# EDGAR Filing Document

**Accession Number:** 0001548609
**File Stem:** 0001133228-26-003289
**Filing Date:** 2026-3
**Character Count:** 783787
**Document Hash:** 0022040c6327d02066f42d44ed3bb1a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003289.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003289

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22708
- **FILM NUMBER:** 26733576

**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           |

### Brown Advisory Tax-Exempt Bond Fund (Series ID: S000037790)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000116565 | Institutional Shares | BTEIX           |
| C000116566 | Investor Shares      | BIAEX           |

### Brown Advisory Growth Equity Fund (Series ID: S000038479)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118712 | Investor Shares      | BIAGX           |
| C000118713 | Institutional Shares | BAFGX           |
| C000118714 | Advisor Shares       | BAGAX           |

### Brown Advisory Flexible Equity Fund (Series ID: S000038482)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118721 | Investor Shares      | BIAFX           |
| C000118722 | Institutional Shares | BAFFX           |
| C000118723 | Advisor Shares       | BAFAX           |

### 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           |

### Brown Advisory Small-Cap Fundamental Value Fund (Series ID: S000038484)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000118727 | Investor Shares      | BIAUX           |
| C000118728 | Institutional Shares | BAUUX           |
| C000118729 | Advisor Shares       | BAUAX           |

### Brown Advisory Maryland Bond Fund (Series ID: S000038486)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000118733 | Investor Shares | BIAMX           |

### Brown Advisory Intermediate Income Fund (Series ID: S000038487)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000118736 | Investor Shares | BIAIX           |
| C000118738 | Advisor Shares  | BAIAX           |

### Brown Advisory Emerging Markets Select Fund (Series ID: S000039101)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000120208 | Institutional Shares | BAFQX           |
| C000120209 | Investor Shares      | BIAQX           |
| C000120210 | Advisor Shares       | BAQAX           |

### Brown Advisory - WMC Strategic European Equity Fund (Series ID: S000042683)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000131937 | Institutional Shares | BAFHX           |
| C000131938 | Investor Shares      | BIAHX           |
| C000131939 | Advisor Shares       | BAHAX           |

### Brown Advisory Mortgage Securities Fund (Series ID: S000043634)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000135279 | Institutional Shares | BAFZX           |
| C000135280 | Investor Shares      | BIAZX           |

### Brown Advisory Global Leaders Fund (Series ID: S000049137)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000154927 | Institutional Shares | BAFLX           |
| C000154928 | Investor Shares      | BIALX           |

### Brown Advisory Sustainable Bond Fund (Series ID: S000058305)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000191095 | Institutional Shares | BAISX           |
| C000191096 | Investor Shares      | BASBX           |

### Brown Advisory Mid-Cap Growth Fund (Series ID: S000058723)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000192739 | Institutional Shares | BAFMX           |
| C000192740 | Investor Shares      | BMIDX           |

### 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           |

### Brown Advisory Tax-Exempt Sustainable Bond Fund (Series ID: S000067228)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000216254 | Investor Shares | BITEX           |

### Brown Advisory Sustainable Small-Cap Core Fund (Series ID: S000072895)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000229576 | Institutional Shares | BAFYX           |
| C000229577 | Investor Shares      | BIAYX           |

### Brown Advisory Sustainable International Leaders Fund (Series ID: S000075346)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000234308 | Institutional Shares | BAILX           |
| C000234309 | Investor Shares      | BISLX           |

### Brown Advisory Sustainable Value Fund (Series ID: S000079575)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240651 | Investor Shares      | BISVX           |
| C000240652 | Institutional Shares | BASVX           |

### Brown Advisory - WMC Japan Equity Fund (Series ID: S000088082)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000254125 | Institutional Shares | BAFJX           |
| C000254126 | Investor Shares      | BIJEX           |

?xml version='1.0' encoding='ASCII'? 2025-10-22190823_BrownAdvisoryGrowthEquityFund_InstitutionalShares_TSRSemiAnnual

As filed with the Securities and Exchange Commission on [date]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **<u>(811-22708)</u>**

**<u>Brown Advisory Funds</u>**

(Exact name of Registrant as specified in charter)

**<u>901 South Bond Street Suite 400</u>**

**<u>Baltimore, MD 21231</u>**

(Address of principal executive offices) (Zip code)

**<u>Paul J. Chew</u>**

**<u>Principal Executive Officer</u>**

**<u>Brown Advisory Funds</u>**

**<u>901 South Bond Street Suite 400</u>**

**<u>Baltimore, MD 21231</u>**

(Name and address of agent for service)

**<u>(410) 537-5400</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFGX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $35 | 0.72% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $387922236 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $1635900 |
| **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 35.7% |
|  Industrials  | 14.1% |
|  Communication Services  | 12.0% |
|  Consumer Discretionary  | 11.2% |
|  Health Care  | 11.0% |
|  Financials  | 8.1% |
|  Consumer Staples  | 3.3% |
|  Real Estate  | 2.1% |
|  Cash & Other  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.0% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 4.9% |
|  Hilton Worldwide Holdings, Inc.  | 4.4% |
|  Broadcom, Inc.  | 4.3% |
|  Intuitive Surgical, Inc.  | 4.0% |
|  Alphabet, Inc.  | 3.8% |
|  Meta Platforms, Inc.  | 3.5% |
|  Netflix, Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Growth Equity Fund PAGE 1 TSR-SAR-115233702

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund PAGE 2 TSR-SAR-115233702

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAGX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $43 | 0.87% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $387922236 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $1635900 |
| **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 35.7% |
|  Industrials  | 14.1% |
|  Communication Services  | 12.0% |
|  Consumer Discretionary  | 11.2% |
|  Health Care  | 11.0% |
|  Financials  | 8.1% |
|  Consumer Staples  | 3.3% |
|  Real Estate  | 2.1% |
|  Cash & Other  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.0% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 4.9% |
|  Hilton Worldwide Holdings, Inc.  | 4.4% |
|  Broadcom, Inc.  | 4.3% |
|  Intuitive Surgical, Inc.  | 4.0% |
|  Alphabet, Inc.  | 3.8% |
|  Meta Platforms, Inc.  | 3.5% |
|  Netflix, Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Growth Equity Fund PAGE 1 TSR-SAR-115233504

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund PAGE 2 TSR-SAR-115233504

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Growth Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAGAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Growth Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $55 | 1.12% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $387922236 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $1635900 |
| **Portfolio Turnover** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 35.7% |
|  Industrials  | 14.1% |
|  Communication Services  | 12.0% |
|  Consumer Discretionary  | 11.2% |
|  Health Care  | 11.0% |
|  Financials  | 8.1% |
|  Consumer Staples  | 3.3% |
|  Real Estate  | 2.1% |
|  Cash & Other  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.0% |
|  Microsoft Corp.  | 4.9% |
|  Amazon.com, Inc.  | 4.9% |
|  Hilton Worldwide Holdings, Inc.  | 4.4% |
|  Broadcom, Inc.  | 4.3% |
|  Intuitive Surgical, Inc.  | 4.0% |
|  Alphabet, Inc.  | 3.8% |
|  Meta Platforms, Inc.  | 3.5% |
|  Netflix, Inc.  | 3.5% |
|  Intuit, Inc.  | 3.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Growth Equity Fund PAGE 1 TSR-SAR-115233603

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Growth Equity Fund PAGE 2 TSR-SAR-115233603

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFFX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $27 | 0.52% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1004088339 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $2174863 |
| **Portfolio Turnover** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.8% |
|  Information Technology  | 22.7% |
|  Communication Services  | 14.6% |
|  Consumer Discretionary  | 11.6% |
|  Health Care  | 10.1% |
|  Industrials  | 9.9% |
|  Consumer Staples  | 2.5% |
|  Energy  | 2.2% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 8.1% |
|  Microsoft Corp.  | 6.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 5.6% |
|  Meta Platforms, Inc.  | 5.5% |
|  Amazon.com, Inc.  | 4.7% |
|  Visa, Inc.  | 4.4% |
|  Mastercard, Inc.  | 4.3% |
|  KKR & Co., Inc.  | 3.8% |
|  Berkshire Hathaway, Inc.  | 3.6% |
|  Booking Holdings, Inc.  | 2.6% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Flexible Equity Fund PAGE 1 TSR-SAR-115233843

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 2 TSR-SAR-115233843

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAFX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $34 | 0.67% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1004088339 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $2174863 |
| **Portfolio Turnover** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.8% |
|  Information Technology  | 22.7% |
|  Communication Services  | 14.6% |
|  Consumer Discretionary  | 11.6% |
|  Health Care  | 10.1% |
|  Industrials  | 9.9% |
|  Consumer Staples  | 2.5% |
|  Energy  | 2.2% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 8.1% |
|  Microsoft Corp.  | 6.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 5.6% |
|  Meta Platforms, Inc.  | 5.5% |
|  Amazon.com, Inc.  | 4.7% |
|  Visa, Inc.  | 4.4% |
|  Mastercard, Inc.  | 4.3% |
|  KKR & Co., Inc.  | 3.8% |
|  Berkshire Hathaway, Inc.  | 3.6% |
|  Booking Holdings, Inc.  | 2.6% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Flexible Equity Fund PAGE 1 TSR-SAR-115233868

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 2 TSR-SAR-115233868

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Flexible Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAFAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Flexible Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $47 | 0.92% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1004088339 |
| **Number of Holdings** | 45 |
| **Net Advisory Fee** | $2174863 |
| **Portfolio Turnover** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 24.8% |
|  Information Technology  | 22.7% |
|  Communication Services  | 14.6% |
|  Consumer Discretionary  | 11.6% |
|  Health Care  | 10.1% |
|  Industrials  | 9.9% |
|  Consumer Staples  | 2.5% |
|  Energy  | 2.2% |
|  Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 8.1% |
|  Microsoft Corp.  | 6.8% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 5.6% |
|  Meta Platforms, Inc.  | 5.5% |
|  Amazon.com, Inc.  | 4.7% |
|  Visa, Inc.  | 4.4% |
|  Mastercard, Inc.  | 4.3% |
|  KKR & Co., Inc.  | 3.8% |
|  Berkshire Hathaway, Inc.  | 3.6% |
|  Booking Holdings, Inc.  | 2.6% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Flexible Equity Fund PAGE 1 TSR-SAR-115233850

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Flexible Equity Fund PAGE 2 TSR-SAR-115233850

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFWX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $31 | 0.61% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6616636092 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $21167065 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 46.3% |
|  Financials  | 18.1% |
|  Industrials  | 12.5% |
|  Consumer Discretionary  | 9.2% |
|  Health Care  | 7.8% |
|  Communication Services  | 2.7% |
|  Materials  | 2.1% |
|  Cash & Other  | 1.3% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.0% |
|  NVIDIA Corp.  | 8.6% |
|  Amazon.com, Inc.  | 7.1% |
|  Visa, Inc.  | 4.3% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Intuit, Inc.  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Charles Schwab Corp.  | 3.3% |
|  KKR & Co., Inc.  | 3.2% |
|  Arthur J Gallagher & Co.  | 2.8% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Sustainable Growth Fund PAGE 1 TSR-SAR-115233207

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Growth Fund PAGE 2 TSR-SAR-115233207

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAWX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $38 | 0.76% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6616636092 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $21167065 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 46.3% |
|  Financials  | 18.1% |
|  Industrials  | 12.5% |
|  Consumer Discretionary  | 9.2% |
|  Health Care  | 7.8% |
|  Communication Services  | 2.7% |
|  Materials  | 2.1% |
|  Cash & Other  | 1.3% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.0% |
|  NVIDIA Corp.  | 8.6% |
|  Amazon.com, Inc.  | 7.1% |
|  Visa, Inc.  | 4.3% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Intuit, Inc.  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Charles Schwab Corp.  | 3.3% |
|  KKR & Co., Inc.  | 3.2% |
|  Arthur J Gallagher & Co.  | 2.8% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Sustainable Growth Fund PAGE 1 TSR-SAR-115233306

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Growth Fund PAGE 2 TSR-SAR-115233306

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAWAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $50 | 1.01% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6616636092 |
| **Number of Holdings** | 34 |
| **Net Advisory Fee** | $21167065 |
| **Portfolio Turnover** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 46.3% |
|  Financials  | 18.1% |
|  Industrials  | 12.5% |
|  Consumer Discretionary  | 9.2% |
|  Health Care  | 7.8% |
|  Communication Services  | 2.7% |
|  Materials  | 2.1% |
|  Cash & Other  | 1.3% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 9.0% |
|  NVIDIA Corp.  | 8.6% |
|  Amazon.com, Inc.  | 7.1% |
|  Visa, Inc.  | 4.3% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 4.3% |
|  Intuit, Inc.  | 3.7% |
|  Broadcom, Inc.  | 3.5% |
|  Charles Schwab Corp.  | 3.3% |
|  KKR & Co., Inc.  | 3.2% |
|  Arthur J Gallagher & Co.  | 2.8% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Sustainable Growth Fund PAGE 1 TSR-SAR-115233405

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Growth Fund PAGE 2 TSR-SAR-115233405

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFMX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $41 | 0.82% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28165997 |
| **Number of Holdings** | 63 |
| **Net Advisory Fee** | $169146 |
| **Portfolio Turnover** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 22.7% |
|  Industrials  | 21.7% |
|  Consumer Discretionary  | 19.2% |
|  Health Care  | 17.9% |
|  Financials  | 4.5% |
|  Energy  | 4.0% |
|  Real Estate  | 3.4% |
|  Materials  | 2.4% |
|  Communication Services  | 2.1% |
|  Cash & Other  | 2.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Hilton Worldwide Holdings, Inc.  | 3.7% |
|  CoStar Group, Inc.  | 3.4% |
|  Dexcom, Inc.  | 3.0% |
|  Cardinal Health, Inc.  | 2.8% |
|  Cheniere Energy, Inc.  | 2.7% |
|  HEICO Corp.  | 2.7% |
|  Fair Isaac Corp.  | 2.6% |
|  Verisk Analytics, Inc.  | 2.6% |
|  First American Government Obligations Fund  | 2.5% |
|  Alnylam Pharmaceuticals, Inc.  | 2.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Mid-Cap Growth Fund PAGE 1 TSR-SAR-115233413

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mid-Cap Growth Fund PAGE 2 TSR-SAR-115233413

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mid-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BMIDX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mid-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $48 | 0.97% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28165997 |
| **Number of Holdings** | 63 |
| **Net Advisory Fee** | $169146 |
| **Portfolio Turnover** | 45% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 22.7% |
|  Industrials  | 21.7% |
|  Consumer Discretionary  | 19.2% |
|  Health Care  | 17.9% |
|  Financials  | 4.5% |
|  Energy  | 4.0% |
|  Real Estate  | 3.4% |
|  Materials  | 2.4% |
|  Communication Services  | 2.1% |
|  Cash & Other  | 2.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Hilton Worldwide Holdings, Inc.  | 3.7% |
|  CoStar Group, Inc.  | 3.4% |
|  Dexcom, Inc.  | 3.0% |
|  Cardinal Health, Inc.  | 2.8% |
|  Cheniere Energy, Inc.  | 2.7% |
|  HEICO Corp.  | 2.7% |
|  Fair Isaac Corp.  | 2.6% |
|  Verisk Analytics, Inc.  | 2.6% |
|  First American Government Obligations Fund  | 2.5% |
|  Alnylam Pharmaceuticals, Inc.  | 2.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Mid-Cap Growth Fund PAGE 1 TSR-SAR-115233439

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mid-Cap Growth Fund PAGE 2 TSR-SAR-115233439

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFSX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $50 | 0.97% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $616675828 |
| **Number of Holdings** | 72 |
| **Net Advisory Fee** | $3475744 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 31.9% |
|  Information Technology  | 25.1% |
|  Health Care  | 20.9% |
|  Financials  | 5.0% |
|  Energy  | 4.7% |
|  Consumer Discretionary  | 4.6% |
|  Materials  | 3.0% |
|  Real Estate  | 2.5% |
|  Consumer Staples  | 1.8% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Establishment Labs Holdings, Inc.  | 4.3% |
|  CCC Intelligent Solutions Holdings, Inc.  | 4.1% |
|  Oceaneering International, Inc.  | 3.8% |
|  Waste Connections, Inc.  | 3.6% |
|  Prosperity Bancshares, Inc.  | 3.4% |
|  HealthEquity, Inc.  | 3.3% |
|  Dynatrace, Inc.  | 3.2% |
|  Bruker Corp.  | 2.6% |
|  StandardAero, Inc.  | 2.5% |
|  Bio-Techne Corp.  | 2.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Small-Cap Growth Fund PAGE 1 TSR-SAR-115233819

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Growth Fund PAGE 2 TSR-SAR-115233819

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIASX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $57 | 1.12% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $616675828 |
| **Number of Holdings** | 72 |
| **Net Advisory Fee** | $3475744 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 31.9% |
|  Information Technology  | 25.1% |
|  Health Care  | 20.9% |
|  Financials  | 5.0% |
|  Energy  | 4.7% |
|  Consumer Discretionary  | 4.6% |
|  Materials  | 3.0% |
|  Real Estate  | 2.5% |
|  Consumer Staples  | 1.8% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Establishment Labs Holdings, Inc.  | 4.3% |
|  CCC Intelligent Solutions Holdings, Inc.  | 4.1% |
|  Oceaneering International, Inc.  | 3.8% |
|  Waste Connections, Inc.  | 3.6% |
|  Prosperity Bancshares, Inc.  | 3.4% |
|  HealthEquity, Inc.  | 3.3% |
|  Dynatrace, Inc.  | 3.2% |
|  Bruker Corp.  | 2.6% |
|  StandardAero, Inc.  | 2.5% |
|  Bio-Techne Corp.  | 2.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Small-Cap Growth Fund PAGE 1 TSR-SAR-115233835

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Growth Fund PAGE 2 TSR-SAR-115233835

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Growth Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BASAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Growth Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $70 | 1.37% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $616675828 |
| **Number of Holdings** | 72 |
| **Net Advisory Fee** | $3475744 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 31.9% |
|  Information Technology  | 25.1% |
|  Health Care  | 20.9% |
|  Financials  | 5.0% |
|  Energy  | 4.7% |
|  Consumer Discretionary  | 4.6% |
|  Materials  | 3.0% |
|  Real Estate  | 2.5% |
|  Consumer Staples  | 1.8% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Establishment Labs Holdings, Inc.  | 4.3% |
|  CCC Intelligent Solutions Holdings, Inc.  | 4.1% |
|  Oceaneering International, Inc.  | 3.8% |
|  Waste Connections, Inc.  | 3.6% |
|  Prosperity Bancshares, Inc.  | 3.4% |
|  HealthEquity, Inc.  | 3.3% |
|  Dynatrace, Inc.  | 3.2% |
|  Bruker Corp.  | 2.6% |
|  StandardAero, Inc.  | 2.5% |
|  Bio-Techne Corp.  | 2.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Small-Cap Growth Fund PAGE 1 TSR-SAR-115233827

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Growth Fund PAGE 2 TSR-SAR-115233827

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAUUX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $51 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1076960162 |
| **Number of Holdings** | 63 |
| **Net Advisory Fee** | $5242511 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 31.7% |
|  Industrials  | 10.1% |
|  Information Technology  | 9.3% |
|  Materials  | 8.3% |
|  Consumer Discretionary  | 8.0% |
|  Health Care  | 7.2% |
|  Real Estate  | 7.2% |
|  Communication Services  | 6.1% |
|  Energy  | 5.9% |
|  Cash & Other  | 6.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NCR Atleos Corp.  | 3.6% |
|  Cushman & Wakefield Ltd.  | 3.4% |
|  Ingevity Corp.  | 2.8% |
|  Global Net Lease, Inc.  | 2.6% |
|  Talen Energy Corp.  | 2.6% |
|  Brightstar Lottery PLC  | 2.4% |
|  Oceaneering International, Inc.  | 2.3% |
|  Towne Bank/Portsmouth VA  | 2.3% |
|  Bancorp, Inc.  | 2.3% |
|  Old National Bancorp  | 2.2% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 1 TSR-SAR-115233777

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 2 TSR-SAR-115233777

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAUX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $58 | 1.10% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1076960162 |
| **Number of Holdings** | 63 |
| **Net Advisory Fee** | $5242511 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 31.7% |
|  Industrials  | 10.1% |
|  Information Technology  | 9.3% |
|  Materials  | 8.3% |
|  Consumer Discretionary  | 8.0% |
|  Health Care  | 7.2% |
|  Real Estate  | 7.2% |
|  Communication Services  | 6.1% |
|  Energy  | 5.9% |
|  Cash & Other  | 6.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NCR Atleos Corp.  | 3.6% |
|  Cushman & Wakefield Ltd.  | 3.4% |
|  Ingevity Corp.  | 2.8% |
|  Global Net Lease, Inc.  | 2.6% |
|  Talen Energy Corp.  | 2.6% |
|  Brightstar Lottery PLC  | 2.4% |
|  Oceaneering International, Inc.  | 2.3% |
|  Towne Bank/Portsmouth VA  | 2.3% |
|  Bancorp, Inc.  | 2.3% |
|  Old National Bancorp  | 2.2% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 1 TSR-SAR-115233793

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 2 TSR-SAR-115233793

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Small-Cap Fundamental** **Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAUAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Small-Cap Fundamental Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $72 | 1.35% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1076960162 |
| **Number of Holdings** | 63 |
| **Net Advisory Fee** | $5242511 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 31.7% |
|  Industrials  | 10.1% |
|  Information Technology  | 9.3% |
|  Materials  | 8.3% |
|  Consumer Discretionary  | 8.0% |
|  Health Care  | 7.2% |
|  Real Estate  | 7.2% |
|  Communication Services  | 6.1% |
|  Energy  | 5.9% |
|  Cash & Other  | 6.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NCR Atleos Corp.  | 3.6% |
|  Cushman & Wakefield Ltd.  | 3.4% |
|  Ingevity Corp.  | 2.8% |
|  Global Net Lease, Inc.  | 2.6% |
|  Talen Energy Corp.  | 2.6% |
|  Brightstar Lottery PLC  | 2.4% |
|  Oceaneering International, Inc.  | 2.3% |
|  Towne Bank/Portsmouth VA  | 2.3% |
|  Bancorp, Inc.  | 2.3% |
|  Old National Bancorp  | 2.2% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 1 TSR-SAR-115233785

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Small-Cap Fundamental Value Fund PAGE 2 TSR-SAR-115233785

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFYX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $49 | 0.93% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $102546814 |
| **Number of Holdings** | 74 |
| **Net Advisory Fee** | $374053 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Health Care  | 19.1% |
|  Financials  | 18.9% |
|  Industrials  | 18.8% |
|  Information Technology  | 15.6% |
|  Consumer Discretionary  | 5.7% |
|  Materials  | 5.4% |
|  Real Estate  | 5.0% |
|  Communication Services  | 2.3% |
|  Energy  | 2.3% |
|  Cash & Other  | 6.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 3.9% |
|  Bancorp, Inc.  | 2.4% |
|  Bristow Group, Inc.  | 2.3% |
|  Confluent, Inc.  | 2.2% |
|  Eastern Bankshares, Inc.  | 2.2% |
|  Old National Bancorp  | 2.0% |
|  Guardian Pharmacy Services, Inc.  | 2.0% |
|  Ingevity Corp.  | 1.9% |
|  HealthEquity, Inc.  | 1.8% |
|  Talen Energy Corp.  | 1.8% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Sustainable Small-Cap Core Fund PAGE 1 TSR-SAR-115233298

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Small-Cap Core Fund PAGE 2 TSR-SAR-115233298

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Small-Cap** **Core Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAYX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Small-Cap Core Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $57 | 1.08% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $102546814 |
| **Number of Holdings** | 74 |
| **Net Advisory Fee** | $374053 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Health Care  | 19.1% |
|  Financials  | 18.9% |
|  Industrials  | 18.8% |
|  Information Technology  | 15.6% |
|  Consumer Discretionary  | 5.7% |
|  Materials  | 5.4% |
|  Real Estate  | 5.0% |
|  Communication Services  | 2.3% |
|  Energy  | 2.3% |
|  Cash & Other  | 6.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 3.9% |
|  Bancorp, Inc.  | 2.4% |
|  Bristow Group, Inc.  | 2.3% |
|  Confluent, Inc.  | 2.2% |
|  Eastern Bankshares, Inc.  | 2.2% |
|  Old National Bancorp  | 2.0% |
|  Guardian Pharmacy Services, Inc.  | 2.0% |
|  Ingevity Corp.  | 1.9% |
|  HealthEquity, Inc.  | 1.8% |
|  Talen Energy Corp.  | 1.8% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Sustainable Small-Cap Core Fund PAGE 1 TSR-SAR-115233280

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Small-Cap Core Fund PAGE 2 TSR-SAR-115233280

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BASVX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $37 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $178507962 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $482054 |
| **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Health Care  | 20.6% |
|  Financials  | 19.9% |
|  Information Technology  | 11.6% |
|  Industrials  | 9.7% |
|  Materials  | 7.7% |
|  Communication Services  | 7.3% |
|  Energy  | 5.7% |
|  Consumer Discretionary  | 3.9% |
|  Consumer Staples  | 3.3% |
|  Cash & Other  | 10.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CRH PLC  | 4.7% |
|  Cardinal Health, Inc.  | 4.4% |
|  First American Government Obligations Fund  | 4.2% |
|  Sanofi SA  | 4.1% |
|  Bank of America Corp.  | 3.8% |
|  Schlumberger NV  | 3.6% |
|  American International Group, Inc.  | 3.5% |
|  Willis Towers Watson PLC  | 3.4% |
|  Unilever PLC  | 3.3% |
|  Citigroup, Inc.  | 3.2% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Sustainable Value Fund PAGE 1 TSR-SAR-115233256

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Value Fund PAGE 2 TSR-SAR-115233256

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BISVX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $45 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $178507962 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $482054 |
| **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Health Care  | 20.6% |
|  Financials  | 19.9% |
|  Information Technology  | 11.6% |
|  Industrials  | 9.7% |
|  Materials  | 7.7% |
|  Communication Services  | 7.3% |
|  Energy  | 5.7% |
|  Consumer Discretionary  | 3.9% |
|  Consumer Staples  | 3.3% |
|  Cash & Other  | 10.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CRH PLC  | 4.7% |
|  Cardinal Health, Inc.  | 4.4% |
|  First American Government Obligations Fund  | 4.2% |
|  Sanofi SA  | 4.1% |
|  Bank of America Corp.  | 3.8% |
|  Schlumberger NV  | 3.6% |
|  American International Group, Inc.  | 3.5% |
|  Willis Towers Watson PLC  | 3.4% |
|  Unilever PLC  | 3.3% |
|  Citigroup, Inc.  | 3.2% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Sustainable Value Fund PAGE 1 TSR-SAR-115233249

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Value Fund PAGE 2 TSR-SAR-115233249

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFLX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $38 | 0.75% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2539785292 |
| **Number of Holdings** | 33 |
| **Net Advisory Fee** | $8110201 |
| **Portfolio Turnover** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 31.8% |
|  Information Technology  | 21.4% |
|  Industrials  | 18.2% |
|  Health Care  | 8.7% |
|  Communication Services  | 7.6% |
|  Consumer Discretionary  | 4.2% |
|  Consumer Staples  | 3.7% |
|  Cash & Other  | 4.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 8.5% |
|  Alphabet, Inc.  | 6.0% |
|  Visa, Inc.  | 4.9% |
|  London Stock Exchange Group PLC  | 4.9% |
|  Deutsche Boerse AG  | 4.6% |
|  First American Government Obligations Fund  | 4.3% |
|  Mastercard, Inc.  | 4.1% |
|  Roche Holding AG  | 3.7% |
|  Unilever PLC  | 3.5% |
|  Charles Schwab Corp.  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United States  | 54.6% |
|  United Kingdom  | 13.5% |
|  Germany  | 6.3% |
|  Switzerland  | 3.7% |
|  Netherlands  | 3.4% |
|  Taiwan  | 3.2% |
|  China  | 3.0% |
|  India  | 2.8% |
|  France  | 2.8% |
|  Sweden  | 2.4% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Global Leaders Fund PAGE 1 TSR-SAR-115233355

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund PAGE 2 TSR-SAR-115233355

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Global Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIALX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Global Leaders Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $46 | 0.90% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2539785292 |
| **Number of Holdings** | 33 |
| **Net Advisory Fee** | $8110201 |
| **Portfolio Turnover** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 31.8% |
|  Information Technology  | 21.4% |
|  Industrials  | 18.2% |
|  Health Care  | 8.7% |
|  Communication Services  | 7.6% |
|  Consumer Discretionary  | 4.2% |
|  Consumer Staples  | 3.7% |
|  Cash & Other  | 4.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 8.5% |
|  Alphabet, Inc.  | 6.0% |
|  Visa, Inc.  | 4.9% |
|  London Stock Exchange Group PLC  | 4.9% |
|  Deutsche Boerse AG  | 4.6% |
|  First American Government Obligations Fund  | 4.3% |
|  Mastercard, Inc.  | 4.1% |
|  Roche Holding AG  | 3.7% |
|  Unilever PLC  | 3.5% |
|  Charles Schwab Corp.  | 3.2% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United States  | 54.6% |
|  United Kingdom  | 13.5% |
|  Germany  | 6.3% |
|  Switzerland  | 3.7% |
|  Netherlands  | 3.4% |
|  Taiwan  | 3.2% |
|  China  | 3.0% |
|  India  | 2.8% |
|  France  | 2.8% |
|  Sweden  | 2.4% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Global Leaders Fund PAGE 1 TSR-SAR-115233462

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Global Leaders Fund PAGE 2 TSR-SAR-115233462

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAILX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $43 | 0.85% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47289650 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $97875 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 26.7% |
|  Consumer Discretionary  | 18.9% |
|  Financials  | 17.2% |
|  Information Technology  | 10.4% |
|  Health Care  | 7.6% |
|  Communication Services  | 6.3% |
|  Consumer Staples  | 2.0% |
|  Cash & Other  | 10.9% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 11.3% |
|  Howden Joinery Group PLC  | 4.0% |
|  AIA Group Ltd.  | 3.9% |
|  HDFC Bank Ltd.  | 3.6% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.6% |
|  Experian PLC  | 3.4% |
|  Cie Financiere Richemont SA  | 3.4% |
|  Airbus SE  | 3.3% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 3.2% |
|  London Stock Exchange Group PLC  | 3.0% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 23.0% |
|  United States  | 14.2% |
|  France  | 9.3% |
|  China  | 7.9% |
|  Netherlands  | 7.2% |
|  Germany  | 6.7% |
|  Switzerland  | 5.4% |
|  Japan  | 4.5% |
|  Canada  | 4.0% |
|  India  | 3.7% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory Sustainable International Leaders Fund PAGE 1 TSR-SAR-115233272

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund PAGE 2 TSR-SAR-115233272

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable International** **Leaders Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BISLX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable International Leaders Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $50 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $47289650 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $97875 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 26.7% |
|  Consumer Discretionary  | 18.9% |
|  Financials  | 17.2% |
|  Information Technology  | 10.4% |
|  Health Care  | 7.6% |
|  Communication Services  | 6.3% |
|  Consumer Staples  | 2.0% |
|  Cash & Other  | 10.9% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  First American Government Obligations Fund  | 11.3% |
|  Howden Joinery Group PLC  | 4.0% |
|  AIA Group Ltd.  | 3.9% |
|  HDFC Bank Ltd.  | 3.6% |
|  Taiwan Semiconductor Manufacturing Co., Ltd.  | 3.6% |
|  Experian PLC  | 3.4% |
|  Cie Financiere Richemont SA  | 3.4% |
|  Airbus SE  | 3.3% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 3.2% |
|  London Stock Exchange Group PLC  | 3.0% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 23.0% |
|  United States  | 14.2% |
|  France  | 9.3% |
|  China  | 7.9% |
|  Netherlands  | 7.2% |
|  Germany  | 6.7% |
|  Switzerland  | 5.4% |
|  Japan  | 4.5% |
|  Canada  | 4.0% |
|  India  | 3.7% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory Sustainable International Leaders Fund PAGE 1 TSR-SAR-115233264

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable International Leaders Fund PAGE 2 TSR-SAR-115233264

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAIX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $27 | 0.53% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $135436098 |
| **Number of Holdings** | 121 |
| **Net Advisory Fee** | $193964 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 36.3% |
|  Agency Residential Mortgage-Backed Securities  | 27.7% |
|  Corporate Bonds  | 25.6% |
|  Asset-Backed Securities  | 4.2% |
|  Money Market Funds  | 2.8% |
|  Agency Commercial Mortgage-Backed Securities  | 2.4% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.4% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 36.3% |
|  Federal National Mortgage Association  | 18.7% |
|  Federal Home Loan Mortgage Corp.  | 9.1% |
|  First American Government Obligations Fund  | 2.8% |
|  Ginnie Mae II Pool  | 2.1% |
|  Verizon Master Trust  | 1.0% |
|  VeriSign, Inc.  | 1.0% |
|  Brookfield Asset Management Ltd.  | 1.0% |
|  Analog Devices, Inc.  | 1.0% |
|  PNC Financial Services Group, Inc.  | 1.0% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Intermediate Income Fund PAGE 1 TSR-SAR-115233744

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Intermediate Income Fund PAGE 2 TSR-SAR-115233744

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Intermediate Income Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAIAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Intermediate Income Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $40 | 0.78% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $135436098 |
| **Number of Holdings** | 121 |
| **Net Advisory Fee** | $193964 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 36.3% |
|  Agency Residential Mortgage-Backed Securities  | 27.7% |
|  Corporate Bonds  | 25.6% |
|  Asset-Backed Securities  | 4.2% |
|  Money Market Funds  | 2.8% |
|  Agency Commercial Mortgage-Backed Securities  | 2.4% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.5% |
|  Non-Agency Residential Mortgage-Backed Securities  | 0.4% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note  | 36.3% |
|  Federal National Mortgage Association  | 18.7% |
|  Federal Home Loan Mortgage Corp.  | 9.1% |
|  First American Government Obligations Fund  | 2.8% |
|  Ginnie Mae II Pool  | 2.1% |
|  Verizon Master Trust  | 1.0% |
|  VeriSign, Inc.  | 1.0% |
|  Brookfield Asset Management Ltd.  | 1.0% |
|  Analog Devices, Inc.  | 1.0% |
|  PNC Financial Services Group, Inc.  | 1.0% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Intermediate Income Fund PAGE 1 TSR-SAR-115233736

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Intermediate Income Fund PAGE 2 TSR-SAR-115233736

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAISX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $21 | 0.41% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $573952202 |
| **Number of Holdings** | 179 |
| **Net Advisory Fee** | $873915 |
| **Portfolio Turnover** | 51% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 30.3% |
|  Agency Residential Mortgage-Backed Securities  | 28.4% |
|  U.S. Treasury Securities  | 24.8% |
|  Money Market Funds  | 6.1% |
|  Asset-Backed Securities  | 5.3% |
|  Foreign Government Agency Issues  | 5.2% |
|  Agency Commercial Mortgage-Backed Securities  | 4.1% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.0% |
|  Municipal Bonds  | 0.9% |
|  Cash & Other  | -6.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 21.1% |
|  United States Treasury Note  | 15.6% |
|  Federal Home Loan Mortgage Corp.  | 6.7% |
|  First American Government Obligations Fund  | 6.1% |
|  European Investment Bank  | 5.2% |
|  United States Treasury Bond  | 5.1% |
|  United States Treasury STRIP  | 4.1% |
|  Kreditanstalt fuer Wiederaufbau  | 3.1% |
|  Ginnie Mae II Pool  | 3.2% |
|  Revvity, Inc.  | 1.5% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Sustainable Bond Fund PAGE 1 TSR-SAR-115233389

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund PAGE 2 TSR-SAR-115233389

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Sustainable Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BASBX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Sustainable Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $24 | 0.46% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $573952202 |
| **Number of Holdings** | 179 |
| **Net Advisory Fee** | $873915 |
| **Portfolio Turnover** | 51% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 30.3% |
|  Agency Residential Mortgage-Backed Securities  | 28.4% |
|  U.S. Treasury Securities  | 24.8% |
|  Money Market Funds  | 6.1% |
|  Asset-Backed Securities  | 5.3% |
|  Foreign Government Agency Issues  | 5.2% |
|  Agency Commercial Mortgage-Backed Securities  | 4.1% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 1.0% |
|  Municipal Bonds  | 0.9% |
|  Cash & Other  | -6.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 21.1% |
|  United States Treasury Note  | 15.6% |
|  Federal Home Loan Mortgage Corp.  | 6.7% |
|  First American Government Obligations Fund  | 6.1% |
|  European Investment Bank  | 5.2% |
|  United States Treasury Bond  | 5.1% |
|  United States Treasury STRIP  | 4.1% |
|  Kreditanstalt fuer Wiederaufbau  | 3.1% |
|  Ginnie Mae II Pool  | 3.2% |
|  Revvity, Inc.  | 1.5% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Sustainable Bond Fund PAGE 1 TSR-SAR-115233447

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Sustainable Bond Fund PAGE 2 TSR-SAR-115233447

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Maryland Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAMX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Maryland Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $25 | 0.48% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $171437574 |
| **Number of Holdings** | 69 |
| **Net Advisory Fee** | $252703 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 97.2% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Industry** | **(%)** |
|  Revenue Bonds  | 76.5% |
|  General Obligation Bonds  | 20.7% |
|  Cash & Other  | 2.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Maryland Economic Development Corporation  | 11.3% |
|  County of Frederick MD  | 10.3% |
|  Johns Hopkins Health System  | 6.0% |
|  Maryland Stadium Authority  | 5.9% |
|  MedStar Health  | 5.6% |
|  State of Maryland Department of Transportation  | 4.9% |
|  County of Baltimore MD  | 4.8% |
|  State of Maryland  | 4.4% |
|  Maryland Community Development Administration  | 3.8% |
|  City of Baltimore MD  | 3.8% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Maryland Bond Fund PAGE 1 TSR-SAR-115233751

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Maryland Bond Fund PAGE 2 TSR-SAR-115233751

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Tax-Exempt Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BTEIX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $22 | 0.42% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1151515478 |
| **Number of Holdings** | 181 |
| **Net Advisory Fee** | $1617340 |
| **Portfolio Turnover** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 States** | **(%)** |
|  Texas  | 13.0% |
|  New York  | 8.8% |
|  Illinois  | 8.2% |
|  Alabama  | 7.6% |
|  Wisconsin  | 7.5% |
|  Florida  | 5.7% |
|  California  | 5.1% |
|  Kentucky  | 4.3% |
|  Georgia  | 4.1% |
|  New Jersey  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Public Finance Authority  | 5.8% |
|  Black Belt Energy Gas District  | 3.9% |
|  Kentucky Public Energy Authority  | 3.8% |
|  Main Street Natural Gas, Inc.  | 3.0% |
|  Miami-Dade County Florida Expressway Authority  | 2.8% |
|  Southeast Energy Authority A Cooperative District  | 2.7% |
|  First American Government Obligations Fund  | 2.7% |
|  Tobacco Settlement Financing Corp.  | 2.5% |
|  New Jersey Transportation Trust Fund Authority  | 2.3% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 2.1% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 96.9% |
|  Money Market Funds  | 2.7% |
|  Cash & Other  | 0.4% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory Tax-Exempt Bond Fund PAGE 1 TSR-SAR-115233371

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Tax-Exempt Bond Fund PAGE 2 TSR-SAR-115233371

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Tax-Exempt Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAEX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Tax-Exempt Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $24 | 0.47% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1151515478 |
| **Number of Holdings** | 181 |
| **Net Advisory Fee** | $1617340 |
| **Portfolio Turnover** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 States** | **(%)** |
|  Texas  | 13.0% |
|  New York  | 8.8% |
|  Illinois  | 8.2% |
|  Alabama  | 7.6% |
|  Wisconsin  | 7.5% |
|  Florida  | 5.7% |
|  California  | 5.1% |
|  Kentucky  | 4.3% |
|  Georgia  | 4.1% |
|  New Jersey  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Public Finance Authority  | 5.8% |
|  Black Belt Energy Gas District  | 3.9% |
|  Kentucky Public Energy Authority  | 3.8% |
|  Main Street Natural Gas, Inc.  | 3.0% |
|  Miami-Dade County Florida Expressway Authority  | 2.8% |
|  Southeast Energy Authority A Cooperative District  | 2.7% |
|  First American Government Obligations Fund  | 2.7% |
|  Tobacco Settlement Financing Corp.  | 2.5% |
|  New Jersey Transportation Trust Fund Authority  | 2.3% |
|  Texas Municipal Gas Acquisition and Supply Corp. II  | 2.1% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 96.9% |
|  Money Market Funds  | 2.7% |
|  Cash & Other  | 0.4% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory Tax-Exempt Bond Fund PAGE 1 TSR-SAR-115233108

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Tax-Exempt Bond Fund PAGE 2 TSR-SAR-115233108

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Tax-Exempt Sustainable** **Bond Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BITEX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Tax-Exempt Sustainable Bond Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $24 | 0.47% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $331463948 |
| **Number of Holdings** | 113 |
| **Net Advisory Fee** | $462804 |
| **Portfolio Turnover** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 States** | **(%)** |
|  California  | 16.7% |
|  New York  | 11.1% |
|  Wisconsin  | 8.6% |
|  Texas  | 6.6% |
|  Illinois  | 6.3% |
|  Maryland  | 5.2% |
|  Virginia  | 4.5% |
|  Colorado  | 4.3% |
|  Pennsylvania  | 3.1% |
|  Georgia  | 2.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  California Community Choice Financing Authority  | 9.4% |
|  First American Government Obligations Fund  | 4.1% |
|  Maryland Health & Higher Educational Facilities Authority  | 3.6% |
|  California Earthquake Authority  | 3.3% |
|  Public Finance Authority  | 3.2% |
|  New York Transportation Development Corp.  | 3.0% |
|  Utah Housing Corp.  | 2.8% |
|  New York Liberty Development Corp.  | 2.5% |
|  Northside Independent School District  | 2.3% |
|  York County South Carolina Fort Mill School District No. 4  | 2.2% |

---

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Municipal Bonds  | 95.4% |
|  Money Market Funds  | 4.1% |
|  Cash & Other  | 0.5% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory Tax-Exempt Sustainable Bond Fund PAGE 1 TSR-SAR-115233348

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Tax-Exempt Sustainable Bond Fund PAGE 2 TSR-SAR-115233348

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFZX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $23 | 0.45% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $267513719 |
| **Number of Holdings** | 322 |
| **Net Advisory Fee** | $425620 |
| **Portfolio Turnover** | 112% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 97.8% |
|  Money Market Funds  | 10.6% |
|  Asset-Backed Securities  | 5.5% |
|  Agency Commercial Mortgage-Backed Securities  | 4.5% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.9% |
|  Municipal Bonds  | 0.1% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | -19.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 65.4% |
|  Federal Home Loan Mortgage Corp.  | 23.8% |
|  First American Government Obligations Fund  | 10.6% |
|  Ginnie Mae II Pool  | 8.4% |
|  Government National Mortgage Association  | 3.5% |
|  Verizon Master Trust  | 1.1% |
|  Hyundai Auto Receivables Trust  | 1.0% |
|  BX Trust  | 0.9% |
|  Fannie Mae Grantor Trust  | 0.7% |
|  Ford Credit Auto Owner Trust  | 0.7% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Mortgage Securities Fund PAGE 1 TSR-SAR-115233546

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mortgage Securities Fund PAGE 2 TSR-SAR-115233546

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Mortgage Securities Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAZX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Mortgage Securities Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $26 | 0.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $267513719 |
| **Number of Holdings** | 322 |
| **Net Advisory Fee** | $425620 |
| **Portfolio Turnover** | 112% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Agency Residential Mortgage-Backed Securities  | 97.8% |
|  Money Market Funds  | 10.6% |
|  Asset-Backed Securities  | 5.5% |
|  Agency Commercial Mortgage-Backed Securities  | 4.5% |
|  Non-Agency Commercial Mortgage-Backed Securities  | 0.9% |
|  Municipal Bonds  | 0.1% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | -19.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Federal National Mortgage Association  | 65.4% |
|  Federal Home Loan Mortgage Corp.  | 23.8% |
|  First American Government Obligations Fund  | 10.6% |
|  Ginnie Mae II Pool  | 8.4% |
|  Government National Mortgage Association  | 3.5% |
|  Verizon Master Trust  | 1.1% |
|  Hyundai Auto Receivables Trust  | 1.0% |
|  BX Trust  | 0.9% |
|  Fannie Mae Grantor Trust  | 0.7% |
|  Ford Credit Auto Owner Trust  | 0.7% |

---

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

Brown Advisory Mortgage Securities Fund PAGE 1 TSR-SAR-115233587

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Mortgage Securities Fund PAGE 2 TSR-SAR-115233587

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFHX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $54 | 1.03% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $700994548 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $3275439 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 34.2% |
|  Financials  | 20.3% |
|  Consumer Staples  | 15.3% |
|  Health Care  | 7.4% |
|  Materials  | 7.2% |
|  Communication Services  | 5.0% |
|  Energy  | 2.5% |
|  Consumer Discretionary  | 1.7% |
|  Information Technology  | 1.0% |
|  Cash & Other  | 5.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.9% |
|  Unilever PLC  | 4.0% |
|  Publicis Groupe SA  | 3.3% |
|  AIB Group PLC  | 3.2% |
|  Haleon PLC  | 3.1% |
|  Erste Group Bank AG  | 2.6% |
|  KBC Group NV  | 2.6% |
|  Smiths Group PLC  | 2.5% |
|  Bunzl PLC  | 2.5% |
|  First American Government Obligations Fund  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.5% |
|  Germany  | 13.6% |
|  France  | 11.3% |
|  Ireland  | 7.3% |
|  Switzerland  | 6.7% |
|  Sweden  | 4.5% |
|  Belgium  | 4.1% |
|  Spain  | 4.0% |
|  United States  | 4.0% |
|  Denmark  | 3.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory - WMC Strategic European Equity Fund PAGE 1 TSR-SAR-115233629

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 2 TSR-SAR-115233629

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAHX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $62 | 1.18% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $700994548 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $3275439 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 34.2% |
|  Financials  | 20.3% |
|  Consumer Staples  | 15.3% |
|  Health Care  | 7.4% |
|  Materials  | 7.2% |
|  Communication Services  | 5.0% |
|  Energy  | 2.5% |
|  Consumer Discretionary  | 1.7% |
|  Information Technology  | 1.0% |
|  Cash & Other  | 5.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.9% |
|  Unilever PLC  | 4.0% |
|  Publicis Groupe SA  | 3.3% |
|  AIB Group PLC  | 3.2% |
|  Haleon PLC  | 3.1% |
|  Erste Group Bank AG  | 2.6% |
|  KBC Group NV  | 2.6% |
|  Smiths Group PLC  | 2.5% |
|  Bunzl PLC  | 2.5% |
|  First American Government Obligations Fund  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.5% |
|  Germany  | 13.6% |
|  France  | 11.3% |
|  Ireland  | 7.3% |
|  Switzerland  | 6.7% |
|  Sweden  | 4.5% |
|  Belgium  | 4.1% |
|  Spain  | 4.0% |
|  United States  | 4.0% |
|  Denmark  | 3.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory - WMC Strategic European Equity Fund PAGE 1 TSR-SAR-115233611

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 2 TSR-SAR-115233611

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Strategic European** **Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAHAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Strategic European Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $75 | 1.43% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $700994548 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $3275439 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 34.2% |
|  Financials  | 20.3% |
|  Consumer Staples  | 15.3% |
|  Health Care  | 7.4% |
|  Materials  | 7.2% |
|  Communication Services  | 5.0% |
|  Energy  | 2.5% |
|  Consumer Discretionary  | 1.7% |
|  Information Technology  | 1.0% |
|  Cash & Other  | 5.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  British American Tobacco PLC  | 4.9% |
|  Unilever PLC  | 4.0% |
|  Publicis Groupe SA  | 3.3% |
|  AIB Group PLC  | 3.2% |
|  Haleon PLC  | 3.1% |
|  Erste Group Bank AG  | 2.6% |
|  KBC Group NV  | 2.6% |
|  Smiths Group PLC  | 2.5% |
|  Bunzl PLC  | 2.5% |
|  First American Government Obligations Fund  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  United Kingdom  | 27.5% |
|  Germany  | 13.6% |
|  France  | 11.3% |
|  Ireland  | 7.3% |
|  Switzerland  | 6.7% |
|  Sweden  | 4.5% |
|  Belgium  | 4.1% |
|  Spain  | 4.0% |
|  United States  | 4.0% |
|  Denmark  | 3.5% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June

Brown Advisory - WMC Strategic European Equity Fund PAGE 1 TSR-SAR-115233595

------

30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Strategic European Equity Fund PAGE 2 TSR-SAR-115233595

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFQX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $61 | 1.11% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $789764120 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $3325215 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 26.3% |
|  Financials  | 24.7% |
|  Consumer Discretionary  | 16.7% |
|  Communication Services  | 7.8% |
|  Industrials  | 5.5% |
|  Consumer Staples  | 4.9% |
|  Materials  | 3.9% |
|  Real Estate  | 3.6% |
|  Health Care  | 1.7% |
|  Cash & Other  | 4.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.9% |
|  Samsung Electronics Co. Ltd.  | 6.9% |
|  Tencent Holdings Ltd.  | 5.3% |
|  Alibaba Group Holding Ltd.  | 4.3% |
|  SK Hynix, Inc.  | 2.5% |
|  First American Government Obligations Fund  | 2.4% |
|  HDFC Bank Ltd.  | 2.1% |
|  DBS Group Holdings Ltd.  | 1.7% |
|  KB Financial Group, Inc.  | 1.6% |
|  AIA Group Ltd.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  China  | 31.5% |
|  Taiwan  | 16.3% |
|  South Korea  | 15.5% |
|  India  | 14.3% |
|  Brazil  | 5.5% |
|  United States  | 4.8% |
|  Singapore  | 4.1% |
|  Thailand  | 2.4% |
|  Indonesia  | 1.4% |
|  Hungary  | 1.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Emerging Markets Select Fund PAGE 1 TSR-SAR-115233652

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR-SAR-115233652

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAQX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $69 | 1.26% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $789764120 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $3325215 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 26.3% |
|  Financials  | 24.7% |
|  Consumer Discretionary  | 16.7% |
|  Communication Services  | 7.8% |
|  Industrials  | 5.5% |
|  Consumer Staples  | 4.9% |
|  Materials  | 3.9% |
|  Real Estate  | 3.6% |
|  Health Care  | 1.7% |
|  Cash & Other  | 4.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.9% |
|  Samsung Electronics Co. Ltd.  | 6.9% |
|  Tencent Holdings Ltd.  | 5.3% |
|  Alibaba Group Holding Ltd.  | 4.3% |
|  SK Hynix, Inc.  | 2.5% |
|  First American Government Obligations Fund  | 2.4% |
|  HDFC Bank Ltd.  | 2.1% |
|  DBS Group Holdings Ltd.  | 1.7% |
|  KB Financial Group, Inc.  | 1.6% |
|  AIA Group Ltd.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  China  | 31.5% |
|  Taiwan  | 16.3% |
|  South Korea  | 15.5% |
|  India  | 14.3% |
|  Brazil  | 5.5% |
|  United States  | 4.8% |
|  Singapore  | 4.1% |
|  Thailand  | 2.4% |
|  Indonesia  | 1.4% |
|  Hungary  | 1.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Emerging Markets Select Fund PAGE 1 TSR-SAR-115233645

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR-SAR-115233645

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory Emerging Markets Select** **Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Advisor Shares \| BAQAX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory Emerging Markets Select Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Advisor Shares | $83 | 1.51% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $789764120 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $3325215 |
| **Portfolio Turnover** | 23% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Information Technology  | 26.3% |
|  Financials  | 24.7% |
|  Consumer Discretionary  | 16.7% |
|  Communication Services  | 7.8% |
|  Industrials  | 5.5% |
|  Consumer Staples  | 4.9% |
|  Materials  | 3.9% |
|  Real Estate  | 3.6% |
|  Health Care  | 1.7% |
|  Cash & Other  | 4.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.9% |
|  Samsung Electronics Co. Ltd.  | 6.9% |
|  Tencent Holdings Ltd.  | 5.3% |
|  Alibaba Group Holding Ltd.  | 4.3% |
|  SK Hynix, Inc.  | 2.5% |
|  First American Government Obligations Fund  | 2.4% |
|  HDFC Bank Ltd.  | 2.1% |
|  DBS Group Holdings Ltd.  | 1.7% |
|  KB Financial Group, Inc.  | 1.6% |
|  AIA Group Ltd.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Countries** | **(%)** |
|  China  | 31.5% |
|  Taiwan  | 16.3% |
|  South Korea  | 15.5% |
|  India  | 14.3% |
|  Brazil  | 5.5% |
|  United States  | 4.8% |
|  Singapore  | 4.1% |
|  Thailand  | 2.4% |
|  Indonesia  | 1.4% |
|  Hungary  | 1.4% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory Emerging Markets Select Fund PAGE 1 TSR-SAR-115233637

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory Emerging Markets Select Fund PAGE 2 TSR-SAR-115233637

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BVALX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $29 | 0.55% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1258181756 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $3362604 |
| **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 19.4% |
|  Health Care  | 19.2% |
|  Information Technology  | 18.3% |
|  Industrials  | 12.7% |
|  Communication Services  | 9.4% |
|  Consumer Discretionary  | 6.5% |
|  Consumer Staples  | 6.3% |
|  Materials  | 4.6% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Omnicom Group, Inc.  | 5.8% |
|  Merck & Co., Inc.  | 5.4% |
|  Chubb Ltd.  | 5.4% |
|  Medtronic PLC  | 5.1% |
|  Westinghouse Air Brake Technologies Corp.  | 5.0% |
|  Ameriprise Financial, Inc.  | 4.8% |
|  eBay, Inc.  | 4.7% |
|  Amgen, Inc.  | 4.6% |
|  PPG Industries, Inc.  | 4.6% |
|  NetApp, Inc.  | 4.3% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory - Beutel Goodman Large-Cap Value Fund PAGE 1 TSR-SAR-115233421

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - Beutel Goodman Large-Cap Value Fund PAGE 2 TSR-SAR-115233421

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - Beutel Goodman** **Large-Cap Value Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIAVX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - Beutel Goodman Large-Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $36 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1258181756 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $3362604 |
| **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Financials  | 19.4% |
|  Health Care  | 19.2% |
|  Information Technology  | 18.3% |
|  Industrials  | 12.7% |
|  Communication Services  | 9.4% |
|  Consumer Discretionary  | 6.5% |
|  Consumer Staples  | 6.3% |
|  Materials  | 4.6% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Omnicom Group, Inc.  | 5.8% |
|  Merck & Co., Inc.  | 5.4% |
|  Chubb Ltd.  | 5.4% |
|  Medtronic PLC  | 5.1% |
|  Westinghouse Air Brake Technologies Corp.  | 5.0% |
|  Ameriprise Financial, Inc.  | 4.8% |
|  eBay, Inc.  | 4.7% |
|  Amgen, Inc.  | 4.6% |
|  PPG Industries, Inc.  | 4.6% |
|  NetApp, Inc.  | 4.3% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory - Beutel Goodman Large-Cap Value Fund PAGE 1 TSR-SAR-115233314

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - Beutel Goodman Large-Cap Value Fund PAGE 2 TSR-SAR-115233314

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Japan Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Institutional Shares \| BAFJX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Japan Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Shares | $50 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $499301042 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $1652835 |
| **Portfolio Turnover** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 16.8% |
|  Materials  | 16.6% |
|  Financials  | 16.4% |
|  Consumer Discretionary  | 15.7% |
|  Health Care  | 12.0% |
|  Information Technology  | 9.4% |
|  Communication Services  | 4.7% |
|  Real Estate  | 3.8% |
|  Consumer Staples  | 2.6% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Shin-Etsu Chemical Co. Ltd.  | 3.3% |
|  KDDI Corp.  | 3.1% |
|  Sony Group Corp.  | 2.9% |
|  Otsuka Holdings Co. Ltd.  | 2.8% |
|  Dai-ichi Life Holdings, Inc.  | 2.7% |
|  Shionogi & Co. Ltd.  | 2.6% |
|  Daiichi Sankyo Co. Ltd.  | 2.5% |
|  Sumitomo Mitsui Trust Group, Inc.  | 2.5% |
|  Isuzu Motors Ltd.  | 2.5% |
|  Mitsubishi UFJ Financial Group, Inc.  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 98.0% |
|  United States  | 1.1% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory - WMC Japan Equity Fund PAGE 1 TSR-SAR-115233231

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Japan Equity Fund PAGE 2 TSR-SAR-115233231

------

---

| | | |
|:---|:---|:---|
| ![image](img278053_202412131545928.jpg) | **Brown Advisory - WMC Japan Equity Fund**  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Investor Shares \| BIJEX  | ![image](img278052_202412301726333.jpg) |
| ![image](img278053_202412131545928.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278052_202412301726333.jpg) |

---

This semi-annual shareholder report contains important information about the Brown Advisory - WMC Japan Equity Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.brownadvisory.com/mf/how-to-invest. You can also request this information by contacting us at 1-800-540-6807.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Shares | $58 | 1.10% |

---

\* Annualized

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $499301042 |
| **Number of Holdings** | 79 |
| **Net Advisory Fee** | $1652835 |
| **Portfolio Turnover** | 38% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets, as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** **\*** | **(%)** |
|  Industrials  | 16.8% |
|  Materials  | 16.6% |
|  Financials  | 16.4% |
|  Consumer Discretionary  | 15.7% |
|  Health Care  | 12.0% |
|  Information Technology  | 9.4% |
|  Communication Services  | 4.7% |
|  Real Estate  | 3.8% |
|  Consumer Staples  | 2.6% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Shin-Etsu Chemical Co. Ltd.  | 3.3% |
|  KDDI Corp.  | 3.1% |
|  Sony Group Corp.  | 2.9% |
|  Otsuka Holdings Co. Ltd.  | 2.8% |
|  Dai-ichi Life Holdings, Inc.  | 2.7% |
|  Shionogi & Co. Ltd.  | 2.6% |
|  Daiichi Sankyo Co. Ltd.  | 2.5% |
|  Sumitomo Mitsui Trust Group, Inc.  | 2.5% |
|  Isuzu Motors Ltd.  | 2.5% |
|  Mitsubishi UFJ Financial Group, Inc.  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 98.0% |
|  United States  | 1.1% |

---

\* 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 Administrator, U.S. Bancorp Fund Services, LLC.

**CHANGES IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

On February 12, 2026, the Fund's Board of Trustees accepted the resignation of Tait, Weller & Baker LLP ("Tait") as the independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund. During the Fund's fiscal years ended June 30, 2025 and June 30, 2024 and the period preceding resignation, there were no disagreements with Tait on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Brown Advisory - WMC Japan Equity Fund PAGE 1 TSR-SAR-115233223

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.brownadvisory.com/mf/how-to-invest.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Brown Advisory LLC documents not be householded, please contact Brown Advisory LLC at 1-800-540-6807, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Brown Advisory LLC or your financial intermediary.

The Fund is distributed by ALPS Distributors, Inc.

Brown Advisory - WMC Japan Equity Fund PAGE 2 TSR-SAR-115233223

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a-b)

![](brown_advisory-logo.jpg)

**Brown Advisory Growth Equity Fund**

**Brown Advisory Flexible Equity Fund** 

**Brown Advisory Sustainable Growth Fund** 

**Brown Advisory Mid-Cap Growth Fund** 

**Brown Advisory Small-Cap Growth Fund** 

**Brown Advisory Small-Cap Fundamental Value Fund** 

**Brown Advisory Sustainable Small-Cap Core Fund** 

**Brown Advisory Sustainable Value Fund** 

**Brown Advisory Global Leaders Fund** 

**Brown Advisory Sustainable International Leaders Fund** 

**Brown Advisory Intermediate Income Fund** 

**Brown Advisory Sustainable Bond Fund** 

**Brown Advisory Maryland Bond Fund** 

**Brown Advisory Tax-Exempt Bond Fund** 

**Brown Advisory Tax-Exempt Sustainable Bond Fund** 

**Brown Advisory Mortgage Securities Fund** 

**Brown Advisory - WMC Strategic European Equity Fund** 

**BROWN ADVISORY EMERGING MARKETS SELECT FUND**

**Brown Advisory - Beutel Goodman Large-Cap Value Fund** 

**Brown Advisory - WMC Japan Equity Fund** 

Core Financial Statements

December 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Growth Equity Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Flexible Equity Fund](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Growth Fund](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Mid-Cap Growth Fund](#soi4) | [4](#soi4) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Small-Cap Growth Fund](#soi5) | [5](#soi5) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Small-Cap Fundamental Value Fund](#soi6) | [7](#soi6) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Small-Cap Core Fund](#soi7) | [9](#soi7) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Value Fund](#soi8) | [11](#soi8) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Global Leaders Fund](#soi9) | [12](#soi9) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable International Leaders Fund](#soi10) | [13](#soi10) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Intermediate Income Fund](#soi11) | [14](#soi11) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Sustainable Bond Fund](#soi12) | [18](#soi12) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Maryland Bond Fund](#soi13) | [23](#soi13) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Bond Fund](#soi14) | [25](#soi14) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Tax-Exempt Sustainable Bond Fund](#soi15) | [30](#soi15) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Mortgage Securities Fund](#soi16) | [33](#soi16) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - WMC Strategic European Equity Fund](#soi17) | [39](#soi17) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory Emerging Markets Select Fund](#soi18) | [41](#soi18) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - Beutel Goodman Large-Cap Value Fund](#soi19) | [43](#soi19) |
| &nbsp;&nbsp;&nbsp; [Brown Advisory - WMC Japan Equity Fund](#soi20) | [44](#soi20) |
| [Statements of Assets and Liabilities](#sal) | [46](#sal) |
| [Statements of Operations](#sop) | [56](#sop) |
| [Statements of Changes in Net Assets](#scna) | [61](#scna) |
| [Financial Highlights](#fihi) | [71](#fihi) |
| [Notes to Financial Statements](#notes) | [78](#notes) |
| [Additional Information (Unaudited)](#add) | [96](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Growth Equity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.5%**<br>|  |  |
| **Communication Services - 12.0%** | **Communication Services - 12.0%** | **Communication Services - 12.0%** |
| Alphabet, Inc. - Class C | 47048 | $14763662  |
| Meta Platforms, Inc. - Class A | 20538 | 13556929  |
| Netflix, Inc.<sup>(a)</sup> | 144563 | 13554227  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 121171 | 4599651  |
|  |  | 46474469  |
| **Consumer Discretionary - 11.2%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 81721 | 18862841  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 208997 | 7202037  |
| Hilton Worldwide Holdings, Inc. | 59955 | 17222074  |
|  |  | 43286952  |
| **Consumer Staples - 3.3%**<br>|  |  |
| Costco Wholesale Corp. | 14798 | 12760907  |
| **Financials - 8.1%**<br>|  |  |
| Mastercard, Inc. - Class A | 23425 | 13372864  |
| Progressive Corp. | 49072 | 11174676  |
| S&P Global, Inc. | 13471 | 7039810  |
|  |  | 31587350  |
| **Health Care - 11.0%**<br>|  |  |
| Danaher Corp. | 55111 | 12616010  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 27506 | 15578298  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 25050 | 5591911  |
| West Pharmaceutical Services, Inc. | 32383 | 8909859  |
|  |  | 42696078  |
| **Industrials - 14.1%**<br>|  |  |
| Cintas Corp. | 50599 | 9516154  |
| Generac Holdings, Inc.<sup>(a)</sup> | 60851 | 8298251  |
| Trane Technologies PLC | 23226 | 9039559  |
| TransDigm Group, Inc. | 6470 | 8604129  |
| Uber Technologies, Inc.<sup>(a)</sup> | 149208 | 12191786  |
| Veralto Corp. | 70705 | 7054945  |
|  |  | 54704824  |
| **Information Technology - 35.7%**<br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | 36166 | 10705498  |
| Broadcom, Inc. | 48442 | 16765776  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 28700 | 8971046  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 66160 | 8997098  |
| Fair Isaac Corp.<sup>(a)</sup> | 6503 | 10994102  |
| Intuit, Inc. | 20206 | 13384859  |
| Marvell Technology, Inc. | 138458 | 11766161  |
| Microsoft Corp. | 39052 | 18886328  |
| NVIDIA Corp. | 103055 | 19219757  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 259164 | 9187364  |
| ServiceNow, Inc.<sup>(a)</sup> | 62676 | 9601336  |
|  |  | 138479325  |
| **Real Estate - 2.1%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 121702 | 8183243  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $216,227,934)** |  | 378173148  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** |
| **Money Market Funds - 1.7%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 6609796 | $6609796  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $6,609,796)** |  | 6609796  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%** <br>**(Cost $222,837,730)** |  | $384782944  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 3139292  |
| **TOTAL NET ASSETS - 100.0%** |  | $387922236 |

---

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.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Flexible Equity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.4%**<br>|  |  |
| **Communication Services - 14.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 135269 | $42339197  |
| Alphabet, Inc. - Class C | 125631 | 39423008  |
| Meta Platforms, Inc. - Class A | 82914 | 54730702  |
| T-Mobile US, Inc. | 52278 | 10614525  |
|  |  | 147107432  |
| **Consumer Discretionary - 11.6%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 205901 | 47526069  |
| Amer Sports, Inc.<sup>(a)</sup> | 494916 | 18485113  |
| Booking Holdings, Inc. | 4965 | 26589213  |
| Lowe's Cos., Inc. | 38413 | 9263679  |
| TJX Cos., Inc. | 95734 | 14705700  |
|  |  | 116569774  |
| **Consumer Staples - 2.5%**<br>|  |  |
| Mondelez International, Inc. - Class A | 214156 | 11528018  |
| Nomad Foods Ltd. | 346873 | 4339381  |
| US Foods Holding Corp.<sup>(a)</sup> | 126354 | 9516983  |
|  |  | 25384382  |
| **Energy - 2.2%**<br>|  |  |
| Suncor Energy, Inc. | 487384 | 21620354  |
| **Financials - 24.8%**<br>|  |  |
| American International Group, Inc. | 147519 | 12620250  |
| Bank of America Corp. | 345859 | 19022245  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 71877 | 36128974  |
| Charles Schwab Corp. | 228444 | 22823840  |
|  First Citizens BancShares, Inc. - Class A | 9041 | 19403613  |
| KKR & Co., Inc. | 297715 | 37952708  |
| Mastercard, Inc. - Class A | 76427 | 43630646  |
| Progressive Corp. | 57090 | 13000535  |
| Visa, Inc. - Class A | 127122 | 44582957  |
|  |  | 249165768  |
| **Health Care - 10.1%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 62325 | 9732049  |
| Danaher Corp. | 60740 | 13904601  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 238458 | 20328544  |
| Elevance Health, Inc. | 74288 | 26041658  |
| Illumina, Inc.<sup>(a)</sup> | 74780 | 9808145  |
| UnitedHealth Group, Inc. | 65016 | 21462432  |
|  |  | 101277429  |
| **Industrials - 9.9%**<br>|  |  |
| Canadian National Railway Co. | 58035 | 5736760  |
| Carrier Global Corp. | 363751 | 19220603  |
| Ferguson Enterprises, Inc. | 47098 | 10485428  |
| GE Aerospace | 50895 | 15677187  |
| Old Dominion Freight Line, Inc. | 82249 | 12896643  |
| Uber Technologies, Inc.<sup>(a)</sup> | 159618 | 13042387  |
| United Rentals, Inc. | 27208 | 22019978  |
|  |  | 99078986  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 22.7%**<br>|  |  |
| Analog Devices, Inc. | 63700 | $17275440  |
| Apple, Inc. | 51464 | 13991003  |
| Autodesk, Inc.<sup>(a)</sup> | 46898 | 13882277  |
| Intuit, Inc. | 36108 | 23918661  |
| KLA Corp. | 14188 | 17239555  |
| Marvell Technology, Inc. | 95057 | 8077944  |
| Microsoft Corp. | 141433 | 68399828  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 184965 | 56209014  |
| Workday, Inc. - Class A<sup>(a)</sup> | 41641 | 8943654  |
|  |  | 227937376  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $372,989,836)** |  | 988141501  |
| **SHORT-TERM INVESTMENTS - 1.6%** | **SHORT-TERM INVESTMENTS - 1.6%** | **SHORT-TERM INVESTMENTS - 1.6%** |
| **Money Market Funds - 1.6%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 16055687 | 16055687  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $16,055,687)** |  | 16055687  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $389,045,523)** |  | $1004197188  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (108849)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1004088339 |

---

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.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.7%**<br>|  |  |
| **Communication Services - 2.7%**<br>|  |  |
| Spotify Technology SA<sup>(a)</sup> | 303573 | $176287877  |
| **Consumer Discretionary - 9.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1021964 | 138700954  |
| Amazon.com, Inc.<sup>(a)</sup> | 2045232 | 472080450  |
|  |  | 610781404  |
| **Financials - 18.1%**<br>|  |  |
| Ares Management Corp. | 864639 | 139751602  |
| Arthur J Gallagher & Co. | 723697 | 187285547  |
| Charles Schwab Corp. | 2173419 | 217146292  |
| KKR & Co., Inc. | 1641305 | 209233561  |
| Progressive Corp. | 713550 | 162489606  |
| Visa, Inc. - Class A | 811576 | 284627819  |
|  |  | 1200534427  |
| **Health Care - 7.8%**<br>|  |  |
| Danaher Corp. | 778063 | 178114182  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 316699 | 179365645  |
| West Pharmaceutical Services, Inc. | 576612 | 158649026  |
|  |  | 516128853  |
| **Industrials - 12.5%**<br>|  |  |
| Carrier Global Corp. | 2872820 | 151799809  |
| Equifax, Inc. | 655833 | 142302644  |
| GE Aerospace | 482775 | 148709183  |
| Uber Technologies, Inc.<sup>(a)</sup> | 1742031 | 142341353  |
| Veralto Corp. | 1167746 | 116517696  |
| Verisk Analytics, Inc. | 549801 | 122984986  |
|  |  | 824655671  |
| **Information Technology - 46.3%**<br>|  |  |
| Broadcom, Inc. | 659743 | 228337052  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 506234 | 158238624  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 998877 | 135837283  |
| Dynatrace, Inc.<sup>(a)</sup> | 2471128 | 107098688  |
| Intuit, Inc. | 367713 | 243580446  |
| Marvell Technology, Inc. | 1483421 | 126061117  |
| Microsoft Corp. | 1230490 | 595089574  |
| Monolithic Power Systems, Inc. | 174920 | 158540491  |
| NVIDIA Corp. | 3044388 | 567778362  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 3166898 | 112266534  |
| ServiceNow, Inc.<sup>(a)</sup> | 827123 | 126706972  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 659650 | 106183861  |
| Snowflake, Inc.<sup>(a)</sup> | 521315 | 114355658  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 926824 | 281652545  |
|  |  | 3061727207  |
| **Materials - 2.1%**<br>|  |  |
| Ecolab, Inc. | 521595 | 136929119  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,833,320,600)** |  | 6527044558  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** |
| **Money Market Funds - 0.8%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 55020610 | $55020610  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $55,020,610)** |  | 55020610  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $3,888,341,210)** |  | $6582065168  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 34570924  |
| **TOTAL NET ASSETS - 100.0%** |  | $6616636092 |

---

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.

ADR - American Depositary Receipt

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Mid-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.8%**<br>|  |  |
| **Communication Services - 2.1%**<br>|  |  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 3057 | $247709  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 8735 | 331580  |
|  |  | 579289  |
| **Consumer Discretionary - 19.2%**<br>|  |  |
| Amer Sports, Inc.<sup>(a)</sup> | 4318 | 161277  |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 3295 | 334113  |
| Carvana Co.<sup>(a)</sup> | 387 | 163322  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 4753 | 175861  |
| Coupang, Inc. - Class A<sup>(a)</sup> | 27198 | 641601  |
| Domino's Pizza, Inc. | 1174 | 489347  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 1924 | 435748  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 13471 | 464211  |
| Expedia Group, Inc. | 2283 | 646797  |
| Hilton Worldwide Holdings, Inc. | 3646 | 1047313  |
| Ross Stores, Inc. | 2623 | 472507  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 634 | 383576  |
|  |  | 5415673  |
| **Consumer Staples - 0.9%**<br>|  |  |
| Casey's General Stores, Inc. | 435 | 240429  |
| **Energy - 4.0%**<br>|  |  |
| Cheniere Energy, Inc. | 3941 | 766091  |
| Oceaneering International, Inc.<sup>(a)</sup> | 15083 | 362445  |
|  |  | 1128536  |
| **Financials - 4.5%**<br>|  |  |
| Ares Management Corp. | 4147 | 670280  |
| Arthur J Gallagher & Co. | 1712 | 443048  |
| Tradeweb Markets, Inc. - Class A | 1398 | 150341  |
|  |  | 1263669  |
| **Health Care - 17.9%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 1748 | 695092  |
| Bruker Corp. | 6461 | 304378  |
| Cardinal Health, Inc. | 3850 | 791175  |
| Dexcom, Inc.<sup>(a)</sup> | 12580 | 834934  |
| HealthEquity, Inc.<sup>(a)</sup> | 4886 | 447606  |
| Insulet Corp.<sup>(a)</sup> | 2049 | 582408  |
| Medline, Inc.<sup>(a)</sup> | 9276 | 389592  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 2477 | 552941  |
| West Pharmaceutical Services, Inc. | 1633 | 449304  |
|  |  | 5047430  |
| **Industrials - 21.7%**<br>|  |  |
| AAON, Inc. | 2337 | 178196  |
| Applied Industrial Technologies, Inc. | 1512 | 388236  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 513 | 291348  |
| Carlisle Cos., Inc. | 949 | 303547  |
| Comfort Systems USA, Inc. | 411 | 383582  |
| Equifax, Inc. | 2796 | 606676  |
| HEICO Corp. - Class A | 3015 | 761077  |
| Old Dominion Freight Line, Inc. | 2673 | 419127  |
| OPENLANE, Inc.<sup>(a)</sup> | 17213 | 512603  |
| Parsons Corp.<sup>(a)</sup> | 4699 | 290398  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 3257 | 405692  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Verisk Analytics, Inc. | 3224 | $721177  |
| Voyager Technologies, Inc. - Class A<sup>(a)</sup> | 6438 | 168289  |
| Waste Connections, Inc. | 3913 | 686184  |
|  |  | 6116132  |
| **Information Technology - 22.7%**<br>|  |  |
| CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 63152 | 502058  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 2120 | 417958  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 1976 | 268716  |
| Dynatrace, Inc.<sup>(a)</sup> | 12956 | 561513  |
| Fair Isaac Corp.<sup>(a)</sup> | 427 | 721895  |
| Gartner, Inc.<sup>(a)</sup> | 1301 | 328216  |
| HubSpot, Inc.<sup>(a)</sup> | 1296 | 520085  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 5014 | 368930  |
| Marvell Technology, Inc. | 3965 | 336946  |
| Monolithic Power Systems, Inc. | 393 | 356200  |
| Onestream, Inc. - Class A<sup>(a)</sup> | 15856 | 291433  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 5500 | 368555  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 7942 | 281544  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 996 | 452134  |
| Workday, Inc. - Class A<sup>(a)</sup> | 1317 | 282865  |
| Zscaler, Inc.<sup>(a)</sup> | 1490 | 335131  |
|  |  | 6394179  |
| **Materials - 2.4%**<br>|  |  |
| Vulcan Materials Co. | 2355 | 671693  |
| **Real Estate - 3.4%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 14083 | 946941  |
| **Utilities - 2.0%**<br>|  |  |
| Vistra Corp. | 3564 | 574980  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $21,819,194)** |  | 28378951  |
| **SHORT-TERM INVESTMENTS - 2.5%**  | **SHORT-TERM INVESTMENTS - 2.5%**  | **SHORT-TERM INVESTMENTS - 2.5%**  |
| **Money Market Funds - 2.5%** |  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 703128 | 703128  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $703,128)** |  | 703128  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.3%** <br>**(Cost $22,522,322)** |  | $29082079  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.3)% |  | (916082)  |
| **TOTAL NET ASSETS - 100.0%** |  | $28165997 |

---

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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.5%**<br>|  |  |
| **Communication Services - 0.2%**<br>|  |  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 4150 | $1062525  |
| **Consumer Discretionary - 4.6%**<br>|  |  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 134307 | 13618730  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 2190258 | 12177834  |
| TopBuild Corp.<sup>(a)</sup> | 6504 | 2713404  |
|  |  | 28509968  |
| **Consumer Staples - 1.8%**<br>|  |  |
| Casey's General Stores, Inc. | 20479 | 11318948  |
| **Energy - 4.7%**<br>|  |  |
| Cactus, Inc. - Class A | 91537 | 4181410  |
| Oceaneering International, Inc.<sup>(a)</sup> | 987524 | 23730202  |
| Schlumberger NV | 20531 | 787980  |
|  |  | 28699592  |
| **Financials - 5.0%**<br>|  |  |
| DigitalBridge Group, Inc. - Class A | 381341 | 5849771  |
| Houlihan Lokey, Inc. - Class A | 22755 | 3963693  |
| Prosperity Bancshares, Inc. | 303153 | 20950904  |
|  |  | 30764368  |
| **Health Care - 20.9%**<br>|  |  |
| Bio-Techne Corp. | 249091 | 14649042  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 115805 | 4336897  |
| Bruker Corp. | 344755 | 16241408  |
| Cytokinetics, Inc.<sup>(a)</sup> | 86687 | 5508092  |
| Encompass Health Corp. | 124642 | 13229502  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 363630 | 26501354  |
| HealthEquity, Inc.<sup>(a)</sup> | 221629 | 20303433  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 258048 | 6843433  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 21655 | 3071328  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 351132 | 6236104  |
| Phreesia, Inc.<sup>(a)</sup> | 19504 | 330008  |
| SI-BONE, Inc.<sup>(a)</sup> | 390982 | 7710165  |
| Vaxcyte, Inc.<sup>(a)</sup> | 82849 | 3822653  |
|  |  | 128783419  |
| **Industrials - 31.9%**<br>|  |  |
| AAON, Inc. | 117530 | 8961662  |
| Andersen Group, Inc.<sup>(a)</sup> | 182645 | 4735985  |
| Applied Industrial Technologies, Inc. | 35200 | 9038304  |
| BWX Technologies, Inc. | 25501 | 4407593  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 102208 | 10010252  |
| Curtiss-Wright Corp. | 20113 | 11087693  |
| Enerpac Tool Group Corp. | 114115 | 4363758  |
| EnPro, Inc. | 45700 | 9785741  |
| Generac Holdings, Inc.<sup>(a)</sup> | 16803 | 2291425  |
| IDEX Corp. | 26575 | 4728755  |
| Kadant, Inc. | 30129 | 8587368  |
| MSA Safety, Inc. | 59279 | 9492939  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mueller Water Products, Inc. - Class A | 136638 | $3254717  |
| OPENLANE, Inc.<sup>(a)</sup> | 413444 | 12312362  |
| Parsons Corp.<sup>(a)</sup> | 128302 | 7929064  |
| Rentokil Initial PLC - ADR | 8624 | 254063  |
| Simpson Manufacturing Co., Inc. | 53624 | 8658667  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 51673 | 6436389  |
| SPX Technologies, Inc.<sup>(a)</sup> | 35156 | 7033309  |
| StandardAero, Inc.<sup>(a)</sup> | 546429 | 15671584  |
| Valmont Industries, Inc. | 26388 | 10616420  |
| Waste Connections, Inc. | 127352 | 22332447  |
| Woodward, Inc. | 18661 | 5641594  |
| Zurn Elkay Water Solutions Corp. | 191304 | 8893723  |
|  |  | 196525814  |
| **Information Technology - 25.1%**<br>|  |  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 3163460 | 25149507  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 377027 | 9093891  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 256629 | 7760461  |
| Dynatrace, Inc.<sup>(a)</sup> | 449727 | 19491168  |
| Entegris, Inc. | 135230 | 11393128  |
| Guidewire Software, Inc.<sup>(a)</sup> | 35542 | 7144297  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 167557 | 12328844  |
| Mirion Technologies, Inc. - Class A<sup>(a)</sup> | 256483 | 6006832  |
| Novanta, Inc.<sup>(a)</sup> | 83704 | 9959939  |
| Onestream, Inc. - Class A<sup>(a)</sup> | 500103 | 9191893  |
| Power Integrations, Inc. | 111383 | 3958552  |
| SailPoint, Inc.<sup>(a)</sup> | 109002 | 2205110  |
| SiTime Corp.<sup>(a)</sup> | 29330 | 10359063  |
| Universal Display Corp. | 96754 | 11298932  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 454309 | 9072551  |
|  |  | 154414168  |
| **Materials - 3.0%**<br>|  |  |
| Eagle Materials, Inc. | 44007 | 9095367  |
| HB Fuller Co. | 109820 | 6529897  |
| James Hardie Industries PLC<sup>(a)</sup> | 148331 | 3077868  |
|  |  | 18703132  |
| **Real Estate - 1.3%**<br>|  |  |
| FirstService Corp. | 52956 | 8236247  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $464,647,760)** |  | 607018181  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.2%**<br>|  |  |
| **Real Estate - 1.2%**<br>|  |  |
| EastGroup Properties, Inc. | 40881 | 7282541  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $3,845,041)** |  | 7282541  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Small-Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PRIVATE PLACEMENTS - 0.1%**<br>|  |  |
|  StepStone VC Global Partners IV-B, L.P<sup>(a)(b)(c)</sup> | 19200 | $475020  |
|  StepStone VC Global Partners V-B, L.P.<sup>(a)(b)(d)</sup> | 91769 | 92522  |
| &nbsp;&nbsp;&nbsp; **TOTAL PRIVATE PLACEMENTS**<br>**(Cost $0)** |  | 567542  |
| **CONTINGENT VALUE RIGHTS - 0.0%<sup>(c)</sup>** | **CONTINGENT VALUE RIGHTS - 0.0%<sup>(c)</sup>** | **CONTINGENT VALUE RIGHTS - 0.0%<sup>(c)</sup>** |
| Sanofi SA (Acquired in July 2025)<sup>(a)</sup> | 14431 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT VALUE RIGHTS**<br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** |
| **Money Market Funds - 0.4%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(e)</sup> | 2760282 | 2760282  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $2,760,282)** |  | 2760282  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%**<br>**(Cost $471,253,083)** |  | $617628546  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (952718)  |
| **TOTAL NET ASSETS - 100.0%** |  | $616675828 |

---

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> These securities are being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. Further, they may not be sold by the Fund. Total unfunded capital commitments related to these holdings are immaterial and total $89,000, or 0.0% of the Fund's net assets as of the date of this report..

<sup>(c)</sup> Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from February 2008 to April 2018 as part of a $2,000,000 capital commitment. As of the date of this report, $1,920,000 of the capital commitment has been fulfilled by the Fund.

<sup>(d)</sup> Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from October 2012 to August 2018 as part of a $100,000 capital commitment. As of the date of this report, $91,000 of the capital commitment has been fulfilled by the Fund.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Small-Cap Fundamental Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.9%**<br>|  |  |
| **Communication Services - 6.1%**<br>|  |  |
| Cable One, Inc. | 97357 | $10986737  |
| Cars.com, Inc.<sup>(a)</sup> | 1057689 | 12903806  |
| IAC, Inc.<sup>(a)</sup> | 351854 | 13757491  |
| John Wiley & Sons, Inc. - Class A | 523882 | 16046506  |
| Nexstar Media Group, Inc. | 61439 | 12475189  |
|  |  | 66169729  |
| **Consumer Discretionary - 8.0%**<br>|  |  |
| Brightstar Lottery PLC | 1665161 | 25776692  |
| La-Z-Boy, Inc. | 301758 | 11246521  |
| Murphy USA, Inc. | 38754 | 15638014  |
| Signet Jewelers Ltd. | 261114 | 21641128  |
| YETI Holdings, Inc.<sup>(a)</sup> | 264422 | 11679520  |
|  |  | 85981875  |
| **Consumer Staples - 1.7%**<br>|  |  |
| Nomad Foods Ltd. | 1499338 | 18756718  |
| **Energy - 5.9%**<br>|  |  |
| Bristow Group, Inc.<sup>(a)</sup> | 617222 | 22602670  |
| Oceaneering International, Inc.<sup>(a)</sup> | 1051073 | 25257284  |
| REX American Resources Corp.<sup>(a)</sup> | 501197 | 16198687  |
|  |  | 64058641  |
| **Financials - 31.7%**<br>|  |  |
| Assured Guaranty Ltd. | 202984 | 18242172  |
| Bancorp, Inc.<sup>(a)</sup> | 364851 | 24634740  |
| Cass Information Systems, Inc. | 300813 | 12489756  |
| Dime Community Bancshares, Inc. | 521047 | 15678304  |
| Eastern Bankshares, Inc. | 1027206 | 18931407  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 232758 | 17715211  |
| First Interstate BancSystem, Inc. | 350673 | 12133286  |
| Hanover Insurance Group, Inc. | 98774 | 18052924  |
| Horace Mann Educators Corp. | 403604 | 18638433  |
| MGIC Investment Corp. | 570434 | 16668081  |
| NCR Atleos Corp.<sup>(a)</sup> | 1009720 | 38480429  |
| Old National Bancorp | 1075648 | 23997707  |
| Peapack-Gladstone Financial Corp. | 267730 | 7456281  |
| Peoples Bancorp, Inc. | 352799 | 10594554  |
| Seacoast Banking Corp. of Florida | 519629 | 16326743  |
| Towne Bank/Portsmouth VA | 748842 | 24988858  |
| Virtus Investment Partners, Inc. | 48442 | 7903312  |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance Group <br>Ltd. | 8743 | 18168216  |
| WSFS Financial Corp. | 361542 | 19971580  |
|  |  | 341071994  |
| **Health Care - 7.2%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 377138 | 5351588  |
| Avanos Medical, Inc.<sup>(a)</sup> | 1111802 | 12485537  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 580831 | 21752121  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 748133 | $22511322  |
| ICU Medical, Inc.<sup>(a)</sup> | 110117 | 15710392  |
|  |  | 77810960  |
| **Industrials - 10.1%**<br>|  |  |
| Cadre Holdings, Inc. | 311919 | 12738772  |
| Ducommun, Inc.<sup>(a)</sup> | 240083 | 22839096  |
| EnPro, Inc. | 106809 | 22871011  |
| Modine Manufacturing Co.<sup>(a)</sup> | 38990 | 5205555  |
| Sensata Technologies Holding PLC | 574215 | 19115617  |
| Tennant Co. | 226378 | 16684059  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 237247 | 8816098  |
|  |  | 108270208  |
| **Information Technology - 9.3%**<br>|  |  |
| Bel Fuse, Inc. - Class A | 77507 | 11765563  |
| Bel Fuse, Inc. - Class B | 64038 | 10862766  |
| CTS Corp. | 505451 | 21668684  |
| Globant SA<sup>(a)</sup> | 193295 | 12635694  |
| NCR Voyix Corp.<sup>(a)</sup> | 1700904 | 17349221  |
| OSI Systems, Inc.<sup>(a)</sup> | 68764 | 17538946  |
| PC Connection, Inc. | 150761 | 8707955  |
|  |  | 100528829  |
| **Materials - 8.3%**<br>|  |  |
| Eagle Materials, Inc. | 79161 | 16360996  |
| Ecovyst, Inc.<sup>(a)</sup> | 2398704 | 23339390  |
| Ingevity Corp.<sup>(a)</sup> | 508852 | 30113861  |
| Innospec, Inc. | 175336 | 13420217  |
| Orion S.A. | 1203488 | 6354417  |
|  |  | 89588881  |
| **Real Estate - 3.4%**<br>|  |  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 2246053 | 36363598  |
| **Utilities - 4.2%**<br>|  |  |
| Portland General Electric Co. | 357998 | 17180324  |
| Talen Energy Corp.<sup>(a)</sup> | 73499 | 27550365  |
|  |  | 44730689  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $863,946,788)** |  | 1033332122  |
|  **REAL ESTATE INVESTMENT TRUSTS - 3.8%**<br>|  |  |
| **Real Estate - 3.8%**<br>|  |  |
| Curbline Properties Corp. | 574451 | 13333008  |
| Global Net Lease, Inc. | 3205913 | 27570852  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $33,573,435)** |  | 40903860  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Small-Cap Fundamental Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** | **SHORT-TERM INVESTMENTS - 1.0%** |
| **Money Market Funds - 1.0%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 10696661 | $10696661  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $10,696,661)** |  | 10696661  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%** <br>**(Cost $908,216,884)** |  | $1084932643  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.7)% |  | (7972481)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1076960162 |

---

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.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Small-Cap Core Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.8%** | **COMMON STOCKS - 93.8%** | **COMMON STOCKS - 93.8%** |
| **Communication Services - 2.3%**<br>|  |  |
| John Wiley & Sons, Inc. - Class A | 39059 | $1196377  |
| Nexstar Media Group, Inc. | 5786 | 1174847  |
|  |  | 2371224  |
| **Consumer Discretionary - 5.7%**<br>|  |  |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 14009 | 1420513  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 61417 | 926168  |
| TopBuild Corp.<sup>(a)</sup> | 1827 | 762206  |
| Wyndham Hotels & Resorts, Inc. | 20557 | 1553287  |
| YETI Holdings, Inc.<sup>(a)</sup> | 26293 | 1161362  |
|  |  | 5823536  |
| **Consumer Staples - 1.3%**<br>|  |  |
| Nomad Foods Ltd. | 108729 | 1360200  |
| **Energy - 2.3%**<br>|  |  |
| Bristow Group, Inc.<sup>(a)</sup> | 64056 | 2345731  |
| **Financials - 18.9%**<br>|  |  |
| Assured Guaranty Ltd. | 14821 | 1331963  |
| Bancorp, Inc.<sup>(a)</sup> | 36241 | 2446992  |
| DigitalBridge Group, Inc. - Class A | 110119 | 1689226  |
| Eastern Bankshares, Inc. | 122682 | 2261029  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 20557 | 1564593  |
| Horace Mann Educators Corp. | 32891 | 1518907  |
| MGIC Investment Corp. | 48829 | 1426784  |
| NCR Atleos Corp.<sup>(a)</sup> | 46748 | 1781566  |
| Old National Bancorp | 92481 | 2063251  |
| Prosperity Bancshares, Inc. | 11776 | 813839  |
| Towne Bank/Portsmouth VA | 31419 | 1048452  |
| WSFS Financial Corp. | 26800 | 1480432  |
|  |  | 19427034  |
| **Health Care - 19.1%**<br>|  |  |
| Ascendis Pharma AS - ADR<sup>(a)</sup> | 6294 | 1342133  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 40708 | 1524515  |
| Bruker Corp. | 38221 | 1800591  |
| Cytokinetics, Inc.<sup>(a)</sup> | 18780 | 1193281  |
| Encompass Health Corp. | 15177 | 1610887  |
|  Guardian Pharmacy Services, Inc. - Class A<sup>(a)</sup> | 68320 | 2055749  |
| HealthEquity, Inc.<sup>(a)</sup> | 20252 | 1855286  |
| ICU Medical, Inc.<sup>(a)</sup> | 8832 | 1260062  |
| Insmed, Inc.<sup>(a)</sup> | 5085 | 884993  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 52433 | 1390523  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 103647 | 729675  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 9441 | 1339017  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 41258 | 732742  |
| SI-BONE, Inc.<sup>(a)</sup> | 51570 | 1016960  |
| Vaxcyte, Inc.<sup>(a)</sup> | 18367 | 847453  |
|  |  | 19583867  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 18.8%**<br>|  |  |
| Applied Industrial Technologies, Inc. | 6599 | $1694425  |
| Enerpac Tool Group Corp. | 41977 | 1605200  |
| EnPro, Inc. | 7969 | 1706402  |
| Generac Holdings, Inc.<sup>(a)</sup> | 6700 | 913679  |
| Kadant, Inc. | 5330 | 1519157  |
| Modine Manufacturing Co.<sup>(a)</sup> | 7258 | 969016  |
| OPENLANE, Inc.<sup>(a)</sup> | 48575 | 1446563  |
| Sensata Technologies Holding PLC | 35530 | 1182794  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 8781 | 1093761  |
| SPX Technologies, Inc.<sup>(a)</sup> | 8121 | 1624687  |
| StandardAero, Inc.<sup>(a)</sup> | 46342 | 1329089  |
| Tennant Co. | 15420 | 1136454  |
| Valmont Industries, Inc. | 3452 | 1388809  |
| Zurn Elkay Water Solutions Corp. | 35936 | 1670665  |
|  |  | 19280701  |
| **Information Technology - 15.6%**<br>|  |  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 75832 | 2293160  |
| CTS Corp. | 39540 | 1695080  |
| Dynatrace, Inc.<sup>(a)</sup> | 16953 | 734743  |
| Entegris, Inc. | 7471 | 629432  |
| NCR Voyix Corp.<sup>(a)</sup> | 69401 | 707890  |
| Novanta, Inc.<sup>(a)</sup> | 12131 | 1443468  |
| Onestream, Inc. - Class A<sup>(a)</sup> | 88162 | 1620418  |
| OSI Systems, Inc.<sup>(a)</sup> | 5888 | 1501793  |
| Power Integrations, Inc. | 20588 | 731697  |
| SailPoint, Inc.<sup>(a)</sup> | 27105 | 548334  |
| SiTime Corp.<sup>(a)</sup> | 4720 | 1667057  |
| Universal Display Corp. | 10667 | 1245692  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 61556 | 1229273  |
|  |  | 16048037  |
| **Materials - 5.4%**<br>|  |  |
| Ecovyst, Inc.<sup>(a)</sup> | 170191 | 1655958  |
| HB Fuller Co. | 14771 | 878284  |
| Ingevity Corp.<sup>(a)</sup> | 32065 | 1897607  |
| James Hardie Industries PLC<sup>(a)</sup> | 51490 | 1068417  |
|  |  | 5500266  |
| **Real Estate - 2.6%**<br>|  |  |
| Cushman & Wakefield Ltd.<sup>(a)</sup> | 84258 | 1364137  |
| FirstService Corp. | 8172 | 1270991  |
|  |  | 2635128  |
| **Utilities - 1.8%**<br>|  |  |
| Talen Energy Corp.<sup>(a)</sup> | 4822 | 1807478  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $80,744,875)** |  | 96183202  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Small-Cap Core Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.4%**<br>|  |  |
| **Real Estate - 2.4%**<br>|  |  |
| Curbline Properties Corp. | 49489 | $1148640  |
| EastGroup Properties, Inc. | 7208 | 1284033  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $2,255,001)** |  | 2432673  |
| **CONTINGENT VALUE RIGHTS - 0.0%<sup>(b)</sup>** | **CONTINGENT VALUE RIGHTS - 0.0%<sup>(b)</sup>** | **CONTINGENT VALUE RIGHTS - 0.0%<sup>(b)</sup>** |
| **Health Care - 0.0%<sup>(b)</sup>**<br>|  |  |
| Sanofi SA, (Acquired in July 2025)<sup>(a)(c)</sup> | 12277 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT** <br>**VALUE RIGHTS**<br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** |
| **Money Market Funds - 3.9%** <br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(d)</sup> | 4015127 | 4015127  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $4,015,127)** |  | 4015127  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%**<br>**(Cost $87,015,003)** |  | $102631002  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (84188)  |
| **TOTAL NET ASSETS - 100.0%** |  | $102546814 |

---

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Value Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.7%**<br>|  |  |
| **Communication Services - 7.3%**<br>|  |  |
| Alphabet, Inc. - Class C | 9801 | $3075554  |
| Comcast Corp. - Class A | 142292 | 4253108  |
| Nexstar Media Group, Inc. | 8255 | 1676177  |
| T-Mobile US, Inc. | 19846 | 4029532  |
|  |  | 13034371  |
| **Consumer Discretionary - 3.9%**<br>|  |  |
| Expedia Group, Inc. | 8518 | 2413235  |
| LKQ Corp. | 72605 | 2192671  |
| Wyndham Hotels & Resorts, Inc. | 30424 | 2298837  |
|  |  | 6904743  |
| **Consumer Staples - 3.3%**<br>|  |  |
| Unilever PLC - ADR | 89610 | 5860523  |
| **Energy - 5.7%**<br>|  |  |
| Schlumberger NV | 167145 | 6415025  |
| Weatherford International PLC | 47022 | 3679942  |
|  |  | 10094967  |
| **Financials - 19.9%**<br>|  |  |
| American International Group, Inc. | 72605 | 6211358  |
| Bank of America Corp. | 122311 | 6727105  |
| Citigroup, Inc. | 49473 | 5773004  |
| Equitable Holdings, Inc. | 68710 | 3274032  |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, <br>Inc. | 69075 | 4590725  |
| KKR & Co., Inc. | 21703 | 2766698  |
| Willis Towers Watson PLC | 18727 | 6153692  |
|  |  | 35496614  |
| **Health Care - 20.6%**<br>|  |  |
| Cardinal Health, Inc. | 38388 | 7888734  |
| Cooper Cos., Inc.<sup>(a)</sup> | 30308 | 2484044  |
| Elevance Health, Inc. | 10589 | 3711974  |
| Gilead Sciences, Inc. | 23161 | 2842781  |
| Hologic, Inc.<sup>(a)</sup> | 40605 | 3024666  |
| ICON PLC<sup>(a)</sup> | 22490 | 4098128  |
| Labcorp Holdings, Inc. | 13243 | 3322404  |
| Medtronic PLC | 22782 | 2188439  |
| Sanofi SA - ADR | 150401 | 7288432  |
|  |  | 36849602  |
| **Industrials - 9.7%**<br>|  |  |
| Ferguson Enterprises, Inc. | 24357 | 5422599  |
| Masco Corp. | 36550 | 2319463  |
| Pentair PLC | 35996 | 3748623  |
| Trane Technologies PLC | 8109 | 3156023  |
| Waste Connections, Inc. | 15431 | 2705980  |
|  |  | 17352688  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 11.6%**<br>|  |  |
| Applied Materials, Inc. | 16160 | $4152958  |
| Cisco Systems, Inc. | 24561 | 1891934  |
| Dell Technologies, Inc. - Class C | 35821 | 4509148  |
| Flex Ltd.<sup>(a)</sup> | 68317 | 4127713  |
| NXP Semiconductors NV | 11026 | 2393304  |
| TD SYNNEX Corp. | 24270 | 3646082  |
|  |  | 20721139  |
| **Materials - 7.7%**<br>|  |  |
| CRH PLC | 67879 | 8471299  |
| Smurfit WestRock PLC | 137537 | 5318556  |
|  |  | 13789855  |
| **Real Estate - 2.9%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 32029 | 5149943  |
| **Utilities - 3.1%**<br>|  |  |
| Constellation Energy Corp. | 15898 | 5616286  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $131,739,260)** |  | 170870731  |
| **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** |
| **Money Market Funds - 4.2%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 7430012 | 7430012  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $7,430,012)** |  | 7430012  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $139,169,272)** |  | $178300743  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 207219  |
| **TOTAL NET ASSETS - 100.0%** |  | $178507962 |

---

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY GLOBAL LEADERS FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.6%** <br>|  |  |
| **Brazil - 2.2%** <br>|  |  |
| B3 SA - Brasil Bolsa Balcao | 22065029 | $56175528  |
| **China - 3.0%** <br>|  |  |
| AIA Group Ltd. | 7476730 | 76958682  |
| **France - 2.8%** <br>|  |  |
| Safran SA | 207021 | 72108864  |
| **Germany - 6.3%** <br>|  |  |
| CTS Eventim AG & Co. KGaA | 452251 | 41400067  |
| Deutsche Boerse AG | 447361 | 117575901  |
|  |  | 158975968  |
| **India - 2.8%** <br>|  |  |
| HDFC Bank Ltd. | 6547632 | 72331004  |
| **Indonesia - 2.0%** <br>|  |  |
| Bank Central Asia Tbk PT | 105085800 | 50745588  |
| **Netherlands - 3.4%** <br>|  |  |
| ASML Holding NV | 75978 | 81285823  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 307072 | 4873860  |
|  |  | 86159683  |
| **Sweden - 2.4%** <br>|  |  |
| Atlas Copco AB - Class B | 3862343 | 61746184  |
| **Switzerland - 3.7%** <br>|  |  |
| Roche Holding AG | 227792 | 94071325  |
| **Taiwan - 3.2%** <br>|  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 268461 | 81582613  |
| **United Kingdom - 13.5%** <br>|  |  |
| Experian PLC | 1580333 | 71251552  |
| London Stock Exchange Group PLC | 1036988 | 124737285  |
| Rentokil Initial PLC | 9559971 | 57039279  |
| Unilever PLC | 1364762 | 89169359  |
|  |  | 342197475  |
| **United States - 50.3%** <br>|  |  |
| **Communication Services - 6.0%** <br>|  |  |
| Alphabet, Inc. - Class C | 483920 | 151854096  |
| **Consumer Discretionary - 4.2%** <br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 15067 | 51099730  |
| Booking Holdings, Inc. | 10072 | 53938884  |
|  |  | 105038614  |
| **Financials - 12.2%** <br>|  |  |
| Charles Schwab Corp. | 816816 | 81608086  |
| Mastercard, Inc. - Class A | 181053 | 103359537  |
| Visa, Inc. - Class A | 355725 | 124756315  |
|  |  | 309723938  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 5.0%** <br>|  |  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 748745 | $63830511  |
| Zoetis, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 506737 | 63757650  |
|  |  | 127588161  |
| **Industrials - 7.9%** <br>|  |  |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp; 342227 | 54489383  |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 115229 | 25002388  |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 248199 | 55256543  |
| GE Aerospace | &nbsp;&nbsp;&nbsp;&nbsp; 215748 | 66456857  |
|  |  | 201205171  |
| **Information Technology - 15.0%** <br>|  |  |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 161071 | 47678627  |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 101637 | 67326381  |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 443814 | 214637327  |
| Workday, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 240012 | 51549777  |
|  |  | 381192112  |
| **Total United States** |  | 1276602092  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,581,377,009)** |  | 2429655006  |
| **SHORT-TERM INVESTMENTS - 4.3%**<br>|  |  |
| **Money Market Funds - 4.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class Z, <br>4.37%<sup>(b)</sup> |  | 108738698  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $108,738,698)** |  | 108738698  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $1,690,115,707)** |  | $2538393704  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1391588  |
| **TOTAL NET ASSETS - 100.0%** |  | $2539785292 |

---

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY SUSTAINABLE INTERNATIONAL LEADERS FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 89.1%**<br>|  |  |
| **Brazil - 1.8%**<br>|  |  |
| B3 SA - Brasil Bolsa Balcao | 334511 | $851634  |
| **Canada - 4.0%**<br>|  |  |
| Canadian National Railway Co. | 6569 | 649697  |
| Waste Connections, Inc. | 7170 | 1257486  |
|  |  | 1907183  |
| **China - 7.9%**<br>|  |  |
| AIA Group Ltd. | 177272 | 1824677  |
| ANTA Sports Products Ltd. | 106000 | 1100765  |
| Tencent Holdings Ltd. | 10600 | 813481  |
|  |  | 3738923  |
| **Finland - 2.6%**<br>|  |  |
| Kone Oyj - Class B | 17101 | 1211484  |
| **France - 9.3%**<br>|  |  |
| Airbus SE | 6654 | 1545217  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 2005 | 1511238  |
| Safran SA | 3820 | 1330570  |
|  |  | 4387025  |
| **Germany - 6.7%**<br>|  |  |
| CTS Eventim AG & Co. KGaA | 9925 | 908557  |
| Deutsche Boerse AG | 5076 | 1334080  |
| SAP SE | 3885 | 943931  |
|  |  | 3186568  |
| **India - 3.7%**<br>|  |  |
| HDFC Bank Ltd. - ADR | 47206 | 1724907  |
| **Indonesia - 2.0%**<br>|  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 4383356 | 959985  |
| **Japan - 4.5%**<br>|  |  |
| Keyence Corp. | 3188 | 1153179  |
| Shimano, Inc. | 9136 | 955361  |
|  |  | 2108540  |
| **Netherlands - 7.2%**<br>|  |  |
| ASML Holding NV | 1018 | 1096914  |
| Universal Music Group NV | 48273 | 1258468  |
| Wolters Kluwer NV | 10310 | 1067873  |
|  |  | 3423255  |
| **Spain - 2.1%**<br>|  |  |
| Amadeus IT Group SA | 13484 | 997964  |
| **Sweden - 2.3%**<br>|  |  |
| Atlas Copco AB - Class B | 68344 | 1092596  |
| **Switzerland - 5.4%**<br>|  |  |
| Cie Financiere Richemont SA | 7433 | 1602934  |
| Roche Holding AG | 2301 | 950245  |
|  |  | 2553179  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Taiwan - 3.7%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5673 | $1723968  |
| **United Kingdom - 23.0%**<br>|  |  |
| AstraZeneca PLC | 6861 | 1269688  |
| Compass Group PLC | 43291 | 1371673  |
| ConvaTec Group PLC | 422198 | 1378435  |
| Diageo PLC | 43971 | 947480  |
| Experian PLC | 35611 | 1605572  |
| Howden Joinery Group PLC | 169689 | 1899073  |
| London Stock Exchange Group PLC | 11839 | 1424090  |
| Rentokil Initial PLC | 163965 | 978292  |
|  |  | 10874303  |
| **United States - 2.9%**<br>|  |  |
| Booking Holdings, Inc. | 260 | 1392386  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $34,331,075)** |  | 42133900  |
| **SHORT-TERM INVESTMENTS - 11.3%** | **SHORT-TERM INVESTMENTS - 11.3%** | **SHORT-TERM INVESTMENTS - 11.3%** |
| **Money Market Funds - 11.3%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(a)</sup> | 5354963 | 5354963  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $5,354,963)** |  | 5354963  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%**<br>**(Cost $39,686,038)** |  | $47488863  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  | (199213)  |
| **TOTAL NET ASSETS - 100.0%** |  | $47289650 |

---

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.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Intermediate Income Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 36.3%** | **U.S. TREASURY SECURITIES - 36.3%** | **U.S. TREASURY SECURITIES - 36.3%** |
| **United States Treasury Note**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/31/2026 | $7000000 | $6977386  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026 | 4600000 | 4605248  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 7600000 | 7632359  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 5395000 | 5318922  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 2800000 | 2769102  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/15/2028 | 2100000 | 2097621  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 3180000 | 3144163  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 5750000 | 5027432  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 7000000 | 6244355  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 1850000 | 1890938  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 3350000 | 3478046  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $49,604,319)** |  | 49185572  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 27.7%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0622, <br>2.00%, 04/01/2052 | 676346 | 556297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QF0492, <br>5.50%, 09/01/2052 | 607649 | 622956  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7927, <br>4.50%, 09/01/2052 | 1074003 | 1058309  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RC3538, <br>5.50%, 06/01/2040 | 206135 | 212764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB1179, <br>5.50%, 05/01/2039 | 494614 | 511008  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0913, <br>2.50%, 02/01/2052 | 1226307 | 1052678  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 1411790 | 1202973  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3475, <br>5.50%, 08/01/2053 | 1072379 | 1098793  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 429002 | 451774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3840, <br>5.50%, 09/01/2053 | 576187 | 591020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4697, <br>6.00%, 02/01/2054 | 1413484 | 1466678  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD5573, <br>3.00%, 08/01/2052 | 1168338 | 1054761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8315, <br>5.00%, 04/01/2053 | 480985 | 480054  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL1677, <br>4.50%, 05/01/2053 | 946698 | 928184  |
| &nbsp;&nbsp;&nbsp; Series 4634, Class MA, 4.50%, 11/15/2054 | 642708 | 644217  |
| &nbsp;&nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049 | 363411 | 293159  |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2056<sup>(a)</sup> | 577000 | 510442  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 628837, <br>6.50%, 03/01/2032 | $6184 | $6419  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 663238, <br>5.50%, 09/01/2032 | 6959 | 7178  |
| &nbsp;&nbsp;&nbsp; Pool 741373, 6.16% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 4862 | 5002  |
| &nbsp;&nbsp;&nbsp; Pool 764342, 6.15% (RFUCCT6M + 1.52%), 02/01/2034 | 15718 | 15975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ1226, <br>2.00%, 09/01/2050 | 1172541 | 959057  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ3248, <br>2.00%, 11/01/2050 | 1258888 | 1027205  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BW0025, <br>4.00%, 07/01/2052 | 567025 | 543761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2548, <br>2.50%, 01/01/2052 | 1136615 | 974332  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB3853, <br>4.00%, 06/01/2052 | 316730 | 304540  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB5497, <br>6.50%, 01/01/2053 | 488026 | 511092  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA2599, <br>2.00%, 05/01/2052 | 733495 | 594912  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA2601, <br>2.00%, 08/01/2051 | 546194 | 445531  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA2647, <br>5.50%, 08/01/2055 | 934834 | 957815  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA3407, <br>2.00%, 04/01/2052 | 539791 | 448679  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM6555, <br>2.00%, 04/01/2051 | 876072 | 719691  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9973, <br>3.00%, 08/01/2051 | 1136189 | 1023191  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0348, <br>2.00%, 01/01/2052 | 1260414 | 1037032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3239, <br>3.50%, 08/01/2050 | 1105123 | 1036182  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 1322622 | 1128195  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7086, <br>5.50%, 09/01/2053 | 1542022 | 1573147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7276, <br>5.00%, 09/01/2053 | 1567974 | 1576951  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7744, <br>6.50%, 04/01/2054 | 468293 | 495442  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8384, <br>3.50%, 02/01/2051 | 1693256 | 1600858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8791, <br>6.00%, 08/01/2054 | 1143750 | 1177822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9203, <br>6.00%, 09/01/2054 | 418295 | 430127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9366, <br>2.50%, 04/01/2052 | 425239 | 362127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2998, <br>3.50%, 04/01/2032 | 201295 | 198589  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, <br>2.00%, 12/01/2050 | 648840 | 530173  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Intermediate Income Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4492, <br>2.00%, 12/01/2051 | $1004312 | $815717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA5496, <br>5.00%, 10/01/2054 | 126701 | 126508  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0291, <br>5.00%, 12/01/2054 | 1264411 | 1261963  |
|  Ginnie Mae I, Pool 781186, 9.00%, 06/15/2030 | 4408 | 4501  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6994, <br>2.00%, 11/20/2050 | 630639 | 522937  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8487, <br>3.50%, 12/20/2052 | 865016 | 793877  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8876, <br>4.00%, 05/20/2053 | 1658436 | 1578501  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $37,892,781)** |  | 37531096  |
| **CORPORATE BONDS - 25.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / <br>AerCap Global Aviation Trust, 3.30%, 01/30/2032 | 1440000 | 1329989  |
|  American Tower Corp., 3.60%, 01/15/2028 | 670000 | 664170  |
|  Analog Devices, Inc., 1.70%, 10/01/2028 | 1415000 | 1336116  |
| AT&T, Inc., 5.40%, 02/15/2034 | 1285000 | 1332785  |
|  Brookfield Asset Management Ltd., 4.65%, 11/15/2030 | 1325000 | 1336181  |
| Citigroup, Inc., 3.20%, 10/21/2026 | 1340000 | 1332436  |
| Comcast Corp., 5.30%, 05/15/2035 | 1300000 | 1329827  |
| Dollar Tree, Inc., 4.20%, 05/15/2028 | 1330000 | 1331122  |
|  Dominion Energy, Inc., 5.45%, 03/15/2035 | 645000 | 661129  |
|  Eastman Chemical Co., 5.75%, 03/08/2033 | 1270000 | 1331734  |
|  Ferguson Finance PLC, 4.65%, 04/20/2032<sup>(b)</sup> | 1335000 | 1332603  |
|  Goldman Sachs Group, Inc., 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 | 1300000 | 1332291  |
|  JB Hunt Transport Services, Inc., 4.90%, 03/15/2030 | 1305000 | 1333773  |
|  Keysight Technologies, Inc., 4.60%, 04/06/2027 | 1325000 | 1332477  |
| Kroger Co., 5.00%, 09/15/2034 | 1320000 | 1327800  |
| LKQ Corp., 5.75%, 06/15/2028 | 1290000 | 1333033  |
|  Morgan Stanley, 5.19% to 04/17/2030 then SOFR + 1.51%, 04/17/2031 | 1290000 | 1330345  |
| MSCI, Inc., 3.88%, 02/15/2031<sup>(b)</sup> | 690000 | 663093  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | $1180000 | $1336028  |
|  PPG Industries, Inc., 4.38%, 03/15/2031 | 1335000 | 1334070  |
| Prologis LP, 5.00%, 03/15/2034 | 1305000 | 1331303  |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 1495000 | 1334610  |
| Revvity, Inc., 2.25%, 09/15/2031 | 755000 | 665833  |
|  Societe Generale SA, 5.62% (SOFR + 1.66%), 01/19/2028<sup>(b)</sup> | 1325000 | 1335364  |
| Sysco Corp., 5.95%, 04/01/2030 | 630000 | 668361  |
|  US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030 | 1285000 | 1331132  |
| VeriSign, Inc., 5.25%, 06/01/2032 | 1300000 | 1336792  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., <br>3.00%, 10/23/2026 | 1345000 | 1335428  |
| &nbsp;&nbsp;&nbsp; Yara International ASA, <br>7.38%, 11/14/2032<sup>(b)</sup> | 585000 | 663389  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $34,382,993)** |  | 34643214  |
| **ASSET-BACKED SECURITIES - 4.2%** | **ASSET-BACKED SECURITIES - 4.2%** | **ASSET-BACKED SECURITIES - 4.2%** |
|  CarMax Auto Owner Trust, Series 2025-3, Class B, 4.68%, 03/17/2031 | 670000 | 678825  |
|  CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 35933 | 36002  |
|  CNH Equipment Trust, Series 2024-B, Class A2A, 5.42%, 10/15/2027 | 87247 | 87357  |
|  FHF Trust, Series 2024-3A, Class A2, 4.94%, 11/15/2030<sup>(b)</sup> | 584851 | 583836  |
|  Ford Credit Auto Owner Trust, Series 2024-B, Class B, 5.23%, 05/15/2030 | 730000 | 746195  |
| Hyundai Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 4.72%, 07/15/2030 | 565000 | 576340  |
| &nbsp;&nbsp;&nbsp; Series 2025-C, Class B, 4.13%, 01/15/2032 | 390000 | 390686  |
| Kubota Credit Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, 4.42%, 09/17/2029<sup>(b)</sup> | 380000 | 384192  |
| &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A4, 4.57%, 11/15/2030<sup>(b)</sup> | 390000 | 397015  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner <br>Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 500000 | 505389  |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(b)</sup> | 1306000 | 1348262  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $5,665,322)** |  | 5734099  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Intermediate Income Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.4%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.4%** |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q006, Class APT2, <br>2.69%, 09/25/2026<sup>(c)</sup> | $63842 | $63706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1, <br>6.39%, 10/25/2047<sup>(c)</sup> | 44530 | 44545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1, <br>7.41%, 04/25/2046<sup>(c)</sup> | 19827 | 20006  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BL1160, <br>3.64%, 01/01/2026 | 750000 | 748019  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ4643, <br>4.21%, 08/01/2030 | 635000 | 637563  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ4911, <br>4.24%, 09/01/2032 | 240000 | 238679  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ5076, <br>4.23%, 10/01/2030 | 1300000 | 1305809  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M10, Class AV1, <br>2.35%, 11/25/2045 | 11061 | 11029  |
|  FREMF Mortgage Trust, Series 2020-KF74, Class B, 6.27% (30 day avg SOFR US + 2.26%), 01/25/2027<sup>(b)</sup> | 148475 | 147446  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $3,227,769)** |  | 3216802  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%**<br>|  |  |
|  BX Trust, Series 2025-VLT6, Class A, 5.19% (1 mo. Term SOFR + 1.44%), 03/15/2042<sup>(b)</sup> | 605000 | 605087  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $603,488)** |  | 605087  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.4%**<br>|  |  |
|  JP Morgan Mortgage Trust, Series 2020-LTV2, Class A15, 3.00%, 11/25/2050<sup>(b)(c)</sup> | 604171 | 547965  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $572,074)** |  | 547965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.8%** | **SHORT-TERM INVESTMENTS - 2.8%** | **SHORT-TERM INVESTMENTS - 2.8%** |
| **Money Market Funds - 2.8%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(d)</sup> | 3842205 | $3842205  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,842,205)** |  | 3842205  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $135,790,951)** |  | $135306040  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 130058  |
| **TOTAL NET ASSETS - 100.0%** |  | $135436098 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LP - Limited Partnership

PLC - Public Limited Company

RFUCCT6M - Refinitiv USD IBOR Consumer Cash Fallbacks Term

6 Months

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> To-be-announced security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Intermediate Income Fund** 

**Schedule of Futures Contracts** 

**December 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp; 17 | 03/20/2026 | $1961864 | $1955266 | &nbsp;&nbsp; $(6598)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 03/20/2026 | 1466199 | 1461688 | &nbsp;&nbsp; (4511)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 36 | 03/31/2026 | 7513784 | 7516406 | &nbsp;&nbsp; 2622  |
| U.S Treasury 5 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 96 | 03/31/2026 | 10508790 | 10493250 | &nbsp;&nbsp; (15540)  |
|  |  |  |  |  | &nbsp;&nbsp; $(24027) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(2) | 03/20/2026 | $(233621) | $(231188) | &nbsp;&nbsp;&nbsp; $2433  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(12) | 03/20/2026 | (1439617) | (1416000) | &nbsp;&nbsp;&nbsp; 23617  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; $26050  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp;&nbsp; $2023 |

---

There is no variation margin due to or from the Fund as of the date of this report.

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 30.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, <br>3.30%, 01/30/2032 | $6365000 | $5878739  |
|  AIB Group PLC, 5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035<sup>(a)</sup> | 2770000 | 2928865  |
| AT&T, Inc., 5.40%, 02/15/2034 | 8305000 | 8613836  |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, 6.03% to 03/13/2034 then 1 yr. CMT Rate + 1.95%, <br>03/13/2035 | 2740000 | 2913303  |
|  Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual | 2725000 | 2918753  |
|  Brookfield Asset Management Ltd., 4.65%, 11/15/2030 | 5725000 | 5773309  |
|  CaixaBank SA, 5.58% to 07/03/2035 then SOFR + 1.79%, 07/03/2036<sup>(a)</sup> | 5645000 | 5802084  |
| &nbsp;&nbsp;&nbsp; Centene Corp., <br>3.00%, 10/15/2030 | 6450000 | 5775446  |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., <br>5.45%, 03/15/2035 | 2620000 | 2685515  |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co., <br>5.75%, 03/08/2033 | 5495000 | 5762110  |
| &nbsp;&nbsp;&nbsp; Ferguson Finance PLC, <br>4.65%, 04/20/2032<sup>(a)</sup> | 5865000 | 5854468  |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, <br>6.80% (SOFR + 2.95%), 03/06/2026 | 2235000 | 2243054  |
| Intesa Sanpaolo SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.80%, 11/28/2053<sup>(a)</sup> | 2470000 | 3020517  |
| &nbsp;&nbsp;&nbsp; 7.78% to 06/20/2053 then 1 yr. CMT Rate + 3.90%, 06/20/2054<sup>(a)</sup> | 2585000 | 3073687  |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., <br>4.95%, 10/15/2034 | 5855000 | 5913101  |
|  Kreditanstalt fuer Wiederaufbau, 5.00%, 03/16/2026 | 18000000 | 18046858  |
| Kroger Co., 5.00%, 09/15/2034 | 5765000 | 5799066  |
| LKQ Corp., 6.25%, 06/15/2033 | 5445000 | 5842270  |
| MSCI, Inc., 3.88%, 02/15/2031<sup>(a)</sup> | 3045000 | 2926259  |
|  PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034 | 5145000 | 5825311  |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc., <br>4.38%, 03/15/2031 | 5745000 | 5740999  |
| Prologis LP, 5.00%, 03/15/2034 | 5700000 | 5814885  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.30%, 02/15/2030 | 5450000 | 5778389  |
|  Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 6575000 | 5869607  |
| Revvity, Inc., 2.25%, 09/15/2031 | 10070000 | 8880710  |
| Societe Generale SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.62% (SOFR + 1.66%), 01/19/2028<sup>(a)</sup> | 5660000 | 5704273  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, 01/19/2035<sup>(a)</sup> | $2760000 | $2918389  |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., <br>8.75%, 03/15/2032 | 7045000 | 8524582  |
|  United Rentals North America, Inc., 4.00%, 07/15/2030 | 2970000 | 2880954  |
| US Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.97% to 07/22/2032 then SOFR + 2.11%, 07/22/2033 | 2840000 | 2862155  |
| &nbsp;&nbsp;&nbsp; 5.84% to 06/10/2033 then SOFR + 2.26%, 06/12/2034 | 2543000 | 2714523  |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc., <br>5.25%, 06/01/2032 | 5595000 | 5753345  |
| &nbsp;&nbsp;&nbsp; Yara International ASA, <br>7.38%, 11/14/2032<sup>(a)</sup> | 2580000 | 2925715  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $170,649,622)** |  | 173965077  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 28.4%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G31063,<br>3 .50%, 11/01/2037 | 442735 | 429469  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD7054, <br>3.00%, 02/01/2052 | 1458595 | 1295988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE0380, <br>2.50%, 04/01/2052 | 137251 | 117948  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA6064, <br>2.50%, 09/01/2051 | 3857661 | 3340240  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7935, <br>5.00%, 09/01/2052 | 4543214 | 4589227  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RC3538, <br>5.50%, 06/01/2040 | 553754 | 571562  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB1179, <br>5.50%, 05/01/2039 | 2254024 | 2328739  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD1641, <br>4.50%, 09/01/2052 | 2715747 | 2682384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2875, <br>5.00%, 05/01/2053 | 2734823 | 2767598  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3234, <br>2.50%, 12/01/2051 | 6540022 | 5572688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3477, <br>6.50%, 08/01/2053 | 2224996 | 2343097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4053, <br>6.00%, 10/01/2053 | 1100684 | 1133861  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7556, <br>3.00%, 08/01/2052 | 1703141 | 1525994  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL1512, <br>6.00%, 06/01/2055 | 2578354 | 2649626  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL1677, <br>4.50%, 05/01/2053 | 2177405 | 2134823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL2867, <br>5.50%, 10/01/2054 | 2760542 | 2811224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL2893, <br>4.00%, 02/01/2053 | 1478732 | 1416837  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4107, Class LI, <br>3.00%, 08/15/2027<sup>(b)</sup> | $812589 | $11542  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4143, Class IA, <br>3.50%, 09/15/2042<sup>(b)</sup> | 618454 | 35374  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2056<sup>(c)</sup> | 7004000 | 5663363  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2056<sup>(c)</sup> | 9787000 | 8658054  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2056<sup>(c)</sup> | 2560000 | 2428567  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2056<sup>(c)</sup> | 5450000 | 5435949  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2056<sup>(c)</sup> | 570000 | 578059  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2056<sup>(c)</sup> | 2400000 | 2494552  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2056<sup>(c)</sup> | 3230000 | 2976268  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH7686, <br>4.50%, 12/01/2047 | 63610 | 62666  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK5105, <br>5.50%, 05/01/2048 | 71069 | 73258  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BK8032, <br>5.50%, 06/01/2048 | 153044 | 158520  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4921, <br>5.50%, 01/01/2049 | 104801 | 107581  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BN4936, <br>5.50%, 12/01/2048 | 139244 | 143345  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BT7699, <br>4.00%, 09/01/2051 | 1426416 | 1398724  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV4532, <br>3.50%, 03/01/2052 | 1143051 | 1063407  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2909, <br>3.50%, 02/01/2052 | 1309637 | 1219941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB8874, <br>6.50%, 07/01/2054 | 1714210 | 1784553  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool DA0025, <br>6.00%, 09/01/2053 | 2867478 | 2987124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA2601, <br>2.00%, 08/01/2051 | 2561797 | 2089659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA2647, <br>5.50%, 08/01/2055 | 4206754 | 4310169  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA3407, <br>2.00%, 04/01/2052 | 1741072 | 1447193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0195, <br>2.50%, 01/01/2052 | 3385265 | 2901940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0348, <br>2.00%, 01/01/2052 | 1245585 | 1024832  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0731, <br>2.00%, 02/01/2052 | 899104 | 741141  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1186, <br>3.50%, 01/01/2050 | 2584282 | 2396441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1381, <br>3.00%, 03/01/2052 | 987139 | 874609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1480, <br>2.50%, 11/01/2051 | 507460 | 437036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4270, <br>2.00%, 03/01/2052 | 3442432 | 2833427  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4862, <br>2.50%, 10/01/2051 | 6655232 | 5676903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5314, <br>2.00%, 05/01/2052 | 6783997 | 5492623  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5458, <br>5.50%, 08/01/2053 | $6085357 | $6181686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS6744, <br>2.50%, 10/01/2051 | 5613351 | 4864743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7086, <br>5.50%, 09/01/2053 | 4303318 | 4390178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8791, <br>6.00%, 08/01/2054 | 4879999 | 5025375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9155, <br>5.50%, 09/01/2054 | 2134568 | 2176284  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9203, <br>6.00%, 09/01/2054 | 932248 | 958616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9366, <br>2.50%, 04/01/2052 | 1948780 | 1659550  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2897, <br>3.00%, 02/01/2037 | 322143 | 307750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4565, <br>3.50%, 03/01/2052 | 1913792 | 1776877  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA5496, <br>5.00%, 10/01/2054 | 546910 | 546077  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MB0291, <br>5.00%, 12/01/2054 | 2735073 | 2729779  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, <br>5.00%, 07/25/2040 | 129905 | 132992  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, <br>2.06%, 02/25/2035<sup>(b)(d)</sup> | 2915716 | 194206  |
| Ginnie Mae I Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 723334, <br>5.00%, 09/15/2039 | 171615 | 176636  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 781950, <br>4.50%, 07/15/2035 | 345140 | 344728  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 783467, <br>4.00%, 10/15/2041 | 2169578 | 2107669  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784507, <br>4.00%, 12/20/2047 | 2588538 | 2465114  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2754, <br>3.50%, 04/20/2045 | 829687 | 774585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA6994, <br>2.00%, 11/20/2050 | 2957184 | 2452152  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7106, <br>2.00%, 01/20/2036 | 439013 | 414307  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7164, <br>2.00%, 02/20/2036 | 415816 | 392430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7192, <br>2.00%, 02/20/2051 | 9826627 | 8147701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7774, <br>6.00%, 11/20/2051 | 206597 | 214937  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8268, <br>4.50%, 09/20/2052 | 3798224 | 3729778  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, <br>2.35% (-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(b)(e)</sup> | 1572140 | 197816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, <br>1.50%, 07/20/2051 | 920140 | 665615  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-158, Class JD, <br>1.50%, 09/20/2051 | $1343418 | $860422  |
| &nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, 2.00%, 09/20/2051 | 2104659 | 1229609  |
| &nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, 2.00%, 10/20/2051 | 1383690 | 942275  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, <br>2.00%, 01/20/2052 | 2468351 | 1729434  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $165,531,929)** |  | 163007446  |
| **U.S. TREASURY SECURITIES - 24.8%**<br>|  |  |
| United States Treasury Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 2650000 | 2384845  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 6000000 | 5313281  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 | 22000000 | 21623594  |
| United States Treasury Note<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | 17000000 | 17070393  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2800000 | 2790758  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 15000000 | 15063867  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 1000000 | 1008184  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 | 2980000 | 2979884  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 13560000 | 13368783  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 18000000 | 17801367  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 | 5000000 | 5106641  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030 | 5000000 | 5037695  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 5565000 | 4865679  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 4200000 | 4337566  |
| &nbsp;&nbsp;&nbsp; United States Treasury STRIP, <br>4.40%, 05/15/2043<sup>(f)</sup> | 56520000 | 23803274  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $145,295,969)** |  | 142555811  |
| **ASSET-BACKED SECURITIES - 5.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series 2025-3, Class B, <br>4.68%, 03/17/2031 | 3020000 | 3059781  |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, <br>5.78%, 09/15/2027 | 173678 | 174009  |
|  CNH Equipment Trust, Series 2021-C, Class B, 1.41%, 04/16/2029 | 2650000 | 2646996  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, <br>5.69%, 02/15/2030<sup>(a)</sup> | 1018732 | 1025274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, <br>5.89%, 06/15/2030<sup>(a)</sup> | 961058 | 967231  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, <br>4.94%, 11/15/2030<sup>(a)</sup> | 1457280 | 1454752  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, <br>5.23%, 05/15/2030 | 3475000 | 3552091  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class B, <br>4.88%, 09/15/2030 | $1000000 | $1018825  |
| Hyundai Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, <br>4.72%, 07/15/2030 | 2490000 | 2539977  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class B, <br>4.13%, 01/15/2032 | 1740000 | 1743060  |
| Kubota Credit Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, <br>4.42%, 09/17/2029<sup>(a)</sup> | 1615000 | 1632816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A4, <br>4.57%, 11/15/2030<sup>(a)</sup> | 1745000 | 1776386  |
|  Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3, 4.88%, 03/15/2029 | 2545000 | 2572431  |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(a)</sup> | 5859000 | 6048598  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $29,867,034)** |  | 30212227  |
|  **FOREIGN GOVERNMENT AGENCY ISSUES - 5.2%**<br>|  |  |
| European Investment Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 10/26/2026 | 5785000 | 5650970  |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/15/2027 | 24655000 | 24019868  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**AGENCY ISSUES** <br>**(Cost $29,836,133)** |  | 29670838  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW03, Class A2, <br>3.02%, 06/25/2027 | 300000 | 296779  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1, <br>6.39%, 10/25/2047<sup>(d)</sup> | 82209 | 82236  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1, <br>7.41%, 04/25/2046<sup>(d)</sup> | 39655 | 40012  |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 467095, <br>5.90%, 01/01/2041 | 229179 | 246410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BS6456, <br>3.58%, 09/01/2032 | 3000000 | 2870677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BS8643, <br>4.48%, 06/01/2030 | 2121000 | 2155350  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ0435, <br>4.30%, 03/01/2031 | 575000 | 577349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ4395, <br>4.62%, 07/01/2032 | 1943000 | 1970557  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ4627, <br>4.31%, 08/01/2030 | 2810000 | 2833004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ4643, <br>4.21%, 08/01/2030 | 2865000 | 2876565  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ4906, <br>4.71%, 09/01/2030 | $2531000 | $2585108  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ4911, <br>4.24%, 09/01/2032 | 1855000 | 1844786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ5419, <br>4.17%, 11/01/2030 | 2860000 | 2868474  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ5602, <br>4.28%, 11/01/2030 | 440547 | 442974  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BZ5677, <br>4.09%, 11/01/2032 | 1578000 | 1554052  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, <br>0.41%, 01/16/2056<sup>(b)(d)</sup> | 205732 | 4318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-45, Class BI, <br>0.47%, 07/16/2054<sup>(b)(d)</sup> | 329892 | 2789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, <br>0.58%, 03/16/2057<sup>(b)(d)</sup> | 187940 | 3740  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, <br>0.55%, 07/16/2057<sup>(b)(d)</sup> | 359296 | 7179  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, <br>0.96%, 11/16/2057<sup>(b)(d)</sup> | 238963 | 10276  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, <br>0.84%, 05/16/2058<sup>(b)(d)</sup> | 374591 | 15871  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $23,421,964)** |  | 23288506  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.0%**<br>|  |  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, 5.24% (1 mo. Term SOFR + 1.49%), 06/15/2041<sup>(a)</sup> | 2725000 | 2727382  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.19% (1 mo. Term SOFR + 1.44%), 03/15/2042<sup>(a)</sup> | 2780000 | 2780401  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $5,494,992)** |  | 5507783  |
| **MUNICIPAL BONDS - 0.9%**<br>|  |  |
|  California Health Facilities Financing Authority, 3.03%, 06/01/2034 | 2650000 | 2391349  |
|  City & County of Honolulu HI, 3.00%, 09/01/2027 | 100000 | 99029  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles CA Wastewater System Revenue, <br>3.49%, 06/01/2029 | 430000 | 424234  |
|  Colorado Health Facilities Authority, 3.36%, 12/01/2030 | 1325000 | 1245110  |
|  New York City Housing Development Corp., 2.71%, 08/01/2031 | 1000000 | 924111  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; University of California, <br>2.99%, 05/15/2026 | $355000 | $353997  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $5,868,131)** |  | 5437830 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **SHORT-TERM INVESTMENTS - 6.2%**<br>|  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds - 6.1%** <br>**First American Government Obligations Fund - Class Z, 3.63%<sup>(g)</sup>** | 35018852 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. Treasury Bills - 0.1%**<br>|  |  |
| 3.58%, 03/26/2026<sup>(h)</sup> | $800000 | 793521  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $35,812,220)** |  | 35812373  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.2%** <br>**(Cost $611,777,994)** |  | $609457891  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.2)% |  | (35505689)  |
| **TOTAL NET ASSETS - 100.0%** |  | $573952202 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

STRIP - Separate Trading of Registered Interest and Principal

USISSO05 - 5 Year US Dollar SOFR Swap Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(b)</sup> Interest only security.

<sup>(c)</sup> To-be-announced security.

<sup>(d)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(f)</sup> Zero-coupon bond. The rate shown is the effective yield as of December 31, 2025.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(h)</sup> This security is pledged as collateral in connection with open futures contracts. The rate shown is the annualized effective yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Sustainable Bond Fund** 

**Schedule of Futures Contracts** 

**December 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp; 28 | 03/20/2026 | $3223447 | $3220437 | $(3010)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 138 | 03/31/2026 | 28806184 | 28812891 | 6707  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp; 342 | 03/31/2026 | 37448020 | 37382203 | (65817)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 34 | 03/20/2026 | 3957418 | 3930187 | (27231)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 7 | 03/20/2026 | 844673 | 826000 | (18673)  |
|  |  |  | $74279742 | $74171718 | $(108024) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(46) | 03/20/2026 | $(5189632) | $(5172125) | &nbsp;&nbsp; $17507  |
|  |  |  | $(5189632) | $(5172125) | &nbsp;&nbsp; $17507  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp; $(90517) |

---

There is no variation margin due to or from the Fund as of the date of this report.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MARYLAND BOND FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.2%**<br>|  |  |
| **General Obligation Bonds - 20.7%**<br>|  |  |
| Baltimore County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2038 | $5000000 | $5194870  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 | 2800000 | 3038402  |
| &nbsp;&nbsp;&nbsp; Cecil County Maryland, <br>2.50%, 08/01/2035 | 1310000 | 1185521  |
| Frederick County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/01/2035 | 7295000 | 5983137  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2039 | 8830000 | 6872304  |
| Hyattsville Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 160000 | 160000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 170000 | 172730  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 | 2065000 | 2068652  |
| Maryland State, 3.00%, 06/01/2031 | 7500000 | 7500027  |
| &nbsp;&nbsp;&nbsp; Montgomery County Maryland, <br>3.00%, 10/01/2034 | 3370000 | 3314726  |
|  |  | 35490369  |
| **Revenue Bonds - 76.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Anne Arundel County Maryland, <br>4.25%, 07/01/2044 | 2000000 | 1950907  |
| Austin Texas, 7.88%, 09/01/2026 | 225000 | 226428  |
| Baltimore Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 520000 | 520435  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031<sup>(a)</sup> | 225000 | 219078  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 | 1455000 | 1486875  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2033 | 670000 | 670493  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 | 1250000 | 1255397  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2039<sup>(a)</sup> | 1260000 | 1153084  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055<sup>(a)</sup> | 1225000 | 1212832  |
|  California Municipal Finance Authority, 5.00%, 11/01/2039<sup>(a)</sup> | 1750000 | 1736191  |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, <br>3.00%, 08/15/2040 | 2000000 | 1731892  |
| &nbsp;&nbsp;&nbsp; Franklin County Ohio, <br>5.00%, 11/15/2034 | 1550000 | 1550665  |
| Frederick County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1965000 | 2087240  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 1375000 | 1480434  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2039 | 1410000 | 1325652  |
| Gaithersburg Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 1000000 | 1019482  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 2000000 | 2039308  |
|  Lehigh County Pennsylvania, 4.42% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 2505000 | 2472819  |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., <br>4.19% (SOFR + 1.70%), 12/01/2053 | 5500000 | 5693565  |
|  Maryland Community Development Administration<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2027 | 1270000 | 1220331  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1245000 | 1319062  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/01/2042 | 3930000 | 4034457  |
| &nbsp;&nbsp;&nbsp; 2.41%, 07/01/2043 | 2648903 | 1917393  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Maryland Economic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | $1000000 | $1040996  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 750000 | 792323  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 6715000 | 6758216  |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/01/2036<sup>(b)</sup> | 2600000 | 2667710  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 1500000 | 1438180  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2044 | 4500000 | 4222243  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2050 | 5000000 | 5082775  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 420000 | 420523  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 4000000 | 4003996  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1250000 | 1253640  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1955000 | 1956846  |
| &nbsp;&nbsp;&nbsp; 2.35%, 04/01/2035<sup>(b)</sup> | 2270000 | 2270000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 | 1000000 | 1007824  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 5000000 | 5004956  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 1200000 | 1207472  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 1500000 | 1538615  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 | 4335000 | 4377505  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 | 1310000 | 1324595  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 | 2000000 | 1914796  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045<sup>(b)</sup> | 4000000 | 4071324  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2046 | 1000000 | 1034753  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2055 | 5000000 | 5280891  |
| Maryland Stadium Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 | 1000000 | 1033978  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 | 5000000 | 5182206  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2041 | 4460000 | 3841032  |
|  Maryland State Department of Transportation<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1000000 | 1086741  |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/01/2033 | 1395000 | 1319783  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/01/2036 | 1000000 | 856900  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | 1150000 | 1153984  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2046 | 4000000 | 4067923  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington DC Airports Authority Aviation Revenue, <br>5.00%, 10/01/2040 | 1500000 | 1554948  |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Florida Expressway Authority, 4.86% <br>(1 mo. Term SOFR + 1.05%), 07/01/2032 | 5000000 | 5044203  |
|  New York Transportation Development Corp., 6.00%, 04/01/2035 | 3000000 | 3307717  |
|  Washington Suburban Sanitary Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/01/2039 | 1000000 | 774629  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2041 | 6500000 | 4993333  |
|  |  | 131211576  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $165,885,355)** |  | 166701945 |

---

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MARYLAND BOND FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds - 2.0%** <br>**First American Government Obligations Fund - Class Z,** <br>**3.63%<sup>(c)</sup>** | 3446936 | $3446936  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,446,936)** |  | 3446936  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%** <br>**(Cost $169,332,291)** |  | $170148881  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8% |  | 1288693  |
| **TOTAL NET ASSETS - 100.0%** |  | $171437574 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(b)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 96.9%**<br>|  |  |
| **Alabama - 7.6%**<br>|  |  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | $10000000 | $10597050  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.71% (SIFMA Municipal Swap <br>Index + 0.35%), 10/01/2052 | 29250000 | 29000196  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055<sup>(a)</sup> | 5000000 | 5371115  |
|  Energy Southeast A Cooperative District, 5.25%, 07/01/2054<sup>(a)</sup> | 5500000 | 5987740  |
| &nbsp;&nbsp;&nbsp; Industrial Development Board of Mobile Alabama, <br>3.78%, 06/01/2034<sup>(a)</sup> | 2500000 | 2505311  |
| &nbsp;&nbsp;&nbsp; Madison Alabama, <br>3.00%, 02/01/2036 | 2730000 | 2642104  |
|  Southeast Energy Authority A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 | 3000000 | 3257244  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2055<sup>(a)</sup> | 4100000 | 4328587  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2055<sup>(a)</sup> | 12000000 | 13203926  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056<sup>(a)</sup> | 10000000 | 10426907  |
|  |  | 87320180  |
| **Arizona - 2.3%**<br>|  |  |
|  Maricopa County Pollution Control Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1, 2.40%, 06/01/2035 | 6500000 | 5559958  |
| &nbsp;&nbsp;&nbsp; Series 2, 2.40%, 06/01/2035 | 12555000 | 10739272  |
|  Maricopa County Unified School District No 69 Paradise Valley, 3.00%, 07/01/2031 | 10500000 | 10417125  |
|  |  | 26716355  |
| **Arkansas - 0.5%**<br>|  |  |
|  Bentonville South Dakota School District No 6<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2041 | 2680000 | 1992130  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2042 | 2750000 | 1978668  |
| &nbsp;&nbsp;&nbsp; 2.13%, 06/01/2043 | 2825000 | 1983209  |
|  |  | 5954007  |
| **California - 5.1%**<br>|  |  |
|  California Community Choice Financing Authority, 3.77% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 10000000 | 9444902  |
| &nbsp;&nbsp;&nbsp; California Earthquake Authority, <br>5.60%, 07/01/2027 | 10330000 | 10460868  |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, <br>3.80%, 07/01/2043<sup>(a)(b)</sup> | 5000000 | 4998553  |
|  Los Angeles California Department of Airports<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2041 | 4160000 | 4056181  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2042 | 7950000 | 7689482  |
|  San Diego California Tobacco Settlement Revenue Funding Corp., 4.00%, 06/01/2032 | 1825000 | 1842529  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco International Airport, <br>5.50%, 05/01/2055 | $18000000 | $19066858  |
| &nbsp;&nbsp;&nbsp; Temecula Valley California Unified School District, <br>3.00%, 08/01/2047 | 2000000 | 1561074  |
|  |  | 59120447  |
| **Colorado - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System, <br>4.00%, 03/01/2036 | 3255000 | 3293643  |
|  Colorado Health Facilities Authority, 1.15%, 05/15/2064<sup>(a)</sup> | 9440000 | 9440000  |
|  |  | 12733643  |
| **District of Columbia - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; District of Columbia, <br>5.00%, 07/15/2028 | 1500000 | 1501657  |
|  Metropolitan Washington Airports Authority Aviation Revenue, 5.00%, 10/01/2032 | 2660000 | 2692626  |
|  Washington Convention & Sports Authority, 5.00%, 10/01/2029 | 3565000 | 3701246  |
|  |  | 7895529  |
| **Florida - 5.7%**<br>|  |  |
|  Miami-Dade County Florida Aviation Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 3500000 | 3847691  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 | 5735000 | 6434942  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 10000000 | 10013890  |
|  Miami-Dade County Florida Expressway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.86% (1 mo. Term SOFR + 1.05%), 07/01/2026 | 1050000 | 1055922  |
| &nbsp;&nbsp;&nbsp; 4.86% (1 mo. Term SOFR + 1.05%), 07/01/2029 | 18260000 | 18347469  |
| &nbsp;&nbsp;&nbsp; 4.86% (1 mo. Term SOFR + 1.05%), 07/01/2032 | 9260000 | 9341864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 | 4000000 | 4017567  |
| &nbsp;&nbsp;&nbsp; Tampa Bay Water, <br>3.38%, 10/01/2038 | 10800000 | 10514178  |
| Tampa Florida<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.59%, 09/01/2039<sup>(c)</sup> | 1100000 | 608341  |
| &nbsp;&nbsp;&nbsp; 4.68%, 09/01/2041<sup>(c)</sup> | 1280000 | 619977  |
| &nbsp;&nbsp;&nbsp; 3.77%, 09/01/2045<sup>(c)</sup> | 1850000 | 684161  |
|  |  | 65486002  |
| **Georgia - 4.1%**<br>|  |  |
|  Clayton County Development Authority, 5.00%, 07/01/2032 | 12000000 | 12002747  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.19% (SOFR + 1.70%), 12/01/2053 | 28500000 | 29503020  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054<sup>(a)</sup> | 5000000 | 5352718  |
|  |  | 46858485  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - 8.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chicago Illinois Board of Education <br>Dedicated Capital Improvement Tax | &nbsp;&nbsp;&nbsp; Chicago Illinois Board of Education <br>Dedicated Capital Improvement Tax |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2036 | $3200000 | $3491005  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2037 | 3700000 | 3998184  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2039 | 2250000 | 2400179  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2040 | 5250000 | 5537546  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2042 | 1000000 | 1058523  |
| &nbsp;&nbsp;&nbsp; Chicago Illinois Park District, <br>5.00%, 01/01/2044<sup>(e)</sup> | 9000000 | 9233746  |
|  Chicago O'Hare International Airport, 5.25%, 01/01/2045 | 14000000 | 14681882  |
| &nbsp;&nbsp;&nbsp; DuPage County Illinois, <br>3.00%, 05/15/2047 | 11095000 | 8334556  |
| &nbsp;&nbsp;&nbsp; DuPage & Cook Counties Community Unit School District No 205 Elmhurst, <br>2.13%, 01/01/2040 | 1600000 | 1192607  |
| Illinois Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/01/2043<sup>(a)(b)</sup> | 6000000 | 6198846  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2050<sup>(a)(b)</sup> | 6000000 | 5995706  |
| Illinois State<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 1700000 | 1740493  |
| &nbsp;&nbsp;&nbsp; 6.73%, 04/01/2035 | 5384615 | 5706911  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.46%, 12/15/2037<sup>(c)</sup> | 20365000 | 12779174  |
| &nbsp;&nbsp;&nbsp; 4.97%, 12/15/2040<sup>(c)</sup> | 12360000 | 6759449  |
|  Sales Tax Securitization Corp., 5.00%, 01/01/2045 | 5000000 | 5192811  |
|  |  | 94301618  |
| **Indiana - 1.8%**<br>|  |  |
| Indiana Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/01/2037<sup>(a)</sup> | 7825000 | 7825000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2063<sup>(a)</sup> | 12000000 | 13214640  |
|  |  | 21039640  |
| **Iowa - 0.6%**<br>|  |  |
| Des Moines Iowa<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 4635000 | 3553349  |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/01/2040 | 3575000 | 2491934  |
| &nbsp;&nbsp;&nbsp; West Des Moines Iowa, <br>2.00%, 06/01/2040 | 1280000 | 945322  |
|  |  | 6990605  |
| **Kentucky - 4.3%**<br>|  |  |
| Kentucky Public Energy Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 11000000 | 11692705  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055<sup>(a)</sup> | 10000000 | 10763524  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2055<sup>(a)</sup> | 20000000 | 21028366  |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, <br>1.20%, 10/01/2039<sup>(a)</sup> | 6000000 | 6000000  |
|  |  | 49484595  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Louisiana - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Terrebonne Parish Louisiana, <br>3.20%, 04/01/2036<sup>(c)</sup> | $3045000 | $2093667  |
| **Maine - 0.2%**<br>|  |  |
| Lewiston Maine<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2038 | 1270000 | 938620  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/15/2039 | 1270000 | 912147  |
|  |  | 1850767  |
| **Maryland - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br>2.41%, 07/01/2043 | 4979141 | 3604122  |
|  Maryland Economic Development Corp., 4.38%, 07/01/2036 | 3000000 | 2972925  |
|  |  | 6577047  |
| **Massachusetts - 1.7%**<br>|  |  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2037 | 2250000 | 1870682  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2038 | 6000000 | 6229274  |
|  Massachusetts Housing Finance Agency, 4.00%, 12/01/2033 | 2235000 | 2235306  |
| &nbsp;&nbsp;&nbsp; Milford Massachusetts, <br>2.00%, 12/01/2037 | 3000000 | 2488986  |
| Waltham Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2038 | 3455000 | 2873445  |
| &nbsp;&nbsp;&nbsp; 2.13%, 10/15/2039 | 4455000 | 3623671  |
|  |  | 19321364  |
| **Michigan - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Oakland-Macomb Interceptor Drain Drainage District, <br>2.00%, 07/01/2038 | 2500000 | 1943716  |
| **Missouri - 1.2%**<br>|  |  |
|  Cass County Missouri Reorganized School District No R-2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 3375000 | 2606213  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2041 | 2235000 | 1590475  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of St Louis Missouri, <br>2.22%, 12/01/2038 | 4680637 | 3767630  |
| &nbsp;&nbsp;&nbsp; St Charles County Francis Howell R-III School District, <br>3.00%, 03/01/2033 | 6180000 | 6184045  |
|  |  | 14148363  |
| **Multi-State - 0.3%**<br>|  |  |
|  FHLMC Multifamily VRD Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/15/2051<sup>(a)</sup> | 1635739 | 1632297  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/15/2051<sup>(a)</sup> | 2371822 | 2345040  |
|  |  | 3977337  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Nebraska - 1.6%**<br>|  |  |
|  Central Plains Energy Project, 4.71% (SOFR + 2.18%), 05/01/2053 | $10000000 | $10374413  |
|  Omaha Nebraska School District, 2.00%, 12/15/2039 | 8010000 | 6271947  |
| &nbsp;&nbsp;&nbsp; Sarpy County Nebraska, <br>1.75%, 06/01/2036 | 2710000 | 2192307  |
|  |  | 18838667  |
| **Nevada - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clark County Nevada, <br>2.10%, 06/01/2031 | 6460000 | 5902677  |
| Henderson Nevada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 2830000 | 2291258  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 1585000 | 1253266  |
| &nbsp;&nbsp;&nbsp; Las Vegas Nevada Redevelopment <br>Agency | &nbsp;&nbsp;&nbsp; Las Vegas Nevada Redevelopment <br>Agency |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 1000000 | 1006778  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 2280000 | 2295389  |
|  Washoe County School District/NV, 2.25%, 06/01/2045 | 7370000 | 4978792  |
|  |  | 17728160  |
| **New Jersey - 3.1%**<br>|  |  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.36%, 12/15/2037<sup>(c)</sup> | 5050000 | 3282415  |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/15/2039<sup>(c)</sup> | 16355000 | 9617062  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2041 | 8750000 | 9751609  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 3500000 | 3786381  |
|  Tobacco Settlement Financing Corp., 5.25%, 06/01/2046 | 5500000 | 5486248  |
| &nbsp;&nbsp;&nbsp; West Windsor-Plainsboro Regional School District/NJ, <br>2.25%, 08/01/2033 | 4570000 | 4195244  |
|  |  | 36118959  |
| **New Mexico - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Farmington New Mexico, <br>1.80%, 04/01/2029 | 15000000 | 14224179  |
| **New York - 8.8%**<br>|  |  |
|  Mount Vernon City School District, 3.00%, 08/15/2031 | 4005000 | 3961862  |
| &nbsp;&nbsp;&nbsp; New York City New York, <br>5.00%, 08/01/2038 | 5500000 | 5552246  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 1.25%, 11/01/2044<sup>(a)</sup> | 13005000 | 13005000  |
|  New York Convention Center Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 8000000 | 8010627  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 5000000 | 5006535  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 13735000 | 10320070  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  New York Mortgage Agency Homeowner Mortgage Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 04/01/2036 | $1745000 | $1792002  |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 | 6380000 | 6499304  |
|  New York Transportation Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 11775000 | 11776006  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/2054 | 6700000 | 6797498  |
|  Port Authority of New York & New Jersey, 4.00%, 09/01/2043 | 2970000 | 2806375  |
|  Suffolk County Water Authority, 3.25%, 06/01/2042 | 19000000 | 17176716  |
| TSASC, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 7960000 | 8146761  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1070000 | 1094052  |
|  |  | 101945054  |
| **North Carolina - 0.8%**<br>|  |  |
| Cary North Carolina<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2037 | 6250000 | 4889519  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/01/2038 | 6250000 | 4756789  |
|  |  | 9646308  |
| **Ohio - 2.5%**<br>|  |  |
| American Municipal Power, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2037 | 5510000 | 5634352  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2038 | 5940000 | 6040641  |
| &nbsp;&nbsp;&nbsp; Buckeye Ohio Tobacco Settlement Financing Authority, <br>4.00%, 06/01/2037 | 10325000 | 10242170  |
| &nbsp;&nbsp;&nbsp; Columbus Ohio, <br>3.00%, 08/15/2030 | 4325000 | 4326039  |
| &nbsp;&nbsp;&nbsp; Warren County Ohio, <br>5.00%, 05/15/2044 | 2000000 | 2016118  |
|  |  | 28259320  |
| **Pennsylvania - 0.8%**<br>|  |  |
|  Lehigh County Pennsylvania, 4.42% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 9265000 | 9145974  |
| **Puerto Rico - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, <br>5.65%, 07/01/2031<sup>(c)</sup> | 16249000 | 13371315  |
| **Rhode Island - 2.0%**<br>|  |  |
|  Tobacco Settlement Financing Corp., 5.00%, 06/01/2035 | 23310000 | 23323224  |
| **South Carolina - 1.4%**<br>|  |  |
|  South Carolina Public Service Authority, 5.00%, 12/01/2038 | 5890000 | 6572282  |
| &nbsp;&nbsp;&nbsp; South Carolina State, <br>2.25%, 04/01/2029 | 9680000 | 9441644  |
|  |  | 16013926  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Tennessee - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Knox Tennesee, <br>3.05%, 06/01/2035 | $4905000 | $4830431  |
|  Metropolitan Nashville Airport Authority, 5.00%, 07/01/2040 | 1250000 | 1252020  |
| &nbsp;&nbsp;&nbsp; Oak Ridge Tennessee, <br>2.00%, 06/01/2032 | 1865000 | 1716999  |
| &nbsp;&nbsp;&nbsp; Rutherford Tennessee, <br>3.00%, 04/01/2036 | 5355000 | 5234796  |
| &nbsp;&nbsp;&nbsp; Tennergy Corp., <br>5.00%, 10/01/2054<sup>(a)</sup> | 6500000 | 6836560  |
|  |  | 19870806  |
| **Texas - 13.0%**<br>|  |  |
| Austin Texas, 7.88%, 09/01/2026 | 925000 | 930869  |
| &nbsp;&nbsp;&nbsp; Houston Texas Combined Utility System Revenue, <br>2.34%, 05/15/2034<sup>(a)</sup> | 15000000 | 15000000  |
|  Clifton Higher Education Finance Corp., 5.00%, 02/15/2032 | 10000000 | 11116146  |
|  Dallas Fort Worth International Airport, 5.25%, 11/01/2041 | 9000000 | 9807140  |
| Del Valle Independent School District | Del Valle Independent School District |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2038 | 10135000 | 8230334  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/15/2039 | 3085000 | 2445717  |
| &nbsp;&nbsp;&nbsp; Fort Worth Texas, <br>2.00%, 03/01/2039 | 6475000 | 4888541  |
| Frisco Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1710000 | 1352478  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2040 | 1745000 | 1320968  |
|  Joshua Texas Independent School District, 3.00%, 08/15/2035 | 3105000 | 3050676  |
| &nbsp;&nbsp;&nbsp; Love Field Texas Airport Modernization Corp., <br>4.00%, 11/01/2036 | 17720000 | 17951046  |
| &nbsp;&nbsp;&nbsp; San Antonio Texas Independent School District, <br>3.00%, 08/15/2038 | 3800000 | 3512200  |
| &nbsp;&nbsp;&nbsp; San Marcos Texas, <br>2.00%, 08/15/2039 | 4265000 | 3264176  |
| &nbsp;&nbsp;&nbsp; State of Texas, <br>4.50%, 08/01/2045 | 5900000 | 6004076  |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., <br>0.45%, 08/01/2050<sup>(a)</sup> | 3590000 | 3590000  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. IV, <br>5.50%, 01/01/2054<sup>(a)</sup> | 8210000 | 8727544  |
|  Texas Municipal Gas Acquisition and Supply Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.32% (3 mo. Term SOFR + 0.86%), 09/15/2027 | 12840000 | 12853481  |
| &nbsp;&nbsp;&nbsp; 3.54% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 7175000 | 7193438  |
| &nbsp;&nbsp;&nbsp; 3.87% (SIFMA Municipal Swap Index + 0.55%), 09/15/2027 | 3845000 | 3837683  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Texas Municipal Power Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2035 | $1630000 | $1560685  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2038 | 3985000 | 3621159  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2040 | 3780000 | 3279082  |
|  Texas Transportation Finance Corp., 5.00%, 10/01/2045 | 8270000 | 8832920  |
|  Travis County Water Control & Improvement District No 10, 3.00%, 08/15/2041 | 5035000 | 4349372  |
| Willis Texas Independent School District | Willis Texas Independent School District |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2038 | 1525000 | 1254826  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2039 | 1500000 | 1206681  |
|  |  | 149181238  |
| **Utah - 1.4%**<br>|  |  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | 4861320 | 4278534  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 7957553 | 7889998  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 3932074 | 3990404  |
|  |  | 16158936  |
| **Virginia - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Economic Development Authority, <br>2.35%, 12/01/2033<sup>(a)</sup> | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; Henrico County Virginia Economic Development Authority, <br>5.40%, 08/23/2027<sup>(a)</sup> | 800000 | 800000  |
| &nbsp;&nbsp;&nbsp; Newport News Economic Development Authority, <br>5.00%, 12/01/2038 | 4220000 | 4222808  |
| &nbsp;&nbsp;&nbsp; Newport News Virginia Economic Development Authority, <br>5.00%, 12/01/2031 | 3375000 | 3378801  |
| Suffolk Virginia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2038 | 1645000 | 1279922  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/01/2040 | 1385000 | 1002890  |
|  Virginia Small Business Financing Authority, 4.00%, 12/01/2036 | 2560000 | 2567549  |
|  |  | 18251970  |
| **West Virginia - 0.4%**<br>|  |  |
|  Tobacco Settlement Finance Authority, 2.55%, 06/01/2029 | 4505000 | 4255583  |
| **Wisconsin - 7.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Neenah Joint School District, <br>2.00%, 03/01/2034 | 5590000 | 4898158  |
|  Oak Creek-Franklin Joint School District, 3.15%, 04/01/2028 | 5140000 | 5140876  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2055<sup>(a)(b)</sup> | 10000000 | 9993712  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/01/2059<sup>(a)(b)</sup> | 10000000 | 9963796  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/30/2060 | 10000000 | 10990492  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, <br>4.00%, 08/01/2059<sup>(a)</sup> | 13485105 | 13508109  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, <br>4.00%, 08/01/2059<sup>(a)</sup> | 21932205 | 21985492  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory Tax-Exempt Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Wisconsin - (Continued)** | **Wisconsin - (Continued)** | **Wisconsin - (Continued)** |
|  University of Wisconsin Hospitals & Clinics, 1.25%, 04/01/2048<sup>(a)</sup> | $3675000 | $3675000  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, <br>5.00%, 02/01/2058<sup>(a)</sup> | 6000000 | 6073877  |
|  |  | 86229512  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $1,090,982,933)** |  | 1116376498 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 2.7%** | **SHORT-TERM INVESTMENTS - 2.7%** |  |
| **Money Market Funds - 2.7%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(d)</sup> | 30703510 | 30703510  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $30,703,510)** |  | 30703510  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $1,121,686,443)** |  | $1147080008  |
| **Floating Rate Note Obligations - (0.5)%** | **Floating Rate Note Obligations - (0.5)%** |  |
|  Note with interest and fee rate of 3.97% as of the date of this report and contractual maturity of collateral of 01/01/2044<sup>(f)</sup> |  | (6000000)  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 10435470  |
| **TOTAL NET ASSETS - 100.0%** |  | $1151515478 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(c)</sup> Zero coupon bond. The rate shown is the effective yield as of December 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(e)</sup> Underlying security related to Tender Option Bond ("TOB") transaction entered into by the Fund.

<sup>(f)</sup> Floating rate note obligations related to securities held. The interest and fee rate shown reflects the rates in effect as of the date of this report. As of the date of this report, the Fund's investments with a value of $9,233,746 are held by TOB Trusts and serve as collateral for the $6,000,000 in the floating rate note obligations outstanding at that date.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 95.4%**<br>|  |  |
| **Alaska - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., <br>4.60%, 12/01/2042 | $890000 | $913380  |
| **Arizona - 2.4%**<br>|  |  |
|  Arizona Industrial Development Authority, 4.00%, 07/01/2041 | 1920000 | 1768854  |
| Peoria Arizona, 2.00%, 07/15/2038 | 3375000 | 2713104  |
|  Pima County Unified School District No 20 Vail, 5.00%, 07/01/2036 | 3280000 | 3303562  |
|  |  | 7785520  |
| **California - 16.7%**<br>|  |  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2056<sup>(a)</sup> | 5000000 | 5456377  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/2056<sup>(a)</sup> | 5000000 | 5271567  |
| &nbsp;&nbsp;&nbsp; Series B2, 3.77% (SIFMA Municipal Swap Index + 0.45%), 02/01/2052 | 5900000 | 5572492  |
| &nbsp;&nbsp;&nbsp; Series D, 5.50%, 05/01/2054<sup>(a)</sup> | 5000000 | 5281280  |
| &nbsp;&nbsp;&nbsp; Series E1, 5.00%, 09/01/2029 | 3805000 | 4041721  |
| &nbsp;&nbsp;&nbsp; Series H, 5.00%, 01/01/2056<sup>(a)</sup> | 5000000 | 5474960  |
|  California Earthquake Authority, 5.60%, 07/01/2027 | 10885000 | 11022899  |
| California Municipal Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029<sup>(b)</sup> | 845000 | 864981  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2049<sup>(b)</sup> | 1575000 | 1423917  |
|  California School Finance Authority, 5.00%, 07/01/2037<sup>(b)</sup> | 1180000 | 1198444  |
|  San Francisco City & County Airport Comm-San Francisco International Airport, 5.50%, 05/01/2055 | 5000000 | 5296349  |
|  San Joaquin Valley Clean Energy Authority, 5.50%, 01/01/2056<sup>(a)</sup> | 4000000 | 4519274  |
|  |  | 55424261  |
| **Colorado - 4.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adams & Arapahoe Colorado Joint School District 28J Aurora, <br>5.00%, 12/01/2031 | 3000000 | 3064009  |
| Colorado Health Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2040 | 3500000 | 3382478  |
| &nbsp;&nbsp;&nbsp; 1.15%, 05/15/2064<sup>(a)</sup> | 2500000 | 2500000  |
|  Colorado Housing and Finance Authority, 5.75%, 11/01/2053 | 4885000 | 5235152  |
|  |  | 14181639  |
| **Florida - 1.3%**<br>|  |  |
|  Miami Beach Florida Health Facilities Authority, 5.00%, 11/15/2039 | 4455000 | 4458538  |
| **Georgia - 2.9%**<br>|  |  |
|  Atlanta Georgia Department of Aviation, 5.25%, 07/01/2041 | 3750000 | 4101254  |
| &nbsp;&nbsp;&nbsp; Cartersville Georgia, <br>2.00%, 10/01/2039 | 3195000 | 2468456  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Decatur Housing Authority, <br>3.25%, 09/01/2028<sup>(a)</sup> | $2250000 | $2257041  |
|  Development Authority for Fulton County, 5.00%, 06/01/2029 | 700000 | 756424  |
|  |  | 9583175  |
| **Illinois - 6.3%**<br>|  |  |
| Chicago Illinois Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 01/01/2036 | 1000000 | 1011071  |
| &nbsp;&nbsp;&nbsp; Series D, 4.00%, 01/01/2036 | 2930000 | 2967877  |
| &nbsp;&nbsp;&nbsp; Series F2, 4.00%, 01/01/2034 | 1425000 | 1455605  |
| &nbsp;&nbsp;&nbsp; Du Page County Illinois, <br>3.00%, 05/15/2047 | 7495000 | 5630239  |
| Illinois Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75% (SOFR + 1.15%), 11/01/2034 | 2415000 | 2418981  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/01/2043<sup>(a)(b)</sup> | 2000000 | 2066282  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2050<sup>(a)(b)</sup> | 2500000 | 2498211  |
|  Illinois Housing Development Authority, 4.85%, 10/01/2042 | 2700000 | 2808405  |
|  |  | 20856671  |
| **Indiana - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br>5.00%, 02/01/2049 | 5050000 | 5214697  |
| **Iowa - 1.5%**<br>|  |  |
|  Bondurant-Farrar Iowa Community School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2038 | 1805000 | 1374414  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2039 | 2555000 | 1893419  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, <br>3.88%, 01/01/2042<sup>(a)</sup> | 1655000 | 1653325  |
|  |  | 4921158  |
| **Kentucky - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, <br>1.20%, 10/01/2039<sup>(a)</sup> | 6000000 | 6000000  |
| **Maine - 0.5%**<br>|  |  |
|  Portland Maine General Airport Revenue, 4.00%, 01/01/2038 | 1500000 | 1512591  |
| **Maryland - 5.2%**<br>|  |  |
| Baltimore County Maryland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2039 | 1000000 | 1002784  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 | 1525000 | 1515752  |
|  Maryland Community Development Administration, 2.41%, 07/01/2043 | 2489570 | 1802061  |
|  Maryland Economic Development Corp., 4.00%, 07/01/2040 | 1275000 | 1222453  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 | 10000000 | 9996613  |
| &nbsp;&nbsp;&nbsp; 1.05%, 07/01/2041<sup>(a)</sup> | 1800000 | 1800000  |
|  |  | 17339663  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Massachusetts - 0.3%**<br>|  |  |
|  Massachusetts Development Finance Agency, 3.92% (SIFMA Municipal Swap Index + 0.60%), 07/01/2049<sup>(b)</sup> | $1000000 | $1000364  |
| **Michigan - 0.3%**<br>|  |  |
|  Wayne County Airport Authority, 5.75%, 12/01/2050 | 750000 | 818931  |
| **Missouri - 2.0%**<br>|  |  |
|  Health & Educational Facilities Authority of the State of Missouri, 1.15%, 10/01/2035<sup>(a)</sup> | 3100000 | 3100000  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of <br>St Louis Missouri, <br>2.22%, 12/01/2038 | 2808382 | 2260578  |
|  North Kansas City School District No 74, 2.00%, 03/01/2036 | 1500000 | 1245281  |
|  |  | 6605859  |
| **Montana - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, <br>4.90%, 12/01/2042 | 1000000 | 1045935  |
| **New Hampshire - 0.5%**<br>|  |  |
|  New Hampshire Housing Finance Authority, 4.65%, 07/01/2047 | 1800000 | 1809005  |
| **New Jersey - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br>1.60%, 10/01/2026 | 1765000 | 1733557  |
| **New York - 11.1%**<br>|  |  |
|  Buffalo New York Sewer Authority, 4.00%, 06/15/2051 | 750000 | 705959  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., <br>5.00%, 09/01/2030 | 1200000 | 1305326  |
|  Metropolitan Transportation Authority, 5.00%, 11/15/2030 | 1885000 | 1917657  |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br>1.30%, 06/15/2033<sup>(a)</sup> | 1240000 | 1240000  |
| &nbsp;&nbsp;&nbsp; New York City New York Housing Development Corp., <br>2.60%, 11/01/2034 | 1970000 | 1823501  |
| &nbsp;&nbsp;&nbsp; New York Energy Finance Development Corp., <br>5.00%, 07/01/2056<sup>(a)</sup> | 5000000 | 5301815  |
|  New York Liberty Development Corp., 3.13%, 09/15/2050 | 11000000 | 8265072  |
|  New York Mortgage Agency Homeowner Mortgage Revenue, 4.65%, 10/01/2043 | 3000000 | 3056099  |
| New York State Dormitory Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2040 | 1205000 | 1289840  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2049 | 750000 | 777137  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  New York State Housing Finance Agency, 1.65%, 05/15/2039 | $1156431 | $971874  |
| &nbsp;&nbsp;&nbsp; New York Transportation <br>Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 | 5000000 | 5000427  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/31/2054 | 5000000 | 5072760  |
|  |  | 36727467  |
| **North Carolina - 2.6%**<br>|  |  |
|  Charlotte-Mecklenburg Hospital Authority, 1.25%, 01/15/2048<sup>(a)</sup> | 1215000 | 1215000  |
|  North Carolina Housing Finance Agency, 3.20%, 07/01/2056<sup>(a)</sup> | 4700000 | 4699719  |
|  North Carolina Medical Care Commission, 5.25%, 11/01/2046 | 2630000 | 2715152  |
|  |  | 8629871  |
| **North Dakota - 1.7%**<br>|  |  |
|  North Dakota Housing Finance Agency, 4.60%, 07/01/2043 | 5660000 | 5776906  |
| **Ohio - 0.3%**<br>|  |  |
|  American Municipal Power, Inc., 5.00%, 02/15/2036 | 1000000 | 1055910  |
| **Oregon - 0.4%**<br>|  |  |
|  Port of Portland OR Airport Revenue, 5.00%, 07/01/2042 | 1305000 | 1312175  |
| **Pennsylvania - 3.1%**<br>|  |  |
|  Allegheny County Pennsylvania Hospital Development Authority, 2.94% (SIFMA Municipal Swap Index + 0.58%), 11/15/2026 | 1750000 | 1740642  |
| &nbsp;&nbsp;&nbsp; Lancaster County Pennsylvania Hospital Authority, <br>5.00%, 08/15/2042 | 2380000 | 2393227  |
| &nbsp;&nbsp;&nbsp; Lancaster Municipal Authority, <br>5.00%, 05/01/2044 | 2200000 | 2227389  |
|  Lehigh County Pennsylvania, 4.42% (SIFMA Municipal Swap Index + 1.10%), 08/15/2038 | 4070000 | 4017713  |
|  |  | 10378971  |
| **Rhode Island - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., <br>3.60%, 10/01/2054<sup>(a)</sup> | 3300000 | 3304947  |
| **South Carolina - 2.2%**<br>|  |  |
|  York County South Carolina Fort Mill School District No. 4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/2037 | 4585000 | 3703864  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/01/2038 | 4675000 | 3669818  |
|  |  | 7373682  |
| **Tennessee - 1.8%**<br>|  |  |
|  Health Educational and Housing Facility Board of Memphis Tennessee, 5.00%, 07/01/2027<sup>(a)</sup> | 6000000 | 6059126  |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY TAX-EXEMPT SUSTAINABLE BOND FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Texas - 6.6%**<br>|  |  |
|  Alvin Independent School District/TX, 3.00%, 02/15/2039 | $2850000 | $2609801  |
|  Arlington Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2039 | 225000 | 247933  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2044 | 400000 | 383253  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2049 | 270000 | 244554  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2054 | 460000 | 419303  |
| Austin Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/01/2026 | 500000 | 503172  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/2032<sup>(b)</sup> | 395000 | 396269  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044<sup>(b)</sup> | 1126000 | 1108881  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2053<sup>(b)</sup> | 750000 | 734354  |
| &nbsp;&nbsp;&nbsp; Clifton Texas Higher Education Finance Corp., <br>5.00%, 02/15/2036 | 5000000 | 5572864  |
|  Houston Texas Combined Utility System Revenue, 2.35% (SIFMA Municipal Swap Index + 0.01%), 05/15/2034 | 2000000 | 2000000  |
|  Northside Independent School District, 3.55%, 06/01/2050<sup>(a)</sup> | 7500000 | 7593756  |
|  |  | 21814140  |
| **Utah - 2.8%**<br>|  |  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/01/2026 | 1957000 | 1957879  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/21/2052 | 1620440 | 1426178  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/21/2052 | 3979006 | 3945226  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/21/2052 | 1966037 | 1995202  |
|  |  | 9324485  |
| **Virginia - 4.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Economic Development Authority, <br>2.25%, 12/01/2033<sup>(a)</sup> | 3605000 | 3605000  |
| &nbsp;&nbsp;&nbsp; Harrisonburg Virginia, <br>1.88%, 07/15/2038 | 4150000 | 3178791  |
| &nbsp;&nbsp;&nbsp; Newport News Economic Development Authority, <br>5.00%, 12/01/2038 | 6000000 | 6003992  |
|  Virginia Small Business Financing Authority, 4.00%, 01/01/2036 | 2250000 | 2283371  |
|  |  | 15071154  |
| **Wisconsin - 8.6%**<br>|  |  |
| Calumet County Wisconsin<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 12/01/2037 | 1035000 | 760243  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2038 | 1320000 | 953436  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2039 | 2650000 | 1842815  |
| &nbsp;&nbsp;&nbsp; New Glarus School District, <br>2.00%, 04/01/2039 | 1510000 | 1140391  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | $750000 | $783751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 1100000 | 1183722  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2059 | 3719745 | 3726091  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/01/2059<sup>(a)(b)</sup> | 5000000 | 4981898  |
|  University of Wisconsin Hospitals & Clinics, 1.25%, 04/01/2048<sup>(a)</sup> | 6000000 | 6000000  |
|  Westosha Wisconsin Central High School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2038 | 1000000 | 773839  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2039 | 1500000 | 1138867  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, <br>5.00%, 02/01/2058<sup>(a)</sup> | 5000000 | 5061564  |
|  |  | 28346617  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $317,309,998)** |  | 316380395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 4.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds - 4.1%** <br>**First American Government Obligations Fund - Class Z, 3.63%<sup>(c)</sup>** | 13467942 | 13467942  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $13,467,942)** |  | 13467942  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $330,777,940)** |  | $329848337  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 1615611  |
| **TOTAL NET ASSETS - 100.0%** |  | $331463948 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 97.8%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 97.8%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 97.8%** |
|  Fannie Mae Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027 | $1981531 | $1951963  |
| Fannie Mae Whole Loan<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W10, Class 3A5, <br>4.30%, 06/25/2043 | 4430 | 4454  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A8, <br>4.55%, 06/25/2043 | 7164 | 7224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 1A9, <br>4.48%, 06/25/2043 | 1194 | 1202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A6, <br>5.00%, 06/25/2043 | 4759 | 4762  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W12, Class 2A7, <br>4.68%, 06/25/2043 | 4079 | 4007  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 1G2249, 6.28% (RFUCCT1Y + 1.78%), 10/01/2037 | 14721 | 15136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 1H1348, 6.20% (1 yr. CMT <br>Rate + 2.14%), 10/01/2036 | 9139 | 9568  |
| &nbsp;&nbsp;&nbsp; Pool 1J0204, 6.75% (RFUCCT1Y + 1.75%), 05/01/2035 | 7585 | 7800  |
| &nbsp;&nbsp;&nbsp; Pool 1J1681, 6.73% (RFUCCT1Y + 1.98%), 06/01/2037 | 14492 | 15025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 1L1263, 6.50% (1 yr. CMT <br>Rate + 2.25%), 03/01/2036 | 11846 | 12273  |
| &nbsp;&nbsp;&nbsp; Pool 847727, 6.49% (RFUCCT1Y + 1.74%), 02/01/2037 | 2702 | 2777  |
| &nbsp;&nbsp;&nbsp; Pool A14256, 5.50%, 10/01/2033 | 26912 | 27333  |
| &nbsp;&nbsp;&nbsp; Pool A46629, 5.00%, 08/01/2035 | 27059 | 27843  |
| &nbsp;&nbsp;&nbsp; Pool B31891, 5.38%, 01/01/2037 | 55648 | 57951  |
| &nbsp;&nbsp;&nbsp; Pool B31900, 5.38%, 02/01/2037 | 72482 | 75512  |
| &nbsp;&nbsp;&nbsp; Pool B31934, 5.38%, 04/01/2037 | 35931 | 37425  |
| &nbsp;&nbsp;&nbsp; Pool B31976, 5.10%, 05/01/2037 | 72912 | 75201  |
| &nbsp;&nbsp;&nbsp; Pool C03427, 5.50%, 10/01/2039 | 203665 | 212557  |
| &nbsp;&nbsp;&nbsp; Pool C53878, 5.50%, 12/01/2030 | 24010 | 24380  |
| &nbsp;&nbsp;&nbsp; Pool C66421, 6.50%, 02/01/2032 | 36790 | 38222  |
| &nbsp;&nbsp;&nbsp; Pool C91366, 4.50%, 04/01/2031 | 55136 | 55644  |
| &nbsp;&nbsp;&nbsp; Pool C91826, 3.00%, 05/01/2035 | 259769 | 248816  |
| &nbsp;&nbsp;&nbsp; Pool G04540, 6.00%, 08/01/2038 | 83538 | 88500  |
| &nbsp;&nbsp;&nbsp; Pool G04655, 6.00%, 08/01/2038 | 71876 | 76146  |
| &nbsp;&nbsp;&nbsp; Pool G08348, 5.00%, 06/01/2039 | 43968 | 45290  |
| &nbsp;&nbsp;&nbsp; Pool G08828, 5.50%, 04/01/2048 | 71353 | 74122  |
| &nbsp;&nbsp;&nbsp; Pool G20028, 7.50%, 12/01/2036 | 42253 | 43496  |
| &nbsp;&nbsp;&nbsp; Pool G30932, 4.50%, 03/01/2034 | 64229 | 64887  |
| &nbsp;&nbsp;&nbsp; Pool G31063, 3.50%, 11/01/2037 | 442735 | 429469  |
| &nbsp;&nbsp;&nbsp; Pool K93349, 4.00%, 11/01/2035 | 188720 | 185919  |
| &nbsp;&nbsp;&nbsp; Pool K93365, 3.50%, 11/01/2035 | 135314 | 132276  |
| &nbsp;&nbsp;&nbsp; Pool N30530, 5.50%, 01/01/2029 | 20411 | 20989  |
| &nbsp;&nbsp;&nbsp; Pool N70071, 6.00%, 06/01/2035 | 79407 | 80454  |
| &nbsp;&nbsp;&nbsp; Pool N70078, 5.50%, 01/01/2033 | 112924 | 114213  |
| &nbsp;&nbsp;&nbsp; Pool N70082, 6.00%, 07/01/2038 | 241900 | 247951  |
| &nbsp;&nbsp;&nbsp; Pool QD1254, 2.00%, 11/01/2051 | 2323606 | 1881497  |
| &nbsp;&nbsp;&nbsp; Pool QE0380, 2.50%, 04/01/2052 | 803896 | 690837  |
| &nbsp;&nbsp;&nbsp; Pool QE0622, 2.00%, 04/01/2052 | 458412 | 377045  |
| &nbsp;&nbsp;&nbsp; Pool QF0493, 5.50%, 09/01/2052 | 1951305 | 1994668  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool QF0773, 5.50%, 09/01/2052 | $2492710 | $2544947  |
| &nbsp;&nbsp;&nbsp; Pool RA5286, 2.50%, 05/01/2051 | 3311328 | 2806004  |
| &nbsp;&nbsp;&nbsp; Pool RA5971, 3.00%, 09/01/2051 | 3082733 | 2782362  |
| &nbsp;&nbsp;&nbsp; Pool RA6766, 2.50%, 02/01/2052 | 1568416 | 1349092  |
| &nbsp;&nbsp;&nbsp; Pool RA7935, 5.00%, 09/01/2052 | 2400188 | 2424498  |
| &nbsp;&nbsp;&nbsp; Pool RA9851, 6.00%, 09/01/2053 | 1264875 | 1317288  |
| &nbsp;&nbsp;&nbsp; Pool RC3538, 5.50%, 06/01/2040 | 2576691 | 2659551  |
| &nbsp;&nbsp;&nbsp; Pool SB1179, 5.50%, 05/01/2039 | 1713483 | 1770280  |
| &nbsp;&nbsp;&nbsp; Pool SD0846, 2.50%, 02/01/2052 | 2583636 | 2223714  |
| &nbsp;&nbsp;&nbsp; Pool SD1641, 4.50%, 09/01/2052 | 1320155 | 1303937  |
| &nbsp;&nbsp;&nbsp; Pool SD3234, 2.50%, 12/01/2051 | 3065635 | 2612197  |
| &nbsp;&nbsp;&nbsp; Pool SD3386, 5.50%, 07/01/2053 | 2009087 | 2046516  |
| &nbsp;&nbsp;&nbsp; Pool SD3475, 5.50%, 08/01/2053 | 2474721 | 2535675  |
| &nbsp;&nbsp;&nbsp; Pool SD3477, 6.50%, 08/01/2053 | 1097955 | 1156234  |
| &nbsp;&nbsp;&nbsp; Pool SD3840, 5.50%, 09/01/2053 | 994855 | 1020467  |
| &nbsp;&nbsp;&nbsp; Pool SD4053, 6.00%, 10/01/2053 | 220137 | 226772  |
| &nbsp;&nbsp;&nbsp; Pool SD4697, 6.00%, 02/01/2054 | 4065686 | 4218692  |
| &nbsp;&nbsp;&nbsp; Pool SD5573, 3.00%, 08/01/2052 | 2856886 | 2579160  |
| &nbsp;&nbsp;&nbsp; Pool SD7556, 3.00%, 08/01/2052 | 531509 | 476226  |
| &nbsp;&nbsp;&nbsp; Pool SD8200, 2.50%, 03/01/2052 | 2512658 | 2138593  |
| &nbsp;&nbsp;&nbsp; Pool SD8315, 5.00%, 04/01/2053 | 913056 | 911288  |
| &nbsp;&nbsp;&nbsp; Pool SL0655, 6.00%, 03/01/2055 | 1843014 | 1903508  |
| &nbsp;&nbsp;&nbsp; Pool SL1512, 6.00%, 06/01/2055 | 1266560 | 1301571  |
| &nbsp;&nbsp;&nbsp; Pool SL1677, 4.50%, 05/01/2053 | 804693 | 788956  |
| &nbsp;&nbsp;&nbsp; Pool SL1723, 2.00%, 03/01/2052 | 2477745 | 2032206  |
| &nbsp;&nbsp;&nbsp; Pool SL2867, 5.50%, 10/01/2054 | 1336684 | 1361224  |
| &nbsp;&nbsp;&nbsp; Pool SL2893, 4.00%, 02/01/2053 | 1429768 | 1369922  |
| &nbsp;&nbsp;&nbsp; Pool T30346, 5.38%, 10/01/2037 | 62524 | 64951  |
| &nbsp;&nbsp;&nbsp; Pool U30653, 5.13%, 07/01/2037 | 42196 | 43869  |
| &nbsp;&nbsp;&nbsp; Pool U30681, 5.10%, 09/01/2037 | 173861 | 179325  |
| &nbsp;&nbsp;&nbsp; Pool U30800, 5.10%, 11/01/2037 | 60411 | 62342  |
| &nbsp;&nbsp;&nbsp; Pool U31874, 5.38%, 04/01/2038 | 115170 | 119646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1843, Class Z, <br>7.00%, 04/15/2026 | 3 | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2517, Class Z, <br>5.50%, 10/15/2032 | 22464 | 23092  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2890, Class ZA, <br>5.00%, 11/15/2034 | 108188 | 110988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2907, Class VZ, <br>4.50%, 05/15/2034 | 393075 | 397201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3150, Class DZ, <br>5.50%, 05/15/2036 | 231837 | 241042  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3294, Class CB, <br>5.50%, 03/15/2037 | 143848 | 149805  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 366, Class IO, <br>4.00%, 08/15/2049<sup>(a)</sup> | 604575 | 93915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4121, Class DH, <br>2.00%, 10/15/2042 | 762075 | 549717  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4888, Class AC, <br>3.50%, 01/15/2049 | 539972 | 504672  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4891, Class PA, <br>3.50%, 07/15/2048 | 66569 | 65737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5080, Class PB, <br>1.25%, 03/25/2050 | 1659710 | 1314414  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5083, Class UB, <br>1.25%, 03/25/2051 | 2274625 | 1775291  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2056<sup>(b)</sup> | $20180000 | $16317342  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/15/2056<sup>(b)</sup> | 3275000 | 2769166  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/15/2056<sup>(b)</sup> | 6837000 | 6048341  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2056<sup>(b)</sup> | 6215000 | 5895915  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2056<sup>(b)</sup> | 2600000 | 2538579  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2056<sup>(b)</sup> | 3450000 | 3441105  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2056<sup>(b)</sup> | 4343000 | 4404405  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2056<sup>(b)</sup> | 2750000 | 2858341  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2056<sup>(b)</sup> | 11874000 | 10941242  |
| &nbsp;&nbsp;&nbsp; Pool 257203, 5.00%, 05/01/2028 | 122516 | 123332  |
| &nbsp;&nbsp;&nbsp; Pool 356329, 6.90% (1 yr. CMT Rate + 2.65%), 01/01/2027 | 9397 | 9434  |
| &nbsp;&nbsp;&nbsp; Pool 363850, 6.38% (1 yr. CMT Rate + 2.13%), 04/01/2027 | 4123 | 4141  |
| &nbsp;&nbsp;&nbsp; Pool 520478, 6.03% (1 yr. CMT Rate + 2.16%), 11/01/2029 | 5503 | 5585  |
| &nbsp;&nbsp;&nbsp; Pool 628837, 6.50%, 03/01/2032 | 5798 | 6018  |
| &nbsp;&nbsp;&nbsp; Pool 640225, 6.40% (1 yr. CMT Rate + 2.27%), 04/01/2032 | 9639 | 9870  |
| &nbsp;&nbsp;&nbsp; Pool 642122, 6.40% (1 yr. CMT Rate + 2.27%), 03/01/2032 | 5884 | 6027  |
| &nbsp;&nbsp;&nbsp; Pool 656181, 6.27% (1 yr. CMT Rate + 2.16%), 08/01/2031 | 19582 | 19909  |
| &nbsp;&nbsp;&nbsp; Pool 723313, 6.67% (1 yr. CMT Rate + 2.54%), 09/01/2031 | 20721 | 21345  |
| &nbsp;&nbsp;&nbsp; Pool 741373, 6.16% (1 yr. CMT Rate + 2.28%), 12/01/2033 | 12378 | 12733  |
| &nbsp;&nbsp;&nbsp; Pool 745626, 6.18% (1 yr. CMT Rate + 2.13%), 05/01/2036 | 14152 | 14588  |
| &nbsp;&nbsp;&nbsp; Pool 745818, 6.50%, 09/01/2036 | 46637 | 48962  |
| &nbsp;&nbsp;&nbsp; Pool 751498, 5.84% (1 yr. CMT Rate + 2.22%), 11/01/2033 | 3407 | 3497  |
| &nbsp;&nbsp;&nbsp; Pool 764342, 6.15% (RFUCCT6M + 1.52%), 02/01/2034 | 18804 | 19112  |
| &nbsp;&nbsp;&nbsp; Pool 774969, 6.53% (1 yr. CMT Rate + 2.28%), 04/01/2034 | 20742 | 21374  |
| &nbsp;&nbsp;&nbsp; Pool 783554, 6.21% (1 yr. CMT Rate + 2.21%), 07/01/2034 | 83633 | 86136  |
| &nbsp;&nbsp;&nbsp; Pool 819649, 6.52% (RFUCCT1Y + 1.52%), 03/01/2035 | 2299 | 2349  |
| &nbsp;&nbsp;&nbsp; Pool 836715, 6.27% (RFUCCT1Y + 1.77%), 10/01/2035 | 40223 | 41494  |
| &nbsp;&nbsp;&nbsp; Pool 837329, 6.17% (1 yr. CMT Rate + 2.04%), 09/01/2035 | 5583 | 5732  |
| &nbsp;&nbsp;&nbsp; Pool 842006, 4.25%, 10/01/2035 | 68191 | 67428  |
| &nbsp;&nbsp;&nbsp; Pool 850232, 4.25%, 12/01/2035 | 133609 | 133821  |
| &nbsp;&nbsp;&nbsp; Pool 868568, 6.70% (RFUCCT1Y + 1.77%), 04/01/2036 | 4548 | 4685  |
| &nbsp;&nbsp;&nbsp; Pool 877009, 7.07% (RFUCCT1Y + 2.38%), 03/01/2036 | 5343 | 5575  |
| &nbsp;&nbsp;&nbsp; Pool 882017, 6.06% (RFUCCT6M + 1.56%), 05/01/2036 | 29302 | 29982  |
| &nbsp;&nbsp;&nbsp; Pool 886163, 6.58% (RFUCCT1Y + 1.83%), 07/01/2036 | 13435 | 13897  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool 889829, 5.00%, 07/01/2035 | $22528 | $22799  |
| &nbsp;&nbsp;&nbsp; Pool 896838, 5.45%, 07/01/2036 | 176817 | 178820  |
| &nbsp;&nbsp;&nbsp; Pool 922680, 6.64% (RFUCCT1Y + 1.91%), 11/01/2035 | 10069 | 10449  |
| &nbsp;&nbsp;&nbsp; Pool 930507, 6.50%, 02/01/2039 | 72640 | 75865  |
| &nbsp;&nbsp;&nbsp; Pool 941050, 6.45% (RFUCCT1Y + 1.70%), 08/01/2037 | 20412 | 21015  |
| &nbsp;&nbsp;&nbsp; Pool 950382, 5.75% (RFUCCT6M + 1.12%), 08/01/2037 | 25692 | 26189  |
| &nbsp;&nbsp;&nbsp; Pool 952835, 6.41% (1 yr. CMT Rate + 2.32%), 09/01/2037 | 19852 | 20712  |
| &nbsp;&nbsp;&nbsp; Pool 955233, 6.50%, 12/01/2037 | 55213 | 58614  |
| &nbsp;&nbsp;&nbsp; Pool 995521, 6.82% (RFUCCT1Y + 1.82%), 05/01/2037 | 15219 | 15722  |
| &nbsp;&nbsp;&nbsp; Pool AB0577, 4.00%, 03/01/2036 | 131770 | 127894  |
| &nbsp;&nbsp;&nbsp; Pool AD0100, 7.00%, 12/01/2038 | 128893 | 137186  |
| &nbsp;&nbsp;&nbsp; Pool AD0427, 5.50%, 10/01/2039 | 100864 | 105148  |
| &nbsp;&nbsp;&nbsp; Pool AD0941, 5.50%, 04/01/2040 | 152024 | 158483  |
| &nbsp;&nbsp;&nbsp; Pool AI4717, 4.50%, 07/01/2031 | 620535 | 623012  |
| &nbsp;&nbsp;&nbsp; Pool AL0407, 6.50%, 04/01/2039 | 123205 | 128587  |
| &nbsp;&nbsp;&nbsp; Pool AL0898, 5.00%, 02/01/2031 | 30289 | 30694  |
| &nbsp;&nbsp;&nbsp; Pool AL7654, 3.00%, 09/01/2035 | 288179 | 275736  |
| &nbsp;&nbsp;&nbsp; Pool AS1429, 4.00%, 12/01/2043 | 123818 | 120625  |
| &nbsp;&nbsp;&nbsp; Pool AS2249, 4.00%, 04/01/2039 | 1050659 | 1037869  |
| &nbsp;&nbsp;&nbsp; Pool AV7739, 4.00%, 01/01/2044 | 210719 | 205980  |
| &nbsp;&nbsp;&nbsp; Pool AW6485, 4.00%, 06/01/2044 | 75643 | 73801  |
| &nbsp;&nbsp;&nbsp; Pool AW9534, 4.00%, 03/01/2045 | 249104 | 240544  |
| &nbsp;&nbsp;&nbsp; Pool AY0382, 4.00%, 11/01/2044 | 146355 | 144339  |
| &nbsp;&nbsp;&nbsp; Pool AZ4154, 4.00%, 06/01/2045 | 60884 | 59445  |
| &nbsp;&nbsp;&nbsp; Pool AZ7828, 4.00%, 08/01/2045 | 777106 | 752897  |
| &nbsp;&nbsp;&nbsp; Pool BA3674, 4.50%, 10/01/2045 | 464375 | 463904  |
| &nbsp;&nbsp;&nbsp; Pool BC1738, 4.50%, 09/01/2043 | 194131 | 195913  |
| &nbsp;&nbsp;&nbsp; Pool BC6366, 4.50%, 02/01/2046 | 296066 | 296350  |
| &nbsp;&nbsp;&nbsp; Pool BD1241, 4.50%, 05/01/2046 | 120588 | 120205  |
| &nbsp;&nbsp;&nbsp; Pool BD5189, 4.50%, 07/01/2046 | 307735 | 307137  |
| &nbsp;&nbsp;&nbsp; Pool BD8599, 4.50%, 11/01/2046 | 155528 | 155611  |
| &nbsp;&nbsp;&nbsp; Pool BH7686, 4.50%, 12/01/2047 | 190016 | 187197  |
| &nbsp;&nbsp;&nbsp; Pool BJ8287, 4.50%, 01/01/2048 | 132388 | 131685  |
| &nbsp;&nbsp;&nbsp; Pool BK5105, 5.50%, 05/01/2048 | 174261 | 179628  |
| &nbsp;&nbsp;&nbsp; Pool BK8032, 5.50%, 06/01/2048 | 271018 | 280715  |
| &nbsp;&nbsp;&nbsp; Pool BN4921, 5.50%, 01/01/2049 | 75429 | 77429  |
| &nbsp;&nbsp;&nbsp; Pool BN4936, 5.50%, 12/01/2048 | 174010 | 179134  |
| &nbsp;&nbsp;&nbsp; Pool BP5419, 3.00%, 05/01/2050 | 1821681 | 1648166  |
| &nbsp;&nbsp;&nbsp; Pool BQ1226, 2.00%, 09/01/2050 | 1407049 | 1150868  |
| &nbsp;&nbsp;&nbsp; Pool BQ3248, 2.00%, 11/01/2050 | 2403225 | 1960939  |
| &nbsp;&nbsp;&nbsp; Pool BV4128, 2.00%, 03/01/2052 | 3262644 | 2648930  |
| &nbsp;&nbsp;&nbsp; Pool BV4532, 3.50%, 03/01/2052 | 1673046 | 1556473  |
| &nbsp;&nbsp;&nbsp; Pool BW0025, 4.00%, 07/01/2052 | 614278 | 589075  |
| &nbsp;&nbsp;&nbsp; Pool BY4776, 5.00%, 07/01/2053 | 1868491 | 1864874  |
| &nbsp;&nbsp;&nbsp; Pool CB2539, 2.50%, 01/01/2052 | 2531171 | 2177208  |
| &nbsp;&nbsp;&nbsp; Pool CB2548, 2.50%, 01/01/2052 | 2571022 | 2203940  |
| &nbsp;&nbsp;&nbsp; Pool CB2789, 2.00%, 02/01/2052 | 3270331 | 2654113  |
| &nbsp;&nbsp;&nbsp; Pool CB2909, 3.50%, 02/01/2052 | 1964456 | 1829911  |
| &nbsp;&nbsp;&nbsp; Pool CB3103, 2.50%, 03/01/2052 | 3336330 | 2885399  |
| &nbsp;&nbsp;&nbsp; Pool CB3853, 4.00%, 06/01/2052 | 1453232 | 1397300  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Pool CB5497, 6.50%, 01/01/2053 | $2189862 | $2293360  |
| &nbsp;&nbsp;&nbsp; Pool CB8316, 5.00%, 04/01/2054 | 2746030 | 2769968  |
| &nbsp;&nbsp;&nbsp; Pool CB8494, 6.00%, 05/01/2054 | 1237008 | 1273334  |
| &nbsp;&nbsp;&nbsp; Pool CB8874, 6.50%, 07/01/2054 | 1791006 | 1864501  |
| &nbsp;&nbsp;&nbsp; Pool DA0025, 6.00%, 09/01/2053 | 1397574 | 1455888  |
| &nbsp;&nbsp;&nbsp; Pool FA0345, 5.50%, 02/01/2055 | 2584287 | 2634795  |
| &nbsp;&nbsp;&nbsp; Pool FA2599, 2.00%, 05/01/2052 | 1760387 | 1427788  |
| &nbsp;&nbsp;&nbsp; Pool FA2601, 2.00%, 08/01/2051 | 483358 | 394275  |
| &nbsp;&nbsp;&nbsp; Pool FA2647, 5.50%, 08/01/2055 | 2597855 | 2661718  |
| &nbsp;&nbsp;&nbsp; Pool FA3407, 2.00%, 04/01/2052 | 1644891 | 1367247  |
| &nbsp;&nbsp;&nbsp; Pool FM9097, 2.00%, 11/01/2051 | 1737237 | 1423834  |
| &nbsp;&nbsp;&nbsp; Pool FM9501, 2.50%, 11/01/2051 | 1564885 | 1346379  |
| &nbsp;&nbsp;&nbsp; Pool FM9973, 3.00%, 08/01/2051 | 2209559 | 1989812  |
| &nbsp;&nbsp;&nbsp; Pool FS0348, 2.00%, 01/01/2052 | 3488380 | 2870138  |
| &nbsp;&nbsp;&nbsp; Pool FS0731, 2.00%, 02/01/2052 | 899104 | 741141  |
| &nbsp;&nbsp;&nbsp; Pool FS0832, 3.50%, 03/01/2052 | 2307889 | 2150661  |
| &nbsp;&nbsp;&nbsp; Pool FS1186, 3.50%, 01/01/2050 | 1324382 | 1228118  |
| &nbsp;&nbsp;&nbsp; Pool FS1381, 3.00%, 03/01/2052 | 1871768 | 1658394  |
| &nbsp;&nbsp;&nbsp; Pool FS1480, 2.50%, 11/01/2051 | 372315 | 320646  |
| &nbsp;&nbsp;&nbsp; Pool FS1521, 3.00%, 04/01/2052 | 2957377 | 2659718  |
| &nbsp;&nbsp;&nbsp; Pool FS2805, 2.50%, 09/01/2052 | 1080307 | 919817  |
| &nbsp;&nbsp;&nbsp; Pool FS3166, 3.00%, 06/01/2052 | 2327299 | 2106738  |
| &nbsp;&nbsp;&nbsp; Pool FS4862, 2.50%, 10/01/2051 | 3117007 | 2658803  |
| &nbsp;&nbsp;&nbsp; Pool FS5126, 2.50%, 05/01/2051 | 1474655 | 1251972  |
| &nbsp;&nbsp;&nbsp; Pool FS5458, 5.50%, 08/01/2053 | 2694944 | 2737604  |
| &nbsp;&nbsp;&nbsp; Pool FS6744, 2.50%, 10/01/2051 | 2864101 | 2482139  |
| &nbsp;&nbsp;&nbsp; Pool FS7086, 5.50%, 09/01/2053 | 2359653 | 2407281  |
| &nbsp;&nbsp;&nbsp; Pool FS7269, 4.00%, 07/01/2050 | 1290465 | 1257074  |
| &nbsp;&nbsp;&nbsp; Pool FS7276, 5.00%, 09/01/2053 | 2513872 | 2528264  |
| &nbsp;&nbsp;&nbsp; Pool FS7518, 6.00%, 03/01/2053 | 1635348 | 1706732  |
| &nbsp;&nbsp;&nbsp; Pool FS7622, 5.50%, 04/01/2054 | 1320909 | 1352458  |
| &nbsp;&nbsp;&nbsp; Pool FS7744, 6.50%, 04/01/2054 | 1100016 | 1163789  |
| &nbsp;&nbsp;&nbsp; Pool FS8791, 6.00%, 08/01/2054 | 2196000 | 2261419  |
| &nbsp;&nbsp;&nbsp; Pool FS9155, 5.50%, 09/01/2054 | 1334105 | 1360177  |
| &nbsp;&nbsp;&nbsp; Pool FS9203, 6.00%, 09/01/2054 | 3039938 | 3125923  |
| &nbsp;&nbsp;&nbsp; Pool FS9366, 2.50%, 04/01/2052 | 1014830 | 864213  |
| &nbsp;&nbsp;&nbsp; Pool MA3208, 4.50%, 10/01/2037 | 834876 | 840415  |
| &nbsp;&nbsp;&nbsp; Pool MA4208, 2.00%, 12/01/2050 | 843492 | 689224  |
| &nbsp;&nbsp;&nbsp; Pool MA4492, 2.00%, 12/01/2051 | 1003477 | 815039  |
| &nbsp;&nbsp;&nbsp; Pool MA4565, 3.50%, 03/01/2052 | 1503693 | 1396118  |
| &nbsp;&nbsp;&nbsp; Pool MA5496, 5.00%, 10/01/2054 | 2597824 | 2593867  |
| &nbsp;&nbsp;&nbsp; Pool MB0291, 5.00%, 12/01/2054 | 2645399 | 2640278  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-80, Class Z, <br>6.00%, 01/25/2032 | 36560 | 37112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-71, Class MB, <br>5.50%, 08/25/2033 | 163880 | 169740  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-110, Class GL, <br>5.50%, 12/25/2035 | 390783 | 407183  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-112, Class QC, <br>5.50%, 11/25/2036 | 553302 | 575531  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-21, Class Z, <br>5.50%, 04/25/2036 | 176786 | 183007  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-22, Class A, <br>5.50%, 03/25/2037 | $252363 | $261308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-2, Class PH, <br>5.50%, 02/25/2038 | 330818 | 338676  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009-20, Class DS, 3.41% <br>(-1 x 30 day avg SOFR US + <br>7.29%), 04/25/2039<sup>(a)(c)</sup> | 410036 | 59310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-10, Class UF, 4.54% <br>(30 day avg SOFR US + 0.66%), 02/25/2042 | 41237 | 41006  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-139, Class HI, <br>2.50%, 12/25/2027<sup>(a)</sup> | 129246 | 2052  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-27, Class PI, <br>4.50%, 02/25/2042<sup>(a)</sup> | 278597 | 16762  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-65, Class HJ, <br>5.00%, 07/25/2040 | 649527 | 664958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-15, Class QI, <br>3.00%, 03/25/2028<sup>(a)</sup> | 11636 | 237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-34, Class IG, <br>3.00%, 05/25/2042<sup>(a)</sup> | 197924 | 14405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-8, Class IQ, <br>4.00%, 03/25/2034<sup>(a)</sup> | 731139 | 67086  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40, Class LI, <br>4.50%, 03/25/2045<sup>(a)</sup> | 245960 | 39671  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-86, Class JA, <br>4.00%, 05/25/2047 | 76188 | 76007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37, Class IM, <br>5.00%, 07/25/2049<sup>(a)</sup> | 650737 | 118955  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class WI, <br>2.06%, 02/25/2035<sup>(a)(d)</sup> | 3748777 | 249693  |
| Ginnie Mae I Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 589694, 4.50%, 08/15/2029 | 384626 | 386017  |
| &nbsp;&nbsp;&nbsp; Pool 623145, 5.50%, 10/15/2028 | 61500 | 61789  |
| &nbsp;&nbsp;&nbsp; Pool 728157, 3.75%, 11/15/2029 | 13919 | 13814  |
| &nbsp;&nbsp;&nbsp; Pool 784315, 6.00%, 06/15/2036 | 8907 | 9104  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 3160, 6.00%, 11/20/2031 | 147257 | 154178  |
| &nbsp;&nbsp;&nbsp; Pool 3489, 6.00%, 12/20/2033 | 221508 | 231497  |
| &nbsp;&nbsp;&nbsp; Pool 4194, 5.50%, 07/20/2038 | 83805 | 86523  |
| &nbsp;&nbsp;&nbsp; Pool 770225, 4.25%, 08/20/2031 | 134942 | 135296  |
| &nbsp;&nbsp;&nbsp; Pool 770226, 4.75%, 09/20/2036 | 166306 | 166613  |
| &nbsp;&nbsp;&nbsp; Pool 782173, 5.50%, 05/20/2035 | 118557 | 122420  |
| &nbsp;&nbsp;&nbsp; Pool AC0521, 5.50%, 05/20/2042 | 421598 | 434799  |
| &nbsp;&nbsp;&nbsp; Pool BT1891, 2.50%, 12/20/2050 | 922339 | 782328  |
| &nbsp;&nbsp;&nbsp; Pool CJ2171, 4.00%, 05/20/2052 | 1468641 | 1434205  |
| &nbsp;&nbsp;&nbsp; Pool MA6994, 2.00%, 11/20/2050 | 1445924 | 1198987  |
| &nbsp;&nbsp;&nbsp; Pool MA7051, 2.00%, 12/20/2050 | 3016170 | 2500843  |
| &nbsp;&nbsp;&nbsp; Pool MA7106, 2.00%, 01/20/2036 | 439013 | 414307  |
| &nbsp;&nbsp;&nbsp; Pool MA7164, 2.00%, 02/20/2036 | 415816 | 392430  |
| &nbsp;&nbsp;&nbsp; Pool MA7192, 2.00%, 02/20/2051 | 2995923 | 2484055  |
| &nbsp;&nbsp;&nbsp; Pool MA7312, 2.50%, 04/20/2051 | 2902965 | 2507312  |
| &nbsp;&nbsp;&nbsp; Pool MA7834, 6.00%, 01/20/2052 | 270336 | 285408  |
| &nbsp;&nbsp;&nbsp; Pool MA8268, 4.50%, 09/20/2052 | 1758578 | 1726887  |
| &nbsp;&nbsp;&nbsp; Pool MA8348, 5.00%, 10/20/2052 | 2903876 | 2911985  |
| &nbsp;&nbsp;&nbsp; Pool MA8646, 4.50%, 02/20/2053 | 3014731 | 2956976  |
| &nbsp;&nbsp;&nbsp; Pool MB0025, 5.00%, 11/20/2054 | 1501692 | 1499987  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-93, Class PD, <br>5.00%, 11/16/2034 | $225242 | $224845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-40, Class B, <br>6.00%, 08/20/2036 | 42442 | 43000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-105, Class IB, <br>4.50%, 01/16/2040<sup>(a)</sup> | 369210 | 28567  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-156, Class PM, <br>2.00%, 04/20/2040 | 682000 | 567284  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-2, Class DP, <br>5.46%, 03/20/2039<sup>(d)</sup> | 320788 | 328517  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-143, Class IC, <br>5.00%, 10/16/2041<sup>(a)</sup> | 610476 | 102913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-52, Class WA, <br>6.19%, 04/20/2038<sup>(d)</sup> | 237392 | 246377  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-97, Class GB, <br>2.00%, 08/16/2042 | 831612 | 700528  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-168, Class IA, <br>2.50%, 11/16/2028<sup>(a)</sup> | 62594 | 920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-86, Class IA, <br>5.00%, 06/20/2043<sup>(a)</sup> | 352499 | 35513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-6, Class IG, <br>4.50%, 01/16/2044<sup>(a)</sup> | 266690 | 32126  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-112, Class AW, <br>6.89%, 12/20/2040<sup>(d)</sup> | 114228 | 120021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-12, Class KI, <br>5.00%, 09/20/2038<sup>(a)</sup> | 522775 | 57916  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class IC, <br>6.00%, 01/20/2040<sup>(a)(d)</sup> | 330715 | 36605  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-103, Class IM, <br>5.00%, 06/20/2043<sup>(a)</sup> | 562312 | 61446  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-167, Class SE, 2.35% <br>(-1 x 1 mo. Term SOFR + 6.09%), 11/20/2047<sup>(a)(c)</sup> | 1572140 | 197816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class ID, <br>7.00%, 01/20/2039<sup>(a)</sup> | 169786 | 15447  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class IK, <br>6.00%, 05/20/2040<sup>(a)</sup> | 589612 | 93508  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-127, Class PB, <br>3.00%, 09/20/2047 | 203777 | 194230  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-153, Class QA, <br>3.50%, 11/20/2048 | 335776 | 325136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-36, Class LI, <br>5.00%, 03/20/2048<sup>(a)</sup> | 1481955 | 206708  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-162, Class KB, <br>2.00%, 12/20/2049 | 579422 | 366492  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-125, Class UL, <br>1.50%, 07/20/2051 | 1840280 | 1331230  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-160, Class DK, <br>2.00%, 09/20/2051 | 1049804 | 613329  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-177, Class KD, <br>2.00%, 10/20/2051 | 1791418 | 1219932  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-50, Class PL, <br>1.25%, 03/20/2051 | $552000 | $240778  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class CD, <br>2.00%, 01/20/2052 | 2515250 | 1762293  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $266,044,871)** |  | 261812710  |
| **ASSET-BACKED SECURITIES - 5.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, <br>Series 2025-3, Class B, <br>4.68%, 03/17/2031 | 1510000 | 1529891  |
| &nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, <br>5.78%, 09/15/2027 | 89834 | 90005  |
| FHF Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, <br>5.89%, 06/15/2030<sup>(e)</sup> | 495090 | 498270  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, <br>4.94%, 11/15/2030<sup>(e)</sup> | 704406 | 703184  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2024-B, Class B, <br>5.23%, 05/15/2030 | 1795000 | 1834821  |
| Hyundai Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, <br>4.72%, 07/15/2030 | 1695000 | 1729021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class B, <br>4.13%, 01/15/2032 | 870000 | 871530  |
|  John Deere Owner Trust, Series 2025-B, Class A4, 4.34%, 06/15/2032 | 1000000 | 1013152  |
| Kubota Credit Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, <br>4.42%, 09/17/2029<sup>(e)</sup> | 855000 | 864432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A4, <br>4.57%, 11/15/2030<sup>(e)</sup> | 865000 | 880558  |
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Series 2024-A, Class A3, <br>4.83%, 10/16/2028 | 1670483 | 1681602  |
|  Verizon Master Trust, Series 2024-5, Class A, 5.00%, 06/21/2032<sup>(e)</sup> | 2935000 | 3029977  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $14,543,317)** |  | 14726443  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q006, Class APT2, <br>2.69%, 09/25/2026<sup>(d)</sup> | 297928 | 297295  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q007, Class APT1, <br>6.39%, 10/25/2047<sup>(d)</sup> | 390505 | 390632  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q010, Class APT1, <br>7.41%, 04/25/2046<sup>(d)</sup> | 33046 | 33344  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 467095, 5.90%, 01/01/2041 | $534751 | $574957  |
| &nbsp;&nbsp;&nbsp; Pool 470828, 3.53%, 03/01/2032 | 722730 | 700888  |
| &nbsp;&nbsp;&nbsp; Pool 957502, 3.98%, 07/01/2029 | 178429 | 177958  |
| &nbsp;&nbsp;&nbsp; Pool 958720, 5.65%, 10/01/2028 | 699099 | 727475  |
| &nbsp;&nbsp;&nbsp; Pool AN8842, 3.32%, 04/01/2028 | 150000 | 148078  |
| &nbsp;&nbsp;&nbsp; Pool AN9931, 4.24%, 08/01/2048 | 965552 | 857167  |
| &nbsp;&nbsp;&nbsp; Pool BL0387, 4.28%, 05/01/2028 | 2594920 | 2605106  |
| &nbsp;&nbsp;&nbsp; Pool BS6456, 3.58%, 09/01/2032 | 1550000 | 1483183  |
| &nbsp;&nbsp;&nbsp; Pool BZ5076, 4.23%, 10/01/2030 | 2780000 | 2792422  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-M2, Class A2A, <br>5.27%, 10/25/2032<sup>(d)</sup> | 47848 | 48011  |
| FREMF Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-KF73, Class B, 6.57% (30 day avg SOFR US + 2.56%), 11/25/2029<sup>(e)</sup> | 499990 | 466230  |
| &nbsp;&nbsp;&nbsp; Series 2020-KF74, Class B, 6.27% (30 day avg SOFR US + 2.26%), 01/25/2027<sup>(e)</sup> | 490858 | 487458  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-135, Class IO, <br>0.41%, 01/16/2056<sup>(a)(d)</sup> | 977229 | 20509  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-172, Class IO, <br>0.58%, 03/16/2057<sup>(a)(d)</sup> | 892716 | 17767  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class IO, <br>0.55%, 07/16/2057<sup>(a)(d)</sup> | 1749563 | 34956  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-56, Class IO, <br>0.96%, 11/16/2057<sup>(a)(d)</sup> | 1165301 | 50112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-98, Class IO, <br>0.84%, 05/16/2058<sup>(a)(d)</sup> | 1779307 | 75387  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $12,607,716)** | &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $12,607,716)** | 11988935  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-**<br>**BACKED SECURITIES - 0.9%** | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-**<br>**BACKED SECURITIES - 0.9%** | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-**<br>**BACKED SECURITIES - 0.9%** |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, 5.24% <br>(1 mo. Term SOFR + 1.49%), 06/15/2041<sup>(e)</sup> | 1425000 | 1426246  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class A, 5.19% <br>(1 mo. Term SOFR + 1.44%), 03/15/2042<sup>(e)</sup> | 915000 | 915132  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,336,570)** |  | 2341378  |
| **MUNICIPAL BONDS - 0.1%**<br>|  |  |
|  Colorado Health Facilities Authority, 2.80%, 12/01/2026 | 230000 | 226099  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $230,000)** |  | 226099 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 10.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Money Market Funds - 10.6%** <br>**First American Government Obligations Fund - Class Z,** <br>**3.63%<sup>(f)</sup>** | 28258605 | $28258605  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $28,258,605)** |  | 28258605  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 119.4%** <br>**(Cost $324,021,079)** |  | $319354170  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (19.4)% |  | (51840451)  |
| **TOTAL NET ASSETS - 100.0%** |  | $267513719 |

---

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

RFUCCT1Y - Refinitiv USD IBOR Consumer Cash

Fallbacks Term 1 Year

RFUCCT6M - Refinitiv USD IBOR Consumer Cash

Fallbacks Term 6 Months

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Interest only security.

<sup>(b)</sup> To-be-announced security.

<sup>(c)</sup> Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

<sup>(d)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY MORTGAGE SECURITIES FUND** 

**Schedule of Futures Contracts** 

**December 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp; 03/20/2026 | $6694392 | $6670906 | &nbsp;&nbsp; $(23486)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 03/20/2026 | 4394964 | 4385063 | &nbsp;&nbsp; (9901)  |
|  |  |  | $11089356 | $11055969 | &nbsp;&nbsp; $(33387) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Amount** | **Notional** <br>**Value** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(29) | 03/31/2026 | $(6053221) | $(6054883) | &nbsp;&nbsp; $(1662)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(61) | 03/31/2026 | (6680126) | (6667586) | &nbsp;&nbsp; 12540  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(37) | 03/20/2026 | (4311011) | (4276969) | &nbsp;&nbsp; 34042  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(58) | 03/20/2026 | (6958154) | (6844000) | &nbsp;&nbsp; 114154  |
|  |  |  | $(24002512) | $(23843438) | &nbsp;&nbsp; $159074  |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | &nbsp;&nbsp; $125687 |

---

There is no variation margin due to or from the Fund as of the date of this report.

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.2%**<br>|  |  |
| **Austria - 2.6%**<br>|  |  |
| Erste Group Bank AG | 149558 | $17933399  |
| **Belgium - 4.1%**<br>|  |  |
| KBC Group NV | 137297 | 17880994  |
| UCB SA | 38341 | 10682810  |
|  |  | 28563804  |
| **Czech Republic - 0.7%**<br>|  |  |
| Komercni Banka AS | 92308 | 5204291  |
| **Denmark - 3.5%**<br>|  |  |
| DSV AS | 33569 | 8454572  |
| Pandora AS | 29150 | 3223583  |
| Royal Unibrew AS | 141387 | 12758366  |
|  |  | 24436521  |
| **Finland - 2.2%**<br>|  |  |
| Konecranes Oyj | 42748 | 4681136  |
| Sampo Oyj | 882070 | 10671988  |
|  |  | 15353124  |
| **France - 11.3%**<br>|  |  |
| Danone SA | 63863 | 5760378  |
| Dassault Aviation SA | 14522 | 4655830  |
| Elis SA | 562541 | 15962355  |
| Legrand SA | 21109 | 3138119  |
| Publicis Groupe SA | 219603 | 22805244  |
| SPIE SA | 231874 | 13367850  |
| Technip Energies NV | 361251 | 13757092  |
|  |  | 79446868  |
| **Germany - 12.6%**<br>|  |  |
| AlzChem Group AG | 18449 | 3332498  |
| Beiersdorf AG | 24392 | 2678659  |
| Bilfinger SE | 67182 | 8405788  |
| Brenntag SE | 296441 | 17206631  |
| Heidelberg Materials AG | 49436 | 12816616  |
| IONOS Group SE<sup>(a)</sup> | 230252 | 7180714  |
| RENK Group AG | 65275 | 4068021  |
| Rheinmetall AG | 9386 | 17123749  |
| United Internet AG | 388998 | 12554795  |
| Vossloh AG | 35032 | 3126403  |
|  |  | 88493874  |
| **Greece - 0.9%**<br>|  |  |
| Bank of Cyprus Holdings PLC | 88131 | 822562  |
| National Bank of Greece SA | 347961 | 5307252  |
|  |  | 6129814  |
| **Ireland - 7.3%**<br>|  |  |
| AIB Group PLC | 2096101 | 22408025  |
| Bank of Ireland Group PLC | 787912 | 15069041  |
|  Permanent TSB Group Holdings PLC<sup>(a)</sup> | 609226 | 2054806  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Ryanair Holdings PLC - ADR | 93784 | $6770267  |
| Ryanair Holdings PLC | 143107 | 4933979  |
|  |  | 51236118  |
| **Italy - 2.0%**<br>|  |  |
| Buzzi SpA | 65375 | 3951987  |
| DiaSorin SpA | 40769 | 3272005  |
| Italgas SpA | 615958 | 6870139  |
|  |  | 14094131  |
| **Netherlands - 1.5%**<br>|  |  |
| Magnum Ice Cream Co. NV<sup>(a)</sup> | 657035 | 10513542  |
| **Norway - 0.5%**<br>|  |  |
| Storebrand ASA | 216304 | 3696799  |
| **Portugal - 1.8%**<br>|  |  |
| Jeronimo Martins SGPS SA | 522732 | 12439099  |
| **Spain - 4.0%**<br>|  |  |
| Bankinter SA | 875174 | 14506162  |
| Fluidra SA | 372185 | 10083241  |
| Tecnicas Reunidas SA<sup>(a)</sup> | 114341 | 3697423  |
|  |  | 28286826  |
| **Sweden - 4.5%**<br>|  |  |
| Alfa Laval AB | 176814 | 8865694  |
| Assa Abloy AB - Class B | 318386 | 12299523  |
| NOBA Bank Group AB<sup>(a)</sup> | 304236 | 3881165  |
| Trelleborg AB - Class B | 149711 | 6328518  |
|  |  | 31374900  |
| **Switzerland - 6.7%**<br>|  |  |
| ABB Ltd. | 111051 | 8186408  |
| Galderma Group AG | 48782 | 9933618  |
| Helvetia Baloise Holding AG | 39858 | 10483176  |
| Holcim AG | 98537 | 9592608  |
| Sulzer AG | 47160 | 8707072  |
|  |  | 46902882  |
| **United Kingdom - 27.5%**<br>|  |  |
| Beazley PLC | 1118869 | 12511815  |
| British American Tobacco PLC | 607881 | 34461046  |
| Bunzl PLC | 626205 | 17486073  |
| Genus PLC | 169780 | 5925273  |
| Haleon PLC | 4359452 | 22029891  |
| Hill & Smith PLC | 119098 | 3418447  |
| IMI PLC | 188336 | 6282281  |
| Next PLC | 49055 | 9031001  |
| Rotork PLC | 1717134 | 7516868  |
| RS GROUP PLC | 1791685 | 15021690  |
| Savills PLC | 298207 | 4003588  |
| Serco Group PLC | 2401666 | 9027907  |
| Smiths Group PLC | 562309 | 17785912  |
| Unilever PLC | 434460 | 28386275  |
|  |  | 192888067  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY - WMC STRATEGIC EUROPEAN EQUITY FUND** 

**Schedule of Investments** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United States - 1.5%**<br>|  |  |
| Amrize Ltd.<sup>(a)</sup> | 192965 | $10474367  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $478,342,734)** |  | 667468426  |
| **PREFERRED STOCKS - 1.0%**<br>|  |  |
| **Germany - 1.0%**<br>|  |  |
| FUCHS SE | 163140 | 7265706  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $6,912,811)** |  | 7265706  |
| **SHORT-TERM INVESTMENTS - 2.5%**<br>|  |  |
| **Money Market Funds - 2.5%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 17313080 | 17313080  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $17,313,080)** |  | 17313080  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $502,568,625)** |  | $692047212  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3% |  | 8947336  |
| **TOTAL NET ASSETS - 100.0%** |  | $700994548 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.5%**<br>|  |  |
| **Brazil - 3.4%**<br>|  |  |
| Ambev SA | 3139400 | $7902360  |
| B3 SA - Brasil Bolsa Balcao | 1829800 | 4658502  |
| Banco do Brasil SA | 825200 | 3293638  |
| Natura Cosmeticos SA<sup>(a)</sup> | 2590200 | 3512434  |
| Neoenergia SA | 264800 | 1562154  |
| Vale SA | 465900 | 6083293  |
|  |  | 27012381  |
| **China - 31.5%**<br>|  |  |
| AIA Group Ltd. | 1082694 | 11144271  |
| Alibaba Group Holding Ltd. | 1829721 | 33595438  |
| ANTA Sports Products Ltd. | 372599 | 3869281  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 392550 | 6455571  |
|  Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 1665100 | 3240294  |
|  Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A | 802500 | 1561669  |
| BYD Co. Ltd. - Class A | 293267 | 4100768  |
|  China Construction Bank Corp. - Class H | 10285967 | 10181163  |
|  China Merchants Bank Co., Ltd. - Class A | 983951 | 5930533  |
|  China Overseas Land & Investment Ltd. | 5114746 | 8077491  |
|  China Pacific Insurance Group Co. Ltd. - Class H | 1006192 | 4563069  |
|  Contemporary Amperex Technology Co. Ltd. - Class A | 116096 | 6104623  |
|  Fuyao Glass Industry Group Co. Ltd. - Class A | 597650 | 5540710  |
|  Fuyao Glass Industry Group Co. Ltd. - Class A | 41800 | 387521  |
| Galaxy Entertainment Group Ltd. | 1434000 | 7070793  |
| Haier Smart Home Co. Ltd. - Class H | 2125400 | 6637090  |
|  Hangzhou Tigermed Consulting Co. Ltd. - Class A | 788583 | 6396832  |
| Kanzhun Ltd. - Class A | 98603 | 997740  |
| KE Holdings, Inc. - Class A | 996626 | 5271096  |
| Meituan - Class B<sup>(a)</sup> | 212444 | 2815350  |
| Midea Group Co. Ltd. - Class A | 474718 | 5307884  |
|  NAURA Technology Group Co. Ltd. - Class A | 104366 | 6855343  |
|  People's Insurance Co. Group of China Ltd. - Class H | 3983757 | 3460674  |
|  Ping An Insurance Group Co. of China Ltd. - Class A | 133500 | 1307777  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 438000 | 3679071  |
|  Shenzhou International Group Holdings, Ltd. | 87100 | 686336  |
| Tencent Holdings Ltd. | 543549 | 41713874  |
| Trip.com Group Ltd. | 100523 | 7207643  |
| Weichai Power Co. Ltd. - Class H | 3238000 | 7858026  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| WH Group Ltd. | 6587500 | $7338567  |
| Yue Yuen Industrial Holdings Ltd. | 1101500 | 2258620  |
| Yum China Holdings, Inc. | 111004 | 5255878  |
|  Zhejiang Longsheng Group Co. Ltd. - Class A | 1813900 | 2766056  |
| Zhongsheng Group Holdings Ltd. | 2430500 | 3637534  |
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. - <br>Class H | 1834603 | 8399614  |
|  ZTO Express Cayman, Inc. - Class A - ADR | 243134 | 5079069  |
| ZTO Express Cayman, Inc. - Class A | 113000 | 2356965  |
|  |  | 249110234  |
| **Hungary - 1.4%**<br>|  |  |
| OTP Bank Nyrt | 66487 | 7129014  |
| Richter Gedeon Nyrt | 134564 | 4067860  |
|  |  | 11196874  |
| **India - 14.3%**<br>|  |  |
| Amber Enterprises India Ltd.<sup>(a)</sup> | 42133 | 2994808  |
| Apollo Hospitals Enterprise Ltd. | 42410 | 3325736  |
| Ashok Leyland Ltd. | 1912162 | 3815829  |
| Bajaj Auto Ltd. | 34259 | 3563507  |
| Bajaj Finance Ltd. | 482212 | 5302879  |
| Bajaj Finserv Ltd. | 286592 | 6511962  |
| Bharti Airtel Ltd. | 361509 | 8485152  |
| DLF Ltd. | 545569 | 4174176  |
| Godrej Consumer Products Ltd. | 220152 | 2996538  |
| HDFC Bank Ltd. | 1500980 | 16581169  |
| ICICI Bank Ltd. | 583171 | 8728076  |
| IDFC First Bank Ltd. | 3129281 | 2982369  |
| Indraprastha Gas Ltd. | 1592908 | 3453180  |
| Larsen & Toubro Ltd. | 100566 | 4570538  |
| Lodha Developers Ltd. | 491256 | 5808240  |
| Mahindra & Mahindra Ltd. | 167843 | 6931760  |
| Oberoi Realty Ltd. | 265237 | 4933693  |
| SBI Life Insurance Co. Ltd. | 311737 | 7066154  |
| UPL Ltd. | 746338 | 6609081  |
| Varun Beverages Ltd. | 677268 | 3697403  |
|  |  | 112532250  |
| **Indonesia - 1.4%**<br>|  |  |
| Bank Central Asia Tbk PT | 13478393 | 6508671  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 22136300 | 4848003  |
|  |  | 11356674  |
| **Kazakhstan - 0.6%**<br>|  |  |
| Kaspi.KZ JSC - ADR<sup>(a)</sup> | 63082 | 4928597  |
| **Russia - 0.0%<sup>(b)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC - <br>ADR<sup>(a)(c)(d)</sup> | 184769 | 1848  |
| **Saudi Arabia - 0.5%**<br>|  |  |
| Saudi Arabian Oil Co. | 644091 | 4090078  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY EMERGING MARKETS SELECT FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Singapore - 4.1%**<br>|  |  |
| DBS Group Holdings Ltd. | 308277 | $13503985  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 944335 | 4712231  |
| Oversea-Chinese Banking Corp. Ltd. | 490263 | 7532020  |
| Wilmar International Ltd. | 2636708 | 6306091  |
|  |  | 32054327  |
| **South Korea - 15.5%**<br>|  |  |
| DB Insurance Co. Ltd. | 26724 | 2426649  |
| Doosan Bobcat, Inc. | 89719 | 3588749  |
| Hankook Tire & Technology Co. Ltd. | 190147 | 7706171  |
| Hyundai Mobis Co. Ltd. | 30601 | 7940390  |
| Hyundai Motor Co. | 48129 | 9939022  |
| KB Financial Group, Inc. | 150137 | 12924497  |
| Samsung Electronics Co. Ltd. | 649566 | 54443308  |
| Shinhan Financial Group Co. Ltd. | 77870 | 4146560  |
| SK Hynix, Inc. | 43241 | 19582906  |
|  |  | 122698252  |
| **Taiwan - 16.3%**<br>|  |  |
| Airtac International Group | 150026 | 4421586  |
| Compal Electronics, Inc. | 3444140 | 3326897  |
| CTBC Financial Holding Co. Ltd. | 3507040 | 5603515  |
| Hon Hai Precision Industry Co. Ltd. | 620000 | 4544802  |
| MediaTek, Inc. | 155196 | 7046704  |
| Quanta Computer, Inc. | 839947 | 7254525  |
| Realtek Semiconductor Corp. | 180764 | 2806663  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1911334 | 93955990  |
|  |  | 128960682  |
| **Thailand - 2.4%**<br>|  |  |
| Bangkok Bank PCL - NVDR | 530300 | 2851227  |
| Bangkok Bank PCL | 511600 | 2512938  |
| Indorama Ventures PCL - NVDR | 4102000 | 2090558  |
| SCB X PCL | 1429700 | 6285144  |
| True Corp. PCL - NVDR | 15085624 | 5213205  |
|  |  | 18953072  |
| **Turkey - 0.6%**<br>|  |  |
| Akbank TAS | 2803465 | 4548537  |
| **United Arab Emirates - 0.2%**<br>|  |  |
| Abu Dhabi Commercial Bank PJSC | 380161 | 1479270  |
| **United States - 2.4%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 93145 | 7731035  |
| Coupang, Inc. - Class A<sup>(a)</sup> | 156990 | 3703394  |
| Credicorp Ltd. | 24921 | 7152327  |
|  |  | 18586756  |
| **Vietnam - 0.9%**<br>|  |  |
| Vietnam Dairy Products JSC | 2947290 | 6852134  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $521,090,152)** |  | 754361966  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 2.1%**<br>|  |  |
| **Brazil - 2.1%**<br>|  |  |
| Cia Energetica de Minas Gerais | 3201443 | $6485442  |
| Itau Unibanco Holding SA | 740189 | 5290034  |
| Petroleo Brasileiro SA | 847800 | 4759090  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $12,213,000)** |  | 16534566  |
| **SHORT-TERM INVESTMENTS - 2.4%**<br>|  |  |
| **Money Market Funds - 2.4%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(e)</sup> | 18678136 | 18678136  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,678,136)** |  | 18678136  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $551,981,288)** |  | $789574668  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(b)</sup> |  | 189452  |
| **TOTAL NET ASSETS - 100.0%** |  | $789764120 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

JSC - Public Joint Stock Company

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Security is being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. These securities represented $1,848 or 0.0% of net assets as of December 31, 2025.

<sup>(d)</sup> Restricted security as to resale. As of the date of this report, the Fund held restricted securities with a fair value of $1,848 or 0.0% of net assets. Security was acquired from December 2021 to February 2022 at an acquisition cost of $2,890,347.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY - BEUTEL GOODMAN LARGE-CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%**<br>|  |  |
| **Communication Services - 9.4%**<br>|  |  |
| Comcast Corp. - Class A | 1550708 | $46350662  |
| Omnicom Group, Inc. | 896150 | 72364113  |
|  |  | 118714775  |
| **Consumer Discretionary - 6.5%**<br>|  |  |
| eBay, Inc. | 680491 | 59270766  |
| Harley-Davidson, Inc. | 1078609 | 22100698  |
|  |  | 81371464  |
| **Consumer Staples - 6.3%**<br>|  |  |
| Kimberly-Clark Corp. | 498433 | 50286905  |
| The Campbell's Co. | 1058632 | 29504074  |
|  |  | 79790979  |
| **Financials - 19.4%**<br>|  |  |
| American Express Co. | 115355 | 42675582  |
| Ameriprise Financial, Inc. | 122101 | 59871004  |
| Blackrock, Inc. | 21269 | 22765062  |
| Carlyle Group, Inc. | 402602 | 23797804  |
| Chubb Ltd. | 219146 | 68399850  |
| SEI Investments Co. | 316448 | 25955065  |
|  |  | 243464367  |
| **Health Care - 19.2%**<br>|  |  |
| Amgen, Inc. | 176694 | 57833713  |
| Cencora, Inc. | 26058 | 8801090  |
| Elevance Health, Inc. | 121049 | 42433727  |
| Medtronic PLC | 668217 | 64188925  |
| Merck & Co., Inc. | 651005 | 68524786  |
|  |  | 241782241  |
| **Industrials - 12.7%**<br>|  |  |
| Cummins, Inc. | 58207 | 29711763  |
| Flowserve Corp. | 469895 | 32601315  |
| Masco Corp. | 534871 | 33942914  |
|  Westinghouse Air Brake Technologies Corp. | 295497 | 63073834  |
|  |  | 159329826  |
| **Information Technology - 18.3%**<br>|  |  |
| Amdocs Ltd. | 649800 | 52315398  |
| Applied Materials, Inc. | 104156 | 26767050  |
| Gen Digital, Inc. | 1858876 | 50542838  |
| NetApp, Inc. | 507805 | 54380838  |
| QUALCOMM, Inc. | 269852 | 46158185  |
|  |  | 230164309  |
| **Materials - 4.6%**<br>|  |  |
| PPG Industries, Inc. | 560284 | 57406699  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $926,251,068)** |  | 1212024660  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 3.4%**<br>|  |  |
| **Money Market Funds - 3.4%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(b)</sup> | 43155066 | $43155066  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $43,155,066)** |  | 43155066  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $969,406,134)** |  | $1255179726  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 3002030  |
| **TOTAL NET ASSETS - 100.0%** |  | $1258181756 |

---

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.

PLC - Public Limited Company

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory - WMC Japan Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.9%**<br>|  |  |
| **Japan - 96.9%**<br>|  |  |
| **Communication Services - 4.7%**<br>|  |  |
| Kakaku.com., Inc. | 106700 | $1572946  |
| KDDI Corp. | 904151 | 15648778  |
| NTT, Inc. | 6082832 | 6140564  |
|  |  | 23362288  |
| **Consumer Discretionary - 15.7%**<br>|  |  |
| ABC-Mart, Inc. | 340467 | 5769464  |
| and ST HD Co. Ltd. | 135159 | 2482914  |
| ASKUL Corp. | 385415 | 3445475  |
| Denso Corp. | 329000 | 4544187  |
| Honda Motor Co. Ltd. | 505297 | 4959325  |
| Isuzu Motors Ltd. | 789453 | 12321093  |
| Sega Sammy Holdings, Inc. | 443687 | 6926785  |
| Sekisui House Ltd. | 249321 | 5563163  |
| Shimamura Co. Ltd. | 38526 | 2510262  |
| Sony Group Corp. | 562216 | 14421396  |
| Suzuki Motor Corp. | 586003 | 8763950  |
| Toyota Motor Corp. | 324805 | 6975869  |
|  |  | 78683883  |
| **Consumer Staples - 2.6%**<br>|  |  |
| Asahi Group Holdings Ltd. | 876560 | 9187931  |
| Toyo Suisan Kaisha, Ltd. | 58883 | 4039467  |
|  |  | 13227398  |
| **Financials - 16.4%**<br>|  |  |
| 77 Bank Ltd. | 66131 | 3184521  |
| Dai-ichi Life Holdings, Inc. | 1593931 | 13246473  |
| GMO Payment Gateway, Inc. | 120196 | 7454564  |
| Mebuki Financial Group, Inc. | 704637 | 4672382  |
| Mitsubishi UFJ Financial Group, Inc. | 707532 | 11229293  |
| Mizuho Financial Group, Inc. | 188426 | 6876525  |
|  MS&AD Insurance Group Holdings, Inc. | 460771 | 10817532  |
| Resona Holdings, Inc. | 377300 | 3591036  |
| Sumitomo Mitsui Trust Group, Inc. | 404890 | 12338969  |
| T&D Holdings, Inc. | 360968 | 8332279  |
|  |  | 81743574  |
| **Health Care - 12.0%**<br>|  |  |
| Chugai Pharmaceutical Co., Ltd. | 169149 | 8873822  |
| Daiichi Sankyo Co. Ltd. | 583536 | 12391128  |
| Kyowa Kirin Co. Ltd. | 176803 | 2845593  |
| M3, Inc. | 306031 | 4116981  |
| Otsuka Holdings Co. Ltd. | 250947 | 14193369  |
| Shionogi & Co. Ltd. | 709343 | 12838983  |
| Ship Healthcare Holdings, Inc. | 270900 | 4539028  |
|  |  | 59798904  |
| **Industrials - 16.8%**<br>|  |  |
| dip Corp. | 283130 | 3995661  |
| en Japan, Inc. | 155404 | 1531697  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Fuji Corp. | 246992 | $5754940  |
| Hikari Tsushin, Inc. | 17110 | 4794204  |
| JGC Holdings Corp. | 316530 | 3839731  |
| Marubeni Corp. | 147595 | 4110521  |
| MISUMI Group, Inc. | 640441 | 9994210  |
| Open Up Group, Inc. | 343214 | 4040508  |
| OSG Corp. | 212700 | 3104961  |
| Persol Holdings Co. Ltd. | 4266292 | 7918236  |
| Recruit Holdings Co., Ltd. | 165100 | 9277230  |
| SIGMAXYZ Holdings, Inc. | 952965 | 5025123  |
| SMC Corp. | 13265 | 4589702  |
| THK Co. Ltd. | 157636 | 4035313  |
| Toyo Tanso Co. Ltd. | 143871 | 4433780  |
| Toyota Tsusho Corp. | 126807 | 4275831  |
| Ushio, Inc. | 189639 | 3034779  |
|  |  | 83756427  |
| **Information Technology - 9.4%**<br>|  |  |
| BIPROGY, Inc. | 228000 | 7875830  |
| Future Corp. | 339172 | 4290634  |
| Maruwa Co. Ltd. | 18175 | 4939312  |
| Nichicon Corp. | 286757 | 3002339  |
| Optorun Co. Ltd. | 143353 | 1747754  |
| TechMatrix Corp. | 395113 | 5884357  |
| Tokyo Electron Ltd. | 47344 | 10544805  |
| Tokyo Seimitsu Co. Ltd. | 39889 | 2827905  |
| Ulvac, Inc. | 125315 | 5676036  |
|  |  | 46788972  |
| **Materials - 16.6%**<br>|  |  |
| ADEKA Corp. | 198128 | 4913195  |
| Aica Kogyo Co. Ltd. | 216408 | 4863844  |
| ARE Holdings, Inc. | 381103 | 7765976  |
| Fujimi, Inc. | 198100 | 3004971  |
| Fuso Chemical Co. Ltd. | 185462 | 7560047  |
| KH Neochem Co. Ltd. | 273266 | 4323069  |
| Lintec Corp. | 213786 | 6031911  |
| Mitsubishi Gas Chemical Co., Inc. | 315788 | 5735899  |
| Nippon Soda Co. Ltd. | 223265 | 5164691  |
| Nissan Chemical Corp. | 202222 | 6948917  |
| NOF Corp. | 154573 | 2979227  |
| Osaka Soda Co. Ltd. | 159651 | 2212565  |
| Shin-Etsu Chemical Co. Ltd. | 533269 | 16563950  |
| Yamato Kogyo Co. Ltd. | 68221 | 4656903  |
|  |  | 82725165  |
| **Real Estate - 2.7%**<br>|  |  |
| Daito Trust Construction Co. Ltd. | 259755 | 4946248  |
| Mitsubishi Estate Co. Ltd. | 120038 | 2916338  |
| Relo Group, Inc. | 505932 | 5536147  |
|  |  | 13398733  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $442,702,760)** |  | 483485344  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Brown Advisory - WMC Japan Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.1%**<br>|  |  |
| **Japan - 1.1%**<br>|  |  |
| **Real Estate - 1.1%**<br>|  |  |
| LaSalle Logiport | 5532 | $5600121  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $5,234,239)** |  | 5600121  |
| **SHORT-TERM INVESTMENTS - 1.1%**<br>|  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
|  First American Government Obligations Fund - Class Z, 3.63%<sup>(a)</sup> | 5607171 | 5607171  |
| &nbsp;&nbsp;&nbsp; **SHORT-TERM INVESTMENTS** <br>**(Cost $5,607,171)** |  | 5607171  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $453,544,170)** |  | $494692636  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 4608406  |
| **TOTAL NET ASSETS - 100.0%** |  | $499301042 |

---

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.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Growth** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Flexible** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Growth** <br>**Fund** | **Brown** <br>**Advisory** <br>**Mid-Cap** <br>**Growth** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $222837730 | $389045523 | $3888341210 | $22522322  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 161945214 | 615151665 | 2693723958 | 6559757  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 384782944 | 1004197188 | 6582065168 | 29082079  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 5010286 |  | 49413835 | 173562  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 39569 | 996586 | 4733726 | 212080  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 60538 | 337843 | 2251870 | 4255  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims |  |  |  | 215  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 68809 | 65354 | 151193 | 34089  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 389962146 | 1005596971 | 6638615792 | 29506280  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1694445 | 917295 | 17374073 | 1297020  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 219605 | 363871 | 3120729 | 15061  |
| &nbsp;&nbsp;&nbsp; Service fees | 31677 | 74835 | 274925 | 172  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 29309 | 61256 | 445379 | 3009  |
| &nbsp;&nbsp;&nbsp; Business management fees | 18300 | 43409 | 297239 | 1652  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 4532 | 6327 | 62935 | 416  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 1533 | 1953 | 75913 | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 13969 | 18065 | 60640 | 11698  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 5270 | 6873 | 49911 | 1622  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 21270 | 14748 | 217956 | 9633  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2039910 | 1508632 | 21979700 | 1340283  |
| **NET ASSETS** | $387922236 | $1004088339 | $6616636092 | $28165997  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $142481126 | $370918278 | $3664924921 | $18480311  |
| Total distributable earnings (loss) | 245441110 | 633170061 | 2951711171 | 9685686  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $387922236 | $1004088339 | $6616636092 | $28165997  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $168213039 | $430141844 | $4543002619 | $26564078  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 17747318 | 10067734 | 98665383 | 2605564  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $9.48 | $42.72 | $46.04 | $10.20  |

---

The accompanying notes are an integral part of these financial statements.

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Growth** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Flexible** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Growth** <br>**Fund** | **Brown** <br>**Advisory** <br>**Mid-Cap** <br>**Growth** <br>**Fund**  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $212870569 | $564777232 | $1724690986 | $1601919  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 23655375 | 13270441 | 38546021 | 160702  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $9.00 | $42.56 | $44.74 | $9.97  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $6838628 | $9169263 | $348942487 | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 933289 | 216947 | 8170752 | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $7.33 | $42.26 | $42.71 | $— |

---

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Small-Cap** <br>**Growth** <br>**Fund** | **Brown** <br>**Advisory** <br>**Small-Cap** <br>**Fundamental** <br>**Value** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Small-Cap** <br>**Core** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Value** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $471253083 | $908216884 | $87015003 | $139169272  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 146375463 | 176715759 | 15615999 | 39131471  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 617628546 | 1084932643 | 102631002 | 178300743  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | 1263128 |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 846376 | 823413 | 494250 | 351934  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 376857 | 868953 | 67210 | 103911  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1456 |  | 224 | 8840  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 65427 | 58707 | 37241 | 28057  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 620181790 | 1086683716 | 103229927 | 178793485  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased |  |  | 578871 | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2786532 | 8628907 | 10053 | 160119  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 494038 | 845915 | 59270 | 85930  |
| &nbsp;&nbsp;&nbsp; Service fees | 39814 | 68960 | 995 | 96  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 44734 | 68232 | 6536 | 9634  |
| &nbsp;&nbsp;&nbsp; Business management fees | 29061 | 49760 | 4241 | 7649  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 6476 | 9910 | 530 | 941  |
| &nbsp;&nbsp;&nbsp; Distribution fees | 1359 | 392 |  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 14226 | 16170 | 10104 | 10586  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 6715 | 9057 | 3018 | 2401  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 83007 | 26251 | 9495 | 8167  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3505962 | 9723554 | 683113 | 285523  |
| **NET ASSETS** | $616675828 | $1076960162 | $102546814 | $178507962  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $431397461 | $885382034 | $90869381 | $140070617  |
| Total distributable earnings (loss) | 185278367 | 191578128 | 11677433 | 38437345  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $616675828 | $1076960162 | $102546814 | $178507962  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $338664242 | $581147004 | $94630523 | $177751976  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 8759452 | 21847922 | 8836102 | 12328648  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $38.66 | $26.60 | $10.71 | $14.42  |

---

The accompanying notes are an integral part of these financial statements.

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Small-Cap** <br>**Growth** <br>**Fund** | **Brown** <br>**Advisory** <br>**Small-Cap** <br>**Fundamental** <br>**Value** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Small-Cap** <br>**Core** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Value** <br>**Fund**  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $271822412 | $494005226 | $7916291 | $755986  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 14191865 | 18627291 | 741659 | 52550  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $19.15 | $26.52 | $10.67 | $14.39  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $6189174 | $1807932 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 343665 | 68888 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $18.01 | $26.24 | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Global** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**International** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory** <br>**Intermediate** <br>**Income** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Bond** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $1690115707 | $39686038 | $135790951 | $611777994  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 848277997 | 7802825 | (484911) | (2320103)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 2538393704 | 47488863 | 135306040 | 609457891  |
| Cash deposit at broker - futures contracts (Note 6) |  |  | 251571 | 490142  |
| Gross unrealized appreciation - futures contracts (Note 6) |  |  | 28672 | 24214  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold |  | 386247 |  | 13468778  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 16296560 | 53062 | 431000 | 751749  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 465766 | 46358 | 905121 | 3857274  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2162914 | 60956 |  | 29597  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 58366 | 24717 | 35387 | 46994  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2557377310 | 48060203 | 136957791 | 628126639  |
| **LIABILITIES**<br>|  |  |  |  |
| Gross unrealized depreciation - futures contracts (Note 6) |  |  | 26649 | 114731  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | 7357068 | 671755 | 1412836 | 50744039  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2109435 | 53076 | 87 | 3068092  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Deferred tax | 6340018 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees, net | 1388291 | 16280 | 31552 | 146741  |
| &nbsp;&nbsp;&nbsp; Service fees | 3550 | 172 | 5458 | 301  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 149170 | 3192 | 12057 | 37725  |
| &nbsp;&nbsp;&nbsp; Business management fees | 106792 | 1757 | 5458 | 24457  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 16665 | 222 | 687 | 3409  |
| &nbsp;&nbsp;&nbsp; Distribution fees |  |  | 391 | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | 31328 | 9696 | 12560 | 14942  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 72435 | 7416 | 2691 | 6166  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 17266 | 6987 | 11267 | 13834  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 17592018 | 770553 | 1521693 | 54174437  |
| **NET ASSETS** | $2539785292 | $47289650 | $135436098 | $573952202  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $1660453648 | $39343647 | $149275755 | $701670282  |
| Total distributable earnings (loss) | 879331644 | 7946003 | (13839657) | (127718080)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2539785292 | $47289650 | $135436098 | $573952202  |

---

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Global** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**International** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory** <br>**Intermediate** <br>**Income** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Bond** <br>**Fund**  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $2512005264 | $45958372 | $— | $566956520  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 86005252 | 3927539 |  | 66326836  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $29.21 | $11.70 | $— | $8.55  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $27780028 | $1331278 | $133591967 | $6995682  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 954494 | 114111 | 13527025 | 817992  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $29.10 | $11.67 | $9.88 | $8.55  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $— | $1844131 | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  |  | 191677 | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $— | $9.62 | $— |

---

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Maryland** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Tax-Exempt** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Tax-Exempt** <br>**Sustainable** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Mortgage** <br>**Securities** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | $169332291 | $1121686443 | $330777940 | $324021079  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | 816590 | 25393565 | (929603) | (4666909)  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | 170148881 | 1147080008 | 329848337 | 319354170  |
| Cash - segregated |  |  |  | 651  |
| Cash deposit at broker - futures contracts (Note 6) |  |  |  | 528131  |
| Gross unrealized appreciation - futures contracts (Note 6) |  |  |  | 160736  |
| Receivables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold |  |  |  | 12609554  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 97220 | 5440287 | 1900000 | 65  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | 1841200 | 9076182 | 3616705 | 932328  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 16444 | 52845 | 38490 | 40807  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 172103745 | 1161649322 | 335403532 | 333626442  |
| **LIABILITIES**<br>|  |  |  |  |
| Floating rate note obligations, interest and fees |  | 6097256 |  | —  |
| Gross unrealized depreciation - futures contracts (Note 6) |  |  |  | 35049  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased |  |  | 2708506 | 65938308  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 133013 | 597540 | 305471 | —  |
| &nbsp;&nbsp;&nbsp; Distribution to shareholders | 441867 | 2981161 | 772418 | —  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 43125 | 287082 | 81844 | 68299  |
| &nbsp;&nbsp;&nbsp; Service fees | 7188 | 751 | 13641 | 29  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | 11204 | 71509 | 18935 | 27619  |
| &nbsp;&nbsp;&nbsp; Business management fees | 7188 | 47847 | 13641 | 11383  |
| &nbsp;&nbsp;&nbsp; Trustee fees | 1001 | 6757 | 1851 | 1616  |
| &nbsp;&nbsp;&nbsp; Professional fees | 12411 | 17383 | 12813 | 13635  |
| &nbsp;&nbsp;&nbsp; Custodian fees | 1221 | 8949 | 3192 | 6765  |
| &nbsp;&nbsp;&nbsp; Other liabilities | 7953 | 17609 | 7272 | 10020  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 666171 | 10133844 | 3939584 | 66112723  |
| **NET ASSETS** | $171437574 | $1151515478 | $331463948 | $267513719  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | $183807902 | $1230808559 | $354609834 | $306501969  |
| Total distributable earnings (loss) | (12370328) | (79293081) | (23145886) | (38988250)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $171437574 | $1151515478 | $331463948 | $267513719  |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Maryland** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Tax-Exempt** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Tax-Exempt** <br>**Sustainable** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Mortgage** <br>**Securities** <br>**Fund**  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $1133004014 | $— | $266831560  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  | 120083973 |  | 29084017  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $9.44 | $— | $9.17  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $171437574 | $18511464 | $331463948 | $682159  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | 17283621 | 1960849 | 36362423 | 74222  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $9.92 | $9.44 | $9.12 | $9.19  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $— | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $— | $— | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory - WMC** <br>**Strategic** <br>**European** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Emerging** <br>**Markets** <br>**Select Fund** | **Brown** <br>**Advisory -** <br>**Beutel** <br>**Goodman** <br>**Large-Cap** <br>**Value Fund** | **Brown** <br>**Advisory -** <br>**WMC Japan** <br>**Equity** <br>**Fund**  |
| **ASSETS**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total investments, at cost | &nbsp;&nbsp; $502568625 | $551981288 | $969406134 | $453544170  |
| &nbsp;&nbsp;&nbsp; Net unrealized appreciation (depreciation) | &nbsp;&nbsp; 189478587 | 237593380 | 285773592 | 41148466  |
| &nbsp;&nbsp;&nbsp; **Total investments, at value** | &nbsp;&nbsp; 692047212 | 789574668 | 1255179726 | 494692636  |
|  Foreign currency (Cost of $8,544,493, $669,227, $—, and $17,966, respectively.) | &nbsp;&nbsp; 8581488 | 670611 |  | 17966  |
| Receivables:<br>|  |  |  |  |
| Investments sold | &nbsp;&nbsp; — | 3498222 | 4538589 | 2007400  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp; 686359 | 1056567 | 434045 | 1929764  |
| &nbsp;&nbsp;&nbsp; Interest and dividends | &nbsp;&nbsp; 1002100 | 2577191 | 3382937 | 869339  |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | &nbsp;&nbsp; 1783793 | 9094 | 121962 | 247941  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp; 64979 | 62453 | 61731 | 53284  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 704165931 | 797448806 | 1263718990 | 499818330  |
| **LIABILITIES**<br>|  |  |  |  |
| Payables:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp; 1354759 | 2445617 |  | —  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp; 1115545 | 136095 | 4819755 | 84415  |
| Accrued Liabilities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. deferred tax | &nbsp;&nbsp; — | 4257281 |  | —  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 540543 | 594495 | 509813 | 329710  |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp; 10472 | 779 | 2162 | 19  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer agent fees | &nbsp;&nbsp; 43562 | 50794 | 82606 | 27590  |
| &nbsp;&nbsp;&nbsp; Business management fees | &nbsp;&nbsp; 30030 | 33028 | 56646 | 20607  |
| &nbsp;&nbsp;&nbsp; Trustee fees | &nbsp;&nbsp; 3697 | 4984 | 10365 | 2473  |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp; 3326 | 58 |  | —  |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; 19940 | 14474 | 17555 | 13868  |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 38964 | 139078 | 9996 | 30656  |
| &nbsp;&nbsp;&nbsp; Other liabilities | &nbsp;&nbsp; 10545 | 8003 | 28336 | 7950  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 3171383 | 7684686 | 5537234 | 517288  |
| **NET ASSETS** | &nbsp;&nbsp; $700994548 | $789764120 | $1258181756 | $499301042  |
| **COMPONENTS OF NET ASSETS**<br>|  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $507499837 | $604437026 | $985185945 | $452772028  |
| Total distributable earnings (loss) | &nbsp;&nbsp; 193494711 | 185327094 | 272995811 | 46529014  |
| &nbsp;&nbsp;&nbsp; **Net assets** | &nbsp;&nbsp; $700994548 | $789764120 | $1258181756 | $499301042  |

---

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory - WMC** <br>**Strategic** <br>**European** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Emerging** <br>**Markets** <br>**Select Fund** | **Brown** <br>**Advisory -** <br>**Beutel** <br>**Goodman** <br>**Large-Cap** <br>**Value Fund** | **Brown** <br>**Advisory -** <br>**WMC Japan** <br>**Equity** <br>**Fund**  |
| **COMPUTATION OF NET ASSET VALUE**<br>|  |  |  |  |
| **Institutional Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp; $619890198 | $783539754 | $1242041708 | $499158699  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | &nbsp;&nbsp; 34613293 | 53142726 | 85569478 | 43260431  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp; $17.91 | $14.74 | $14.52 | $11.54  |
| **Investor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp; $65586177 | $5950682 | $16140048 | $142343  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | &nbsp;&nbsp; 3671993 | 403958 | 1115700 | 12346  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp; $17.86 | $14.73 | $14.47 | $11.53  |
| **Advisor Shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | &nbsp;&nbsp; $15518173 | $273684 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares outstanding (unlimited shares authorized) | &nbsp;&nbsp; 883023 | 18522 |  | —  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | &nbsp;&nbsp; $17.57 | $14.78 | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Growth** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Flexible** <br>**Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Growth** <br>**Fund** | **Brown** <br>**Advisory** <br>**Mid-Cap** <br>**Growth** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $1229181 | $4776505 | $20345162 | $129292  |
| Less: foreign taxes withheld | (7637) | (147518) | (350603) | (789)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1221544 | 4628987 | 19994559 | 128503  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 1635900 | 2174863 | 21167065 | 194870  |
| Service fees - Investor Shares (Note 3) | 231375 | 441336 | 1555733 | 1073  |
| Business management fees | 136325 | 259639 | 2057867 | 14990  |
| &nbsp;&nbsp;&nbsp; Administration, accounting and transfer <br>agent fees | 65595 | 122549 | 977313 | 7975  |
| Registration fees | 36535 | 25003 | 65478 | 17211  |
| Miscellaneous expenses | 30005 | 29021 | 218439 | 17117  |
| Professional fees | 21207 | 31248 | 168878 | 12538  |
| Trustee fees | 15880 | 25562 | 225445 | 1727  |
| Distribution fees - Advisor Shares (Note 3) | 12023 | 11532 | 486670 | —  |
| Custodian fees | 11859 | 15578 | 124807 | 4659  |
| Service fees - Advisor Shares (Note 3) | 7214 | 6919 | 292002 | —  |
| Insurance fees | 4000 | 5911 | 56362 | 473  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2207918 | 3149161 | 27396059 | 272633  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) |  |  |  | (25724)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 2207918 | 3149161 | 27396059 | 246909  |
| **Net investment income (loss)** | (986374) | 1479826 | (7401500) | (118406)  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) on investments | 124084053 | 17973036 | 901596093 | 10661338  |
|  Net change in unrealized appreciation (depreciation) on investments | (150637015) | 16727754 | (1007212326) | (11525110)  |
| **Net realized and unrealized gain (loss)** | (26552962) | 34700790 | (105616233) | (863772)  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $(27539336) | $36180616 | $(113017733) | $(982178) |

---

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Small-Cap** <br>**Growth** <br>**Fund** | **Brown** <br>**Advisory** <br>**Small-Cap** <br>**Fundamental** <br>**Value** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Small-Cap** <br>**Core** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Value** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $2348307 | $15218572 | $520744 | $1483981  |
| Less: foreign taxes withheld | (22553) | (8247) | (571) | (33547)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2325754 | 15210325 | 520173 | 1450434  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 3475744 | 5242511 | 428682 | 516699  |
| Service fees - Investor Shares (Note 3) | 276944 | 427996 | 5556 | 545  |
| Business management fees | 204456 | 308383 | 25217 | 43058  |
| Administration, accounting and transfer agent fees | 96503 | 141957 | 13822 | 20323  |
| Miscellaneous expenses | 70782 | 40477 | 17948 | 17271  |
| Registration fees | 35734 | 28904 | 18154 | 18270  |
| Professional fees | 27808 | 33195 | 11292 | 12569  |
| Trustee fees | 24029 | 33097 | 2433 | 4016  |
| Custodian fees | 15157 | 22993 | 5545 | 4424  |
| Distribution fees - Advisor Shares (Note 3) | 8475 | 2370 |  | —  |
| Insurance fees | 7074 | 7682 | 566 | 832  |
| Service fees - Advisor Shares (Note 3) | 5085 | 1422 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4247791 | 6290987 | 529215 | 638007  |
| &nbsp;&nbsp;&nbsp; Expenses waived by adviser - expense cap (Note 3) |  |  | (54629) | (34645)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 4247791 | 6290987 | 474586 | 603362  |
| **Net investment income (loss)** | (1922037) | 8919338 | 45587 | 847072  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) on investments | 67405451 | 98721258 | 4004797 | 1014962  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on investments | (43786303) | 20359055 | 4229370 | 11201090  |
| **Net realized and unrealized gain (loss)** | 23619148 | 119080313 | 8234167 | 12216052  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $21697111 | $127999651 | $8279754 | $13063124 |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Global** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**International** <br>**Leaders** <br>**Fund** | **Brown** <br>**Advisory** <br>**Intermediate** <br>**Income** <br>**Fund** | **Brown** <br>**Advisory** <br>**Sustainable** <br>**Bond** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $10835467 | $298167 | $83178 | $225589  |
| Less: foreign taxes withheld | (635243) | (34308) |  | —  |
| Interest Income |  |  | 2676516 | 13554557  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 10200224 | 263859 | 2759694 | 13780146  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 8110201 | 154115 | 195159 | 873915  |
| Business management fees | 623862 | 10274 | 32527 | 145652  |
| Administration, accounting and transfer agent fees | 300903 | 6680 | 25212 | 79868  |
| Custodian fees | 153984 | 15097 | 5135 | 12369  |
| Trustee fees | 62033 | 1002 | 3146 | 14454  |
| Professional fees | 61944 | 10162 | 14210 | 22441  |
| Miscellaneous expenses | 50022 | 16853 | 20138 | 26469  |
| Registration fees | 22172 | 16462 | 17233 | 24185  |
| Service fees - Investor Shares (Note 3) | 21257 | 941 | 32049 | 1665  |
| Insurance fees | 13328 | 258 | 731 | 3205  |
| Distribution fees - Advisor Shares (Note 3) |  |  | 2390 | —  |
| Service fees - Advisor Shares (Note 3) |  |  | 478 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 9419706 | 231844 | 348408 | 1204223  |
| &nbsp;&nbsp;&nbsp; Expenses (waived) recovered by adviser - expense cap (Note 3) |  | (56240) | (1195) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 9419706 | 175604 | 347213 | 1204223  |
| **Net investment income (loss)** | 780518 | 88255 | 2412481 | 12575923  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 107312795 | 766528 | (367283) | 1515659  |
| &nbsp;&nbsp;&nbsp; Foreign currrency translations | 7983 | (3891) |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  | (14885) | 419627  |
| Net realized gain (loss) | 107320778 | 762637 | (382168) | 1935286  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (42330952) | (1258621) | 1723695 | 2630969  |
| &nbsp;&nbsp;&nbsp; Less: Non-U.S. deferred tax on unrealized appreciation | (2702552) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currrency translations | (11363) | (337) |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  | 12662 | (522731)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (45044867) | (1258958) | 1736357 | 2108238  |
| **Net realized and unrealized gain (loss)** | 62275911 | (496321) | 1354189 | 4043524  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $63056429 | $(408066) | $3766670 | $16619447 |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory** <br>**Maryland** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Tax-Exempt** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Tax-Exempt** <br>**Sustainable** <br>**Bond** <br>**Fund** | **Brown** <br>**Advisory** <br>**Mortgage** <br>**Securities** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $46106 | $445952 | $226083 | $235106  |
| Interest Income | 3307090 | 22604680 | 6049748 | 6800229  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3353196 | 23050632 | 6275831 | 7035335  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 252703 | 1617340 | 462804 | 425620  |
| Service fees - Investor Shares (Note 3) | 42117 | 3920 | 77134 | 171  |
| Business management fees | 42117 | 269557 | 77134 | 70937  |
| Administration, accounting and transfer agent fees | 23559 | 138856 | 40570 | 60732  |
| Miscellaneous expenses | 16276 | 33101 | 17673 | 19622  |
| Professional fees | 14553 | 31113 | 16612 | 17271  |
| Registration fees | 5886 | 21934 | 12857 | 17127  |
| Trustee fees | 4151 | 26559 | 7503 | 7149  |
| Custodian fees | 2527 | 17311 | 5718 | 13756  |
| Insurance fees | 994 | 5937 | 1731 | 1707  |
|  Interest expense and fees on floating rate note obligations |  | 97630 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 404883 | 2263258 | 719736 | 634092  |
| **Net investment income (loss)** | 2948313 | 20787374 | 5556095 | 6401243  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (651460) | 2248557 | 15176 | (1942128)  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  |  | (761876)  |
| Net realized gain (loss) | (651460) | 2248557 | 15176 | (2704004)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 5049381 | 26848766 | 6780882 | 6698395  |
| &nbsp;&nbsp;&nbsp; Futures contracts (Note 6) |  |  |  | 699232  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 5049381 | 26848766 | 6780882 | 7397627  |
| **Net realized and unrealized gain (loss)**  | 4397921 | 29097323 | 6796058 | 4693623  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $7346234 | $49884697 | $12352153 | $11094866 |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Six Months Ended December 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown** <br>**Advisory - WMC** <br>**Strategic** <br>**European Equity** <br>**Fund** | **Brown** <br>**Advisory** <br>**Emerging** <br>**Markets** <br>**Select Fund** | **Brown** <br>**Advisory -** <br>**Beutel Goodman** <br>**Large-Cap** <br>**Value Fund** | **Brown** <br>**Advisory -** <br>**WMC Japan** <br>**Equity** <br>**Fund**  |
| **INVESTMENT INCOME**<br>|  |  |  |  |
| Dividend income | $5756372 | $9222883 | $17839791 | $6077762  |
| Less: foreign taxes withheld | (272849) | (962238) |  | (569780)  |
| Non-cash dividends |  |  |  | 618569  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5483523 | 8260645 | 17839791 | 6126551  |
| **EXPENSES**<br>|  |  |  |  |
| Investment advisory fees | 3275439 | 3325215 | 3362604 | 1640355  |
| Business management fees | 181969 | 184734 | 373622 | 102522  |
| Administration, accounting and transfer agent fees | 92329 | 96655 | 176350 | 52070  |
| Custodian fees | 84679 | 276953 | 25977 | 66096  |
| Service fees - Investor Shares (Note 3) | 59166 | 4117 | 13424 | 123  |
| Registration fees | 29731 | 21434 | 25803 | 22398  |
| Professional fees | 28475 | 111809 | 37481 | 18486  |
| Miscellaneous expenses | 23490 | 53381 | 42441 | 18915  |
| Distribution fees - Advisor Shares (Note 3) | 22679 | 354 |  | —  |
| Trustee fees | 16592 | 17870 | 41505 | 8478  |
| Service fees - Advisor Shares (Note 3) | 13608 | 212 |  | —  |
| Insurance fees | 3003 | 3908 | 10970 | 951  |
| Interest expense on line of credit (Note 7) | 7945 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3839105 | 4096642 | 4110177 | 1930394  |
| &nbsp;&nbsp;&nbsp; Expenses recovered by adviser - expense cap (Note 3) |  |  |  | 12480  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3839105 | 4096642 | 4110177 | 1942874  |
| **Net investment income (loss)** | 1644418 | 4164003 | 13729614 | 4183677  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 27000068 | 23322934 | 99561296 | 15290991  |
| &nbsp;&nbsp;&nbsp; Less: foreign capital gains taxes paid |  | (418689) |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 75572 | (46253) |  | (149101)  |
| Net realized gain (loss) | 27075640 | 22857992 | 99561296 | 15141890  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 19703099 | 88921003 | (26392011) | 18997445  |
| &nbsp;&nbsp;&nbsp; Deferred tax on unrealized appreciation |  | 184927 |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | 23780 | (23618) |  | (14910)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 19726879 | 89082312 | (26392011) | 18982535  |
| **Net realized and unrealized gain (loss)** | 46802519 | 111940304 | 73169285 | 34124425  |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | $48446937 | $116104307 | $86898899 | $38308102 |

---

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Growth** <br>**Equity Fund** | **Brown Advisory Growth** <br>**Equity Fund** | **Brown Advisory Flexible** <br>**Equity Fund**  | **Brown Advisory Flexible** <br>**Equity Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(986374) | $(1844494) | $1479826 | $2873662  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 124084053 | 374820277 | 17973036 | 73830977  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (150637015) | (248887226) | 16727754 | 64613275  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (27539336) | 124088557 | 36180616 | 141317914  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (84198164) | (191713498) | (24643445) | (20214575)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (115307001) | (257849015) | (32587932) | (26919046)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (3450156) | (10242610) | (504782) | (325084)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (202955321) | (459805123) | (57736159) | (47458705)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 6003948 | 27630911 | 15250148 | 68379031  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 15076689 | 23865804 | 6275847 | 16638643  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1468676 | 10717941 | 166344 | 1816198  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 76475774 | 154769055 | 11197960 | 13034043  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 104157238 | 206503060 | 8699336 | 17158576  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 2375824 | 8562473 | 452993 | 277765  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (102760120) | (272687028) | (25262328) | (59080109)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (122886794) | (308792852) | (21921574) | (46210251)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (6354582) | (14447622) | (441642) | (1046250)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 77 | 22112 |  | 1399  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 110 | 27360 |  | 1913  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 4 | 932 |  | 25  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (26443156) | (163827854) | (5582916) | 10970983  |
| **Increase (decrease) in net assets** | (256937813) | (499544420) | (27138459) | 104830192  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 644860049 | 1144404469 | 1031226798 | 926396606  |
| &nbsp;&nbsp;&nbsp; End of period | $387922236 | $644860049 | $1004088339 | $1031226798  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 413852 | 1199000 | 346056 | 1648325  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1033930 | 1133463 | 143284 | 404030  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 164086 | 648088 | 3826 | 46452  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 8075583 | 8531921 | 262491 | 306836  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 11585900 | 11971192 | 204855 | 405268  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 324566 | 607699 | 10751 | 6605  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (5907089) | (11550406) | (579456) | (1415754)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (8523821) | (14739257) | (502140) | (1114809)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (471972) | (990180) | (10198) | (25651)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 6695035 | (3188480) | (120531) | 261302 |

---

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Sustainable** <br>**Growth Fund** | **Brown Advisory Sustainable** <br>**Growth Fund** | **Brown Advisory Mid-Cap** <br>**Growth Fund**  | **Brown Advisory Mid-Cap** <br>**Growth Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,**<br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7401500) | $(13350917) | $(118406) | $(293935)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 901596093 | 1092130280 | 10661338 | 21206546  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1007212326) | (144787956) | (11525110) | (6254201)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | (113017733) | 933991407 | (982178) | 14658410  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (968528231) | (342901666) | (18160579) | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (360671367) | (133279990) | (580723) | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (74174683) | (22893830) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (1403374281) | (499075486) | (18741302) | —  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 357757672 | 1182844474 | 2188748 | 9867423  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 143630702 | 379131057 | 299217 | 1121656  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 10525450 | 36536239 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 640232894 | 253752368 | 6954421 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 337802914 | 124171709 | 580723 | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 66195906 | 20510704 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (1791024903) | (2196433036) | (34555885) | (18893329)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (599777069) | (1066330187) | (108639) | (31147571)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (60089676) | (95237119) |  | —  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2949 | 22039 |  | 427  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1048 | 8263 |  | 8  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 195 | 1400 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (894741918) | (1361022089) | (24641415) | (39051386)  |
| **Increase (decrease) in net assets** | (2411133932) | (926106168) | (44364895) | (24392976)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 9027770024 | 9953876192 | 72530892 | 96923868  |
| &nbsp;&nbsp;&nbsp; End of period | $6616636092 | $9027770024 | $28165997 | $72530892  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 6853342 | 21875812 | 162774 | 590696  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2690366 | 7058545 | 29198 | 71820  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 207631 | 703450 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 14030964 | 4461972 | 681138 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 7616751 | 2230897 | 58189 | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1563806 | 381453 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (32200412) | (40533485) | (2164934) | (1127695)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (11128729) | (20066781) | (7745) | (1800803)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1150000) | (1890935) |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (11516281) | (25779072) | (1241380) | (2265982) |

---

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Small-Cap** <br>**Growth Fund** | **Brown Advisory Small-Cap** <br>**Growth Fund** | **Brown Advisory Small-Cap** <br>**Fundamental Value Fund**  | **Brown Advisory Small-Cap** <br>**Fundamental Value Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1922037) | $(6641746) | $8919338 | $10119013  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 67405451 | 152373024 | 98721258 | 158915432  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (43786303) | (114472526) | 20359055 | (115844686)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 21697111 | 31258752 | 127999651 | 53189759  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (62619268) | (38524053) | (77436719) | (114272275)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (53153821) | (42930108) | (65770765) | (95475678)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1058909) | (442251) | (221613) | (376775)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (116831998) | (81896412) | (143429097) | (210124728)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 19777307 | 85345430 | 35399318 | 117871522  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 6704042 | 66950868 | 10815762 | 45388613  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 343344 | 500929 | 8600 | 31152  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 46456552 | 30028509 | 35511699 | 67547544  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 21730361 | 34570233 | 39486600 | 57607026  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 869641 | 364416 | 211852 | 359801  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (191814568) | (386485998) | (111593767) | (192892531)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (123343787) | (467255571) | (95278361) | (113875715)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1179187) | (1734745) | (170246) | (1937957)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 43 | 1928 | 6 | 873  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 36 | 1713 | 5 | 751  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 1 | 25 |  | 3  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (220456215) | (637712263) | (85608532) | (19898918)  |
| **Increase (decrease) in net assets** | (315591102) | (688349923) | (101037978) | (176833887)  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 932266930 | 1620616853 | 1177998140 | 1354832027  |
| &nbsp;&nbsp;&nbsp; End of period | $616675828 | $932266930 | $1076960162 | $1177998140  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 450591 | 1878589 | 1228089 | 4049300  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 305519 | 2935756 | 383186 | 1563530  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 17382 | 23178 | 311 | 1088  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1197025 | 640403 | 1304635 | 2227110  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1130024 | 1486252 | 1455619 | 1902688  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 48100 | 16617 | 7901 | 12037  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (4327571) | (8696507) | (3884276) | (6988893)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (5643344) | (21912379) | (3361434) | (4045311)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (57412) | (81855) | (5921) | (65205)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (6879686) | (23709946) | (2871890) | (1343656) |

---

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Sustainable** <br>**Small-Cap Core Fund** | **Brown Advisory Sustainable** <br>**Small-Cap Core Fund** | **Brown Advisory Sustainable** <br>**Value Fund**  | **Brown Advisory Sustainable** <br>**Value Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $45587 | $152403 | $847072 | $1761577  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4004797 | 487721 | 1014962 | 2032574  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4229370 | 4762026 | 11201090 | 13274467  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 8279754 | 5402150 | 13063124 | 17068618  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (3871641) | (671378) | (3832444) | (2788977)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (324619) | (50008) | (15178) | (19486)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (4196260) | (721386) | (3847622) | (2808463)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 16552444 | 34388090 | 16681221 | 64934572  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1193401 | 3033559 | 37420 | 811349  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2475528 | 268090 | 1522530 | 1119990  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 324480 | 49986 | 12612 | 9693  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (21117055) | (16488544) | (7589730) | (22054797)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (388407) | (3459901) | (13507) | (839804)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2 | 4 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (959607) | 17791284 | 10650546 | 43981003  |
| **Increase (decrease) in net assets** | 3123887 | 22472048 | 19866048 | 58241158  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 99422927 | 76950879 | 158641914 | 100400756  |
| &nbsp;&nbsp;&nbsp; End of period | $102546814 | $99422927 | $178507962 | $158641914  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1518886 | 3388244 | 1184471 | 5057739  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 109427 | 304464 | 2635 | 61876  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 228573 | 25609 | 104156 | 85098  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 30072 | 4817 | 866 | 742  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (1921767) | (1647207) | (535998) | (1700173)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (35624) | (348134) | (950) | (64414)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (70433) | 1727793 | 755180 | 3440868 |

---

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory Global** <br>**Leaders Fund** | **Brown Advisory Global** <br>**Leaders Fund** | **Brown Advisory Sustainable** <br>**International Leaders Fund**  | **Brown Advisory Sustainable** <br>**International Leaders Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $780518 | $12180541 | $88255 | $350001  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 107320778 | 76565073 | 762637 | 1038297  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (45044867) | 254958749 | (1258958) | 4432432  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 63056429 | 343704363 | (408066) | 5820730  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (136503000) | (10854902) | (1511154) | (376141)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1504254) | (105331) | (48111) | (19395)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (138007254) | (10960233) | (1559265) | (395536)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 236490136 | 343737328 | 11633803 | 12713628  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 5626980 | 12518373 | 492801 | 215487  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 73151633 | 2932684 | 681071 | 139020  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1247249 | 88388 | 45368 | 19395  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (112815329) | (212150869) | (5395165) | (14086090)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (6628394) | (21238483) | (222582) | (1198561)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 397 | 1619 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 5 | 22 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 197072677 | 125889062 | 7235296 | (2197121)  |
| **Increase (decrease) in net assets** | 122121852 | 458633192 | 5267965 | 3228073  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 2417663440 | 1959030248 | 42021685 | 38793612  |
| &nbsp;&nbsp;&nbsp; End of period | $2539785292 | $2417663440 | $47289650 | $42021685  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 7915117 | 12545452 | 983801 | 1136431  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 187961 | 442394 | 41775 | 19590  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2519384 | 107899 | 58183 | 12998  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 43135 | 3262 | 3890 | 1825  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (3760560) | (7754293) | (455291) | (1250502)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (222019) | (753716) | (18879) | (109235)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 6683018 | 4590998 | 613479 | (188893) |

---

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory** <br>**Intermediate Income Fund** | **Brown Advisory** <br>**Intermediate Income Fund** | **Brown Advisory** <br>**Sustainable Bond Fund**  | **Brown Advisory** <br>**Sustainable Bond Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2412481 | $4544801 | $12575923 | $25698314  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (382168) | (2915916) | 1935286 | (5773575)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1736357 | 5698101 | 2108238 | 11374572  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 3766670 | 7326986 | 16619447 | 31299311  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (12733702) | (25512359)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2452322) | (4461623) | (145849) | (318340)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (34594) | (88449) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (2486916) | (4550072) | (12879551) | (25830699)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 37837140 | 163113676  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 17272372 | 27835948 | 1664051 | 2852804  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 25422 | 423407 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 3698536 | 7483922  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 552080 | 996948 | 133828 | 285547  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 31709 | 83764 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (47763496) | (156539855)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (12026435) | (18151384) | (1169131) | (5101558)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (281476) | (1787067) |  | —  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 1 | 1796  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 476 |  | 26  |
| &nbsp;&nbsp;&nbsp; Advisor Shares |  | 12 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 5573672 | 9402104 | (5599071) | 12096358  |
| **Increase (decrease) in net assets** | 6853426 | 12179018 | (1859175) | 17564970  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 128582672 | 116403654 | 575811377 | 558246407  |
| &nbsp;&nbsp;&nbsp; End of period | $135436098 | $128582672 | $573952202 | $575811377  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 4423223 | 19127845  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1748596 | 2850714 | 193202 | 336708  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 2624 | 45004 |  | —  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 433064 | 880775  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 56091 | 102573 | 15658 | 33564  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 3307 | 8826 |  | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (5581007) | (18473267)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1217943) | (1860634) | (136623) | (600073)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (29436) | (190630) |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 563239 | 955853 | (652483) | 1305552 |

---

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory** <br>**Maryland Bond Fund** | **Brown Advisory** <br>**Maryland Bond Fund** | **Brown Advisory Tax-Exempt** <br>**Bond Fund**  | **Brown Advisory Tax-Exempt** <br>**Bond Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2948313 | $5373722 | $20787374 | $39183601  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (651460) | (2776437) | 2248557 | (13150539)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5049381 | 397987 | 26848766 | (3972838)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 7346234 | 2995272 | 49884697 | 22060224  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (20607259) | (39486775)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (3066975) | (5785999) | (300123) | (414946)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (3066975) | (5785999) | (20907382) | (39901721)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 200616371 | 367248793  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 24309139 | 31300424 | 11374664 | 5214510  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 3886469 | 7605036  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 545759 | 967026 | 267696 | 366798  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (108547616) | (258670892)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (21980442) | (33854770) | (5000569) | (3805129)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 2874456 | (1587320) | 102597015 | 117959116  |
| **Increase (decrease) in net assets** | 7153715 | (4378047) | 131574330 | 100117619  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 164283859 | 168661906 | 1019941148 | 919823529  |
| &nbsp;&nbsp;&nbsp; End of period | $171437574 | $164283859 | $1151515478 | $1019941148  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 21461504 | 39483833  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 2484438 | 3180589 | 1221961 | 561326  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 416260 | 817956  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 55692 | 98420 | 28592 | 39439  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (11660840) | (28057817)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2245382) | (3435667) | (532864) | (412441)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 294748 | (156658) | 10934613 | 12432296 |

---

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory** <br>**Tax-Exempt Sustainable** <br>**Bond Fund** | **Brown Advisory** <br>**Tax-Exempt Sustainable** <br>**Bond Fund** | **Brown Advisory** <br>**Mortgage Securities** <br>**Fund**  | **Brown Advisory** <br>**Mortgage Securities** <br>**Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $5556095 | $10442777 | $6401243 | $12517379  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15176 | (7176519) | (2704004) | (862853)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 6780882 | 2994537 | 7397627 | 5540877  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 12352153 | 6260795 | 11094866 | 17195403  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (6637598) | (12826285)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (5555721) | (10442805) | (15987) | (38968)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (5555721) | (10442805) | (6653585) | (12865253)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 25064829 | 41600493  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 50298715 | 89777141 | 3535 | 863223  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 1911360 | 3492985  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1307470 | 2176514 | 12454 | 32436  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | —  | (53560843) | (45597034) |
| &nbsp;&nbsp;&nbsp; Investor Shares | (18685109) | (77045306) | (35613) | (990822)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |  | 39  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 6046 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 32921076 | 14914395 | (26604278) | (598680)  |
| **Increase (decrease) in net assets** | 39717508 | 10732385 | (22162997) | 3731470  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 291746440 | 281014055 | 289676716 | 285945246  |
| &nbsp;&nbsp;&nbsp; End of period | $331463948 | $291746440 | $267513719 | $289676716  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 2750839 | 4567684  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 5566180 | 10015551 | 389 | 96786  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 209539 | 386861  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 144828 | 240909 | 1362 | 3582  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  | (5848150) | (5046948)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2075960) | (8618576) | (3944) | (110417)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 3635048 | 1637884 | (2889965) | (102452) |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory - WMC** <br>**Strategic European** <br>**Equity Fund** | **Brown Advisory - WMC** <br>**Strategic European** <br>**Equity Fund** | **Brown Advisory** <br>**Emerging Markets** <br>**Select Fund**  | **Brown Advisory** <br>**Emerging Markets** <br>**Select Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025**  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1644418 | $9595932 | $4164003 | $12076111  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 27075640 | 41901604 | 22857992 | 17634211  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 19726879 | 106649063 | 89082312 | 40005186  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 48446937 | 158146599 | 116104307 | 69715508  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (46266777) | (16478230) | (13464187) | (11936670)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (4829627) | (780414) | (94025) | (91912)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (1128108) | (146124) | (3627) | (3598)  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (52224512) | (17404768) | (13561839) | (12032180)  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 102806149 | 207302542 | 54676525 | 118192433  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 17141355 | 90082427 | 473242 | 2268655  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 3795210 | 16325526 | 74213 | 42820  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 23999274 | 9270962 | 3118973 | 2679950  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 4686594 | 699928 | 93818 | 89778  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 915475 | 135130 | 3626 | 3597  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (77922453) | (76485107) | (35814103) | (140615689)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (46405146) | (28319129) | (216711) | (1096032)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (8309171) | (2783878) | (99166) | (37335)  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1740 | 6707 |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 278 | 928 |  | —  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 58 | 164 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | 20709363 | 216236200 | 22310417 | (18471823)  |
| **Increase (decrease) in net assets** | 16931788 | 356978031 | 124852885 | 39211505  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 684062760 | 327084729 | 664911235 | 625699730  |
| &nbsp;&nbsp;&nbsp; End of period | $700994548 | $684062760 | $789764120 | $664911235  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 5588589 | 13350689 | 3883125 | 9795447  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 948156 | 5760933 | 34124 | 188339  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 212885 | 1021020 | 5184 | 3520  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1328865 | 680125 | 212320 | 230039  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 260578 | 51976 | 6391 | 7713  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | 51804 | 10183 | 247 | 308  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (4197585) | (5129185) | (2544166) | (11750202)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (2529172) | (1777712) | (15258) | (93552)  |
| &nbsp;&nbsp;&nbsp; Advisor Shares | (461471) | (174937) | (6821) | (3169)  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | 1202649 | 13793092 | 1575146 | (1621557) |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Brown Advisory - Beutel** <br>**Goodman Large-Cap** <br>**Value Fund** | **Brown Advisory - Beutel** <br>**Goodman Large-Cap** <br>**Value Fund** | **Brown** <br>**Advisory - WMC** <br>**Japan Equity Fund**  | **Brown** <br>**Advisory - WMC** <br>**Japan Equity Fund**  |
|  | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025** | **Six Months** <br>**Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **Fiscal** <br>**Year Ended** <br>**June 30,** <br>**2025\***  |
| **OPERATIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $13729614 | $35246637 | $4183677 | $1946400  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 99561296 | 14982562 | 15141890 | 3171311  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (26392011) | (22012402) | 18982535 | 22155756  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from operations** | 86898899 | 28216797 | 38308102 | 27273467  |
| **DISTRIBUTIONS FROM EARNINGS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (80971848) | (149863011) | (18972066) | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (1007964) | (1445079) | (5599) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions from earnings** | (81979812) | (151308090) | (18977665) | —  |
| **CAPITAL SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 28602650 | 250474920 | 173368965 | 284640349  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 1609452 | 4667458 | 114592 | 115016  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 30565864 | 98185457 | 9388320 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 905153 | 1315220 | 4930 | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (472453065) | (467292327) | (9100254) | (5720933)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (4393144) | (3385388) | (113896) | —  |
| Redemption fees:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1 | 3481 | 49 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares |  | 34 |  | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) from capital share transactions** | (415163089) | (116031145) | 173662706 | 279034432  |
| **Increase (decrease) in net assets** | (410244002) | (239122438) | 192993143 | 306307899  |
| **NET ASSETS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1668425758 | 1907548196 | 306307899 | —  |
| &nbsp;&nbsp;&nbsp; End of period | $1258181756 | $1668425758 | $499301042 | $306307899  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| Sale of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1917251 | 16480798 | 15146076 | 28710218  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 108275 | 304285 | 10098 | 11668  |
| Reinvestment of distributions:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 2056126 | 6387115 | 791607 | —  |
| &nbsp;&nbsp;&nbsp; Investor Shares | 61296 | 86271 | 419 | —  |
| Redemption of shares:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (31673105) | (32146777) | (794074) | (593396)  |
| &nbsp;&nbsp;&nbsp; Investor Shares | (294823) | (231772) | (9839) | —  |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in shares outstanding** | (27824980) | (9120080) | 15144287 | 28128490 |

---

\* Inception date of Fund was September 30, 2024. Results of operations are for the period from October 1, 2024 to June 30, 2025.

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  | **BROWN ADVISORY GROWTH EQUITY FUND:**  |
| **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  | **Institutional Shares\***  |
| 07/01/25 | 12/31/25 | &nbsp;&nbsp; $18.71 | &nbsp;&nbsp;&nbsp; $(0.02) | &nbsp;&nbsp; $(1.01) | $(1.03) | &nbsp;&nbsp;&nbsp; $— | $(8.20) | $(8.20) | $9.48 | &nbsp;&nbsp; (5.47)% | $168213 | &nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 16%  |
| 07/01/24 | 06/30/25 | 29.96 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | 3.87 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | 18.71 | 14.50 | 283774 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/23 | 06/30/24 | 26.74 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | 5.02 | &nbsp;&nbsp;&nbsp; — | (1.80) | (1.80) | 29.96 | 19.68 | 508835 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 23.82 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | 4.56 | &nbsp;&nbsp;&nbsp; — | (1.64) | (1.64) | 26.74 | 20.22 | 1837801 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 37.39 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (9.01) | (9.10) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 23.82 | &nbsp;&nbsp; (27.88) | 1611983 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 29.05 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | 9.96 | &nbsp;&nbsp;&nbsp; — | (1.62) | (1.62) | 37.39 | 35.14 | 2321278 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 17.78 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.95) | (0.99) | &nbsp;&nbsp;&nbsp; — | (7.79) | (7.79) | 9.00 | &nbsp;&nbsp; (5.55) | 212871 | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp; 16  |
| 07/01/24 | 06/30/25 | 29.18 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | 3.72 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | 17.78 | 14.34 | 347796 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/23 | 06/30/24 | 26.12 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | 4.86 | &nbsp;&nbsp;&nbsp; — | (1.80) | (1.80) | 29.18 | 19.53 | 618412 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 23.35 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | 4.41 | &nbsp;&nbsp;&nbsp; — | (1.64) | (1.64) | 26.12 | 20.03 | 687058 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 36.79 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (8.84) | (8.97) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 23.35 | &nbsp;&nbsp; (28.02) | 704341 | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 28.64 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | 9.77 | &nbsp;&nbsp;&nbsp; — | (1.62) | (1.62) | 36.79 | 34.98 | 1174666 | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 14.50 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.78) | (0.83) | &nbsp;&nbsp;&nbsp; — | (6.34) | (6.34) | 7.33 | &nbsp;&nbsp; (5.66) | 6839 | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 16  |
| 07/01/24 | 06/30/25 | 26.36 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | 3.26 | &nbsp;&nbsp;&nbsp; — | (15.12) | (15.12) | 14.50 | 14.04 | 13290 | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/23 | 06/30/24 | 23.82 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | 4.34 | &nbsp;&nbsp;&nbsp; — | (1.80) | (1.80) | 26.36 | 19.22 | 17158 | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/22 | 06/30/23 | 21.48 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | 3.98 | &nbsp;&nbsp;&nbsp; — | (1.64) | (1.64) | 23.82 | 19.76 | 13873 | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/21 | 06/30/22 | 34.27 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (8.12) | (8.32) | &nbsp;&nbsp;&nbsp; — | (4.47) | (4.47) | 21.48 | &nbsp;&nbsp; (28.20) | 13940 | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/20 | 06/30/21 | 26.84 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | 9.05 | &nbsp;&nbsp;&nbsp; — | (1.62) | (1.62) | 34.27 | 34.63 | 34042 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** | **BROWN ADVISORY FLEXIBLE EQUITY FUND:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 43.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 1.58 | &nbsp;&nbsp;&nbsp; (0.11) | (2.40) | (2.51) | 42.72 | 3.63 | 430142 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| 07/01/24 | 06/30/25 | 39.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | 6.04 | &nbsp;&nbsp;&nbsp; (0.16) | (1.87) | (2.03) | 43.65 | 15.41 | 438173 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/23 | 06/30/24 | 31.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | 8.67 | &nbsp;&nbsp;&nbsp; (0.12) | (0.85) | (0.97) | 39.64 | 27.63 | 376594 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | 5.68 | &nbsp;&nbsp;&nbsp; (0.13) | (0.92) | (1.05) | 31.94 | 21.44 | 259933 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (5.71) | (5.62) | &nbsp;&nbsp;&nbsp; (0.06) | (1.27) | (1.33) | 27.31 | &nbsp;&nbsp; (17.18) | 196675 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.76 | 10.83 | &nbsp;&nbsp;&nbsp; (0.09) | (0.84) | (0.93) | 34.26 | 45.26 | 201849 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 43.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 1.55 | &nbsp;&nbsp;&nbsp; (0.08) | (2.40) | (2.48) | 42.56 | 3.57 | 564777 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| 07/01/24 | 06/30/25 | 39.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | 5.96 | &nbsp;&nbsp;&nbsp; (0.11) | (1.87) | (1.98) | 43.49 | 15.22 | 583865 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/23 | 06/30/24 | 31.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;8.49 | 8.60 | &nbsp;&nbsp;&nbsp; (0.08) | (0.85) | (0.93) | 39.51 | 27.46 | 542524 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | 5.62 | &nbsp;&nbsp;&nbsp; (0.06) | (0.92) | (0.98) | 31.84 | 21.24 | 442013 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (5.70) | (5.66) | &nbsp;&nbsp;&nbsp; (0.03) | (1.27) | (1.30) | 27.20 | &nbsp;&nbsp; (17.32) | 400090 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.73 | 10.76 | &nbsp;&nbsp;&nbsp; (0.07) | (0.84) | (0.91) | 34.16 | 45.05 | 500233 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 43.22 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | 1.47 | &nbsp;&nbsp;&nbsp; (0.03) | (2.40) | (2.43) | 42.26 | 3.43 | 9169 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| 07/01/24 | 06/30/25 | 39.31 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | 5.82 | &nbsp;&nbsp;&nbsp; (0.04) | (1.87) | (1.91) | 43.22 | 14.93 | 9188 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/23 | 06/30/24 | 31.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | 8.47 | &nbsp;&nbsp;&nbsp; (0.03) | (0.85) | (0.88) | 39.31 | 27.13 | 7279 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 27.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | 5.53 | &nbsp;&nbsp;&nbsp; — | (0.92) | (0.92) | 31.72 | 20.93 | 5245 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 12  |
| 07/01/21 | 06/30/22 | 34.10 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (5.68) | (5.72) | &nbsp;&nbsp;&nbsp; — | (1.27) | (1.27) | 27.11 | &nbsp;&nbsp; (17.51) | 4471 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/20 | 06/30/21 | 24.30 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;10.72 | 10.68 | &nbsp;&nbsp;&nbsp; (0.04) | (0.84) | (0.88) | 34.10 | 44.69 | 5965 | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** | **Brown Advisory Sustainable Growth Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 58.02 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.97) | (1.01) | &nbsp;&nbsp;&nbsp; — | (10.97) | (10.97) | 46.04 | &nbsp;&nbsp; (1.57) | 4543003 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/24 | 06/30/25 | 54.91 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | 5.99 | &nbsp;&nbsp;&nbsp; — | (2.88) | (2.88) | 58.02 | 11.02 | 6380925 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/23 | 06/30/24 | 43.08 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;11.86 | 11.84 | &nbsp;&nbsp;&nbsp; (0.01) |  | (0.01) | 54.91 | 27.47 | 6818542 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 35.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.63 | 7.66 | &nbsp;&nbsp;&nbsp; (0.00) |  | (0.00) | 43.08 | 21.63 | 5145711 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 44.56 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (8.19) | (8.23) | &nbsp;&nbsp;&nbsp; — | (0.91) | (0.91) | 35.42 | &nbsp;&nbsp; (19.02) | 3378590 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 31.96 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;12.63 | 12.60 | &nbsp;&nbsp;&nbsp; — |  |  | 44.56 | 39.42 | 3364728 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |

---

The accompanying notes are an integral part of these financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** | **Brown Advisory Sustainable Growth Fund (Continued)** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | &nbsp;&nbsp; $56.74 | &nbsp;&nbsp;&nbsp; $(0.08) | &nbsp;&nbsp; $(0.95) | $(1.03) | &nbsp;&nbsp;&nbsp; $— | $(10.97) | $(10.97) | $44.74 | &nbsp;&nbsp; (1.64)% | $1724691 | &nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp;&nbsp; 21%  |
| 07/01/24 | 06/30/25 | 53.84 | &nbsp;&nbsp;&nbsp; (0.13) | 5.91 | 5.78 | &nbsp;&nbsp;&nbsp; — | (2.88) | (2.88) | 56.74 | 10.84 | 2233632 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/23 | 06/30/24 | 42.29 | &nbsp;&nbsp;&nbsp; (0.09) | 11.64 | 11.55 | &nbsp;&nbsp;&nbsp; — |  |  | 53.84 | 27.31 | 2699561 | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 34.83 | &nbsp;&nbsp;&nbsp; (0.02) | 7.48 | 7.46 | &nbsp;&nbsp;&nbsp; — |  |  | 42.29 | 21.42 | 2150632 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 43.90 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (8.05) | (8.16) | &nbsp;&nbsp;&nbsp; — | (0.91) | (0.91) | 34.83 | &nbsp;&nbsp; (19.15) | 1714513 | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 31.52 | &nbsp;&nbsp;&nbsp; (0.09) | 12.47 | 12.38 | &nbsp;&nbsp;&nbsp; — |  |  | 43.90 | 39.28 | 1849429 | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 54.74 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.92) | (1.06) | &nbsp;&nbsp;&nbsp; — | (10.97) | (10.97) | 42.71 | &nbsp;&nbsp; (1.75) | 348942 | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; 21  |
| 07/01/24 | 06/30/25 | 52.15 | &nbsp;&nbsp;&nbsp; (0.25) | 5.72 | 5.47 | &nbsp;&nbsp;&nbsp; — | (2.88) | (2.88) | 54.74 | 10.59 | 413213 | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/23 | 06/30/24 | 41.08 | &nbsp;&nbsp;&nbsp; (0.20) | 11.27 | 11.07 | &nbsp;&nbsp;&nbsp; — |  |  | 52.15 | 26.95 | 435773 | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/22 | 06/30/23 | 33.91 | &nbsp;&nbsp;&nbsp; (0.11) | 7.28 | 7.17 | &nbsp;&nbsp;&nbsp; — |  |  | 41.08 | 21.14 | 356620 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/21 | 06/30/22 | 42.87 | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (7.84) | (8.05) | &nbsp;&nbsp;&nbsp; — | (0.91) | (0.91) | 33.91 | &nbsp;&nbsp; (19.35) | 298972 | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/20 | 06/30/21 | 30.86 | &nbsp;&nbsp;&nbsp; (0.18) | 12.19 | 12.01 | &nbsp;&nbsp;&nbsp; — |  |  | 42.87 | 38.92 | 444064 | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** | **Brown Advisory Mid-Cap Growth Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 18.10 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.43) | (0.46) | &nbsp;&nbsp;&nbsp; — | (7.44) | (7.44) | 10.20 | &nbsp;&nbsp; (2.58) | 26564 | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 45  |
| 07/01/24 | 06/30/25 | 15.50 | &nbsp;&nbsp;&nbsp; (0.05) | 2.65 | 2.60 | &nbsp;&nbsp;&nbsp; — |  |  | 18.10 | 16.77 | 71081 | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| 07/01/23 | 06/30/24 | 13.55 | &nbsp;&nbsp;&nbsp; (0.03) | 1.98 | 1.95 | &nbsp;&nbsp;&nbsp; — |  |  | 15.50 | 14.48 | 69167 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 63  |
| 07/01/22 | 06/30/23 | 12.29 | &nbsp;&nbsp;&nbsp; (0.04) | 2.11 | 2.07 | &nbsp;&nbsp;&nbsp; — | (0.81) | (0.81) | 13.55 | 17.38 | 71960 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 55  |
| 07/01/21 | 06/30/22 | 19.86 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (5.73) | (5.82) | &nbsp;&nbsp;&nbsp; — | (1.75) | (1.75) | 12.29 | &nbsp;&nbsp; (31.54) | 94754 | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.86 | &nbsp;&nbsp;&nbsp; (0.08) | 6.08 | 6.00 | &nbsp;&nbsp;&nbsp; — |  |  | 19.86 | 43.03 | 159180 | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 17.89 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.43) | (0.48) | &nbsp;&nbsp;&nbsp; — | (7.44) | (7.44) | 9.97 | &nbsp;&nbsp; (2.72) | 1602 | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp; 45  |
| 07/01/24 | 06/30/25 | 15.33 | &nbsp;&nbsp;&nbsp; (0.08) | 2.64 | 2.56 | &nbsp;&nbsp;&nbsp; — |  |  | 17.89 | 16.70 | 1450 | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| 07/01/23 | 06/30/24 | 13.42 | &nbsp;&nbsp;&nbsp; (0.05) | 1.96 | 1.91 | &nbsp;&nbsp;&nbsp; — |  |  | 15.33 | 14.23 | 27757 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 63  |
| 07/01/22 | 06/30/23 | 12.20 | &nbsp;&nbsp;&nbsp; (0.05) | 2.08 | 2.03 | &nbsp;&nbsp;&nbsp; — | (0.81) | (0.81) | 13.42 | 17.26 | 24419 | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; 55  |
| 07/01/21 | 06/30/22 | 19.76 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (5.70) | (5.81) | &nbsp;&nbsp;&nbsp; — | (1.75) | (1.75) | 12.20 | &nbsp;&nbsp; (31.70) | 22897 | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| 07/01/20 | 06/30/21 | 13.81 | &nbsp;&nbsp;&nbsp; (0.10) | 6.05 | 5.95 | &nbsp;&nbsp;&nbsp; — |  |  | 19.76 | 42.90 | 33381 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 48  |
| **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** | **Brown Advisory Small-Cap Growth Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 45.00 | &nbsp;&nbsp;&nbsp; (0.09) | 1.33 | 1.24 | &nbsp;&nbsp;&nbsp; — | (7.58) | (7.58) | 38.66 | 2.70 | 338664 | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/24 | 06/30/25 | 45.51 | &nbsp;&nbsp;&nbsp; (0.18) | 2.27 | 2.09 | &nbsp;&nbsp;&nbsp; — | (2.60) | (2.60) | 45.00 | 4.37 | 514753 | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/23 | 06/30/24 | 44.48 | &nbsp;&nbsp;&nbsp; (0.06) | 1.09 | 1.03 | &nbsp;&nbsp;&nbsp; — |  |  | 45.51 | 2.32 | 801675 | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 41.98 | &nbsp;&nbsp;&nbsp; (0.06) | 5.88 | 5.82 | &nbsp;&nbsp;&nbsp; — | (3.32) | (3.32) | 44.48 | 14.33 | 1349940 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 63.00 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (13.47) | (13.79) | &nbsp;&nbsp;&nbsp; — | (7.23) | (7.23) | 41.98 | &nbsp;&nbsp; (24.11) | 1165292 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 44.31 | &nbsp;&nbsp;&nbsp; (0.34) | 19.48 | 19.14 | &nbsp;&nbsp;&nbsp; — | (0.45) | (0.45) | 63.00 | 43.31 | 1758121 | &nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 22.31 | &nbsp;&nbsp;&nbsp; (0.06) | 0.66 | 0.60 | &nbsp;&nbsp;&nbsp; — | (3.76) | (3.76) | 19.15 | 2.61 | 271822 | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/24 | 06/30/25 | 22.59 | &nbsp;&nbsp;&nbsp; (0.12) | 1.13 | 1.01 | &nbsp;&nbsp;&nbsp; — | (1.29) | (1.29) | 22.31 | 4.24 | 410466 | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/23 | 06/30/24 | 22.12 | &nbsp;&nbsp;&nbsp; (0.06) | 0.53 | 0.47 | &nbsp;&nbsp;&nbsp; — |  |  | 22.59 | 2.12 | 810889 | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 20.91 | &nbsp;&nbsp;&nbsp; (0.06) | 2.92 | 2.86 | &nbsp;&nbsp;&nbsp; — | (1.65) | (1.65) | 22.12 | 14.17 | 882356 | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 31.42 | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (6.71) | (6.91) | &nbsp;&nbsp;&nbsp; — | (3.60) | (3.60) | 20.91 | &nbsp;&nbsp; (24.23) | 707378 | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 22.13 | &nbsp;&nbsp;&nbsp; (0.21) | 9.72 | 9.51 | &nbsp;&nbsp;&nbsp; — | (0.22) | (0.22) | 31.42 | 43.11 | 822075 | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 21.00 | &nbsp;&nbsp;&nbsp; (0.08) | 0.62 | 0.54 | &nbsp;&nbsp;&nbsp; — | (3.53) | (3.53) | 18.01 | 2.52 | 6189 | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp; 13  |
| 07/01/24 | 06/30/25 | 21.32 | &nbsp;&nbsp;&nbsp; (0.17) | 1.07 | 0.90 | &nbsp;&nbsp;&nbsp; — | (1.22) | (1.22) | 21.00 | 3.97 | 7048 | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/23 | 06/30/24 | 20.93 | &nbsp;&nbsp;&nbsp; (0.11) | 0.50 | 0.39 | &nbsp;&nbsp;&nbsp; — |  |  | 21.32 | 1.86 | 8053 | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 28  |
| 07/01/22 | 06/30/23 | 19.83 | &nbsp;&nbsp;&nbsp; (0.11) | 2.78 | 2.67 | &nbsp;&nbsp;&nbsp; — | (1.57) | (1.57) | 20.93 | 13.91 | 9644 | &nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/21 | 06/30/22 | 29.88 | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (6.37) | (6.63) | &nbsp;&nbsp;&nbsp; — | (3.42) | (3.42) | 19.83 | &nbsp;&nbsp; (24.44) | 9309 | &nbsp;&nbsp;&nbsp; (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 21.10 | &nbsp;&nbsp;&nbsp; (0.26) | 9.25 | 8.99 | &nbsp;&nbsp;&nbsp; — | (0.21) | (0.21) | 29.88 | 42.74 | 14939 | &nbsp;&nbsp;&nbsp; (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |

---

The accompanying notes are an integral part of these financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** | **Brown Advisory Small-Cap Fundamental Value Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | &nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $2.81 | $3.03 | &nbsp;&nbsp;&nbsp; $(0.20) | $(3.40) | $(3.60) | $26.60 | &nbsp;&nbsp; 10.94% | $581147 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 25%  |
| 07/01/24 | 06/30/25 | 30.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | 1.61 | &nbsp;&nbsp;&nbsp; (0.46) | (4.28) | (4.74) | 27.17 | 3.93 | 630241 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 39  |
| 07/01/23 | 06/30/24 | 27.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | 4.41 | &nbsp;&nbsp;&nbsp; (0.21) | (1.58) | (1.79) | 30.30 | 16.33 | 724560 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 26.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | 3.29 | &nbsp;&nbsp;&nbsp; (0.13) | (1.57) | (1.70) | 27.68 | 12.67 | 588594 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp; (3.45) | (3.36) | &nbsp;&nbsp;&nbsp; (0.10) | (0.10) | (0.20) | 26.09 | &nbsp;&nbsp; (11.45) | 562382 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | 10.55 | &nbsp;&nbsp;&nbsp; (0.15) |  | (0.15) | 29.65 | 54.97 | 591096 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 27.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | 2.99 | &nbsp;&nbsp;&nbsp; (0.17) | (3.40) | (3.57) | 26.52 | 10.85 | 494005 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/24 | 06/30/25 | 30.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | 1.57 | &nbsp;&nbsp;&nbsp; (0.42) | (4.28) | (4.70) | 27.10 | 3.78 | 545969 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 39  |
| 07/01/23 | 06/30/24 | 27.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | 4.35 | &nbsp;&nbsp;&nbsp; (0.16) | (1.58) | (1.74) | 30.23 | 16.17 | 626715 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 26.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | 3.24 | &nbsp;&nbsp;&nbsp; (0.09) | (1.57) | (1.66) | 27.62 | 12.49 | 591487 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (3.45) | (3.41) | &nbsp;&nbsp;&nbsp; (0.05) | (0.10) | (0.15) | 26.04 | &nbsp;&nbsp; (11.59) | 564689 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | 10.49 | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 29.60 | 54.74 | 648403 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 26.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; 2.77 | 2.93 | &nbsp;&nbsp;&nbsp; (0.14) | (3.40) | (3.54) | 26.24 | 10.71 | 1808 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/24 | 06/30/25 | 29.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | 1.48 | &nbsp;&nbsp;&nbsp; (0.32) | (4.28) | (4.60) | 26.85 | 3.50 | 1788 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 39  |
| 07/01/23 | 06/30/24 | 27.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | 4.24 | &nbsp;&nbsp;&nbsp; (0.11) | (1.58) | (1.69) | 29.97 | 15.86 | 3557 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 44  |
| 07/01/22 | 06/30/23 | 25.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | 3.16 | &nbsp;&nbsp;&nbsp; (0.03) | (1.57) | (1.60) | 27.42 | 12.25 | 2685 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/21 | 06/30/22 | 29.43 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (3.43) | (3.46) | &nbsp;&nbsp;&nbsp; (0.01) | (0.10) | (0.11) | 25.86 | &nbsp;&nbsp; (11.82) | 3154 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/20 | 06/30/21 | 19.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | 10.37 | &nbsp;&nbsp;&nbsp; (0.04) |  | (0.04) | 29.43 | 54.37 | 8125 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** | **Brown Advisory Sustainable Small-Cap Core Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 10.31 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 0.87 | 0.88 | &nbsp;&nbsp;&nbsp; (0.01) | (0.47) | (0.48) | 10.71 | 8.42 | 94631 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/24 | 06/30/25 | 9.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.67 | &nbsp;&nbsp;&nbsp; (0.06) | (0.02) | (0.08) | 10.31 | 6.96 | 92870 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp; 43  |
| 07/01/23 | 06/30/24 | 8.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 0.93 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 9.72 | 10.51 | 70393 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/22 | 06/30/23 | 7.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.07 | &nbsp;&nbsp;&nbsp; — | (0.00) | (0.00) | 8.81 | 13.83 | 51935 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 66  |
| 09/30/21**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.24) | (2.26) | &nbsp;&nbsp;&nbsp; — |  |  | 7.74 | &nbsp;&nbsp; (22.60) | 32915 | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 10.27 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 0.87 | 0.87 | &nbsp;&nbsp;&nbsp; — | (0.47) | (0.47) | 10.67 | 8.38 | 7916 | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 35  |
| 07/01/24 | 06/30/25 | 9.69 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | 0.65 | &nbsp;&nbsp;&nbsp; (0.05) | (0.02) | (0.07) | 10.27 | 6.74 | 6553 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 43  |
| 07/01/23 | 06/30/24 | 8.79 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 0.90 | &nbsp;&nbsp;&nbsp; (0.00) |  | (0.00) | 9.69 | 10.25 | 6558 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; 32  |
| 07/01/22 | 06/30/23 | 7.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 1.06 | &nbsp;&nbsp;&nbsp; — | (0.00) | (0.00) | 8.79 | 13.71 | 1540 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 66  |
| 09/30/21**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.25) | (2.27) | &nbsp;&nbsp;&nbsp; — |  |  | 7.73 | &nbsp;&nbsp; (22.70) | 812 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** | **Brown Advisory Sustainable Value Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 13.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 1.09 | &nbsp;&nbsp;&nbsp; (0.16) | (0.16) | (0.32) | 14.42 | 7.92 | 177752 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/24 | 06/30/25 | 12.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | 1.68 | &nbsp;&nbsp;&nbsp; (0.13) | (0.17) | (0.30) | 13.65 | 13.76 | 157962 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/23 | 06/30/24 | 10.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | 2.35 | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 12.27 | 23.55 | 99767 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 37  |
| 02/28/23^ | 06/30/23 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.03) | 0.03 | &nbsp;&nbsp;&nbsp; — |  |  | 10.03 | 0.30 | 50307 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 13.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | 1.08 | &nbsp;&nbsp;&nbsp; (0.14) | (0.16) | (0.30) | 14.39 | 7.87 | 756 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/24 | 06/30/25 | 12.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 1.65 | &nbsp;&nbsp;&nbsp; (0.11) | (0.17) | (0.28) | 13.61 | 13.60 | 680 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 29  |
| 07/01/23 | 06/30/24 | 10.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | 2.32 | &nbsp;&nbsp;&nbsp; (0.10) |  | (0.10) | 12.24 | 23.26 | 634 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; 37  |
| 02/28/23^ | 06/30/23 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (0.03) | 0.02 | &nbsp;&nbsp;&nbsp; — |  |  | 10.02 | 0.20 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp; 7  |
| **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** | **Brown Advisory Global Leaders Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 30.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.76 | &nbsp;&nbsp;&nbsp; (0.13) | (1.54) | (1.67) | 29.21 | 2.56 | 2512005 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/24 | 06/30/25 | 25.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | 4.37 | &nbsp;&nbsp;&nbsp; (0.14) |  | (0.14) | 30.12 | 16.95 | 2389294 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 22  |
| 07/01/23 | 06/30/24 | 22.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.79 | 3.94 | &nbsp;&nbsp;&nbsp; (0.13) |  | (0.13) | 25.89 | 17.88 | 1926704 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 18.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | 3.96 | &nbsp;&nbsp;&nbsp; (0.12) |  | (0.12) | 22.08 | 21.83 | 1401528 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 19  |
| 07/01/21 | 06/30/22 | 22.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (4.19) | (4.09) | &nbsp;&nbsp;&nbsp; (0.02) | (0.25) | (0.27) | 18.24 | &nbsp;&nbsp; (18.34) | 1048587 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 25  |
| 07/01/20 | 06/30/21 | 16.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | 6.25 | &nbsp;&nbsp;&nbsp; (0.03) |  | (0.03) | 22.60 | 38.17 | 1149790 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 14  |

---

The accompanying notes are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** | **Brown Advisory Global Leaders Fund (Continued)** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | &nbsp;&nbsp; $30.01 | &nbsp;&nbsp;&nbsp; $(0.01) | &nbsp;&nbsp;&nbsp; $0.74 | $0.73 | &nbsp;&nbsp;&nbsp; $(0.10) | $(1.54) | $(1.64) | $29.10 | &nbsp;&nbsp; 2.46% | $27780 | &nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 15%  |
| 07/01/24 | 06/30/25 | 25.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | 4.32 | &nbsp;&nbsp;&nbsp; (0.10) |  | (0.10) | 30.01 | 16.78 | 28370 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 22  |
| 07/01/23 | 06/30/24 | 22.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | 3.88 | &nbsp;&nbsp;&nbsp; (0.09) |  | (0.09) | 25.79 | 17.66 | 32326 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 15  |
| 07/01/22 | 06/30/23 | 18.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | 3.92 | &nbsp;&nbsp;&nbsp; (0.10) |  | (0.10) | 22.00 | 21.63 | 77619 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; 19  |
| 07/01/21 | 06/30/22 | 22.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (4.17) | (4.10) | &nbsp;&nbsp;&nbsp; (0.01) | (0.25) | (0.26) | 18.18 | &nbsp;&nbsp; (18.45) | 76150 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 25  |
| 07/01/20 | 06/30/21 | 16.36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | 6.20 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 22.54 | 37.91 | 95940 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; 14  |
| **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** | **Brown Advisory Sustainable International Leaders Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 12.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.15) | (0.12) | &nbsp;&nbsp;&nbsp; (0.11) | (0.33) | (0.44) | 11.70 | &nbsp;&nbsp; (0.97) | 45958 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp; 25  |
| 07/01/24 | 06/30/25 | 10.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | 1.66 | &nbsp;&nbsp;&nbsp; (0.11) | (0.02) | (0.13) | 12.26 | 15.64 | 40955 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; 47  |
| 07/01/23 | 06/30/24 | 10.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.26 | &nbsp;&nbsp;&nbsp; (0.05) |  | (0.05) | 10.73 | 2.49 | 36921 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 8.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | 2.11 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 10.52 | 25.09 | 22884 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 21  |
| 02/28/22**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (1.63) | (1.57) | &nbsp;&nbsp;&nbsp; — |  |  | 8.43 | &nbsp;&nbsp; (15.70) | 6221 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp; 12  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 12.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.14) | (0.12) | &nbsp;&nbsp;&nbsp; (0.09) | (0.33) | (0.42) | 11.67 | &nbsp;&nbsp; (0.96) | 1331 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp; 25  |
| 07/01/24 | 06/30/25 | 10.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | 1.64 | &nbsp;&nbsp;&nbsp; (0.10) | (0.02) | (0.12) | 12.21 | 15.49 | 1067 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; 47  |
| 07/01/23 | 06/30/24 | 10.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.24 | &nbsp;&nbsp;&nbsp; (0.04) |  | (0.04) | 10.69 | 2.27 | 1873 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 8.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | 2.09 | &nbsp;&nbsp;&nbsp; (0.02) |  | (0.02) | 10.49 | 24.88 | 1463 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp; 21  |
| 02/28/22**^** | 06/30/22 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (1.63) | (1.58) | &nbsp;&nbsp;&nbsp; — |  |  | 8.42 | &nbsp;&nbsp; (15.80) | 75 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp; 12  |
| **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** | **Brown Advisory Intermediate Income Fund:** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 9.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.29 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 9.88 | 2.98 | 133592 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/24 | 06/30/25 | 9.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.59 | &nbsp;&nbsp;&nbsp; (0.36) |  | (0.36) | 9.78 | 6.24 | 126532 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/23 | 06/30/24 | 9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.05) | 0.27 | &nbsp;&nbsp;&nbsp; (0.32) |  | (0.32) | 9.55 | 2.86 | 113124 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.38) | (0.14) | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 9.60 | &nbsp;&nbsp; (1.44) | 122641 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; 32  |
| 07/01/21 | 06/30/22 | 11.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (0.94) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) | (0.10) | (0.24) | 9.99 | &nbsp;&nbsp; (7.60) | 139856 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 58  |
| 07/01/20 | 06/30/21 | 11.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.13 | &nbsp;&nbsp;&nbsp; (0.13) | (0.01) | (0.14) | 11.05 | 1.11 | 167774 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 50  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 9.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.27 | &nbsp;&nbsp;&nbsp; (0.18) |  | (0.18) | 9.62 | 2.82 | 1844 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/24 | 06/30/25 | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.54 | &nbsp;&nbsp;&nbsp; (0.33) |  | (0.33) | 9.53 | 5.89 | 2051 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/23 | 06/30/24 | 9.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (0.05) | 0.24 | &nbsp;&nbsp;&nbsp; (0.30) |  | (0.30) | 9.32 | 2.57 | 3279 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; 27  |
| 07/01/22 | 06/30/23 | 9.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.37) | (0.16) | &nbsp;&nbsp;&nbsp; (0.22) |  | (0.22) | 9.38 | &nbsp;&nbsp; (1.62) | 3139 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp; 32  |
| 07/01/21 | 06/30/22 | 10.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.93) | (0.83) | &nbsp;&nbsp;&nbsp; (0.11) | (0.10) | (0.21) | 9.76 | &nbsp;&nbsp; (7.82) | 3273 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 58  |
| 07/01/20 | 06/30/21 | 10.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.09 | &nbsp;&nbsp;&nbsp; (0.10) | (0.01) | (0.11) | 10.80 | 0.79 | 3661 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; 50  |
| **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** | **Brown Advisory Sustainable Bond Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 8.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.25 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 8.55 | 2.98 | 566957 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/24 | 06/30/25 | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.47 | &nbsp;&nbsp;&nbsp; (0.38) |  | (0.38) | 8.49 | 5.68 | 569475 | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 104  |
| 07/01/23 | 06/30/24 | 8.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.19) | 0.16 | &nbsp;&nbsp;&nbsp; (0.36) |  | (0.36) | 8.40 | 1.90 | 550052 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 251  |
| 07/01/22 | 06/30/23 | 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; (0.54) | (0.29) | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 8.60 | &nbsp;&nbsp; (3.22) | 723393 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; 277  |
| 07/01/21 | 06/30/22 | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.13) | (0.99) | &nbsp;&nbsp;&nbsp; (0.15) | (0.14) | (0.29) | 9.14 | &nbsp;&nbsp; (9.71) | 301917 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 113  |
| 07/01/20 | 06/30/21 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.26 | &nbsp;&nbsp;&nbsp; (0.17) | (0.21) | (0.38) | 10.42 | 2.44 | 218476 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 89  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 8.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.24 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 8.55 | 2.83 | 6996 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/24 | 06/30/25 | 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.48 | &nbsp;&nbsp;&nbsp; (0.38) |  | (0.38) | 8.50 | 5.75 | 6337 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 104  |
| 07/01/23 | 06/30/24 | 8.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.21) | 0.14 | &nbsp;&nbsp;&nbsp; (0.35) |  | (0.35) | 8.40 | 1.73 | 8195 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 251  |
| 07/01/22 | 06/30/23 | 9.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.53) | (0.29) | &nbsp;&nbsp;&nbsp; (0.24) |  | (0.24) | 8.61 | &nbsp;&nbsp; (3.16) | 12829 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 277  |
| 07/01/21 | 06/30/22 | 10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (1.13) | (1.00) | &nbsp;&nbsp;&nbsp; (0.14) | (0.14) | (0.28) | 9.14 | &nbsp;&nbsp; (9.76) | 12667 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 113  |
| 07/01/20 | 06/30/21 | 10.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 0.26 | &nbsp;&nbsp;&nbsp; (0.17) | (0.21) | (0.38) | 10.42 | 2.39 | 5009 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 89  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** | **Brown Advisory Maryland Bond Fund:** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $0.17 | &nbsp;&nbsp;&nbsp; $0.26 | $0.43 | &nbsp;&nbsp;&nbsp; $(0.18) | $— | $(0.18) | $9.92 | &nbsp;&nbsp; 4.48% | $171438 | &nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 13%  |
| 07/01/24 | 06/30/25 | 9.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.14) | 0.17 | &nbsp;&nbsp;&nbsp; (0.34) |  | (0.34) | 9.67 | 1.70 | 164284 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 46  |
| 07/01/23 | 06/30/24 | 9.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.36 | &nbsp;&nbsp;&nbsp; (0.31) |  | (0.31) | 9.84 | 3.76 | 168662 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 22  |
| 07/01/22 | 06/30/23 | 9.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.26 | &nbsp;&nbsp;&nbsp; (0.27) |  | (0.27) | 9.79 | 2.73 | 163961 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 51  |
| 07/01/21 | 06/30/22 | 10.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (1.04) | (0.85) | &nbsp;&nbsp;&nbsp; (0.23) |  | (0.23) | 9.80 | &nbsp;&nbsp; (7.90) | 169565 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 22  |
| 07/01/20 | 06/30/21 | 10.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.47 | &nbsp;&nbsp;&nbsp; (0.26) |  | (0.26) | 10.88 | 4.41 | 186483 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 17  |
| **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** | **Brown Advisory Tax-Exempt Bond Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 9.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.44 | &nbsp;&nbsp;&nbsp; (0.18) |  | (0.18) | 9.44 | 4.86 | 1133004 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; 14  |
| 07/01/24 | 06/30/25 | 9.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.13) | 0.23 | &nbsp;&nbsp;&nbsp; (0.37) |  | (0.37) | 9.18 | 2.44 | 1008523 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 40  |
| 07/01/23 | 06/30/24 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.41 | &nbsp;&nbsp;&nbsp; (0.38) |  | (0.38) | 9.32 | 4.49 | 909986 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 57  |
| 07/01/22 | 06/30/23 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.33 | &nbsp;&nbsp;&nbsp; (0.33) |  | (0.33) | 9.29 | 3.59 | 787874 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 79  |
| 07/01/21 | 06/30/22 | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (1.08) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | (0.05) | (0.31) | 9.29 | &nbsp;&nbsp; (8.75) | 805608 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/20 | 06/30/21 | 10.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | 0.69 | &nbsp;&nbsp;&nbsp; (0.27) |  | (0.27) | 10.50 | 6.87 | 1190436 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 47  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 9.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 0.44 | &nbsp;&nbsp;&nbsp; (0.18) |  | (0.18) | 9.44 | 4.83 | 18511 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 14  |
| 07/01/24 | 06/30/25 | 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.14) | 0.21 | &nbsp;&nbsp;&nbsp; (0.36) |  | (0.36) | 9.18 | 2.28 | 11418 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 40  |
| 07/01/23 | 06/30/24 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.41 | &nbsp;&nbsp;&nbsp; (0.37) |  | (0.37) | 9.33 | 4.55 | 9838 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 57  |
| 07/01/22 | 06/30/23 | 9.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.32 | &nbsp;&nbsp;&nbsp; (0.32) |  | (0.32) | 9.29 | 3.54 | 8167 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 79  |
| 07/01/21 | 06/30/22 | 10.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (1.07) | (0.90) | &nbsp;&nbsp;&nbsp; (0.26) | (0.05) | (0.31) | 9.29 | &nbsp;&nbsp; (8.80) | 10484 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/20 | 06/30/21 | 10.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.67 | &nbsp;&nbsp;&nbsp; (0.26) |  | (0.26) | 10.50 | 6.72 | 11537 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 47  |
| **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** | **Brown Advisory Tax-Exempt Sustainable Bond Fund:** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.37 | &nbsp;&nbsp;&nbsp; (0.16) |  | (0.16) | 9.12 | 4.23 | 331464 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 15  |
| 07/01/24 | 06/30/25 | 9.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.13) | 0.19 | &nbsp;&nbsp;&nbsp; (0.32) |  | (0.32) | 8.91 | 2.15 | 291746 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; 37  |
| 07/01/23 | 06/30/24 | 9.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.02) | 0.30 | &nbsp;&nbsp;&nbsp; (0.32) |  | (0.32) | 9.04 | 3.42 | 281014 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 50  |
| 07/01/22 | 06/30/23 | 9.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.03) | 0.21 | &nbsp;&nbsp;&nbsp; (0.24) |  | (0.24) | 9.06 | 2.39 | 288993 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 111  |
| 07/01/21 | 06/30/22 | 10.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.01) | (0.86) | &nbsp;&nbsp;&nbsp; (0.14) | (0.10) | (0.24) | 9.09 | &nbsp;&nbsp; (8.60) | 325606 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 61  |
| 07/01/20 | 06/30/21 | 9.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.45 | &nbsp;&nbsp;&nbsp; (0.13) | (0.01) | (0.14) | 10.19 | 4.57 | 179123 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 66  |
| **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** | **Brown Advisory Mortgage Securities Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 9.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.35 | &nbsp;&nbsp;&nbsp; (0.22) |  | (0.22) | 9.17 | 3.90 | 266832 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 112  |
| 07/01/24 | 06/30/25 | 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.55 | &nbsp;&nbsp;&nbsp; (0.40) |  | (0.40) | 9.04 | 6.29 | 288985 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 221  |
| 07/01/23 | 06/30/24 | 9.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (0.21) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) |  | (0.37) | 8.89 | 1.90 | 285175 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 335  |
| 07/01/22 | 06/30/23 | 9.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.48) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) |  | (0.29) | 9.10 | &nbsp;&nbsp; (2.06) | 302293 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 229  |
| 07/01/21 | 06/30/22 | 10.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (0.92) | (0.82) | &nbsp;&nbsp;&nbsp; (0.15) |  | (0.15) | 9.59 | &nbsp;&nbsp; (7.86) | 310388 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; 204  |
| 07/01/20 | 06/30/21 | 10.46 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.16 | &nbsp;&nbsp;&nbsp; (0.06) |  | (0.06) | 10.56 | 1.53 | 288526 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; 148  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 9.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.36 | &nbsp;&nbsp;&nbsp; (0.22) |  | (0.22) | 9.19 | 3.98 | 682 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 112  |
| 07/01/24 | 06/30/25 | 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.54 | &nbsp;&nbsp;&nbsp; (0.40) |  | (0.40) | 9.05 | 6.10 | 692 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 221  |
| 07/01/23 | 06/30/24 | 9.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.20) | 0.16 | &nbsp;&nbsp;&nbsp; (0.37) |  | (0.37) | 8.91 | 1.84 | 771 | &nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 335  |
| 07/01/22 | 06/30/23 | 9.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (0.47) | (0.20) | &nbsp;&nbsp;&nbsp; (0.29) |  | (0.29) | 9.12 | &nbsp;&nbsp; (2.11) | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 229  |
| 07/01/21 | 06/30/22 | 10.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp; (0.91) | (0.82) | &nbsp;&nbsp;&nbsp; (0.14) |  | (0.14) | 9.61 | &nbsp;&nbsp; (7.81) | 2211 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; 204  |
| 07/01/20 | 06/30/21 | 10.47 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.16 | &nbsp;&nbsp;&nbsp; (0.06) |  | (0.06) | 10.57 | 1.48 | 31876 | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; 148  |
| **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** | **Brown Advisory - WMC Strategic European Equity Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 18.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | 1.27 | &nbsp;&nbsp;&nbsp; (0.27) | (1.12) | (1.39) | 17.91 | 7.04 | 619890 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; 33  |
| 07/01/24 | 06/30/25 | 13.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | 5.19 | &nbsp;&nbsp;&nbsp; (0.28) | (0.42) | (0.70) | 18.03 | 40.15 | 575188 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; 47  |
| 07/01/23 | 06/30/24 | 11.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.88 | &nbsp;&nbsp;&nbsp; (0.16) |  | (0.16) | 13.54 | 16.05 | 311205 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 1.77 | &nbsp;&nbsp;&nbsp; (0.21) | (0.08) | (0.29) | 11.82 | 17.50 | 227407 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 13.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.68) | (1.53) | &nbsp;&nbsp;&nbsp; (0.11) | (1.10) | (1.21) | 10.34 | &nbsp;&nbsp; (12.75) | 232340 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | 3.33 | &nbsp;&nbsp;&nbsp; (0.03) | (0.73) | (0.76) | 13.08 | 32.55 | 417419 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; 51  |

---

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** | **Brown Advisory - WMC Strategic European Equity Fund: (Continued)** |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | &nbsp;&nbsp; $17.98 | &nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp; $1.21 | $1.24 | &nbsp;&nbsp;&nbsp; $(0.24) | $(1.12) | $(1.36) | $17.86 | &nbsp;&nbsp; 6.91% | $65586 | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 33%  |
| 07/01/24 | 06/30/25 | 13.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | 5.17 | &nbsp;&nbsp;&nbsp; (0.26) | (0.42) | (0.68) | 17.98 | 40.04 | 89761 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 47  |
| 07/01/23 | 06/30/24 | 11.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.86 | &nbsp;&nbsp;&nbsp; (0.14) |  | (0.14) | 13.49 | 15.91 | 12912 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | 1.75 | &nbsp;&nbsp;&nbsp; (0.20) | (0.08) | (0.28) | 11.77 | 17.30 | 14922 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 13.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (1.67) | (1.54) | &nbsp;&nbsp;&nbsp; (0.09) | (1.10) | (1.19) | 10.30 | &nbsp;&nbsp; (12.89) | 19007 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | 3.30 | &nbsp;&nbsp;&nbsp; (0.02) | (0.73) | (0.75) | 13.03 | 32.36 | 39751 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 51  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 17.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | 1.20 | &nbsp;&nbsp;&nbsp; (0.21) | (1.12) | (1.33) | 17.57 | 6.78 | 15518 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/24 | 06/30/25 | 13.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | 5.05 | &nbsp;&nbsp;&nbsp; (0.21) | (0.42) | (0.63) | 17.70 | 39.65 | 19113 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp; 47  |
| 07/01/23 | 06/30/24 | 11.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | 1.80 | &nbsp;&nbsp;&nbsp; (0.12) |  | (0.12) | 13.28 | 15.58 | 2968 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 41  |
| 07/01/22 | 06/30/23 | 10.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | 1.70 | &nbsp;&nbsp;&nbsp; (0.19) | (0.08) | (0.27) | 11.60 | 17.05 | 2689 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| 07/01/21 | 06/30/22 | 12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (1.65) | (1.55) | &nbsp;&nbsp;&nbsp; (0.06) | (1.10) | (1.16) | 10.17 | &nbsp;&nbsp; (13.09) | 2387 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp; 43  |
| 07/01/20 | 06/30/21 | 10.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | 3.24 | &nbsp;&nbsp;&nbsp; (0.01) | (0.73) | (0.74) | 12.88 | 32.01 | 3728 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 51  |
| **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** | **Brown Advisory Emerging Markets Select Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 12.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | 2.20 | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 14.74 | 17.24 | 783540 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/24 | 06/30/25 | 11.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.35 | &nbsp;&nbsp;&nbsp; (0.23) |  | (0.23) | 12.79 | 11.76 | 659820 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 59  |
| 07/01/23 | 06/30/24 | 10.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.23 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 11.67 | 11.74 | 622254 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 0.63 | &nbsp;&nbsp;&nbsp; (0.13) |  | (0.13) | 10.63 | 6.27 | 537466 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (2.50) | (2.36) | &nbsp;&nbsp;&nbsp; (0.08) |  | (0.08) | 10.13 | &nbsp;&nbsp; (18.87) | 504216 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.78 | &nbsp;&nbsp;&nbsp; (0.07) |  | (0.07) | 12.57 | 42.71 | 529908 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 12.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | 2.20 | &nbsp;&nbsp;&nbsp; (0.24) |  | (0.24) | 14.73 | 17.20 | 5951 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/24 | 06/30/25 | 11.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.33 | &nbsp;&nbsp;&nbsp; (0.22) |  | (0.22) | 12.77 | 11.57 | 4837 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 59  |
| 07/01/23 | 06/30/24 | 10.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 1.21 | &nbsp;&nbsp;&nbsp; (0.17) |  | (0.17) | 11.66 | 11.60 | 3220 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.60 | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.11) | 10.62 | 6.01 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.50) | (2.37) | &nbsp;&nbsp;&nbsp; (0.06) |  | (0.06) | 10.13 | &nbsp;&nbsp; (18.93) | 4368 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | 3.76 | &nbsp;&nbsp;&nbsp; (0.05) |  | (0.05) | 12.56 | 42.56 | 5908 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** | **Advisor Shares\*** |
| 07/01/25 | 12/31/25 | 12.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | 2.18 | &nbsp;&nbsp;&nbsp; (0.20) |  | (0.20) | 14.78 | 17.03 | 274 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 23  |
| 07/01/24 | 06/30/25 | 11.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | 1.30 | &nbsp;&nbsp;&nbsp; (0.19) |  | (0.19) | 12.80 | 11.32 | 255 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp; 59  |
| 07/01/23 | 06/30/24 | 10.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 1.19 | &nbsp;&nbsp;&nbsp; (0.15) |  | (0.15) | 11.69 | 11.32 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/22 | 06/30/23 | 10.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.58 | &nbsp;&nbsp;&nbsp; (0.09) |  | (0.09) | 10.65 | 5.76 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 69  |
| 07/01/21 | 06/30/22 | 12.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (2.50) | (2.40) | &nbsp;&nbsp;&nbsp; (0.04) |  | (0.04) | 10.16 | &nbsp;&nbsp; (19.11) | 27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp; 70  |
| 07/01/20 | 06/30/21 | 8.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | 3.74 | &nbsp;&nbsp;&nbsp; (0.01) |  | (0.01) | 12.60 | 42.17 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 61  |
| **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** | **Brown Advisory - Beutel Goodman Large-Cap Value Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | 14.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.89 | &nbsp;&nbsp;&nbsp; (0.36) | (0.58) | (0.94) | 14.52 | 6.06 | 1242042 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/24 | 06/30/25 | 15.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.35 | &nbsp;&nbsp;&nbsp; (0.22) | (0.99) | (1.21) | 14.57 | 1.94 | 1650416 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/23 | 06/30/24 | 13.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | 2.00 | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 15.43 | 14.80 | 1890909 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 24  |
| 07/01/22 | 06/30/23 | 12.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | 2.11 | &nbsp;&nbsp;&nbsp; (0.22) | (0.25) | (0.47) | 13.68 | 17.67 | 1664063 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/21 | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (1.42) | (1.19) | &nbsp;&nbsp;&nbsp; (0.20) | (0.98) | (1.18) | 12.04 | &nbsp;&nbsp; (8.68) | 1237283 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |
| 07/01/20 | 06/30/21 | 10.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | 4.19 | &nbsp;&nbsp;&nbsp; (0.39) |  | (0.39) | 14.41 | 40.12 | 1149351 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 42  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 14.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.88 | &nbsp;&nbsp;&nbsp; (0.34) | (0.58) | (0.92) | 14.47 | 5.99 | 16140 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 10  |
| 07/01/24 | 06/30/25 | 15.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.32 | &nbsp;&nbsp;&nbsp; (0.20) | (0.99) | (1.19) | 14.51 | 1.74 | 18010 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 27  |
| 07/01/23 | 06/30/24 | 13.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | 1.99 | &nbsp;&nbsp;&nbsp; (0.25) |  | (0.25) | 15.38 | 14.73 | 16639 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 24  |
| 07/01/22 | 06/30/23 | 12.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | 2.08 | &nbsp;&nbsp;&nbsp; (0.21) | (0.25) | (0.46) | 13.64 | 17.46 | 2535 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 17  |
| 07/01/21^ | 06/30/22 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (1.42) | (1.21) | &nbsp;&nbsp;&nbsp; (0.20) | (0.98) | (1.18) | 12.02 | &nbsp;&nbsp; (8.87) | 208 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 33  |

---

The accompanying notes are an integral part of these financial statements.

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Financial Highlights(Continued)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **From Investment** <br>**Operations<sup>(a)</sup>** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** | **Ratios to Average** <br>**Net Assets<sup>(b)</sup>** |  |
| **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **For a Share** <br>**Outstanding** <br>**Throughout** <br>**Each Fiscal Period:** | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Beginning** | **Ending**  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Realized &** <br>**Unrealized** <br>**Gains** <br>(Losses) | **Total** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** | **Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | **Total** <br>**Return<sup>(c)</sup>** | **Net** <br>**Assets at** <br>**End of** <br>**Period** <br>**(000's)** | **Net** <br>**Investment** <br>**Income** <br>(Loss) | **Net** <br>**Expenses** | **Gross** <br>**Expenses<sup>(d)</sup>** | **Portfolio** <br>**Turnover** <br>**Rate<sup>(c)</sup>**  |
| **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** | **Brown Advisory - WMC Japan Equity Fund:** |
| **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** | **Institutional Shares\*** |
| 07/01/25 | 12/31/25 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $0.12 | &nbsp;&nbsp;&nbsp; $0.99 | $1.11 | &nbsp;&nbsp;&nbsp; $(0.22) | $(0.24) | $(0.46) | $11.54 | &nbsp;&nbsp; 10.14% | $499159 | &nbsp;&nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 38%  |
| 09/30/24^ | 06/30/25 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.89 | &nbsp;&nbsp;&nbsp; — |  |  | 10.89 | 8.90 | 306181 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; 73  |
| **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** | **Investor Shares\*** |
| 07/01/25 | 12/31/25 | 10.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | 1.09 | &nbsp;&nbsp;&nbsp; (0.20) | (0.24) | (0.44) | 11.53 | 10.01 | 142 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 38  |
| 09/30/24^ | 06/30/25 | 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 0.88 | &nbsp;&nbsp;&nbsp; — |  |  | 10.88 | 8.80 | 127 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |

---

\* Unaudited for periods beginning after June 30, 2025. Redemption fees of less than $0.005/share are not presented and are included in net realized & unrealized gains (losses) from investment operations.

<sup>^</sup> Information presented is for the entire history of the share class.

<sup>(a)</sup> Calculated based on average shares outstanding during the fiscal period.

<sup>(b)</sup> Annualized for periods less than one year. Ratios include only income and expenses of the funds themselves, as presented in the Statements of Operations, and do not include any additional or pro rata amounts of income or expenses from the ownership of any other investment companies (as applicable).

<sup>(c)</sup> Not annualized for periods less than one year. Portfolio turnover rates are calculated at the fund level (not by individual share class).

<sup>(d)</sup> Reflects the expense ratio excluding any expense waivers or expense recoupments.

The accompanying notes are an integral part of these financial statements.

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)** 

**NOTE 1. ORGANIZATION** 

Brown Advisory Funds (the "Trust") is registered under the Investment Company Act of 1940 as an open-ended management investment company. The Trust offers the following series of shares (each a "Fund," and collectively, the "Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Growth Equity Fund** ("Growth Equity Fund") seeks to achieve capital appreciation by primarily investing in equity securities,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Flexible Equity Fund** ("Flexible Equity Fund") seeks to achieve long-term growth of capital,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Growth Fund** ("Sustainable Growth Fund") seeks to achieve capital appreciation,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Mid-Cap Growth Fund** ("Mid-Cap Growth Fund") seeks to achieve long-term capital appreciation,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Small-Cap Growth Fund** ("Small-Cap Growth Fund") seeks to achieve long-term capital appreciation by primarily investing
 in equity securities,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Small-Cap Fundamental Value Fund** ("Small-Cap Fundamental Value Fund") seeks to achieve long-term capital appreciation,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Small-Cap Core Fund** ("Sustainable Small-Cap Core Fund") seeks to achieve long-term capital appreciation
 by investing primarily in equity securities of small-cap companies,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Value Fund** ("Sustainable Value Fund") seeks to achieve long-term capital appreciation,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Global Leaders Fund** ("Global Leaders Fund") seeks to achieve long-term capital appreciation by investing primarily
 in global equities,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable International Leaders Fund** ("Sustainable International Leaders Fund") seeks to achieve long-term capital
 appreciation by investing primarily in international equities,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Intermediate Income Fund** ("Intermediate Income Fund") seeks to provide a high level of current income consistent with
 the preservation of principal within an intermediate-term maturity structure,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Sustainable Bond Fund** ("Sustainable Bond Fund") seeks to provide a competitive total return consistent with the preservation
 of principal while giving special consideration to certain sustainable investment criteria,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Maryland Bond Fund** ("Maryland Bond Fund") seeks to provide a high level of current income exempt from both Federal
 and Maryland State income taxes without undue risk,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Tax-Exempt Bond Fund** ("Tax-Exempt Bond Fund") seeks to provide a high level of current income exempt from Federal income
 tax by investing primarily in intermediate-term investment grade municipal bonds,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Tax-Exempt Sustainable Bond Fund** ("Tax-Exempt Sustainable Bond Fund") seeks to provide a high level of current income
 exempt from Federal income tax by investing primarily in intermediate-term investment grade municipal bonds while giving special consideration
 to certain sustainable investment criteria,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Mortgage Securities Fund** ("Mortgage Securities Fund") seeks to maximize total return consistent with preservation of
 capital,

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory - WMC Strategic European Equity Fund** ("WMC Strategic European Equity Fund") seeks to achieve total return by investing
 principally in equity securities issued by companies established or operating in Europe,

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory Emerging Markets Select Fund** ("Emerging Markets Select Fund") seeks to achieve total return by investing principally
 in equity securities issued by companies established or operating in emerging markets, and

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory - Beutel Goodman Large-Cap Value Fund** ("Beutel Goodman Large-Cap Value Fund") seeks to achieve capital appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;• **Brown Advisory - WMC Japan Equity Fund** ("WMC Japan Equity Fund") seeks to achieve total return by investing principally in equity
 securities of companies which are domiciled in or exercise the predominant part of their economic activity in Japan.

The Funds inception dates are as follows. Operations commenced the first business day after the inception date.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Institutional** <br>**Shares** | **Investor** <br>**Shares** | **Advisor** <br>**Shares**  |
| Growth Equity  | 10/19/2012 | 6/28/1999 | 5/18/2006  |
| Flexible Equity  | 10/19/2012 | 11/30/2006 | 1/24/2007  |
| Sustainable Growth  | 6/29/2012 | 6/29/2012 | 6/29/2012  |
| Mid-Cap Growth  | 7/2/2018 | 10/2/2017 | —  |
| Small-Cap Growth | 9/20/2002 | 6/28/1999 | 4/25/2006  |
| Small-Cap Fundamental Value  | 10/19/2012 | 12/31/2008 | 7/28/2011  |
| Sustainable Small-Cap Core  | 9/30/2021 | 9/30/2021 | —  |
| Sustainable Value | 2/28/2023 | 2/28/2023 | —  |
| Global Leaders | 10/31/2018 | 7/1/2015 | —  |
| Sustainable International Leaders  | 2/28/2022 | 2/28/2022 | —  |
| Intermediate Income  |  | 11/2/1995 | 5/13/1991  |
| Sustainable Bond | 7/2/2018 | 8/7/2017 | —  |
| Maryland Bond  |  | 12/21/2000 | —  |
| Tax-Exempt Bond  | 7/2/2018 | 6/29/2012 | —  |
| Tax-Exempt Sustainable Bond  |  | 12/2/2019 | —  |
| Mortgage Securities | 5/13/2014 | 12/26/2013 | —  |
| WMC Strategic European Equity  | 10/21/2013 | 10/21/2013 | 10/21/2013  |
| Emerging Markets Select | 12/12/2012 | 12/12/2012 | 12/12/2012  |
| Beutel Goodman Large-Cap Value  | 2/13/2018 | 6/30/2021 | —  |
| WMC Japan Equity  | 9/30/2024 | 9/30/2024 |  |

---

**NOTE 2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Funds are investment companies and follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies, which is part of U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Security Valuation – The Funds have adopted pricing and valuation procedures pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the Adviser serves as the Funds Valuation Designee. The Valuation Designee performs all fair value determinations along with all other responsibilities in accordance with Rule 2a-5. As Valuation Designee, the Adviser is authorized to make all necessary determinations of fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from independent pricing services are inaccurate or unreliable.

The Funds have adopted US GAAP fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the

79<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs, if any, during the period. These inputs are summarized in the three broad levels listed below:

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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

**Domestic Equity Securities – Domestic equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market<sup>®</sup> ("NASDAQ"), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over- the counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Such domestic equity securities are typically categorized as Level 1 securities. Investments in other domestic open-ended mutual funds are valued at their reported Net Asset Value ("NAV") and are typically categorized as Level 1 securities. Investments in Exchange Traded Funds ("ETFs") and Closed-End Funds are valued at their last reported sale price and are typically categorized as Level 1 securities.** 

**Foreign Equity Securities – For foreign equity securities that are traded on foreign exchanges, the Funds have selected ICE Data Services ("ICE") to provide pricing data. The use of ICE's pricing services with respect to these foreign exchange traded securities is designed to capture events occurring after a foreign exchange closes that may affect the value of certain holdings of the Funds that are traded on those foreign exchanges. The Funds utilize a confidence interval when determining whether or not to utilize these prices provided by ICE. The confidence interval is a measure of the relationship that each foreign exchange traded security has to movements in various indices and the price of the foreign exchange traded security's corresponding American Depositary Receipt, if one exists. ICE provides a confidence interval for each foreign exchange traded security for which it provides a price. If the confidence interval provided by ICE is equal to or greater than a predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at that price. If the confidence interval provided by ICE is less than the predefined level utilized by the Funds, the Funds will value that foreign exchange traded security at the preceding closing price on its respective foreign exchange, or, if there were no transactions on the preceding day, at the mean between the bid and the asked prices. Such foreign securities are typically categorized as Level 2 securities. Foreign securities for which the local market closing prices are utilized are typically categorized as Level 1 securities.** 

**Debt Securities – Debt securities are valued by using the mean between the closing bid and asked prices provided by an independent pricing service. If the closing bid and asked prices are not readily available, the independent pricing service may provide a price determined by a matrix pricing method. These techniques generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. Fixed income debt instruments, such as commercial paper, banker's acceptances and U.S. Treasury Bills, having a maturity of less than 60 days are valued at amortized cost when the amortized cost value is determined to approximate fair value established using market-based and issuer-specific factors. Such debt securities are typically categorized as Level 2.** 

**Exchange Traded Options – Exchange traded options are valued at the composite price, using the National Best Bid and Offer quotes (NBBO). NBBO consists of the highest bid price and lowest ask price across any of the exchanges on which an option is quoted, thus providing a view across the entire U.S. options marketplace. Specifically, composite pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded. Such options are typically categorized as Level 2.** 

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

**Futures Contracts – Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1 securities.** 

**Forward Foreign Currency Contracts – Forward foreign currency contracts are valued at the prevailing forward exchange rates of the underlying currencies and are categorized as Level 2 securities.** 

Securities for which quotations are not readily available, or for which quotations are deemed to be inaccurate or unreliable, are valued at their respective fair values as determined in good faith under guidelines and procedures adopted by the Board of Trustees. These are generally considered Level 3 securities when significant unobservable inputs are utilized in the determination of the fair value. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the guidelines and procedures adopted by the Board of Trustees. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of the date of this report, the Small-Cap Growth Fund and Emerging Markets Select Fund held Level 3 securities for which significant and unobservable inputs or assumptions were used in the determination of fair value. The total value of such securities held as of the date of this report was $567,542 or 0.1% of Small-Cap Growth Fund's net assets, $0 or 0.0% of Sustainable Small-Cap Core Fund's net assets, and $1,848 or 0.0% of Emerging Market Select Fund's net assets. The following is a summary of inputs used to value the Funds' investments as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Growth Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $378173148 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 6609796 |  | —  |
| **Total Investments** | $384782944 | $— | $—  |
| **Flexible Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $988141501 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 16055687 |  | —  |
| **Total Investments**  | $1004197188 | $— | $—  |
| **Sustainable Growth Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6527044558 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 55020610 |  | —  |
| **Total Investments**  | $6582065168 | $— | $—  |
| **Mid-Cap Growth Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $28378951 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 703128 |  | —  |
| **Total Investments**  | $29082079 | $— | $—  |
| **Small-Cap Growth Fund†**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $607018181 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 7282541 |  | —  |
| &nbsp;&nbsp;&nbsp; Private Placements |  |  | 567542  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2760282 |  | —  |
| **Total Investments**  | $617061004 | $— | $567542  |

---

81<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Small-Cap Fundamental Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1033332122 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 40903860 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 10696661 |  | —  |
| **Total Investments**  | $1084932643 | $— | $—  |
| **Sustainable Small-Cap Core Fund†**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $96183202 | $— | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ | 2432673 |  | —  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4015127 |  | —  |
| **Total Investments**  | $102631002 | $— | $—  |
| **Sustainable Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $170870731 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 7430012 |  | —  |
| **Total Investments**  | $178300743 | $— | $—  |
| **Global Leaders Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $— | $56175528 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 76958682 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 72108864 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 158975968 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 72331004 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 50745588 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 86159683 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 61746184 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 94071325 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 81582613 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 342197475 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1276602092 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 108738698 |  | —  |
| **Total Investments**  | $1553083086 | $985310618 | $—  |
| **Sustainable International Leaders Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $— | $851634 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1907183 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 3738923 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 1211484 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 4387025 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 3186568 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1724907 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 959985 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan |  | 2108540 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 3423255 | —  |

---

82<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Sustainable International Leaders Fund - (Continued)**  | **Sustainable International Leaders Fund - (Continued)**  | **Sustainable International Leaders Fund - (Continued)**  | **Sustainable International Leaders Fund - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  | &nbsp;&nbsp;&nbsp; Common Stocks - (Continued)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | $— | $997964 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 1092596 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2553179 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1723968 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 10874303 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 1392386 |  | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 5354963 |  | —  |
| **Total Investments**  | $12103407 | $35385456 | $—  |
| **Intermediate Income Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $49185572 | $—  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 37531096 | —  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 34643214 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 5734099 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 3216802 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 605087 |  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 547965 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3842205 |  | —  |
| **Total Investments**  | $3842205 | $131463835 | $—  |
| **Futures Contracts - Long\*** | $(24027) | $— | $—  |
| **Futures Contracts - Short\*** | $26050 | $— | $—  |
| **Sustainable Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $173965077 | $—  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 163007446 | —  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 142555811 | —  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 30212227 | —  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 29670838 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 23288506 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 5507783 | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5437830 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 35018852 | 793521 | —  |
| **Total Investments**  | $35018852 | $574439039 | $—  |
| **Futures Contracts - Long\*** | $(108024) | $— | $—  |
| **Futures Contracts - Short\*** | $17507 | $— | $—  |
| **Maryland Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $166701945 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 3446936 |  | —  |
| **Total Investments**  | $3446936 | $166701945 | $—  |

---

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Tax-Exempt Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $1116376498 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 30703510 |  | —  |
| **Total Investments**  | $30703510 | $1116376498 | $—  |
| **Tax-Exempt Sustainable Bond Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $316380395 | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 13467942 |  | —  |
| **Total Investments**  | $13467942 | $316380395 | $—  |
| **Mortgage Securities Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities | $— | $261812710 | $—  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 14726443 | —  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 11988935 | —  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 2341378 | —  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 226099 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 28258605 |  | —  |
| **Total Investments**  | $28258605 | $291095565 | $—  |
| **Futures Contracts - Long\*** | $(33387) | $— | $—  |
| **Futures Contracts - Short\*** | $159074 | $— | $—  |
| **WMC Strategic European Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $17933399 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 28563804 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic |  | 5204291 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 24436521 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 15353124 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 79446868 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 88493874 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 6129814 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 6770267 | 44465851 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 14094131 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 10513542 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 3696799 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 12439099 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 28286826 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 31374900 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 46902882 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 4003588 | 188884479 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States |  | 10474367 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 7265706 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 17313080 |  | —  |
| **Total Investments**  | $38600477 | $653446735 | $—  |

---

84<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3**  |
| **Emerging Markets Select Fund†**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $— | $27012381 | $—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 5079069 | 244031165 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 11196874 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India |  | 112532250 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 11356674 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 4928597 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 1848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 4090078 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 4712231 | 27342096 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 122698252 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 128960682 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 6285144 | 12667928 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 4548537 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 1479270 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 18586756 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam |  | 6852134 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 16534566 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 18678136 |  | —  |
| **Total Investments**  | $58269933 | $731302887 | $1848  |
| **Beutel Goodman Large-Cap Value Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1212024660 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 43155066 |  | —  |
| **Total Investments**  | $1255179726 | $— | $—  |
| **WMC Japan Equity Fund**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $— | $483485344 | $—  |
| &nbsp;&nbsp;&nbsp; REIT^ |  | 5600121 | —  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 5607171 |  | —  |
| **Total Investments**  | $5607171 | $489085465 | $— |

---

^ Real Estate Investment Trusts

\* Amounts presented for Futures Contracts represent total unrealized appreciation (depreciation) as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;† A reconciliation of Level 3 investments
 is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation
 to net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Securities Transactions and Investment Income – Investment securities transactions are accounted for on trade date. Discounts/premiums on debt securities purchased are accreted/amortized to contractual maturity, estimated maturity, or next call date, as applicable. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Income and capital gains on some foreign securities may be subject to foreign withholding or capital gains taxes. Identified cost of investments sold is used to determine the gain and loss for both financial statement and Federal income tax purposes. Distributions deemed to be a return of capital are recorded as a reduction of the cost of the related investments or as realized capital gains when there is no remaining cost basis on the investments.

The Funds are subject to foreign income taxes imposed by certain countries in which some of the Funds invest. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law,

85<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are recognized by the Funds as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain (loss) on securities in the Statements of Operations. To the extent that a Fund may have country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability recognized by the Funds is included on the Statement of Assets and Liabilities as Non-U.S. Deferred Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses and Share Class Allocations – Expenses directly attributable to a Fund are charged to that Fund. Expenses attributable to more than one Fund are allocated to the respective Funds on the basis of relative net assets or other appropriate methods. In Funds with multiple share classes, each share class has equal rights to earnings and assets except that each share class bears different shareholder servicing and/or Rule 12b-1 distribution expenses. Each share class has exclusive voting rights with respect to matters that affect just that share class. Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized capital gains or losses on investments are allocated to each share class on the basis of relative net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. Dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. Dollar amounts on the respective dates of such transactions.

The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Some of the Funds may invest in forward foreign currency contracts. These amounts are presented separately from realized and unrealized gains and losses from investments in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Options – The Funds may invest in options. When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gain from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency determining whether a Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchase by a Fund. A Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

When a Fund purchases an option, an amount equal to the premium paid by a Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if a Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non- income producing securities. None of the Funds purchased, sold or wrote any options during the six months ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. To-Be-Announced Securities – Some of the Funds may invest in to-be-announced securities ("TBAs"). TBAs is a term that is generally used to describe forward-settling mortgage-backed securities. These TBAs are generally issued by U.S. Government Agencies or U.S. Government Sponsored Entities such as Freddie Mac, Fannie Mae and Ginnie Mae. The actual mortgage-backed security that will be delivered to the buyer at the time TBAs trades are entered into is not known, however, the terms of the acceptable pools of loans that will comprise the mortgage-backed security are determined at the time the trade is entered into (coupon rate, maturity, credit quality, etc.). Investment in TBAs will generally increase a Fund's exposure to interest rate risk and could also expose a Fund to counterparty default risk. In order to mitigate counterparty default risk, the Funds only enter into TBAs with counterparties for which the risk of default is determined to be remote. As a purchaser or seller of TBAs, the Funds segregate cash or cash equivalents as collateral as required in accordance with applicable industry regulations.

86<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Tender Option Bonds – Maryland Bond Fund, Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund may engage in tender option bond ("TOB") transactions up to 5% of its net assets which are accounted for by the funds as a secured borrowing. In a typical TOB transaction, a Fund or another party deposits fixed-rate municipal bonds or other securities into a special purposes entity, referred to as a tender option bond trust (a "TOB Trust"). The TOB Trust generally issues short-term floating rate interests ("Floaters"), which are generally sold to third party investors (often money market funds) and residual interests ("Residual Interests"), which are generally held by the Fund or party that contributed the securities to the TOB Trust. The interest rates payable on the Residual Interests bear an inverse relationship to the interest rate on the Floaters. The interest rate on the Floaters is reset by a remarketing process typically every 7 to 35 days. After income is paid on the Floaters at current, short- term rates, the residual income from the underlying bond held by the TOB Trust goes to the Residual Interests. If a Fund is the depositor of the municipal bonds or other securities to the TOB Trust, the Fund will receive the proceeds from the TOB Trust's sale of the Floaters, less certain transaction costs. These proceeds may be used by the Fund to invest in other securities, which would have a leveraging effect on the Fund.

Residual Interests may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances, the holder of the Residual Interests bears substantially all of the underlying bond's downside investment risk and also benefits from any appreciation in the value of the underlying bond. Investments in Residual Interests typically will involve greater risk than investments in the underlying municipal bond, including the risk of loss of principal. Because changes in the interest rate on the Floaters inversely affect the residual interest paid on the Residual Interests, the value of the Residual Interests is generally more volatile than that of a fixed-rate municipal bond. Floaters and Residual Interests are subject to interest rate adjustment formulas which generally reduce or, in the extreme, eliminate the interest received by the Residual Interests when short-term interest rates rise, and increase the interest received when short-term interest rates fall.

The Residual Interests held by a Fund provide the Fund with the right to: (1) cause the holders of the Floaters to tender their notes at par, and (2) cause the sale of the underlying bond held by the TOB Trust, thereby collapsing the TOB Trust. A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. Each Fund does not currently intend to invest in a TOB Trust on a recourse basis, although each Fund reserves the right to do so in the future. TOB Trusts are typically supported by a liquidity facility provided by a third-party bank or other financial institution (the "Liquidity Provider") that allows the holders of the Floaters to tender their Floaters in exchange for payment of par plus accrued interest on any business day (subject to the non- occurrence of a TOTE, as such term is defined below). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase the tendered Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered Floaters.

The TOB Trust may also be collapsed without the consent of a Fund, as the holder of the Residual Interest, upon the occurrence of certain "tender option termination events" (or "TOTEs") as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the underlying municipal bond is subject to federal income taxation. Upon the occurrence of a TOTE, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the Floaters up to par plus accrued interest owed on the Floaters and a portion of gain share, if any, with the balance paid out to the holder of the Residual Interests. In the case of a mandatory termination event, as defined in the TOB Trust agreements, after the payment of fees, the holders of the Floaters would be paid before the holders of the Residual Interests (i.e., the Fund). In contrast, in the case of a TOTE, after payment of fees, the holders of the Floaters and the holders of the Residual Interests would be paid pro rata in proportion to the respective face values of their certificates.

Under GAAP, securities of a Fund that are deposited into a TOB Trust continue to be treated as investments of the Fund and are presented on the Fund's Schedule of Investments and outstanding Floaters issued by a TOB Trust are presented as "Floating rate note obligations, interest and fees" in the liabilities section of the Fund's Statement of Assets and Liabilities and also includes interest and fees associated with the floating rate obligations. Interest income from the underlying security is recorded by the Fund on an accrual basis and included as part of "Interest Income" on the Statements of Operations. Interest expense and other fees incurred on the Floaters is included on the Statement of Operations as "Interest expense and fees on floating rate note obligations". During the six months ended as of the date

87<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

of this report, the Tax-Exempt Bond Fund engaged in TOB transactions and $97,630 of such expenses were incurred. As of the date of this report, the Tax-Exempt Bond Fund has $6,000,000 in outstanding floating rate obligations related to its tender option bond transactions. The average amount of outstanding floating rate note obligations for the Tax-Exempt Bond Fund during the period of this report was $6,000,000. The average rate of interest expense on the floating rate note obligations for the Tax-Exempt Bond Fund during the period of this report was 2.69%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Distributions to Shareholders – For Maryland Bond Fund, Tax-Exempt Bond Fund and Tax-Exempt Sustainable Bond Fund, distributions of net investment income, if any, are declared daily and paid monthly. Distributions to shareholders of net investment income, if any, are declared and paid monthly for the Intermediate Income Fund, Sustainable Bond Fund and Mortgage Securities Fund. The remaining Funds declare and pay net investment income, if any, at least annually. Distributions to shareholders of net capital gains, if any, are declared and paid at least annually. Distributions are recorded on the ex-dividend date. If a Fund is involved in a reorganization in which it acquires, or is being acquired by another fund, an additional distribution of net investment income and/or capital gains may be made prior to such reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Federal Taxes – Each Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

The Funds recognize tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities.

The Funds have analyzed their tax positions and have concluded that no liability for unrecognized tax benefits should be recorded related to uncertain income tax positions taken on returns filed for open tax years (2022-2024) as of December 31, 2025 or are expected to be taken in the Funds' 2025 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal and Delaware State; however, the Funds are not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Redemption Fees – Prior to close of business October 17, 2025, a shareholder who redeemed or exchanged shares of the Funds within fourteen days of purchase would incur a redemption fee of 1.00% of the current net asset value of shares redeemed or exchanged, subject to certain exceptions. The fee was charged for the benefit of the remaining shareholders and was paid to the Fund to help offset transaction costs. The fee was accounted for as an addition to paid-in capital. Each Fund reserves the right to modify the terms of or terminate the fee at any time. Following approval by the Board of Trustees, the redemption fee of 1.00% was eliminated as of close of business on October 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Segment Reporting – Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by Officers of the Funds employed by the Adviser, who together serve as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

88<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

**NOTE 3. AFFILIATED PARTY TRANSACTIONS** 

**Investment Adviser – Brown Advisory LLC serves as Investment Adviser ("the Adviser") to the Funds. Pursuant to investment advisory agreements, the Adviser receives a management fee, accrued daily and payable monthly, from each Fund at an annual rate of the Fund's average daily net assets as follows:** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Breakpoint** | **Annual** <br>**Fee**  |
| Growth Equity and | First $1.5 billion | 0.60%  |
| Sustainable Growth  | $1.5 billion to $3 billion | 0.55%  |
|  | $3 billion to $6 billion | 0.50%  |
|  | Over $6 billion | 0.45%  |
| Flexible Equity  | First $150 million | 0.50%  |
|  | $150 million to $250 million | 0.45%  |
|  | $250 million to $1 billion | 0.40%  |
|  | Over $1 billion | 0.38% |

---

---

| | |
|:---|:---|
| **Fund** | **Annual** <br>**Fee**  |
| Mid-Cap Growth | 0.65%  |
| Small-Cap Growth | 0.85%  |
| Small-Cap Fundamental Value | 0.85%  |
| Sustainable Small-Cap Core | 0.85%  |
| Sustainable Value | 0.60%  |
| Global Leaders<sup>1</sup> | 0.65%  |
| Sustainable International Leaders<sup>1</sup> | 0.75%  |
| Intermediate Income | 0.30%  |
| Sustainable Bond | 0.30%  |
| Maryland Bond | 0.30%  |
| Tax-Exempt Bond | 0.30%  |
| Tax-Exempt Sustainable Bond  | 0.30%  |
| Mortgage Securities  | 0.30%  |
| WMC Strategic European Equity<sup>2</sup>  | 0.90%  |
| Emerging Markets Select<sup>2,3</sup>  | 0.90%  |
| Beutel Goodman Large-Cap Value<sup>4</sup>  | 0.45%  |
| WMC Japan Equity<sup>2</sup>  | 0.80% |

---

<sup>1</sup> Brown Advisory Limited ("BAL") serves as sub-adviser to the Global Leaders Fund and the Sustainable International Leaders Fund and makes investment decisions on their behalf. BAL is compensated for its services by the Adviser.

<sup>2</sup> Wellington Management Company LLP ("Wellington") serves as sub-adviser to the WMC Strategic European Equity Fund, the Emerging Markets Select Fund, and the WMC Japan Equity Fund and makes investment decisions on their behalf. Wellington is compensated for its services by the Adviser. 

<sup>3</sup> Pzena Investment Management, LLC ("Pzena") serves as sub-adviser to the Emerging Markets Select Fund and makes investment decisions on its behalf. Pzena is compensated for its services by the Adviser.

<sup>4</sup> Beutel, Goodman & Company Ltd. ("Beutel Goodman") serves as sub-adviser to the Beutel Goodman Large-Cap Value Fund and makes investment decisions on its behalf. Beutel Goodman is compensated for its services by the Adviser.

These fees are reported on the Funds' Statements of Operations as "Investment advisory fees".

**Business Management Fees – The Adviser is also entitled to receive an annual business management fee of 0.05%, accrued daily and payable monthly, of the Funds' average daily net assets in exchange for its management and oversight of the non-investment advisory services provided to the Funds and the Trust. These fees are reported on the Funds' Statements of Operations as "Business management fees".** 

89<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

**Fee Waivers and Expense Reimbursements (Operating Expense Caps) – The Adviser has contractually agreed to waive a portion of its fees and reimburse certain expenses to limit total annual operating expenses as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund(s):** | **Institutional** <br>**Shares** | **Investor** <br>**Shares** | **Advisor** <br>**Shares**  |
| Growth Equity, Flexible Equity, Sustainable Growth and Mid-Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.22%  |
| Small-Cap Growth | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.44%  |
| Small-Cap Fundamental Value | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.43%  |
| Sustainable Small-Cap Core  | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.33%  |
| Global Leaders  | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.27%  |
| Sustainable International Leaders  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.25%  |
| Intermediate Income | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.78%  |
| Sustainable Bond  | &nbsp;&nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.58% | &nbsp;&nbsp; 0.83%  |
| Maryland Bond and Mortgage Securities | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.85%  |
| Tax-Exempt Bond and Tax-Exempt Sustainable Bond  | &nbsp;&nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.67% | &nbsp;&nbsp; 0.92%  |
| WMC Strategic European Equity  | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; 1.51%  |
| Emerging Markets Select  | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.57%  |
| Sustainable Value and Beutel Goodman Large-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 1.10%  |
| WMC Japan Equity | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.40% |

---

During the six months ended December 31, 2025, the Adviser waived $25,724 in expenses for Mid-Cap Growth Fund, $54,629 in expenses for Sustainable Small-Cap Core Fund, $34,645 in expenses for Sustainable Value Fund, $56,240 in expenses for Sustainable International Leaders Fund, and $1,195 in expenses for Intermediate Income Fund. The Adviser may recoup any waived amounts from the Funds if such reimbursement does not cause the Funds to exceed its existing expense limitations or the limitation in place at the time the reduction was originally made and the amount recouped is made within three years after the date on which the Adviser waived the expense. The Funds must pay their current ordinary operating expenses before the Adviser is entitled to any recoupment of previously waived fees and/or expenses. The cumulative amounts of previously waived fees that the Adviser may recoup from the Funds are shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2026** | **2027** | **2028** | **Total**  |
| Mid-Cap Growth Fund | $11288 | $17028 | $29045 | $57361  |
| Sustainable Small-Cap Core Fund  | 96918 | 92246 | 100400 | 289564  |
| Sustainable Value Fund | 56368 | 75923 | 74924 | 207215  |
| Sustainable International Leaders Fund  | 110385 | 104346 | 116788 | 331519 |

---

During the six months ended December 31, 2025, the Adviser recovered $12,480 of previously waived fees in WMC Japan Equity Fund.

**Distribution – ALPS Distributors, Inc. (the "Distributor") serves as principal underwriter for shares of the Funds and acts as each Fund's Distributor in a continuous public offering of each Fund's shares.** 

**Rule 12b-1 Distribution Fees – Under a Distribution Plan adopted pursuant to Rule 12b-1 under the Act ("Distribution Plan"), each Fund pays ALPS Distributors, Inc. (the "Distributor"), or any other entity as authorized by the Board, as compensation for the distribution-related and/or shareholder services provided by such entities an aggregate fee equal to 0.25% of the average daily net assets of Advisor Shares for each Fund. The Distributor may pay any or all amounts received under the Rule 12b-1 Plan to financial intermediaries or other persons, including the Adviser, for any distribution or service activity. These fees are reported in the Funds' Statements of Operations as "Distribution fees – Advisor Shares".** 

**Shareholder Servicing Fees – The Trust has also adopted a Shareholder Service Plan under which each Fund may pay a fee of up to 0.15% of the average daily net assets of each Fund's Investor and Advisor Shares (except for the Intermediate Income Fund, Sustainable Bond Fund, Maryland Bond Fund, Tax-Exempt Bond Fund, Tax-Exempt** 

90<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

Sustainable Bond Fund and Mortgage Securities Fund, which may pay a fee of up to 0.05%) for shareholder services provided to the Funds by financial institutions, including the Adviser. The Adviser serves as the shareholder servicing agent of the Funds. These fees are reported in the Funds' Statements of Operations as "Service fees – Investor Shares" and "Service fees – Advisor Shares".

**Investments in Affiliates – Intermediate Income Fund – The Intermediate Income Fund and Mortgage Securities Fund are considered affiliates since Brown Advisory LLC is the Adviser to both of the Funds. In seeking to achieve its investment objective, the Intermediate Income Fund may invest a portion of its assets into the Mortgage Securities Fund. As of December 31, 2025, the Intermediate Income Fund did not own shares of the Mortgage Securities Fund.** 

The Intermediate Income Fund has entered into a Fee Waiver Agreement (the "Agreement") with the Adviser. Per the Agreement, the Intermediate Income Fund will waive Advisory Fees in an amount equal to the Advisory Fees earned by the Mortgage Securities Fund on the assets invested into it by the Intermediate Income Fund. For example, if the Intermediate Income Fund owned $10,000,000 worth of the Mortgage Securities Fund for an entire year, it would waive, on an annual basis, $30,000 in Advisory Fees ($10,000,000 multiplied by 0.30%, the annual Advisory Fee ratio for the Mortgage Securities Fund). The Intermediate Income Fund did not invest in the Mortgage Securities fund during the six months ended December 31, 2025.

**Other Service Providers – U.S. Bancorp Fund Services, LLC ("Fund Services"), doing business as U.S. Bank Global Fund Services, an indirect wholly-owned subsidiary of U.S. Bancorp, serves as the Funds' Administrator ("Administrator"), and in that capacity, performs various administrative services for the Funds. Fund Services also serves as the Funds' fund accountant and transfer agent. Certain officers of the Trust are employees of Fund Services and the Funds' custodian, U.S. Bank, N.A., is an affiliate of the Administrator. Fees paid to Fund Services and U.S. Bank, N.A. for its service can be found in the Statements of Operations as "Administration, accounting and transfer agent fees" and "Custodian fees", respectively. Additional amounts for miscellaneous expenses may be paid by the Funds to Fund Services and included in "Miscellaneous expenses" in the Statements of Operations.** 

**Rule 17a-7 Transactions – Each Fund is permitted to purchase and sell securities to certain affiliated parties under specified conditions outlined in procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. Pursuant to these procedures, during the six months ended December 31, 2025, the WMC Strategic European Equity Fund engaged in such securities purchases of $3,573,663. The WMC Strategic European Equity Fund and Emerging Markets Select Fund engaged in such securities sales of $1,374,053 and $373,871, resulting in realized gain (loss) of $39,418 and $38,745, respectively. These transactions are included in the purchases and sales table in Note 4.** 

**NOTE 4. PURCHASES AND SALES OF SECURITIES** 

The cost of purchases and the proceeds from sales of investments (including maturities), other than short-term investments, for the six months ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Growth Equity | $84224217 | $308913712  |
| Flexible Equity | 66083319 | 123028391  |
| Sustainable Growth | 1647446384 | 3861637757  |
| Mid-Cap Growth | 25650342 | 65488714  |
| Small-Cap Growth | 103750617 | 425590750  |
| Small-Cap Fundamental Value | 293813604 | 475338581  |
| Sustainable Small-Cap Core | 33878635 | 40490493  |
| Sustainable Value | 22718430 | 16268659  |
| Global Leaders | 371283401 | 370543468  |
| Sustainable International Leaders | 11844183 | 10039613  |
| Intermediate Income | 32685289 | 33165883  |
| Sustainable Bond | 286517655 | 297371633  |
| Maryland Bond | 24098267 | 21382853  |

---

91<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Tax-Exempt Bond | $228120245 | $151361558  |
| Tax-Exempt Sustainable Bond | 70828436 | 44613277  |
| Mortgage Securities | 347018866 | 373183876  |
| WMC Strategic European Equity | 226794506 | 251439555  |
| Emerging Markets Select | 169687097 | 164013790  |
| Beutel Goodman Large-Cap Value | 145484246 | 631790509  |
| WMC Japan Equity | 309320553 | 150594079 |

---

Purchases and sales of U.S. Government securities are included in the totals above and include U.S. Treasury Bonds and Notes. The Funds listed below purchased and sold U.S. Government securities for the six months ended December 31 as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales**  |
| Intermediate Income | $9852341 | $4558710  |
| Sustainable Bond | 35584349 | 15729776 |

---

**NOTE 5. FEDERAL INCOME TAX AND DISTRIBUTION INFORMATION** 

Distributions during the fiscal periods ended as noted were characterized for tax purposes as follows (tax character during the six months ended December 31, 2025 is estimated):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Tax Exempt Income** | **Tax Exempt Income** | **Ordinary Income** | **Ordinary Income** | **Long-Term Capital Gain^**  | **Long-Term Capital Gain^**  |
| <br>**Fund** | **December 31,** <br>**2025** | **June 30,** <br>**2025** | **December 31,** <br>**2025** | **June 30,** <br>**2025** | **December 31,** <br>**2025** | **June 30,** <br>**2025**  |
| Growth Equity | $— | $— | $8479020 | $43084378 | $194476301 | $416720745  |
| Flexible Equity |  |  | 7370345 | 6762519 | 50365814 | 40696186  |
| Sustainable Growth |  |  | 8837087 |  | 1394537194 | 499075486  |
| Mid-Cap Growth |  |  | 3303200 |  | 15438102 | —  |
| Small-Cap Growth |  |  | 1976360 | 6117074 | 114855638 | 75779338  |
| Small-Cap Fundamental Value |  |  | 7701131 | 45883923 | 135727966 | 164240805  |
| Sustainable Small-Cap Core |  |  | 1137502 | 531144 | 3058758 | 190242  |
| Sustainable Value |  |  | 2858445 | 2349208 | 989177 | 459255  |
| Global Leaders |  |  | 11662530 | 10960233 | 126344724 | —  |
| Sustainable International Leaders |  |  | 706377 | 338796 | 852888 | 56740  |
| Intermediate Income |  |  | 2486916 | 4550072 |  | —  |
| Sustainable Bond |  |  | 12879551 | 25830699 |  | —  |
| Maryland Bond | 3026276 | 5671998 | 40699 | 114001 |  | —  |
| Tax-Exempt Bond | 19990974 | 37559015 | 916408 | 2342706 |  | —  |
| Tax-Exempt Sustainable Bond | 5080990 | 9331719 | 474731 | 1111086 |  | —  |
| Mortgage Securities |  |  | 6653585 | 12865253 |  | —  |
| WMC Strategic European Equity |  |  | 18869075 | 9566606 | 33355437 | 7838162  |
| Emerging Markets Select |  |  | 13561839 | 12032180 |  | —  |
| Beutel Goodman Large-Cap Value |  |  | 37871938 | 40959276 | 44107874 | 110348814  |
| WMC Japan Equity |  |  | 18681600 |  | 296065 |  |

---

---

| | |
|:---|:---|
| ^<br>| Designated as a long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3). The Funds, as applicable, have also designated earnings and profits distributed to shareholders on the redemption of shares as capital gains in order to reduce earnings and profits of the Fund related to net capital gains to zero as of the date of this report. |

---

92<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

At June 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth** <br>**Equity Fund** | **Flexible** <br>**Equity Fund** | **Sustainable** <br>**Growth Fund** | **Mid-Cap** <br>**Growth Fund** | **Small-Cap** <br>**Growth Fund** | **Small-Cap** <br>**Fundamental** <br>**Value Fund**  |
| Cost of investments | $339312605 | $434961718 | $5295438935 | $55645340 | $748805051 | $1042538039  |
| Unrealized appreciation | 319995189 | 610464899 | 3824058843 | 19182338 | 274411843 | 272815228  |
| Unrealized depreciation | (13546630) | (13475137) | (174499247) | (2236785) | (87471143) | (133755203)  |
| Net unrealized app (dep) | 306448559 | 596989762 | 3649559596 | 16945553 | 186940700 | 139060025  |
| Undistributed income | 7613474 | 7370038 |  |  | 1976145 | —  |
| Undistributed capital gains | 161873734 | 50365804 | 818543589 | 12585563 | 91496409 | 67947549  |
| Total undistributed earnings | 169487208 | 57735842 | 818543589 | 12585563 | 93472554 | 67947549  |
|  Other accumulated gains (losses) |  |  |  | (121950) |  | —  |
|  Total distributable earnings (losses) | $475935767 | $654725604 | $4468103185 | $29409166 | $280413254 | $207007574 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Sustainable** <br>**Small-Cap** <br>**Core Fund** | **Sustainable** <br>**Value Fund** | **Global Leaders** <br>**Fund** | **Sustainable** <br>**International** <br>**Leaders Fund** | **Intermediate** <br>**Income Fund** | **Sustainable** <br>**Bond Fund**  |
| Cost of investments | $93495300 | $133883666 | $1541894415 | $33352518 | $129747977 | $596187752  |
| Unrealized appreciation | 18421337 | 33497248 | 912202565 | 10283072 | 779127 | 6058840  |
| Unrealized depreciation | (10456505) | (6781183) | (32193569) | (1787394) | (3291277) | (11259300)  |
| Net unrealized app (dep) | 7964832 | 26716065 | 880008996 | 8495678 | (2512150) | (5200460)  |
| Undistributed income |  | 1714189 | 10270906 | 559798 | 334399 | 1591912  |
| Undistributed capital gains |  | 791589 | 67454645 | 852882 |  | —  |
| Total undistributed earnings |  | 2505778 | 77725551 | 1412680 | 334399 | 1591912  |
|  Other accumulated gains (losses) | (370893) |  | (3452078) | 4976 | (12941660) | (127849428)  |
|  Total distributable earnings (losses) | $7593939 | $29221843 | $954282469 | $9913334 | $(15119411) | $(131457976) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Maryland** <br>**Bond Fund** | **Tax-Exempt** <br>**Bond Fund** | **Tax-Exempt** <br>**Sustainable** <br>**Bond** | **Mortgage** <br>**Securities** <br>**Fund** | **WMC Strategic** <br>**European** <br>**Equity Fund** | **Emerging** <br>**Markets** <br>**Select Fund**  |
| Cost of investments | $168691945 | $1041047866 | $299301619 | $335986667 | $521252841 | $528071379  |
| Unrealized appreciation | 948201 | 14277714 | 1450842 | 2402670 | 177024617 | 175632011  |
| Unrealized depreciation | (6871846) | (18944445) | (9161327) | (13767973) | (18145458) | (38414150)  |
| Net unrealized app (dep) | (5923645) | (4666731) | (7710485) | (11365304) | 158879159 | 137217861  |
| Undistributed income | 406,942^ | 2,620,595^ | 665,224^ | 860965 | 10103131 | 9238559  |
| Undistributed capital gains |  |  |  |  | 28178720 | —  |
| Total undistributed earnings | 406942 | 2620595 | 665224 | 860965 | 38281851 | 9238559  |
|  Other accumulated gains (losses) | (11132884) | (106224260) | (22897057) | (32925192) | 111276 | (63671794)  |
|  Total distributable earnings (losses) | $(16649587) | $(108270396) | $(29942318) | $(43429531) | $197272286 | $82784626 |

---

93<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Beutel Goodman** <br>**Large-Cap Value** <br>**Fund** | **WMC Japan** <br>**Equity Fund**  |
| Cost of investments | $1370478137 | $287622254  |
| Unrealized appreciation | 386340832 | 28964264  |
| Unrealized depreciation | (103483651) | (7925053)  |
| Net unrealized app (dep) | 282857181 | 21039211  |
| Undistributed income | 18715129 | 7097153  |
| Undistributed capital gains |  | —  |
| Total undistributed earnings | 18715129 | 7097153  |
| Other accumulated gains (losses) | (33495586) | (937787)  |
| Total distributable earnings (losses) | $268076724 | $27198577 |

---

^ Represents income that is exempt from federal income taxes.

At June 30, 2025 the differences between tax basis and book basis amounts were primarily due to wash sales, post-October losses, post-December ordinary losses, timing differences related to the amortization of premium on certain fixed income securities, and distributions payable.

**NOTE 6. FUTURES CONTRACTS** 

The Intermediate Income Fund, Sustainable Bond Fund, and Mortgage Securities Fund invested in futures contracts during the six months ended December 31, 2025. At the time a Fund purchases or enters into a futures contract, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the terms of the contract. This collateral may consist of cash and/or securities (generally U.S. Treasury Bills). Thereafter, in connection with changes in the value of the futures contracts, the Funds may send or receive collateral to or from the broker. Such amounts are included on the Statements of Assets and Liabilities as "Cash deposit at broker – futures contracts" or "Cash collateral from broker – futures contracts". Securities pledged as collateral, if there are any, are included on the Statements of Assets and Liabilities as part of "Total investments, at value". These securities are also tickmarked on the Schedules of Investments as being pledged in connection with open futures contracts.

Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the fluctuation in the value of the contract. These daily fluctuations are known as variation margin and are recorded by the Fund as unrealized gains or losses on futures contracts. When these futures contracts are closed, realized gains or losses on futures contracts are recorded by the Fund. The realized gains or losses are reported in the Statement of Operations as net realized gains or losses from futures contracts. Depending upon the agreement with the broker, the Funds may or may not settle variation margin daily. The Funds attempt to mitigate counterparty credit risk by only entering into futures contracts with brokers that the Funds believe have the financial resources to honor their obligations and by monitoring the financial stability of these brokers. The "Notional Amount" of futures contracts shown on the Schedule of Investments represents the notional value of the futures contracts on the day they were opened. The "Notional Value" of futures contracts shown on the Schedule of Investments represents the notional value of the futures contracts as of the date of this report. For long futures contracts, an excess of Notional Value over Notional Amount results in unrealized appreciation on the futures contract (and an excess of Notional Amount over Notional Value results in unrealized depreciation on the futures contract). The opposite is true for short futures contracts. For futures contracts denominated in foreign currencies, both the Notional Amount and Notional Value have been translated into U.S. Dollars as of the date of this report. These unrealized appreciation (depreciation) amounts represent the net impact on a Fund's net assets as a result of open futures contracts as of the date of this report. The use of long futures contracts by the Funds subjects them to a risk of loss in excess of the gross unrealized appreciation and/or gross unrealized depreciation amounts shown on the Statements of Assets and Liabilities and up to the total Notional Amount of the futures contract as shown on the Schedule of Investments. The use of short futures contracts by the Funds subjects them to a risk of loss in excess of the

94<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Unaudited)(Continued)** 

gross unrealized appreciation and/or gross unrealized depreciation amounts shown on the Statements of Assets and Liabilities and, hypothetically, up to an unlimited amount of loss that could exceed the Notional Amount of the futures contracts as shown on the Schedules of Investments.

During the six months ended December 31, 2025, investments in futures contracts were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **Average Notional Value Outstanding**  | **Average Notional Value Outstanding**  |
| <br>**Fund** | <br>**Risk Type** | **Long Futures Contracts** | **Short Futures Contracts**  |
| Intermediate Income | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; $21580242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3489397  |
| Sustainable Bond | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 86470160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12939373  |
| Mortgage Securities | Interest Rate | &nbsp;&nbsp;&nbsp;&nbsp; 6887492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25232350 |

---

Investment in long futures contracts increases a Fund's exposure to interest rate risk, while investment in short futures contracts serves to reduce a Fund's exposure to interest rate risk. Assets and/or liabilities related to futures contracts were not subject to an arrangement wherein those assets and/or liabilities were, or could have been, settled on a net basis with any other derivative related obligations.

**NOTE 7. LINE OF CREDIT** 

As of December 31, 2025, Brown Advisory Funds has a secured line of credit of up to $200,000,000 with U.S. Bank, N.A. The interest rate on the line of credit as of the date of this report was 6.75% (prime rate). The following table shows the details of the Funds' borrowing activity during six months ended December 31, 2025. Funds that are not listed did not utilize the line of credit during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Maximum** <br>**Outstanding** <br>**Balance** | **Average Daily** <br>**Balance** | **Total Interest** <br>**Expense Incurred** | **Average Annual** <br>**Interest Rate**  |
| WMC Strategic European Equity | $20786000 | &nbsp;&nbsp; $222071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% |

---

**NOTE 8. SUBSEQUENT EVENTS** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition through the date the financial statements were issued. No material events or transactions occurred subsequent to December 31, 2025 that would require recognition or disclosure in these financial statements.

95<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)** 

**The below information is required disclosure from Form N-CSR**

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

On February 12, 2026, the Board of Trustees of the Brown Advisory Funds (the "Board"), upon the recommendation of the Audit Committee of the Board, accepted the resignation of Tait, Weller & Baker LLP ("Tait") as independent registered public accounting firm for the Brown Advisory Funds (the "Funds") and concurrently selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Funds. The reports by Tait on the financial statements of the Funds for the fiscal years ended June 30, 2025 and June 30, 2024 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the fiscal years ended June 30, 2025, June 30, 2024 and the period preceding resignation, there were no (1) disagreements (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) with Tait on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K).

During the Funds' fiscal years ended June 30, 2025 and June 30, 2024, the Funds, nor anyone on its behalf has consulted with PwC on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted during the period covered by the report to a vote of shareholders, through the solicitation of proxies or otherwise.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Refer to information provided as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies. Trustee fees are included on the Statement of Operations for each fund.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

**Board of Trustees Approval of: (i) the Continuation of the Investment Advisory Agreement for the Funds and (ii) the Continuation of the Sub-Investment Advisory Agreements for the Sub-Advised Funds** 

In accordance with the Investment Company Act of 1940, the Board of Trustees of the Trust is required, on an annual basis, to consider: (i) the continuation of the Investment Advisory Agreement between the Trust, on behalf of each of the Funds, and Brown Advisory LLC ("Brown Advisory" or the "Adviser"), as well as (ii) the continuation of each of the applicable Sub-Advisory Agreements that are being considered for continuation, and this must take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the continuation of the Investment Advisory Agreement and each of the Sub-Advisory Agreements, and it is the duty of the Adviser, and each of the Sub-Advisers, as applicable, to furnish the Trustees with such information that is responsive to their request.

Set forth below is information regarding the Board's most recent consideration of the approval of the continuation of the Investment Advisory Agreement for each of the Funds (other than the WMC Japan Equity Fund, which had only recently commenced operations) and each of the Sub-Advisory Agreements (other than for the WMC Japan Equity Fund). The first section provides information regarding the Board's review of matters with respect to the continuation of the Investment Advisory Agreement with Brown Advisory. In addition, set forth immediately following that section are separate discussions of the Board's consideration of matters with respect to: (1) the approval of the continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory-WMC Strategic European Equity Fund; (2) the approval of the continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory Global Leaders Fund; (3) the approval of the continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory Sustainable International Leaders Fund; (4) the approval of the continuation of the Sub-Investment

96<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

Advisory Agreement with respect to the Brown Advisory-Beutel Goodman Large-Cap Value Fund; and (5) the approval of the continuation of each of the Sub-Investment Advisory Agreements for the Brown Advisory Emerging Markets Select Fund.

1. Board of Trustees Approval of the Continuation of the Investment Advisory Agreement for the Funds

In determining whether to approve the continuation of the Investment Advisory Agreement with respect to each of the applicable Funds, the Trustees requested, and Brown Advisory provided, information and data relevant to the Board's consideration. This included materials prepared by Brown Advisory and by the Funds' administrator that provided the Board with information regarding the investment performance of the Funds, and information regarding the fees and expenses of the Funds, as compared to other similar mutual funds. As part of its deliberations, the Board also considered and relied upon information about the Funds and Brown Advisory that they had received during the past year in connection with their regular Board meetings at which they engage in the ongoing oversight of the Funds and their operations.

The Board most recently considered the continuation of the Investment Advisory Agreement at an in-person meeting held on September 16, 2025. At this meeting, the Board engaged in a thorough review process in connection with determining whether to continue the Investment Advisory Agreement. In addition, the Board also considered the continuation of the currently effective Expense Limitation Agreement with respect to each Fund which would limit the total operating expenses for each class of shares of each of the Funds through October 31, 2026.

Following their review and consideration, the Trustees determined that the continuation of the Investment Advisory Agreement with respect to each of the subject Funds was advisable and would enable shareholders of the Funds to continue to obtain high quality services at a cost that is appropriate, reasonable, and in the best interests of the Funds and their shareholders. Accordingly, the Board, including those Trustees who are not considered to be "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940 (the "Independent Trustees"), unanimously approved the continuation of the Investment Advisory Agreement. In reaching their decision, the Trustees requested and obtained from the Adviser such information as they deemed reasonably necessary to evaluate the Investment Advisory Agreement. The Trustees also carefully considered the profitability data and comparative fee, expense and performance information prepared for their use, which performance information included information comparing each Fund's investment performance to the performance of the Fund's benchmark performance index that is considered by the Board as being relevant for comparative purposes. In considering the continuation of the Investment Advisory Agreement with respect to each applicable Fund, the Trustees evaluated a number of factors that they believed, in light of their reasonable business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any one specific consideration or any particular information that was controlling of their decision:

**The nature, extent and quality of the advisory services provided. The Trustees concluded that Brown Advisory is capable of providing high quality services to the Funds, as indicated by the nature, extent and quality of the services provided in the past by Brown Advisory to each of the Funds, Brown Advisory's management capabilities as demonstrated with respect to the Funds, the professional qualifications and experience of each of the portfolio managers of the Funds, Brown Advisory's investment management and compliance oversight processes, and the competitive investment performance of the Funds. On the basis of the Trustees' assessment of the nature, extent and quality of the advisory services provided by Brown Advisory, the Trustees concluded that Brown Advisory is capable of generating a level of long-term investment performance that is appropriate in light of the Funds' investment objectives, policies and strategies and is competitive with many other comparable investment companies.** 

The Board received and reviewed performance information for each of the Funds separately, including performance information for applicable one-, three-, five- and ten-year periods ended June 30, 2025, and for shorter periods as applicable with respect to those Funds with shorter operating histories. The Board also reviewed with the representatives of Brown Advisory other information and data, including each Fund's performance against its benchmark performance index and its peers, as follows:

1. Flexible Equity Fund

The Board first reviewed information and materials regarding the performance results for the Flexible Equity Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the S&P 500 Index, for the one-, three- and ten-year periods ended June 30, 2025, but had underperformed its benchmark

97<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

performance index for the five-year period ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2025.

2. Growth Equity Fund

The Board next reviewed information and materials regarding the performance results for the Growth Equity Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Russell 1000 Growth Index, for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2025. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

3. Small-Cap Fundamental Value Fund

The Board then reviewed information and materials regarding the performance results for the Small-Cap Fundamental Value Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 2000 Value Index, for the three-, five- and ten-year periods ended June 30, 2025, but had underperformed its benchmark performance index for the one-year period ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one- and ten-year periods ended June 30, 2025, but had outperformed its peer group median for the three- and five-year periods ended June 30, 2025.

4. Small-Cap Growth Fund

The Board next reviewed information and materials regarding the performance results for the Small-Cap Growth Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 2000 Growth Index, for the ten-year period ended June 30, 2025, but had underperformed its benchmark performance index for the one-, three- and five-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-, three-. five- and ten-year periods ended June 30, 2025. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

5. Sustainable Growth Fund

The Board then reviewed information and materials regarding the performance results for the Sustainable Growth Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Russell 1000 Growth Index, for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three-, and five-year periods ended June 30, 2025, but had underperformed its peer group median for the ten-year period ended June 30, 2025. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

6. Intermediate Income Fund

The Board next reviewed information and materials regarding the performance results for the Intermediate Income Fund, noting that the Investor Shares of the Fund had underperformed its benchmark performance index, the Bloomberg Intermediate US Aggregate Bond Index, for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board noted that the Investor Shares of the Fund had underperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2025. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

7. Maryland Bond Fund

The Board then reviewed information and materials regarding the performance results for the Maryland Bond Fund, noting that the Investor Shares of the Fund had outperformed its benchmark performance index, the Bloomberg 1-15 Year Blended Municipal Bond Index, for the three-year period ended June 30, 2025, but had underperformed its benchmark performance for the one-, five- and ten-year periods ended June 30, 2025. The Board noted that the Investor Shares of the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2025.

98<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

8. Tax-Exempt Bond Fund

The Board next reviewed information and materials regarding the performance results for the Tax-Exempt Bond Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Bloomberg 1-15 Year Blended Municipal Bond Index, for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2025.

9. Emerging Markets Select Fund

The Board then reviewed information and materials regarding the performance results for the Emerging Markets Select Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the MSCI Emerging Markets Index, for the three- and five-year periods ended June 30, 2025, but had underperformed its benchmark performance index for the one- and ten-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the five-year period ended June 30, 2025, but had underperformed its peer group median for the one-, three- and ten-year periods ended June 30, 2025. The members of the Board took into consideration that in February 2019 the Fund's previous Sub-Adviser that had been sub-advising the Fund since its inception in December 2012 was replaced by the current two Sub-Advisers and the Fund became subject to new principal investment strategies at that time.

10. WMC Strategic European Equity Fund

The Board next reviewed information and materials regarding the performance results for the WMC Strategic European Equity Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the MSCI Europe Index, for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2025.

11. Mortgage Securities Fund

The Board then reviewed information and materials regarding the performance results for the Mortgage Securities Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Bloomberg Mortgage Backed Securities Index, for the five- and ten-year periods ended June 30, 2025, but had underperformed its benchmark performance index for the one- and three-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods ended June 30, 2025.

12. Global Leaders Fund

The Board next reviewed information and materials regarding the performance results for the Global Leaders Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the MSCI All Country World Index, for the one-, three- and five-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-, three- and five-year periods ended June 30, 2025.

13. Sustainable International Leaders Fund

The Board next reviewed information and materials regarding the performance results for the Sustainable International Leaders Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the MSCI All Country World Index ex U.S. Index, for the three-year period ended June 30, 2025, but had underperformed its benchmark performance index for the one-year period ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one- and three-year periods ended June 30, 2025.

14. Mid-Cap Growth Fund

The Board then reviewed information and materials regarding the performance results for the Mid-Cap Growth Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Russell Midcap Growth Index, for the one-, three- and five-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the three- and five-year periods ended

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

June 30, 2025, but had outperformed its peer group median for the one-year period ended June 30, 2025. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

15. Sustainable Bond Fund

The Board next reviewed information and materials regarding the performance results for the Sustainable Bond Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Bloomberg US Aggregate Bond Index, for the one- and three-year periods ended June 30, 2025, but performed in line with its peer group median for the five-year period ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one-, three-, and five-year period ended June 30, 2025. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

16. Beutel Goodman Large-Cap Value Fund

The Board then reviewed information and materials regarding the performance results for the Beutel Goodman Large-Cap Value Fund, noting that the Institutional Shares of the Fund had underperformed its benchmark performance index, the Russell 1000 Value Index, for the one-, three- and five-year periods ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the three-year period ended June 30, 2025, but had underperformed its benchmark performance index for the one- and five-year periods ended June 30, 2025. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

17. Tax-Exempt Sustainable Bond Fund

The Board next reviewed information and materials regarding the performance results for the Tax-Exempt Sustainable Bond Fund, noting that the Investor Shares of the Fund had underperformed its benchmark performance index, the Bloomberg 1-15 Year Blended Municipal Bond Index, for the one-, three- and five-year periods ended June 30, 2025. The Board noted that the Investor Shares of the Fund had outperformed its peer group median for the one-, three- and five-year period ended June 30, 2025.

18. Sustainable Small-Cap Core Fund

The Board then reviewed information and materials regarding the performance results for the Sustainable Small-Cap Core Fund, noting that the Institutional Shares of the Fund had outperformed its benchmark performance index, the Russell 2000 Index, for the three-year period ended June 30, 2025, but had underperformed its benchmark performance index for the one-year period ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had underperformed its peer group median for the one- and three-year periods ended June 30, 2025. The Board also noted that, because the Fund commenced operations in September 2021, the Fund has a relatively short performance history. The members of the Board considered and discussed the factors contributing to the Fund's underperformance and they reviewed them with the Adviser.

19. Sustainable Value Fund

The Board then reviewed information and materials regarding the performance results for the Sustainable Value Fund, noting that the Institutional Shares of the Fund had performed in line with its benchmark performance index, the Russell 1000 Value Index, for the one-year period ended June 30, 2025. The Board noted that the Institutional Shares of the Fund had outperformed its peer group median for the one-year period ended June 30, 2025. The Board also noted that, because the Fund commenced operations in February 2023, the Fund has a relatively short performance history.

**The cost of advisory services provided and the level of profitability. The Board also considered the advisory fees and overall expenses of the Investor Shares of the Funds and Institutional Shares, as applicable, as compared to the advisory fees and overall expenses (excluding Rule 12b-1 fees) of other mutual funds in each Fund's peer group. On the basis of this comparative information, the Trustees determined that the overall advisory fees and expense ratios of the Funds are competitive with industry averages. The Trustees noted that Brown Advisory had proposed the continuation of their contractual commitment for the benefit of shareholders of the Funds to limit the Funds' operating expenses through October 31, 2026, subject to recoupment by the Adviser of certain amounts under specified circumstances.** 

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

The Board also considered Brown Advisory's level of profitability with respect to each of the subject Funds and noted that Brown Advisory's level of profitability was acceptable and not unreasonable. The Board reviewed the extent to which Brown Advisory uses its own financial resources to help promote and market the Funds in order to support various components of the distribution efforts of the Funds. In considering the profitability of Brown Advisory from their operation of the Funds, the Trustees considered the level of profitability realized by Brown Advisory before the imposition of any distribution and marketing expenses incurred by the firm from its own resources. The Board also considered information regarding the fees that Brown Advisory charges to its other clients for investment advisory services that are similar to the advisory services provided to the Funds and the Board noted that the fees charged to the Funds by the Adviser were reasonable in light of the nature of the services provided by the Adviser to the other accounts, the types of accounts involved, and the applicable services provided in each case. Accordingly, on the basis of the Board's review of the fees charged by Brown Advisory for investment advisory services, the investment advisory and other services provided to the Funds by Brown Advisory, and the level of profitability from Brown Advisory's relationship with the Funds, the Board concluded that the level of investment advisory fees and Brown Advisory's profitability were appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.

The Board reviewed with the representatives of Brown Advisory certain fee and expense information for the relevant share classes of the Funds as compared to the advisory fees and overall expenses (excluding Rule 12b-1 fees) of other mutual funds in each Fund's peer group, as follows:

1. Flexible Equity Fund

The Board first reviewed expense information and materials for the Flexible Equity Fund, noting that due to the breakpoints provided for in the Investment Advisory Agreement, the investment advisory fee for the period was 0.42% for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.52%, which was lower than the median net expense ratio of its peer funds. The Board took into account that the Investment Advisory Agreement included breakpoints to the Fund's investment advisory fee such that the advisory fee charged with respect to the Fund would be 0.50% on all assets less than $150 million; 0.45% on all assets greater than or equal to $150 million but less than $250 million; 0.40% on all assets greater than or equal to $250 million but less than $1 billion; and 0.38% on all assets greater than or equal to $1 billion.

2. Growth Equity Fund

The Board next reviewed expense information and materials for the Growth Equity Fund, noting that due to the breakpoints provided for in the Investment Advisory Agreement, the investment advisory fee for the period was 0.60% for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.71%, which was lower than the median net expense ratio of its peer funds. The Board took into account that the Investment Advisory Agreement included breakpoints to the Fund's investment advisory fee such that the advisory fee charged with respect to the Fund would be 0.60% on all assets less than $1.5 billion; 0.55% on all assets greater than or equal to $1.5 billion but less than $3 billion; 0.50% on all assets greater than or equal to $3 billion but less than $6 billion; and 0.45% on all assets greater than or equal to $6 billion.

3. Small-Cap Fundamental Value Fund

The Board then reviewed expense information and materials for the Small-Cap Fundamental Value Fund, noting that the Investment Advisory Agreement provided for a 0.85% investment advisory fee for the Fund, which was above the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.95%, which was higher than the median net expense ratio of its peer funds.

4. Small-Cap Growth Fund

The Board next reviewed expense information and materials for the Small-Cap Growth Fund, noting that the Investment Advisory Agreement provided for a 0.85% investment advisory fee for the Fund, which was above the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.95%, which was higher than the median net expense ratio of its peer funds.

101<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

5. Sustainable Growth Fund

The Board then reviewed expense information and materials for the Sustainable Growth Fund, noting that due to the breakpoints provided for in the Investment Advisory Agreement, the investment advisory fee for the period was 0.51% for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.60%, which was lower than the median net expense ratio of its peer funds. The Board took into account that the Investment Advisory Agreement included breakpoints to the Fund's investment advisory fee such that the advisory fee charged with respect to the Fund would be 0.60% on all assets less than $1.5 billion; 0.55% on all assets greater than or equal to $1.5 billion but less than $3 billion; 0.50% on all assets greater than or equal to $3 billion but less than $6 billion; and 0.45% on all assets greater than or equal to $6 billion.

6. Intermediate Income Fund

The Board next reviewed expense information and materials for the Intermediate Income Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.53%, which was lower than the median net expense ratio of its peer funds.

7. Maryland Bond Fund

The Board then reviewed expense information and materials for the Maryland Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.48%, which was lower than the median net expense ratio of its peer funds.

8. Tax-Exempt Bond Fund

The Board next reviewed expense information and materials for the Tax-Exempt Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.41%, which was lower than the median net expense ratio of its peer funds.

9. Emerging Markets Select Fund

The Board then reviewed expense information and materials for the Emerging Markets Select Fund, noting that the Investment Advisory Agreement provided for a 0.90% investment advisory fee for the Fund, which was in line with the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 1.10%, which was higher than the median net expense ratio of its peer funds.

10. WMC Strategic European Equity Fund

The Board next reviewed expense information and materials for the WMC Strategic European Equity Fund, noting that the Investment Advisory Agreement provided for a 0.90% investment advisory fee for the Fund, which was above median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 1.04%, which was lower than the median net expense ratio of its peer funds.

11. Mortgage Securities Fund

The Board then reviewed expense information and materials for the Mortgage Securities Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.45%, which was lower than the median net expense ratio of its peer funds.

12. Global Leaders Fund

The Board next reviewed expense information and materials for the Global Leaders Fund, noting that the Investment Advisory Agreement provided for a 0.65% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.75%, which was lower than the median net expense ratio of its peer funds.

102<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

13. Sustainable International Leaders Fund

The Board next reviewed expense information and materials for the Sustainable International Leaders Fund, noting that the Investment Advisory Agreement provided for a 0.75% investment advisory fee for the Fund, which was in line with the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.85%, which was in line with the median net expense ratio of its peer funds.

14. Mid-Cap Growth Fund

The Board then reviewed expense information and materials for the Mid-Cap Growth Fund, noting that the Investment Advisory Agreement provided for a 0.65% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.82%, which was lower than the median net expense ratio of its peer funds.

15. Sustainable Bond Fund

The Board next reviewed expense information and materials for the Sustainable Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.41%, which was lower than the median net expense ratio of its peer funds.

16. Beutel Goodman Large-Cap Value Fund

The Board then reviewed expense information and materials for the Beutel Goodman Large-Cap Value Fund, noting that the Investment Advisory Agreement provided for a 0.45% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Institutional Shares was 0.54%, which was lower than the median net expense ratio of its peer funds.

17. Tax-Exempt Sustainable Bond Fund

The Board next reviewed expense information and materials for the Tax-Exempt Sustainable Bond Fund, noting that the Investment Advisory Agreement provided for a 0.30% investment advisory fee for the Fund, which was below the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.47%, which was lower than the median net expense ratio of its peer funds.

18. Sustainable Small-Cap Core Fund

The Board then reviewed expense information and materials for the Sustainable Small-Cap Core Fund, noting that the Investment Advisory Agreement provided for a 0.85% investment advisory fee for the Fund, which was in line with its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.93%, which was lower than the median net expense ratio of its peer funds.

19. Sustainable Value Fund

The Board then reviewed expense information and materials for the Sustainable Value Fund, noting that the Investment Advisory Agreement provided for a 0.60% investment advisory fee for the Fund, which was above the median compared to its peer funds. The Board also noted that the net expense ratio of the Fund's Investor Shares was 0.70%, which was lower than the median net expense ratio of its peer funds.

**The extent to which economies of scale may be realized as the Funds grow and whether the advisory fees reflect possible economies of scale. While it was noted that, for most of the Funds, the Funds' investment advisory fees will not decrease as those Funds' assets grow because they are not subject to investment advisory fee breakpoints, the Trustees concluded that the Funds' investment advisory fees are appropriate in light of the size of the Funds, and appropriately reflect the current economic environment for Brown Advisory and the competitive nature of the mutual fund market. The Trustees took into consideration that the Adviser has previously informed the Board that the Adviser has consistently attempted to set the investment advisory fees at a level that provides for economies of scale by being set at a starting point that is at a reasonable rate without necessarily requiring the imposition of breakpoints, which approach has been favorably recognized by relevant court decisions as one of the acceptable means of achieving economies of scale. The Trustees also noted that the Funds' advisory fees are competitive against their peers. The Trustees further noted that they will have the opportunity to periodically re-examine whether any of the Funds not** 

103<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

currently subject to breakpoints have achieved economies of scale, and the appropriateness of investment advisory fees payable to Brown Advisory with respect to the Funds, in the future at which time the implementation of fee breakpoints on other Funds could be considered further.

**Benefits to Brown Advisory from its relationship with the Funds (and any corresponding benefits to the Funds). The Trustees concluded that certain benefits that may be derived by Brown Advisory from its relationship with the Funds, including "soft dollar" benefits in connection with Fund brokerage transactions and use of the Funds' performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Funds and their shareholders. In addition, the Trustees determined that the Funds benefit from their relationship with Brown Advisory by virtue of Brown Advisory's provision of business management and shareholder services, in addition to investment advisory services, at a cost to the Funds that is generally comparable to the costs of an outside service provider, which the Trustees have previously determined to be reasonable, fair and in the best interests of the shareholders of the Funds in light of the nature and quality of the services provided and the necessity of the services for the Funds' operations.** 

**Other Considerations. In approving the continuation of the Investment Advisory Agreement, the Trustees determined that Brown Advisory has made a substantial commitment to the recruitment and retention of high-quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Funds in a professional manner that is consistent with the best interests of the Funds and their shareholders. The Board also acknowledged the experience and expertise of members of the Brown Advisory senior management team and the focus these individuals have on ensuring the Funds operate successfully. The Trustees also concluded that Brown Advisory has made a significant entrepreneurial commitment to the management and success of the Funds, which entails a substantial financial and professional commitment, including the Expense Limitation Agreement under which Brown Advisory has undertaken to waive a portion of its fees and to reimburse expenses of the Funds to the benefit of Fund shareholders to the extent necessary in accordance with the terms of the Expense Limitation Agreement. The Board also considered matters with respect to the brokerage practices of Brown Advisory, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

The Board also considered various matters with respect to the distribution and shareholder servicing arrangements applicable to the Funds and they considered the distribution fees and the non-distribution shareholder servicing fees payable with respect to certain of the share classes of the Funds, including certain of such fees which are payable to the Adviser for the shareholder administrative services that it provides to shareholders of the Funds. The Board took note of the fact that the non-distribution related shareholder administrative fees payable to the Adviser are intended to compensate the Adviser for providing certain administrative services to those Fund shareholders covered by the applicable servicing arrangements in the relevant share classes.

The Board also took into consideration the nature and extent of the business management fees payable to the Adviser by each of the Funds pursuant to which Brown Advisory provides certain business management services to the Funds, which the Board had previously considered and approved based upon a finding that the business management fees charged are fair and reasonable in light of the usual and customary charges made by others for services of the same nature and quality.

Additionally, the Trustees considered the overall nature and extent of the risks incurred by the Adviser as a result of managing its own proprietary family of mutual funds, which risks include, but are not necessarily limited to, entrepreneurial risk, reputational risk, financial risk, litigation risk, regulatory risk and business risk.

The Trustees also took into consideration the Adviser's statements that the Adviser has in the past, and intends to continue to going forward, reinvest profits into its business in order to make the necessary investments in personnel and infrastructure to continue to build out the Adviser's portfolio management and research capabilities and its operational, technology, compliance and cybersecurity infrastructure.

The Trustees also reviewed with the Adviser the efforts that the Adviser has taken in response to various regulatory developments relating to the Securities and Exchange Commission's ongoing monitoring and oversight of various types of investment strategies and practices relating to sustainable-related investment practices, including with respect to marketing and disclosure in connection with such investment strategies and practices, and the Trustees considered the

104<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

extensive resources that the Adviser has devoted to its sustainable investing business and to its compliance oversight operations that are related to its sustainable investing business.

In reaching their conclusion with respect to the approval of the continuation of the Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, but rather, the Board took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of the investment advisory services provided by Brown Advisory to each of the Funds in the Trust, and they found that these services will continue to benefit the Funds and their shareholders and also reflected the Adviser's overall commitment to the continued growth and development of the Funds.

Based upon their review and consideration of these factors and other matters deemed relevant by the Board in reaching an informed business judgment, a majority of the Board of Trustees, including a majority of the Independent Trustees, concluded that the terms of the Investment Advisory Agreement, were fair and reasonable and the Board voted to renew the Investment Advisory Agreement with respect to the Funds for an additional one-year period.

2. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory-WMC Strategic European Equity Fund

The continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory-WMC Strategic European Equity Fund between Brown Advisory and Wellington Management Company LLP, the sub-investment adviser to the Fund ("Wellington"), was also approved by the Board of Trustees at the Board meeting held on September 16, 2025.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Wellington, as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Wellington, the Board of Trustees requested, and Brown Advisory and Wellington provided, information and data relevant to the Board's consideration.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Wellington. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Wellington in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Wellington. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Wellington's investment activities with respect to Wellington's day-to-day portfolio management of the Fund's assets in order to make sure that Wellington is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Wellington with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Wellington, which reports contain detailed analyses of how Wellington is performing.

The Board reviewed and evaluated the information that Brown Advisory and Wellington had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Wellington and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Wellington is capable of providing high quality sub-advisory services to the Fund as indicated by the professional** 

105<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

qualifications and experience of the portfolio managers of the Fund, and Wellington's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Wellington, the Trustees concluded that Wellington is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2026. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Wellington. Accordingly, on the basis of the Board's review of the fees charged by Wellington for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies, and that the sub-advisory fee had been separately negotiated at arm's-length by independent third parties.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because it will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Wellington and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Wellington from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Wellington from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Wellington has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Wellington, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Wellington with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Wellington to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Wellington and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Wellington, reasonably reflected the nature and extent of the services provided by Wellington with respect to the Fund.

106<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

3. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory Global Leaders Fund

At their September 16, 2025 Board meeting, the Board also undertook the consideration of matters with respect to the proposed continuation of the Sub-Investment Advisory Agreement between Brown Advisory and its affiliate Brown Advisory Ltd. with respect to the Brown Advisory Global Leaders Fund.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person Board meeting. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Brown Advisory Ltd., as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd., the Board of Trustees requested, and Brown Advisory and Brown Advisory Ltd. provided, information and data relevant to the Board's consideration. In connection with these matters with respect to the sub-advisory arrangements for the Global Leaders Fund, the Trustees took into consideration the fact that the two firms are affiliates of one another and under common control.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Brown Advisory Ltd. in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Brown Advisory Ltd. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Brown Advisory Ltd.'s investment activities with respect to Brown Advisory Ltd.'s day-to-day portfolio management of the Fund's assets in order to make sure that Brown Advisory Ltd. is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Brown Advisory Ltd. with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Brown Advisory Ltd., which reports contain detailed analyses of how Brown Advisory Ltd. is performing.

The Board reviewed and evaluated the information that Brown Advisory and Brown Advisory Ltd. had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Brown Advisory Ltd. and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Brown Advisory Ltd. is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers of the Fund, and Brown Advisory Ltd.'s investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Brown Advisory Ltd., the Trustees concluded that Brown Advisory Ltd. is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2026. Accordingly, on the basis of the Board's review of the fees charged by Brown Advisory Ltd. for sub-investment advisory services provided to the Fund, the Board concluded** 

107<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because it will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Brown Advisory Ltd. and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Brown Advisory Ltd. from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Brown Advisory Ltd. from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Brown Advisory Ltd. has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Brown Advisory Ltd., including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Brown Advisory Ltd. with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Brown Advisory Ltd. to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Brown Advisory Ltd. and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Brown Advisory Ltd., reasonably reflected the nature and extent of the services provided by Brown Advisory Ltd. with respect to the Fund. The Trustees also took into consideration the fact that Brown Advisory and Brown Advisory Ltd. are affiliated entities and are under common control.

4. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory Sustainable International Leaders Fund

At their September 16, 2025 Board meeting, the Board also undertook the consideration of matters with respect to the proposed continuation of the Sub-Investment Advisory Agreement between Brown Advisory and its affiliate Brown Advisory Ltd. with respect to the Brown Advisory Sustainable International Leaders Fund.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person Board meeting. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Brown Advisory Ltd., as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd., the Board of Trustees requested, and Brown Advisory and Brown Advisory Ltd. provided, information and data relevant to the Board's consideration. In connection with these matters

108<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

with respect to the sub-advisory arrangements for the Sustainable International Leaders Fund, the Trustees took into consideration the fact that the two firms are affiliates of one another and under common control.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Brown Advisory Ltd. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Brown Advisory Ltd. in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Brown Advisory Ltd. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Brown Advisory Ltd.'s investment activities with respect to Brown Advisory Ltd.'s day-to-day portfolio management of the Fund's assets in order to make sure that Brown Advisory Ltd. is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Brown Advisory Ltd. with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Brown Advisory Ltd., which reports contain detailed analyses of how Brown Advisory Ltd. is performing.

The Board reviewed and evaluated the information that Brown Advisory and Brown Advisory Ltd. had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Brown Advisory Ltd. and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Brown Advisory Ltd. is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio manager of the Fund, and Brown Advisory Ltd.'s investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Brown Advisory Ltd., the Trustees concluded that Brown Advisory Ltd. is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2026. Accordingly, on the basis of the Board's review of the fees charged by Brown Advisory Ltd. for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because it will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Brown Advisory Ltd. and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Brown Advisory Ltd. from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Brown Advisory Ltd. from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and** 

109<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Brown Advisory Ltd. has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Brown Advisory Ltd., including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Brown Advisory Ltd. with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Brown Advisory Ltd. to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Brown Advisory Ltd. and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Brown Advisory Ltd., reasonably reflected the nature and extent of the services provided by Brown Advisory Ltd. with respect to the Fund. The Trustees also took into consideration the fact that Brown Advisory and Brown Advisory Ltd. are affiliated entities and are under common control.

5. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreement with Respect to the Brown Advisory-Beutel Goodman Large-Cap Value Fund

The continuation of the Sub-Investment Advisory Agreement with respect to the Brown Advisory-Beutel Goodman Large-Cap Value Fund between Brown Advisory and Beutel Goodman & Company, Ltd., the sub-investment adviser to the Fund ("Beutel Goodman"), was also approved by the Board of Trustees at the Board meeting held on September 16, 2025.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreement, and this was required to take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreement, and it is the duty of Brown Advisory and Beutel Goodman, as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Beutel Goodman, the Board of Trustees requested, and Brown Advisory and Beutel Goodman provided, information and data relevant to the Board's consideration.

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Beutel Goodman. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Beutel Goodman in connection with the management and operation of the Fund and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Beutel Goodman. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Beutel Goodman's investment activities with respect to Beutel Goodman's day-to-day portfolio management of the Fund's assets in order to make sure that Beutel Goodman is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Beutel Goodman with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Beutel Goodman, which reports contain detailed analyses of how Beutel Goodman is performing.

110<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

The Board reviewed and evaluated the information that Brown Advisory and Beutel Goodman had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Beutel Goodman and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Beutel Goodman is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers of the Fund, and Beutel Goodman's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Beutel Goodman, the Trustees concluded that Beutel Goodman is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Funds' operating expenses through October 31, 2025. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Beutel Goodman. Accordingly, on the basis of the Board's review of the fees charged by Beutel Goodman for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees are appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because it will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Beutel Goodman and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Beutel Goodman from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Beutel Goodman from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement, the Trustees determined that Beutel Goodman has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Beutel Goodman, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Beutel Goodman with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process.

111<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

They noted the level and quality of investment advisory services provided by Beutel Goodman to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Beutel Goodman and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Beutel Goodman, reasonably reflected the nature and extent of the services provided by Beutel Goodman with respect to the Fund.

6. Board of Trustees Approval of the Continuation of the Sub-Investment Advisory Agreements with Respect to the Brown Advisory Emerging Markets Select Fund

At their September 16, 2025 Board meeting, the Board also undertook the consideration of matters with respect to the proposed continuation of the Sub-Investment Advisory Agreements between Brown Advisory and Wellington and Pzena Investment Management LLC ("Pzena") with respect to the Brown Advisory Emerging Markets Select Fund.

In accordance with the Investment Company Act of 1940, the Board of Trustees was required to consider the approval of the continuation of the Sub-Investment Advisory Agreements, and this was required to take place at an in-person meeting of the Board. The relevant provisions of the Investment Company Act of 1940 specifically provide that it is the duty of the Board to request and evaluate such information as the Board determines is necessary to allow them to properly consider the approval of the continuation of the Sub-Advisory Agreements, and it is the duty of Brown Advisory, Wellington and Pzena, as applicable, to furnish the Trustees with such information that is responsive to their request.

Accordingly, in determining whether to approve the continuation of the Sub-Investment Advisory Agreements between Brown Advisory and Wellington and Pzena, the Board of Trustees requested, and Brown Advisory, Wellington and Pzena provided, information and data relevant to the Board's consideration.

<u>Approval of the Continuation of the Sub-Investment Advisory Agreement with Wellington Management Company LLP</u>

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Wellington. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Wellington in connection with the management and operation of Wellington's allocated portion of the Fund's portfolio and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Wellington. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Wellington's investment activities with respect to Wellington's day-to-day portfolio management of the Fund's assets that have been allocated to Wellington to manage in order to make sure that Wellington is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Wellington with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Wellington, which reports contain detailed analyses of how Wellington is performing.

The Board reviewed and evaluated the information that Brown Advisory and Wellington had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Wellington and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Wellington is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers for Wellington, and Wellington's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Wellington, the Trustees concluded that Wellington is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

112<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2026. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Wellington. Accordingly, on the basis of the Board's review of the fees charged by Wellington for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies, and that the sub-advisory fees had been separately negotiated at arm's-length by independent third parties.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because it will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Wellington and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Wellington from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Wellington from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement with Wellington, the Trustees determined that Wellington has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Wellington, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Wellington with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement with Wellington and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Wellington to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Wellington and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Wellington, reasonably reflected the nature and extent of the services provided by Wellington with respect to the Fund.

<u>Approval of the Continuation of the Sub-Investment Advisory Agreement with Pzena Investment Management LLC</u>

The Board then undertook the consideration of various matters with respect to the proposed approval of the continuation of the Sub-Investment Advisory Agreement between Brown Advisory and Pzena. The Trustees considered various matters involving the respective services provided by each of Brown Advisory and Pzena in connection with the management and operation of Pzena's allocated portion of the Fund's portfolio and they took note of the extensive oversight duties performed by Brown Advisory including investment management and compliance oversight of the operations of Pzena. The Trustees considered that Brown Advisory is actively engaged in conducting an ongoing monitoring program involving Pzena's investment activities with respect to Pzena's day-to-day portfolio management

113<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

of the Fund's assets that have been allocated to Pzena to manage in order to make sure that Pzena is adhering to all of the stated investment objectives, policies, limitations and restrictions that the Fund is subject to. In addition, the Trustees also took note of the fact that in connection with Brown Advisory's oversight of the investment program maintained by Pzena with respect to the Fund, Brown Advisory prepares extensive reports to the Board regarding the investment activities of Pzena, which reports contain detailed analyses of how Pzena is performing.

The Board reviewed and evaluated the information that Brown Advisory and Pzena had presented for the Board's review. The Board particularly noted, among other considerations, that the Fund's investment advisory fees and overall operating expenses were competitive with comparable mutual funds. The Board also took into account presentations made by Pzena and Brown Advisory throughout the year. Based on its review of all of the information, the Board determined that the Sub-Investment Advisory Agreement was consistent with the best interests of the Fund and its shareholders and would enable the Fund to continue to receive high quality sub-advisory services at a cost that is appropriate, reasonable, and in the best interests of the Fund and its respective shareholders. In reaching these conclusions, the Board considered the following:

**The nature, extent and quality of the sub-investment advisory services provided. The Trustees concluded that Pzena is capable of providing high quality sub-advisory services to the Fund as indicated by the professional qualifications and experience of the portfolio managers for Pzena, and Pzena's investment management processes. On the basis of the Trustees' assessment of the nature, extent and quality of the sub-advisory services provided by Pzena, the Trustees concluded that Pzena is capable of generating a level of long-term investment performance that is appropriate in light of the Fund's investment objectives, policies and strategies and competitive with many other comparable investment companies.** 

**The cost of advisory services provided and the expected level of profitability. On the basis of comparative information derived from the data that had been provided to the Board members, the Trustees determined that the expense ratios for each respective class of shares of the Fund are competitive with industry averages. The Trustees also noted that the Fund is subject to a contractual expense limitation agreement for the benefit of shareholders of the Fund to limit the Fund's operating expenses through October 31, 2026. The Board also took note of the fact that the sub-advisory fees for the Fund had been separately negotiated by Brown Advisory and Pzena. Accordingly, on the basis of the Board's review of the fees charged by Pzena for sub-investment advisory services provided to the Fund, the Board concluded that the level of sub-investment advisory fees is appropriate in light of the management fees, overall expense ratios and investment performance of comparable investment companies, and that the sub-advisory fees had been separately negotiated at arm's-length by independent third parties.** 

**The extent to which economies of scale may be realized as the Fund grows and whether the advisory fees reflect possible economies of scale. While it was noted that the Fund's investment sub-advisory fees will not decrease as the Fund's assets grow because it will not be subject to investment sub-advisory fee breakpoints, the Trustees concluded that the Fund's investment sub-advisory fees are appropriate in light of the size of the Fund, and appropriately reflect the current economic environment for Brown Advisory and Pzena and the competitive nature of the mutual fund market. The Trustees then noted that they will have the opportunity to periodically re-examine whether the Fund has achieved economies of scale, and the appropriateness of the investment sub-advisory fees with respect to the Fund, in the future at which time the implementation of fee breakpoints on the Fund could be further considered.** 

**Benefits to Pzena from its relationship with the Fund (and any corresponding benefits to the Fund). The Trustees concluded that other benefits that may be derived by Pzena from its relationship with the Fund, including any potential "soft dollar" benefits in connection with the Fund's brokerage transactions and use of the Fund's performance track record in advertising materials, are reasonable and fair, and consistent with industry practice and the best interests of the Fund and its shareholders.** 

**Other Considerations. In approving the continuation of the Sub-Investment Advisory Agreement with Pzena, the Trustees determined that Pzena has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to provide sub-advisory services to the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. The Board also considered matters with respect to the brokerage practices of Pzena, including its soft dollar arrangements and its best-execution procedures, and noted that these were reasonable and consistent with standard industry practice.** 

114<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BROWN ADVISORY FUNDS** 

**Additional Information (Unaudited)(Continued)** 

It was noted that in making their determinations, the Trustees had considered and relied upon the materials provided to them by Pzena with respect to the contract and the presentation of the representatives of Brown Advisory. In reaching their conclusion with respect to the approval of the continuation of the Sub-Investment Advisory Agreement with Pzena and the level of fees paid under the Agreement, the Trustees did not identify any one single factor as being controlling, rather, the Trustees took note of a combination of factors that had influenced their decision-making process. They noted the level and quality of investment advisory services provided by Pzena to the Fund and determined that these services will continue to benefit the Fund and its shareholders. They also considered the nature of the allocation of the duties and responsibilities for the management and operation of the Fund between Brown Advisory and Pzena and they determined that the sub-advisory fees for the Fund, as negotiated by Brown Advisory and Pzena, reasonably reflected the nature and extent of the services provided by Pzena with respect to the Fund.

115<br>

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

On February 12, 2026, the Board of Trustees of the Brown Advisory Funds (the "Board"), upon the recommendation of the Audit Committee of the Board, accepted the resignation of Tait, Weller & Baker LLP ("Tait") as independent registered public accounting firm for the Brown Advisory Funds (the "Funds") and concurrently selected PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Funds. The reports by Tait on the financial statements of the Funds for the fiscal years ended June 30, 2025 and June 30, 2024 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

During the fiscal years ended June 30, 2025, June 30, 2024 and the period preceding resignation, there were no (1) disagreements (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) with Tait on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events (as described in paragraph (a)(1)(v) of Item 304 of Regulation S-K).

During the Funds' fiscal years ended June 30, 2025 and June 30, 2024, the Funds, nor anyone on its behalf has consulted with PwC on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Refer to the Additional Information section of the financial statements filed under Item 7 of this Form.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Refer to the Additional Information section of the financial statements filed under Item 7 of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Refer to the Additional Information section of the financial statements filed under Item 7 of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](baf-efp22850_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(5) *Change in the registrant's independent public accountant.* Filed herewith.](baf-efp22850_ex99a5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](baf-efp22850_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Brown
 Advisory Funds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

---

Date <u>March 6, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Paul J. Chew |
|  | Paul J. Chew, Principal Executive Officer |

---

Date <u>March 6, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason T. Meix |
|  | Jason T. Meix, Principal Financial Officer |

---

Date <u>March 6, 2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Paul J. Chew, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Brown Advisory Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 6, 2026 | /s/ Paul J. Chew |
|  |  | Paul J. Chew |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jason T. Meix, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Brown Advisory Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 6, 2026 | /s/ Jason T. Meix |
|  |  | Jason T. Meix |
|  |  | Principal Financial Officer |

---

## Ex-99.A5

**EX.99.(a)(5)**

March 6, 2026

Office of the Chief Accountant

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

---

| | |
|:---|:---|
| **Re**: | Brown Advisory Funds, Commission File Number 811-22708 |

---

To whom it may concern:

We have received a copy of, and are in agreement with, the statements concerning our Firm being made by the Brown Advisory Funds pursuant to Item 304(a) of Regulation S-K in their Form N-CSRS to be filed on or about March 6, 2026, captioned "Changes in and Disagreements with Accountants for Open-End Investment Companies."

We hereby consent to the filing of this letter as an exhibit to the foregoing report.

Sincerely, <br>/ Tait, Weller & Baker LLP

---

| | |
|:---|:---|
| cc: | Paul J. Chew, Principal Executive Officer |
|  | Brown Advisory Funds |
|  | 901 South Bond Street, Suite 400 |
|  | Baltimore, MD 21231 |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Brown Advisory Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Brown Advisory Funds for the period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Brown Advisory Funds for the stated period.

---

| | |
|:---|:---|
| /s/ Paul J. Chew | /s/ Jason T. Meix |
| Paul J. Chew<br> Principal Executive Officer | Jason T. Meix<br> Principal Financial Officer |

---

Dated: <u> March 6, 2026</u> Dated: <u> March 6, 2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Brown Advisory Funds for purposes of Section 18 of the Securities Exchange Act of 1934.