NPORT-EX 2 midcap-growth.htm NPORT-EX


Brown Advisory Mid-Cap Growth Fund
Schedule of Investments
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 94.0%
  
Shares
  
Value
Communication Services - 3.7%
Match Group, Inc. (a)
  
37,365
   $
 1,463,774
Pinterest, Inc. (a)
  
61,841
  
   1,671,562
Total Communication Services
      
   3,135,336
         
Consumer Discretionary - 9.6%
Bright Horizons Family Solutions, Inc. (a)
  
14,690
  
   1,196,647
Chipotle Mexican Grill, Inc. (a)
  
629
  
   1,152,221
Five Below, Inc. (a)
  
5,967
  
   960,090
Lululemon Athletica, Inc. (a)
  
3,244
  
   1,250,919
Pool Corp.
  
3,859
  
   1,374,190
Ross Stores, Inc.
  
19,823
  
   2,239,008
Total Consumer Discretionary
      
   8,173,075
         
Consumer Staples - 3.6%
Casey’s General Stores, Inc.
  
3,878
  
   1,052,955
Church & Dwight Co., Inc.
  
9,420
  
   863,155
Kenvue, Inc.
  
57,447
  
   1,153,535
Total Consumer Staples
      
   3,069,645
         
Financials - 6.4%
Jack Henry & Associates, Inc.
  
6,921
  
   1,046,040
KKR & Co., Inc.
  
20,961
  
   1,291,198
Tradeweb Markets, Inc.
  
18,474
  
   1,481,615
WEX, Inc. (a)
  
8,903
  
   1,674,565
Total Financials
      
   5,493,418
         
Health Care - 21.3%
agilon health, Inc. (a)
  
35,786
  
   635,559
Align Technology, Inc. (a)
  
3,891
  
   1,188,000
Alnylam Pharmaceuticals, Inc. (a)
  
6,233
  
   1,103,864
argenx SE - ADR (a)
  
2,251
  
   1,106,659
Ascendis Pharma A/S - ADR (a)
  
7,434
  
   696,120
Bio-Rad Laboratories, Inc. (a)
  
3,440
  
   1,233,068
Bio-Techne Corp.
  
12,699
  
   864,421
Dexcom, Inc. (a)
  
26,003
  
   2,426,080
Edwards Lifesciences Corp. (a)
  
26,878
  
   1,862,108
HealthEquity, Inc. (a)
  
18,197
  
   1,329,291
IDEXX Laboratories, Inc. (a)
  
2,516
  
   1,100,171
Inari Medical, Inc. (a)
  
18,335
  
   1,199,109
Insulet Corp. (a)
  
2,805
  
   447,369
Veeva Systems, Inc. - Class A (a)
  
9,153
  
   1,862,178
West Pharmaceutical Services, Inc.
  
3,035
  
   1,138,762
Total Health Care
      
 18,192,759
         
Industrials - 24.1%
Booz Allen Hamilton Holding Corp.
  
13,381
  
   1,462,142
Carlisle Cos., Inc.
  
5,488
  
   1,422,819
Cintas Corp.
  
4,596
  
   2,210,722
Copart, Inc. (a)
  
51,445
  
   2,216,764
Equifax, Inc.
  
6,070
  
   1,111,903
Generac Holdings, Inc. (a)
  
3,433
  
   374,060
Genpact Ltd.
  
49,023
  
   1,774,633
IDEX Corp.
  
3,057
  
   635,917
Paycom Software, Inc.
  
5,548
  
   1,438,430
Rentokil Initial PLC - ADR
  
32,184
  
   1,192,417
SiteOne Landscape Supply, Inc. (a)
  
7,608
  
   1,243,528
Verisk Analytics, Inc.
  
8,880
  
   2,097,811
Waste Connections, Inc.
  
24,858
  
   3,338,429
Total Industrials
      
 20,519,575
         
Information Technology - 20.9%
Atlassian Corp. (a)
  
4,500
  
   906,795
Autodesk, Inc. (a)
  
3,214
  
   665,009
Cadence Design Systems, Inc. (a)
  
2,004
  
   469,537
Crowdstrike Holdings, Inc. (a)
  
13,065
  
   2,186,820
Dynatrace, Inc. (a)
  
35,669
  
   1,666,812
Elastic NV (a)
  
4,476
  
   363,630
Fair Isaac Corp. (a)
  
2,081
  
   1,807,411
Gartner, Inc. (a)
  
5,782
  
   1,986,753
Guidewire Software, Inc. (a)
  
4,765
  
   428,850
HubSpot, Inc. (a)
  
925
  
   455,563
Keysight Technologies, Inc. (a)
  
6,798
  
   899,443
KLA Corp.
  
2,073
  
   950,802
Klaviyo, Inc. (a)
  
13,305
  
   459,023
Marvell Technology, Inc.
  
28,991
  
   1,569,283
Monolithic Power Systems, Inc.
  
1,720
  
   794,640
NXP Semiconductors NV
  
5,332
  
   1,065,974
Workday, Inc. (a)
  
5,112
  
   1,098,313
Total Information Technology
      
 17,774,658
         
Materials - 2.2%
Vulcan Materials Co.
  
9,112
  
   1,840,806
Total Materials
      
   1,840,806
         
Real Estate - 2.2%
CoStar Group, Inc. (a)
  
23,901
  
   1,837,748
Total Real Estate
      
   1,837,748
TOTAL COMMON STOCKS (Cost $66,304,560)
      
 80,037,020
         
REAL ESTATE INVESTMENT TRUSTS - 1.7%
        
Real Estate - 1.7%
SBA Communications Corp.
  
7,253
  
   1,451,833
Total Real Estate
      
   1,451,833
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,418,648)
      
   1,451,833
         
SHORT-TERM INVESTMENTS - 4.0%
        
Money Market Funds - 4.0%
      
 
First American Government Obligations Fund - Class Z, 5.22% (b)
  
3,427,464
  
   3,427,464
Total Money Market Funds
      
   3,427,464
TOTAL SHORT-TERM INVESTMENTS (Cost $3,427,464)
      
   3,427,464
         
TOTAL INVESTMENTS - 99.7% (Cost $71,150,672)
      
 84,916,317
Other Assets in Excess of Liabilities - 0.3%
      
273,450
TOTAL NET ASSETS - 100.0%
      
$
  85,189,767
 
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
PLC - Public Limited Company
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
  
$
80,037,020
    
$
–
    
$
–
Real Estate Investment Trusts
    
1,451,833
      
–
      
–
Total Equities
    
81,488,853
      
–
      
–
                       
Short-Term Investments:
    
–
      
–
      
–
Money Market Funds
    
3,427,464
      
–
      
–
Total Short-Term Investments
    
3,427,464
      
–
      
–
                       
Total Investments in Securities
  
$
84,916,317
    
$
–
    
$
–
                       
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.