23,524,198
Blueprint Medicines Corp. ^(a)		144,566		13,372,355
Bruker Corp.		470,930		32,522,426
Cytokinetics, Inc. ^(a)		305,746		16,143,389
Encompass Health Corp.		390,118		37,701,003
Establishment Labs Holdings, Inc. ^(a)		526,858		22,797,146
Haemonetics Corp. ^(a)		111,621		8,972,096
HealthEquity, Inc. ^(a)		489,335		40,052,070
Immunome, Inc. ^(a)		188,492		2,755,753
Inari Medical, Inc. ^(a)		437,821		18,055,738
LifeStance Health Group, Inc. ^(a)		1,840,253		12,881,771
NeoGenomics, Inc. ^(a)		1,773,826		26,163,933
Neurocrine Biosciences, Inc. ^(a)		235,607		27,146,639
OrthoPediatrics Corp. ^(a)		467,008		12,660,587
Phreesia, Inc. ^(a)		1,484,334		33,827,972
SI-BONE, Inc. ^(a)		1,228,366		17,172,557
Vaxcyte, Inc. ^(a)		106,572		12,177,982
				394,212,087

Industrials - 26.7%
Applied Industrial Technologies, Inc.		93,108		20,775,188
AZEK Co., Inc. ^(a)		90,984		4,258,051
Casella Waste Systems, Inc. - Class A ^(a)		311,519		30,993,025
Curtiss-Wright Corp.		99,063		32,561,017
EnPro, Inc.		114,970		18,645,835
Fluor Corp. ^(a)		742,847		35,441,230
FTI Consulting, Inc. ^(a)		77,642		17,668,213
IDEX Corp.		72,532		15,558,114
Kadant, Inc.		45,906		15,516,228
MSA Safety, Inc.		153,558		27,231,976
Mueller Water Products, Inc. - Class A		740,605		16,071,128
Rentokil Initial PLC - ADR		976,478		24,343,597
SiteOne Landscape Supply, Inc. ^(a)		102,538		15,474,010
SPX Technologies, Inc. ^(a)		108,273		17,265,213
Valmont Industries, Inc.		145,465		42,177,577
Waste Connections, Inc.		249,879		44,683,363
Woodward, Inc.		116,991		20,065,126
Zurn Elkay Water Solutions Corp.		648,085		23,292,175
				422,021,066

Information Technology - 19.8%
BlackLine, Inc. ^(a)		126,557		6,978,353
CCC Intelligent Solutions Holdings, Inc. ^(a)		3,386,238		37,417,930
Clear Secure, Inc. - Class A		484,977		16,072,138
Clearwater Analytics Holdings, Inc. - Class A ^(a)		249,321		6,295,355
Dynatrace, Inc. ^(a)		793,463		42,426,467
Entegris, Inc.		242,155		27,249,702
Envestnet, Inc. ^(a)		463,735		29,039,086
Guidewire Software, Inc. ^(a)		141,215		25,833,872
Infinera Corp. ^(a)		4,361,877		29,442,670
Lattice Semiconductor Corp. ^(a)		109,373		5,804,425
Littelfuse, Inc.		92,514		24,539,338
Power Integrations, Inc.		238,038		15,262,997
PROS Holdings, Inc. ^(a)		658,024		12,186,604
SiTime Corp. ^(a)		133,762		22,941,521
Workiva, Inc. ^(a)		144,054		11,397,552
				312,888,010

Materials - 2.8%
HB Fuller Co.		358,532		28,460,270
Quaker Chemical Corp.		94,309		15,890,123
				44,350,393
TOTAL COMMON STOCKS (Cost $1,161,891,434)				1,526,840,512

REAL ESTATE INVESTMENT TRUSTS - 1.4%
EastGroup Properties, Inc.		115,702		21,615,448
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $11,504,137)				21,615,448

PRIVATE PLACEMENTS - 0.1%
StepStone VC Global Partners IV-B, L.P ^(a)(b)(e)		19,200		945,527
StepStone VC Global Partners V-B, L.P. ^(a)(c)(e)		91,769		87,474
				1,033,001
TOTAL PRIVATE PLACEMENTS (Cost $0)				1,033,001

SHORT-TERM INVESTMENTS - 1.9%
Money Market Funds - 1.9%
First American Government Obligations Fund - Class Z, 4.78% ^(d)		30,609,619		30,609,619
TOTAL SHORT-TERM INVESTMENTS (Cost $30,609,619)				30,609,619

TOTAL INVESTMENTS - 100.1% (Cost $1,204,005,190)				1,580,098,580
Liabilities in Excess of Other Assets - (0.1)%				(1,708,247	)
TOTAL NET ASSETS - 100.0%			$	1,578,390,333

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from February 2008 to April 2018 as part of a $2,000,000 capital commitment. As of the date of this report, $1,920,000 of the capital commitment has been fulfilled by the Fund.
(c)	Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from October 2012 to August 2018 as part of a $100,000 capital commitment. As of the date of this report, $91,000 of the capital commitment has been fulfilled by the Fund
(d)	The rate shown represents the 7-day effective yield as of June 30, 2024.
(e)	These securities are being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. Further, they may not be sold by the Fund. Total unfunded capital commitments related to these holdings are immaterial and total $89,000, or 0.0% of the Fund’s net assets as of the date of this report.

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	$	1,526,840,512	$	–	$	–
Real Estate Investment Trusts		21,615,448		–		–
Private Placements		–		–		1,033,001
Money Market Funds		30,609,619		–		–
Total Investments	$	1,579,065,579	$	–	$	1,033,001

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