# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001145549-23-010487
**Filing Date:** 2023-2
**Character Count:** 31176
**Document Hash:** af3077442fa9104978c393c1c06f0210
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010487.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010487

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 23671974

**BUSINESS ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-537-5400

**MAIL ADDRESS:**
- **STREET 1:** 901 SOUTH BOND STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### Brown Advisory Small-Cap Growth Fund (Series ID: S000038483)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118724 | Investor Shares      | BIASX           |
| C000118725 | Institutional Shares | BAFSX           |
| C000118726 | Advisor Shares       | BASAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brown Advisory Funds

- **b. Investment Company Act file number:** 811-22708

- **c. CIK number of Registrant:** 0001548609

- **d. LEI of Registrant:** 254900ZS9LW6H6GM4251

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 901 South Bond Street, Suite 400

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 4105375400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brown Advisory Small-Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000038483

- **c. LEI of Series:** 2549007IMRF3K66JYA31

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-06-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1966843907.02

**Total Liabilities:** $2040533.97

**Net Assets:** $1964803373.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118724 | 6.27%                | 4.16%                | -4.59%               |
| Class ID C000118725 | 6.30%                | 4.17%                | -4.54%               |
| Class ID C000118726 | 6.26%                | 4.10%                | -4.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-17868864.55            | $137798813.15                              |
| Month 2  | $-12642840.42            | $97041112.31                               |
| Month 3  | $-8263369.80             | $-86048241.97                              |

### Schedule of Portfolio Investments

| Name                                    | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Phreesia Inc                            | Phreesia Inc                                 | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |    956004 | NS      | $30936289.44  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                           | Pinterest Inc                                | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1257883 | NS      | $30541399.24  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                  | Power Integrations Inc                       | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |    318429 | NS      | $22837727.88  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc                       | PROS Holdings Inc                            | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |    673845 | NS      | $16347479.70  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc               | Prosperity Bancshares Inc                    | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    790909 | NS      | $57483266.12  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                    | Quaker Chemical Corp                         | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |    192008 | NS      | $32046135.20  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC                    | Rentokil Initial PLC                         | CUSIP: 760125104<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |    702949 | NS      | $21657858.69  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Biotech ETF                    | SPDR S&P Biotech ETF                         | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |    670429 | NS      | $55645607.00  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                             | SI-BONE Inc                                  | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |   1179350 | NS      | $16039160.00  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The                | Simply Good Foods Co/The                     | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    602153 | NS      | $22899878.59  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc            | SiteOne Landscape Supply Inc                 | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     62394 | NS      | $7320064.08   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumo Logic Inc                          | Sumo Logic Inc                               | CUSIP: 86646P103<br>LEI: 549300L85NQSIULERR88 | Long             | EC               | CORP              | US        |    531297 | NS      | $4303505.70   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software           | Take-Two Interactive Software Inc            | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |    131869 | NS      | $13731518.97  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                            | Teleflex Inc                                 | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |     28652 | NS      | $7152398.76   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                           | TopBuild Corp                                | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |     73651 | NS      | $11525644.99  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc                  | Valmont Industries Inc                       | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     85533 | NS      | $28283197.11  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizio Holding Corp                      | Vizio Holding Corp                           | CUSIP: 92858V101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1160683 | NS      | $8600661.03   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                   | Waste Connections Inc                        | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |    271932 | NS      | $36047305.92  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                 | WEX Inc                                      | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |    174324 | NS      | $28528122.60  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                            | Woodward Inc                                 | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |    254164 | NS      | $24554784.04  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                             | Workiva Inc                                  | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |    516154 | NS      | $43341451.38  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                                | XPEL Inc                                     | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |     60813 | NS      | $3652428.78   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor          | Zurn Elkay Water Solutions Corp              | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |   1009007 | NS      | $21340498.05  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Zuora Inc                               | Zuora Inc                                    | CUSIP: 98983V106<br>LEI: 549300ISVGC1YZWQJ420 | Long             | EC               | CORP              | US        |    698712 | NS      | $4443808.32   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE VC GLOBAL PARTNERS IV-B, L.P. | STEPSTONE VC GLOBAL PARTNERS IV-B, L.P.      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     19200 | NS      | $1234964.01   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| STEPSTONE VC GLOBAL PARTNERS V-B, L.P.  | STEPSTONE VC GLOBAL PARTNERS V-B, L.P.       | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | PF                | US        |     91769 | NS      | $122162.98    | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Biohaven Ltd                            | Biohaven Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    111794 | NS      | $1551700.72   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Establishment Labs Holdings In          | Establishment Labs Holdings Inc              | CUSIP: N/A<br>LEI: 549300BCBQ714JNJ7V58       | Long             | EC               | CORP              | CR        |    472481 | NS      | $31018377.65  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                             | Genpact Ltd                                  | CUSIP: N/A<br>LEI: 529900OSEC6Q0L4L5B35       | Long             | EC               | CORP              | US        |   1494685 | NS      | $69233809.20  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                          | MakeMyTrip Ltd                               | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | IN        |    986056 | NS      | $27185563.92  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Abcam PLC                               | Abcam PLC                                    | CUSIP: 000380204<br>LEI: 213800B9N83DSNT33F79 | Long             | EC               | CORP              | GB        |   1797421 | NS      | $27967870.76  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Angi Inc                                | Angi Inc                                     | CUSIP: 00183L102<br>LEI: 5493003ENY577E6SZL06 | Long             | EC               | CORP              | US        |   2568082 | NS      | $6034992.70   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Accolade Inc                            | Accolade Inc                                 | CUSIP: 00437E102<br>LEI: 549300PHKG8J7A22NF08 | Long             | EC               | CORP              | US        |   1591950 | NS      | $12401290.50  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| agilon health Inc                       | agilon health Inc                            | CUSIP: 00857U107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1205866 | NS      | $19462677.24  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Alignment Healthcare Inc                | Alignment Healthcare Inc                     | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1171633 | NS      | $13778404.08  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Arvinas Inc                             | Arvinas Inc                                  | CUSIP: 04335A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142794 | NS      | $4884982.74   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                     | Ascendis Pharma A/S                          | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    114210 | NS      | $13948467.30  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                         | AZEK Co Inc/The                              | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Long             | EC               | CORP              | US        |    511630 | NS      | $10396321.60  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                     | Bentley Systems Inc                          | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |    493910 | NS      | $18254913.60  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                           | Blackline Inc                                | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |    478724 | NS      | $32203763.48  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                | Blueprint Medicines Corp                     | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |    171203 | NS      | $7500403.43   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutio          | Bright Horizons Family Solutions Inc         | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    687723 | NS      | $43395321.30  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                              | Azenta Inc                                   | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |    585240 | NS      | $34072672.80  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                             | Bruker Corp                                  | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |    530596 | NS      | $36266236.60  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                              | Cactus Inc                                   | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |    564131 | NS      | $28353224.06  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc               | Casella Waste Systems Inc                    | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    128238 | NS      | $10170555.78  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc              | Casey's General Stores Inc                   | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |    212623 | NS      | $47701970.05  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                          | ChampionX Corp                               | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |   1504145 | NS      | $43605163.55  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories Int          | Charles River Laboratories International Inc | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |     42402 | NS      | $9239395.80   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In          | Choice Hotels International Inc              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |    218685 | NS      | $24632678.40  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                     | Churchill Downs Inc                          | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |    169775 | NS      | $35895528.25  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp                             | Clarus Corp                                  | CUSIP: 18270P109<br>LEI: 549300PKSLI6PT0ULL72 | Long             | EC               | CORP              | US        |   1529261 | NS      | $11989406.24  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings          | Cogent Communications Holdings Inc           | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    378179 | NS      | $21586457.32  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Denbury Inc                             | Denbury Inc                                  | CUSIP: 24790A101<br>LEI: 549300KCWA5W52MS5559 | Long             | EC               | CORP              | US        |    375505 | NS      | $32676445.10  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                 | DigitalBridge Group Inc                      | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    764721 | NS      | $8366047.74   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                           | Dynatrace Inc                                | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    816037 | NS      | $31254217.10  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Evo Payments Inc                        | Evo Payments Inc                             | CUSIP: 26927E104<br>LEI: 549300Z5UL344C8KEC55 | Long             | EC               | CORP              | US        |   1320194 | NS      | $44675364.96  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                | EastGroup Properties Inc                     | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    203830 | NS      | $30179069.80  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                   | Encompass Health Corp                        | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    504171 | NS      | $30154467.51  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                            | Entegris Inc                                 | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |    366775 | NS      | $24056772.25  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Envestnet Inc                           | Envestnet Inc                                | CUSIP: 29404K106<br>LEI: 549300HLWZ5OKIDM8737 | Long             | EC               | CORP              | US        |    430241 | NS      | $26545869.70  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FTI Consulting Inc                      | FTI Consulting Inc                           | CUSIP: 302941109<br>LEI: 549300K17GM8EQD0FQ48 | Long             | EC               | CORP              | US        |    139640 | NS      | $22174832.00  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli          | First American Government Obligations Fund   | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        | 138390341 | NS      | $138390340.79 | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I          | First Watch Restaurant Group Inc             | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    348293 | NS      | $4712404.29   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                            | HB Fuller Co                                 | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |    554793 | NS      | $39734274.66  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                        | HealthEquity Inc                             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    578968 | NS      | $35687587.52  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| IAA Inc                                 | IAA Inc                                      | CUSIP: 449253103<br>LEI: 549300PZCOPC5178W747 | Long             | EC               | CORP              | US        |    386048 | NS      | $15441920.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                               | IDEX Corp                                    | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     49471 | NS      | $11295713.43  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Inari Medical Inc                       | Inari Medical Inc                            | CUSIP: 45332Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    342011 | NS      | $21738219.16  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Infinera Corp                           | Infinera Corp                                | CUSIP: 45667G103<br>LEI: 549300ZOF66WPV3H0H17 | Long             | EC               | CORP              | US        |   3572533 | NS      | $24078872.42  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| John Bean Technologies Corp             | John Bean Technologies Corp                  | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |    210954 | NS      | $19266428.82  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Karuna Therapeutics Inc                 | Karuna Therapeutics Inc                      | CUSIP: 48576A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80124 | NS      | $15744366.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho          | Knight-Swift Transportation Holdings Inc     | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    240543 | NS      | $12606858.63  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp              | Lattice Semiconductor Corp                   | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    207133 | NS      | $13438789.04  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Leslie's Inc                            | Leslie's Inc                                 | CUSIP: 527064109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    760085 | NS      | $9280637.85   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                          | Littelfuse Inc                               | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     91879 | NS      | $20231755.80  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                          | MSA Safety Inc                               | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |    234721 | NS      | $33844420.99  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                     | Mister Car Wash Inc                          | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2597152 | NS      | $23971712.96  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NeoGenomics Inc                         | NeoGenomics Inc                              | CUSIP: 64049M209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2037760 | NS      | $18828902.40  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc              | Neurocrine Biosciences Inc                   | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    323797 | NS      | $38674313.68  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Nevro Corp                              | Nevro Corp                                   | CUSIP: 64157F103<br>LEI: 254900SH91I4BOYKUE38 | Long             | EC               | CORP              | US        |     78261 | NS      | $3099135.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                    | OrthoPediatrics Corp                         | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |    469334 | NS      | $18646639.82  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Brown Advisory Funds

**Signature:** /s/ Jason T. Meix

**Name of Signer:** Jason T. Meix

**Title:** Principal Financial Officer