Brown Advisory Growth Equity Fund
Schedule of Investments
September 30, 2023 (Unaudited)
COMMON STOCKS - 94.6%	Shares		Value
Communication Services - 6.2%
Alphabet, Inc. - Class C (a)		702,423	$	92,614,472
Match Group, Inc. (a)		1,053,993		41,290,176
Total Communication Services				133,904,648
Consumer Discretionary - 8.0%
Amazon.com, Inc. (a)		686,630		87,284,406
Chewy, Inc. (a)		1,224,245		22,354,714
Lululemon Athletica, Inc. (a)		166,125		64,059,461
Total Consumer Discretionary				173,698,581
Consumer Staples - 6.5%
Costco Wholesale Corp.		153,347		86,634,921
Estee Lauder Cos., Inc.		371,895		53,757,422
Total Consumer Staples				140,392,343
Financials - 10.3%
Mastercard, Inc. - Class A		213,062		84,353,377
Progressive Corp.		499,308		69,553,604
S&P Global, Inc.		187,096		68,366,749
Total Financials				222,273,730
Health Care - 19.8%
Align Technology, Inc. (a)		173,862		53,083,546
Dexcom, Inc. (a)		280,391		26,160,480
Edwards Lifesciences Corp. (a)		779,499		54,003,691
Intuitive Surgical, Inc. (a)		305,059		89,165,695
Thermo Fisher Scientific, Inc.		166,576		84,315,774
Veeva Systems, Inc. - Class A (a)		283,074		57,591,405
Zoetis, Inc.		368,667		64,140,685
Total Health Care				428,461,276
Industrials - 10.2%
Cintas Corp.		130,978		63,001,728
Generac Holdings, Inc. (a)		442,508		48,215,671
IDEX Corp.		270,737		56,318,711
Uber Technologies, Inc. (a)		1,164,711		53,565,059
Total Industrials				221,101,169
Information Technology - 30.9%
Adobe, Inc. (a)		157,105		80,107,839
Atlassian Corp. (a)		278,194		56,058,873
Autodesk, Inc. (a)		311,755		64,505,227
Intuit, Inc.		193,440		98,836,234
Microsoft Corp.		314,408		99,274,326
NVIDIA Corp.		237,744		103,416,263
NXP Semiconductors NV		298,831		59,742,294
ServiceNow, Inc. (a)		190,871		106,689,254
Total Information Technology				668,630,310
Real Estate - 2.7%
CoStar Group, Inc. (a)		751,225		57,761,690
Total Real Estate				57,761,690
TOTAL COMMON STOCKS (Cost $1,246,813,856)				2,046,223,747
REAL ESTATE INVESTMENT TRUSTS - 2.9%
Real Estate - 2.9%
SBA Communications Corp.		305,912		61,234,405
Total Real Estate				61,234,405
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $40,862,286)				61,234,405
SHORT-TERM INVESTMENTS - 2.6%
Money Market Funds - 2.6%
First American Government Obligations Fund - Class Z, 5.22% (b)		57,292,214		57,292,214
Total Money Market Funds				57,292,214
TOTAL SHORT-TERM INVESTMENTS (Cost $57,292,214)				57,292,214
TOTAL INVESTMENTS - 100.1% (Cost $1,344,968,356)				2,164,750,366
Liabilities in Excess of Other Assets - (0.1)%				(1,085,950	)
TOTAL NET ASSETS - 100.00%			$	2,163,664,416
Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

(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	$	2,046,223,747	$	–	$	–
Real Estate Investment Trusts		61,234,405		–		–
Total Equities		2,107,458,152		–		–
Short-Term Investments:
Money Market Funds		57,292,214		–		–
Total Short-Term Investments		57,292,214		–		–
Total Investments in Securities	$	2,164,750,366	$	–	$	–

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.