Brown Advisory Small-Cap Fundamental Value Fund
Schedule of Investments
September 30, 2021 (Unaudited)
Shares		Security Description	Value $
Common Stocks - 88.9%
Communication Services - 5.6%
	314,515	Nexstar Media Group, Inc.		47,793,699
	1,023,575	WideOpenWest, Inc.*		20,113,249
				67,906,948
Consumer Discretionary - 12.0%
	172,901	Civeo Corp.*		3,888,544
	320,773	Culp, Inc.		4,131,556
	1,085,490	Denny's Corp.*		17,736,907
	73,771	Helen of Troy Ltd.*		16,574,868
	236,463	JOANN, Inc.		2,634,198
	761,753	La-Z-Boy, Inc.		24,551,299
	192,332	Monarch Casino & Resort, Inc.*		12,884,321
	163,021	Murphy USA, Inc.		27,266,892
	914,236	Vista Outdoor, Inc.*		36,852,853
				146,521,438
Consumer Staples - 3.4%
	968,905	Sprouts Farmers Market, Inc.*		22,449,529
	479,842	TreeHouse Foods, Inc.*		19,136,099
				41,585,628
Energy - 4.0%
	1,500,124	ChampionX Corp.*		33,542,772
	352,718	Natural Gas Services Group, Inc.*		3,661,213
	146,225	REX American Resources Corp.*		11,678,991
				48,882,976
Financials - 27.3%
	117,573	Alerus Financial Corp.		3,513,081
	127,453	Assurant, Inc.		20,105,711
	497,955	Bancorp, Inc.*		12,672,955
	1,597,278	Eastern Bankshares, Inc.		32,424,744
	163,350	Hanover Insurance Group, Inc.		21,173,427
	174,548	Kemper Corp.		11,658,061
	1,801,466	MGIC Investment Corp.		26,949,932
	837,830	Pacific Premier Bancorp, Inc.		34,719,675
	336,581	Peapack Gladstone Financial Corp.		11,228,342
	519,144	Premier Financial Corp.		16,529,545
	142,932	Primerica, Inc.		21,958,643
	653,072	TriState Capital Holdings, Inc.*		13,812,473
	374,455	UMB Financial Corp.		36,213,543
	964,295	Veritex Holdings, Inc.		37,954,651
	88,151	Virtus Investment Partners, Inc.		27,355,018
	103,114	WSFS Financial Corp.		5,290,779
				333,560,580
Health Care - 1.7%
	649,450	Owens & Minor, Inc.		20,321,291
Industrials - 18.8%
	271,043	Albany International Corp.		20,835,075
	184,099	American Woodmark Corp.*		12,034,552
	312,869	Comfort Systems USA, Inc.		22,313,817
	208,469	CRA International, Inc.		20,709,311
	218,020	Curtiss-Wright Corp.		27,509,764
	582,595	Federal Signal Corp.		22,499,819
	116,914	Kadant, Inc.		23,862,147
	271,373	McGrath RentCorp		19,525,287
	1,364,767	Mueller Water Products, Inc.		20,771,754
	192,991	Simpson Manufacturing Co., Inc.		20,644,247
	341,521	SPX Corp.*		18,254,297
				228,960,070
Information Technology - 7.9%
	179,488	CMC Materials, Inc.		22,118,306
	510,470	CTS Corp.		15,778,628
	831,902	EchoStar Corp.*		21,221,820
	321,761	Onto Innovation, Inc.*		23,247,232
	93,531	PC Connection, Inc.		4,118,170
	194,637	Vectrus, Inc.*		9,786,348
				96,270,504
Materials - 5.3%
	288,169	Eagle Materials, Inc.		37,796,246
	385,981	Ingevity Corp.*		27,547,464
				65,343,710
Utilities - 2.9%
	526,937	Portland General Electric Co.		24,760,769
	1,043,994	Star Group L.P.		10,638,299
				35,399,068
Total Common Stocks (Cost $747,490,007)				1,084,752,213
Real Estate Investment Trusts - 7.6%
	72,454	CTO Realty Growth, Inc.		3,895,127
	128,770	EastGroup Properties, Inc.		21,456,945
	937,948	Essential Properties Realty Trust, Inc.		26,187,508
	531,548	Getty Realty Corp.		15,579,672
	2,310,289	Ladder Capital Corp.		25,528,694
Total Real Estate Investment Trusts (Cost $66,134,274)				92,647,946
Short-Term Investments - 3.8%
Money Market Funds - 3.8%
	45,945,001	First American Government Obligations Fund - Class Z, 0.02%#		45,945,001
Total Short-Term Investments (Cost $45,945,001)				45,945,001
Total Investments - 100.3% (Cost $859,569,282)				1,223,345,160
Liabilities in Excess of Other Assets - (0.3)%				(3,247,499	)
NET ASSETS - 100.0%			$	1,220,097,661
* 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.