# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-26-016015
**Filing Date:** 2026-5
**Character Count:** 20141
**Document Hash:** 2c31653b1566d8f63c6ef389a944b7a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016015.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0000894189-26-016015

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brown Advisory Funds
- **CENTRAL INDEX KEY:** 0001548609

**ORGANIZATION NAME:**
- **EIN:** 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:** 261024342

**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 - Beutel Goodman Large-Cap Value Fund (Series ID: S000061323)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000198528 | Institutional Shares | BVALX           |
| C000198529 | Investor Shares      | BIAVX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory - Beutel Goodman Large-Cap Value Fund** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 98.1%** | **Shares**  | **Value**  |
| **Communication Services - 8.3%** | **Communication Services - 8.3%** | |
| Comcast Corp. - Class A | 1279019 | $36720635 |
| Omnicom Group, Inc. | 597135 | 44970237 |
|  |  | 81690872 |
| **Consumer Discretionary - 5.2%** | **Consumer Discretionary - 5.2%** |  |
| eBay, Inc. | 561737 | 51129302 |
| **Consumer Staples - 4.4%** | **Consumer Staples - 4.4%** |  |
| Kimberly-Clark Corp. | 274624 | 26492977 |
| Sysco Corp. | 241432 | 17221345 |
|  |  | 43714322 |
| **Financials - 20.6%** | **Financials - 20.6%** |  |
| American Express Co. | 86604 | 26195978 |
| Ameriprise Financial, Inc. | 94577 | 42030019 |
| Blackrock, Inc. | 17545 | 16873202 |
| Carlyle Group, Inc. | 218033 | 10550617 |
| Chubb Ltd. | 143967 | 46923164 |
| Marsh & McLennan Cos., Inc. | 115855 | 20095050 |
| SEI Investments Co. | 261028 | 20482867 |
| Wells Fargo & Co. | 257441 | 20494878 |
|  |  | 203645775 |
| **Health Care - 19.1%** | **Health Care - 19.1%** |  |
| Amgen, Inc. | 83573 | 29405160 |
| Becton Dickinson & Co. | 125404 | 19717271 |
| Cencora, Inc. | 21486 | 6749612 |
| Elevance Health, Inc. | 119255 | 34911902 |
| Medtronic PLC | 552131 | 47842151 |
| Merck & Co., Inc. | 420359 | 50564984 |
|  |  | 189191080 |
| **Industrials - 17.2%** | **Industrials - 17.2%** |  |
| Cummins, Inc. | 48049 | 25851323 |
| Flowserve Corp. | 296232 | 21776014 |
| Masco Corp. | 441160 | 26632829 |
| Union Pacific Corp. | 141925 | 34433844 |
| Westinghouse Air Brake Technologies Corp. | 243850 | 60940553 |
|  |  | 169634563 |
| **Information Technology - 18.3%** | **Information Technology - 18.3%** |  |
| Amdocs Ltd. | 652557 | 42585870 |
| Applied Materials, Inc. | 59763 | 20426396 |
| Gen Digital, Inc. | 1533726 | 28880060 |
| NetApp, Inc. | 482513 | 49404506 |
| QUALCOMM, Inc. | 307408 | 39588002 |
|  |  | 180884834 |
| **Materials - 5.0%** | **Materials - 5.0%** |  |
| PPG Industries, Inc. | 462686 | 49451880 |
| **TOTAL COMMON STOCKS** (Cost $736,797,436) | **TOTAL COMMON STOCKS** (Cost $736,797,436) | 969342628 |
| **SHORT-TERM INVESTMENTS - 2.6%** | **Shares**  | **Value**  |
| **Money Market Funds – 2.6%**<br> First American Government Obligations Fund - Class Z, 3.54% <sup>(a)</sup> | 25972213 | 25972213 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $25,972,213) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $25,972,213) | 25972213 |
| **TOTAL INVESTMENTS - 100.7% (**Cost $762,769,649**)** | **TOTAL INVESTMENTS - 100.7% (**Cost $762,769,649**)** | 995314841 |
| Liabilities in Excess of Other Assets - (0.7)% | Liabilities in Excess of Other Assets - (0.7)% | (6556046) |
| **TOTAL NET ASSETS - 100.0%** |  | $988758795 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| PLC - Public Limited Company |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) The rate shown represents the 7-day annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)

Brown Advisory - Beutel Goodman Large-Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $969342628 | $– | $– | $969342628 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 25972213 | – | – | 25972213 |
| Total Investments | $995314841 | $– | $– | $995314841 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## 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 - Beutel Goodman Large-Cap Value Fund

- **b. EDGAR series identifier (if any):** S000061323

- **c. LEI of Series:** 2549007INI1YSUROAN12

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

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**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:** $1008189450.06

**Total Liabilities:** $5964505.37

**Net Assets:** $1002224944.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198528 | 2.34%                | 2.15%                | -7.65%               |
| Class ID C000198529 | 2.14%                | 2.23%                | -7.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2511198.30              | $25479423.29                               |
| Month 2  | $14389807.28             | $10828260.39                               |
| Month 3  | $-5476966.24             | $-89059161.55                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Masco Corp                     | Masco Corp                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    443588 | NS      | $26779407.56  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    485112 | NS      | $49670617.68  | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    308970 | NS      | $39789156.60  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp   | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |    245149 | NS      | $61265186.59  | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |    144720 | NS      | $47168589.60  | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     95081 | NS      | $42253996.40  | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     17633 | NS      | $16957832.43  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                    | Cummins Inc                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     48303 | NS      | $25987980.06  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    564629 | NS      | $51392531.58  | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                                 | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |    655877 | NS      | $42802533.02  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     60091 | NS      | $20538502.89  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                        | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     87051 | NS      | $26331186.48  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The          | Carlyle Group Inc/The                      | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    219322 | NS      | $10612991.58  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  31331620 | NS      | $31331619.71  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                        | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |    276056 | NS      | $26631122.32  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    116428 | NS      | $20194436.60  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    422535 | NS      | $50826735.15  | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc              | Omnicom Group Inc                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |    600327 | NS      | $45210626.37  | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc             | PPG Industries Inc                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    465027 | NS      | $49702085.76  | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co             | SEI Investments Co                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    262472 | NS      | $20596177.84  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    242600 | NS      | $17304658.00  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                         | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    142685 | NS      | $34618234.70  | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    258757 | NS      | $20599644.77  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     83999 | NS      | $29555048.15  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    119869 | NS      | $35091649.75  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    126064 | NS      | $19821042.72  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     21562 | NS      | $6773486.68   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1285908 | NS      | $36918418.68  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                | Gen Digital Inc                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |   1541763 | NS      | $29031397.29  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                 | Flowserve Corp                             | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    297842 | NS      | $21894365.42  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    554950 | NS      | $48086417.50  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer