# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0000894189-25-015724
**Filing Date:** 2025-11
**Character Count:** 23024
**Document Hash:** f5a9739c0b6e7fae33ff9920a6bc9515
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015724.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015724

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**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:** 251527271

**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 Sustainable Growth Fund (Series ID: S000037789)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000116562 | Institutional Shares | BAFWX           |
| C000116563 | Investor Shares      | BIAWX           |
| C000116564 | Advisor Shares       | BAWAX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Brown Advisory Sustainable Growth Fund** | **Brown Advisory Sustainable Growth Fund** | **Brown Advisory Sustainable Growth Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.6%** | **Shares** | **Value**  |
| **Communication Services - 3.4%** | **Communication Services - 3.4%** | |
| Spotify Technology SA <sup>(a)</sup> | 226719 | $158249862 |
| Trade Desk, Inc. - Class A <sup>(a)</sup> | 2564529 | 125687566 |
|  |  | 283937428 |
| **Consumer Discretionary - 11.3%** | **Consumer Discretionary - 11.3%** |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 1409861 | 171185323 |
| Amazon.com, Inc. <sup>(a)</sup> | 2826306 | 620572008 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 3996859 | 156636904 |
|  |  | 948394235 |
| **Financials - 17.5%** | **Financials - 17.5%** |  |
| Ares Management Corp. | 1072728 | 171518480 |
| Arthur J Gallagher & Co. | 897867 | 278105325 |
| Charles Schwab Corp. | 2524283 | 240993298 |
| KKR & Co., Inc. | 1962816 | 255067939 |
| Progressive Corp. | 793574 | 195973099 |
| Visa, Inc. - Class A | 946144 | 322994639 |
|  |  | 1464652780 |
| **Health Care - 6.6%** | **Health Care - 6.6%** |  |
| Danaher Corp. | 965317 | 191383749 |
| Intuitive Surgical, Inc. <sup>(a)</sup> | 392918 | 175724717 |
| West Pharmaceutical Services, Inc. | 715383 | 187666422 |
|  |  | 554774888 |
| **Industrials - 13.3%** | **Industrials - 13.3%** |  |
| Carrier Global Corp. | 3244384 | 193689725 |
| Equifax, Inc. | 683853 | 175428810 |
| GE Aerospace | 639964 | 192513970 |
| Uber Technologies, Inc. <sup>(a)</sup> | 2161279 | 211740504 |
| Veralto Corp. | 1601007 | 170683356 |
| Verisk Analytics, Inc. | 681384 | 171374890 |
|  |  | 1115431255 |
| **Information Technology - 45.7%** | **Information Technology - 45.7%** |  |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 601157 | 211162408 |
| Datadog, Inc. - Class A <sup>(a)</sup> | 1416791 | 201751038 |
| Dynatrace, Inc. <sup>(a)</sup> | 2598819 | 125912781 |
| Intuit, Inc. | 493703 | 337154716 |
| KLA Corp. | 155902 | 168155897 |
| Marvell Technology, Inc. | 3175335 | 266950413 |
| Microsoft Corp. | 1409515 | 730058294 |
| Monolithic Power Systems, Inc. | 268759 | 247430286 |
| NVIDIA Corp. | 3833663 | 715284843 |
| Samsara, Inc. - Class A <sup>(a)</sup> | 1617278 | 60243605 |
| ServiceNow, Inc. <sup>(a)</sup> | 254438 | 234154203 |
| Shopify, Inc. - Class A <sup>(a)</sup> | 831572 | 123579915 |
| Snowflake, Inc. <sup>(a)</sup> | 583948 | 131709471 |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 995461 | 278022303 |
|  |  | 3831570173 |
| **Materials - 1.8%** | **Materials - 1.8%** |  |
| Ecolab, Inc. | 538905 | 147584523 |
| **TOTAL COMMON STOCKS** (Cost $4,897,679,384) | **TOTAL COMMON STOCKS** (Cost $4,897,679,384) | 8346345282 |
| **SHORT-TERM INVESTMENTS - 0.7%** | **Shares** | **Value**  |
| **Money Market Funds - 0.7%** |  |  |
| First American Government Obligations Fund - Class Z, 4.01%<sup>(b)</sup> | 57014375 | 57014375 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $57,014,375) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $57,014,375) | 57014375 |
| **TOTAL INVESTMENTS - 100.3% (**Cost $4,954,693,759**)** | **TOTAL INVESTMENTS - 100.3% (**Cost $4,954,693,759**)** | 8403359657 |
| Liabilities in Excess of Other Assets - (0.3)% | Liabilities in Excess of Other Assets - (0.3)% | (23796353) |
| **TOTAL NET ASSETS - 100.0%** |  | $8379563304 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| 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. | 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. | 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. |

---

ADR - American Depositary Receipt<br>

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Brown Advisory Sustainable Growth 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $8346345282 | $– | $– | $8346345282 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 57014375 | – | – | 57014375 |
| Total Investments | $8403359657 | $– | $– | $8403359657 |
| 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 Sustainable Growth Fund

- **b. EDGAR series identifier (if any):** S000037789

- **c. LEI of Series:** 254900JSV40I3PL2YE66

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $8412832011.64

**Total Liabilities:** $11867427.74

**Net Assets:** $8400964583.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000116562 | 1.81%                | -2.42%               | 1.70%                |
| Class ID C000116563 | 1.80%                | -2.44%               | 1.69%                |
| Class ID C000116564 | 1.79%                | -2.46%               | 1.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $142569069.04            | $21396491.46                               |
| Month 2  | $88260975.86             | $-302771053.02                             |
| Month 3  | $159730525.76            | $-19025341.93                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc                 | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3996859 | NS      | $156636904.21 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                     | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3175335 | NS      | $266950413.45 | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    793574 | NS      | $195973099.30 | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                       | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |    681384 | NS      | $171374889.84 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I | West Pharmaceutical Services Inc           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |    715383 | NS      | $187666422.39 | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                      | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |    226719 | NS      | $158249862.00 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                 | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |    538905 | NS      | $147584523.30 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |    639964 | NS      | $192513970.48 | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                     | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |    392918 | NS      | $175724717.14 | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |    168624 | NS      | $181877846.40 | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1409515 | NS      | $730058294.25 | 8.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |   2161279 | NS      | $211740503.63 | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    946144 | NS      | $322994638.72 | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |   1409861 | NS      | $171185322.62 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                                 | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    493703 | NS      | $337154715.73 | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                               | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |   1962816 | NS      | $255067939.20 | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |    268759 | NS      | $247430285.76 | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   3833663 | NS      | $715284842.54 | 8.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                    | Samsara Inc                                | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1451049 | NS      | $54051575.25  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   2826306 | NS      | $620572008.42 | 7.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp           | Ares Management Corp                       | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |   1072728 | NS      | $171518479.92 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                        | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |   2971831 | NS      | $177418310.70 | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                               | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    965317 | NS      | $191383748.42 | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |   1416791 | NS      | $201751038.40 | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |   2782186 | NS      | $134796911.70 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V567<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  63437485 | NS      | $63437485.04  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   2524283 | NS      | $240993298.01 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk Inc/The                         | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |   2564529 | NS      | $125687566.29 | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp                               | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |   1601007 | NS      | $170683356.27 | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems Inc                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |    601157 | NS      | $211162407.82 | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    897867 | NS      | $278105324.58 | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                             | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |    254438 | NS      | $234154202.64 | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify Inc                                | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |    831572 | NS      | $123579914.92 | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake Inc                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    583948 | NS      | $131709471.40 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    995461 | NS      | $278022302.69 | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |    683853 | NS      | $175428810.09 | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Brown Advisory Funds

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

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

**Title:** Principal Financial Officer